Incorporated in 1984, Shivalik Bimetal Controls Limited is a specialized manufacturer of thermostatic bimetal/trimetal strips, components, shunt resistors, and clad metals. The company has been in commercial production since October 1986 and was promoted by Manjit Kaur and N S Ghumman. The company operates in the process and product engineering business across India, the United States, Europe, and international markets.
Shivalik Bimetal specializes in joining materials through various methods, including diffusion bonding/cladding, electron beam welding, continuous brazing, and resistance welding. It particularly excels in joining metals to form bimetal and trimetal strips using niche technologies such as electron beam welding, hot diffusion bonding, resistance welding, and continuous brazing. The company operates primarily through the Process and Product Engineering segment.
Shivalik Bimetal is engaged in the manufacturing and sales of thermostatic bimetal/tri metal strips, components, spring rolled stainless steels, electron beam welded shunt materials (strip and finished components), cold bonded bimetal strips and parts, snap action discs, and CNC formed coils of bimetals/tri metals. Its comprehensive product range includes thermostatic bimetal/trimetal strips, thermostatic bimetal coils and springs, current sense metal strip shunts/resistors, reflow solder/presoldered strips, and precision stainless steel parts.
The company's products, primarily thermostatic bimetal and shunt-resistors, are crucial components used across diverse industries such as electronics, automotive (including EVs), domestic appliances, medical, industrial, agricultural, and animal husbandry. These critical components find application in switchgears, circuit breakers, protective relays, metering, automotive devices, energy and battery management devices, and various other electrical and electronic devices.
As of the latest data, Shivalik Bimetal has a market capitalization of ₹3,151 crores, with annual revenue of ₹508 crores and profit of ₹77.1 crores. The company is almost debt-free, maintaining a debt-free status as of Q4FY24, reflecting strong financial management and strategic planning.
For Q4 FY25, Shivalik Bimetal delivered strong financial performance, reporting a total income of ₹141.74 crores, marking a substantial quarter-over-quarter (QoQ) growth of 11.8% and year-over-year (YoY) growth of 13.1%. The net profit increased 40.8% QoQ and 19.4% YoY, with Earnings Per Share (EPS) standing at 4.5 during Q4FY25.
For the full fiscal year 2024, the company demonstrated resilient performance, with total income rising by 6.94% to ₹449.40 crores, showcasing resilient revenue generation despite moderated North Atlantic demand. Over the past five years, the company has exhibited robust financial growth, with revenue from operations rising from ₹187 crore in 2020 to ₹449 crore in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 24.48%.
• Q4 FY25 Performance: Total Income of ₹141.74 crores, Net Profit increased 40.8% QoQ, EPS of 4.5
• FY2024 Performance: Total Income of ₹449.40 crores, Profit After Tax (PAT) of ₹81 crores
• Revenue Growth (2020-2024): CAGR of 24.48% (from ₹187 crore to ₹449 crore)
• Profit Before Tax (PBT) Growth (2020-2024): CAGR of 61.19% (from ₹16 crore to ₹108 crore)
• Profit After Tax (PAT) Growth (2020-2024): CAGR of 58.00% (from ₹13 crore to ₹81 crore)
• Earnings Per Share (EPS) Growth: CAGR of 43.98%
• Market Capitalization: ₹3,151 crores (as of latest data)
• Promoter Holding: 33.2%
• Dividend for FY2024: Total of ₹1.70 per share (₹1.00 final + ₹0.70 interim)
Shivalik Bimetal is recognized as a global leader in thermostatic bimetal/trimetal strips, shunt resistors, and silver contacts. Its strong market presence is evident from the 25.79% growth in Thermostatic Bimetal/Trimetal sales in Europe for FY24. Shunt sales in Q4 FY 23-24 increased by 23.37% compared to the previous year's quarter, with an annual growth rate of 4.12%.
The company also benefited from a Production Linked Incentive (PLI) scheme, adding approximately ₹8 crore in cash and ₹12 crore as other income. During FY2024, the company formalized major contracts, foreshadowing a promising business pipeline and reinforcing its strategic positioning.
The company's chairman and managing director is N S Ghumman. As of the last reported quarter, the shareholding structure includes promoters holding 33.2%, Foreign Institutional Investors (FIIs) holding 3.6%, Domestic Institutional Investors (DIIs) holding 21.1%, and the public holding 42.1% of the total shares. Importantly, there is no promoter pledging in Shivalik Bimetal Controls Ltd, indicating strong corporate governance.
Shivalik Bimetal is well-positioned to capitalize on organic and inorganic growth opportunities as it enters the next financial year. Management anticipates steady growth recovery in the Atlantic region and continued robust demand from Asia. The recent addition of a property provides sufficient headroom for forward integration and expansion of assembly lines, supporting future capacity growth.
The company benefits from strong market tailwinds, a robust balance sheet, and solid financial performance, underscored by a good return on equity (ROE) track record with a 3-year ROE of 26.5%. With a reported 25% EBITDA growth for Q4 FY25 and a positive FY26 outlook, Shivalik Bimetal Controls Ltd. is poised for sustained growth and continued leadership in its specialized manufacturing segments.
