Shivalik Bimetal Controls Ltd (SBCL) AI Stock Analysis

• Market Cap: ₹23.81B
• Dividend Yield: 0.67%
• Average Volume (3M): 5.35K
• Price to Earnings (P/E): 27.7
• Beta (1Y): 1.69
• Revenue Growth: 4.56%
• EPS Growth: 8.11%
• Country: IN
• Employees: 514
• Sector: Services
• Sector Strength: N/A
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): 4.00
• Shares Outstanding: 57,604,200
• 10 Day Avg. Volume: 4,098
• 30 Day Avg. Volume: 5,346
• PEG Ratio: -4.06
• Price to Book (P/B): 6.53
• Price to Sales (P/S): 5.21
• P/FCF Ratio: 42.96
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 17.1
• Revenue Forecast (FY): ₹5.58B

• Rating: 70 Outperform
• Price Target: ₹455.00 ▲(9.28% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily supported by strong underlying financial performance (profitability, prudent leverage, and good cash conversion). This is partially offset by overbought technical conditions and a relatively expensive valuation with a low dividend yield.

Positive Factors

Profitability / Margins

Consistently strong gross and net margins reflect efficient manufacturing, pricing strength in engineered metal components, and durable cost controls. This supports long-term cash generation and competitive resilience across cyclical demand phases in metering and protection markets.

Balance Sheet Strength

Low leverage and a healthy equity ratio provide financial flexibility to fund capex, meet working capital needs, and withstand revenue volatility. Prudent debt management reduces refinancing risk and supports sustained investment in precision manufacturing capabilities.

Cash Generation / Conversion

Consistent operating cash conversion versus net income indicates high-quality earnings and the ability to self-fund operations and selective growth. Positive free cash flow, even if uneven, underpins capital allocation for maintenance, incremental expansion, or shareholder returns.

Negative Factors

Recent Revenue Softness

A minor revenue decline in 2025 signals exposure to end-market cyclicality (metering, protection devices). Sustained top-line weakness would pressure operating leverage and could erode margins and reinvestment capacity if not reversed by diversification or market share gains.

Volatile Free Cash Flow

Capex-driven swings in free cash flow create variability in available funds for dividends, debt reduction, or strategic investment. This unpredictability complicates long-term planning and may constrain the firm's ability to scale capacity smoothly when demand recovers.

Input Cost and Customer Concentration Risk

Exposure to volatile metal prices and potential customer concentration can compress margins if costs cannot be passed through or orders fluctuate. Reliance on a limited OEM base or long pass-through lags increases earnings sensitivity to commodity cycles and buyer demand shifts.

Shivalik Bimetal Controls Ltd Business Overview & Revenue Model

Company Description

Shivalik Bimetal Controls Limited engages in the process and product engineering business in India. It manufactures and sells thermostatic bimetal/trimetal strips, thermostatic bimetal coils and springs, components, current sense metal strip shunts/resistors, spring rolled stainless steels, EB welded products, reflow solder/presoldered strips, precision stainless steel parts, snap action discs, cold bonded bimetal strips and parts, etc. The company's products are primarily used in switchgears, protective relays, metering, automotive devices, energy and battery management devices, and various other electrical and electronic devices. It serves electronics, automotive, domestic appliances, industrial, medical, defense, and agriculture and animal husbandry appliances sectors. The company also exports its products to approximately 40 countries. Shivalik Bimetal Controls Limited was incorporated in 1984 and is headquartered in New Delhi, India.

