Shivalik Bimetal Controls hosted a conference call on Nov 13, 2025. In the conference call the company was represented by Kabir Ghumman, Managing Director.

Key takeaways of the call

Shunt Resistors business in Q2FY26 contributed around 50% & 49.4% of total business in value terms in Q2FY26 and H1FY26 respectively. Balance was accounted by Bimetals.

Shunt resistors: India posted strong growth at +25.23% YoY (to Rs 22.35 crore vs Rs 17.85 crore) driven by domestic demand from the smart meter and industrial sectors. Asia (Others) grew +38.50% YoY to Rs 15.50 crore, supported by regional customer expansion. Americas saw a about 17.29% YoY decline to Rs 14.67 crore, reflecting softer exports. Europe saw a marginal decline of about 0.62% YoY to Rs 6.43 crore.

Bimetals: Americas grew +1.04% YoY to Rs 11.71 crore, maintaining its recovery momentum. Europe improved significantly +74.68% YoY to Rs 12.66 crore, a positive reversal from prior quarters. Asia (Others) registered a decline of  about 11.33% YoY. However  India sales of bimetals contracted marginally  by 5.61% YoY, indicating slower consumption.

Even though domestic the end product is getting exported by customers and that hit the company badly. Now with US India deal getting closed, the customers are expecting normal volume/business only by Q4/Q1FY27. 

At consolidated level the gross margin expanded by  333 bps and 296 bps in Q2FY26 and H1FY26    to 47.08% and 45.84% respectively, reflecting improved mix and cost discipline.

Supply as strips has gone down as a proportion of sale and now growth coming from value added components and that is driving the margin.  With the company focusing on valued added components the buyer will also not change the vendor due to tariff change immediately and this augurs well for the company.  Resistors -

 With a strong balance sheet and healthy order visibility, the company remains focused on profitable growth and cash conversion through FY26.

Planned capex for FY2025 to FY2027 was Rs 15 to 20 crore and this is to be spent for optimization and to improve productivity. This capex is in addition to the Rs 100 crore of capex spent over FY2021 to FY2024.  Sales Potential post expansion is about Rs 1600 crore.

Accelerated energy transition towards renewables is driving sustained demand for precision components in grid modernisation, EVs, and storage systems, strengthening medium-term visibility for Shunt Resistors and Bimetals.

Surge in global data centre build-out and AI-driven digitisation is catalysing demand in power infrastructure and grid equipment, unlocking structural tailwinds for both Bimetals (thermal protection) and Shunt Resistors (current sensing).

So 4-5% is the growth is expected now for bimetal for this fiscal.