How the Company Makes Money

SBCL primarily makes money by manufacturing and selling engineered metal components to OEMs and component integrators in the electrical and electronics value chain. Its key revenue streams are: (1) Bimetal products: sale of bimetal strips/coils and fabricated bimetal parts used in thermal protection and control devices (e.g., thermostats, thermal cut-outs, overload protectors and related applications). Revenue is generated through volume-based supply contracts and repeat orders tied to customers’ production of end-devices. (2) Shunt resistors / current-sensing components: sale of precision shunts used to measure current in applications such as electricity meters, power electronics, battery/charging systems, and protection circuitry. Earnings come from supplying standardized and/or customized shunt designs meeting customer specifications, with pricing typically influenced by material costs, required tolerances, and order volumes. (3) Other precision metal components: income from manufacturing and supplying specialized metal parts (including stamped/formed components) used in electrical connectivity and protection assemblies, often as customer-specific parts. Across these lines, SBCL’s revenue model is predominantly B2B product sales, where the company captures value through materials processing (metallurgical bonding/lamination for bimetals), precision manufacturing, and quality assurance for tight tolerance components. Key factors that can materially influence earnings include demand from end-markets such as metering and electrical protection, customer concentration (if present), long-term supply arrangements (where disclosed), and pass-through or lag effects from fluctuations in input metals prices (e.g., copper and nickel), which can affect selling prices and margins depending on contract structures. Specific material partnerships, named customers, contract terms, and revenue mix by segment are null (not provided here).

Shivalik Bimetal Controls Ltd Financial Statement Overview

Summary

Strong profitability and healthy EBIT/EBITDA margins support a high score. Balance sheet leverage is prudent with solid ROE, and cash conversion is consistently favorable. The score is tempered by a minor revenue decline in 2025 and uneven free cash flow growth driven by capex fluctuations.

Income Statement

Shivalik Bimetal Controls Ltd has demonstrated strong profitability with a consistent gross profit margin and net profit margin over the years. The revenue growth rate was robust until 2024 but showed a minor decline in 2025. EBIT and EBITDA margins are healthy, indicating efficient cost management and operational efficiency.

Balance Sheet

The company's balance sheet is strong, with a healthy equity ratio and moderate leverage. The debt-to-equity ratio is low, indicating prudent debt management, while the return on equity remains solid, showcasing effective use of shareholder funds. However, slight fluctuations in total assets and liabilities warrant monitoring.

Cash Flow

Cash flows are positive with an improving free cash flow, although the free cash flow growth rate is uneven across years. The operating cash flow to net income ratio is consistently favorable, suggesting efficient cash conversion from earnings. However, fluctuations in capital expenditures impact free cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.19B	5.08B	5.09B	4.70B	3.24B	2.04B
Gross Profit	2.11B	1.58B	1.47B	2.25B	1.57B	991.79M
EBITDA	1.25B	1.17B	1.25B	1.17B	780.37M	397.36M
Net Income	820.15M	770.55M	842.65M	791.03M	551.12M	254.89M
Balance Sheet
Total Assets	0.00	5.08B	4.43B	3.90B	3.08B	2.21B
Cash, Cash Equivalents and Short-Term Investments	790.37M	790.37M	388.23M	179.84M	112.23M	159.72M
Total Debt	0.00	419.51M	424.79M	586.65M	579.38M	292.44M
Total Liabilities	-4.06B	1.02B	1.01B	1.24B	1.16B	813.76M
Stockholders Equity	4.06B	4.06B	3.42B	2.65B	1.92B	1.40B
Cash Flow
Free Cash Flow	0.00	617.01M	467.15M	348.90M	-290.31M	147.75M
Operating Cash Flow	0.00	929.90M	685.13M	658.24M	-34.76M	298.40M
Investing Cash Flow	0.00	-607.14M	-183.88M	-431.08M	-241.78M	-147.22M
Financing Cash Flow	0.00	-225.68M	-292.08M	-184.93M	228.66M	2.69M

Shivalik Bimetal Controls Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 416.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SBCL, the sentiment is Negative. The current price of 416.35 is below the 20-day moving average (MA) of 476.69, below the 50-day MA of 449.49, and below the 200-day MA of 486.65, indicating a bearish trend. The MACD of -10.16 indicates Positive momentum. The RSI at 34.57 is Neutral, neither overbought nor oversold. The STOCH value of 7.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SBCL.

Shivalik Bimetal Controls Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SBCL	70 Outperform	₹23.81B	27.69	―	0.67%	4.56%	8.11%
UDS	63 Neutral	₹10.00B	35.45	―	―	8.98%	13.54%
RITCO	62 Neutral	₹5.30B	18.26	―	―	34.34%	2.00%
DYCL	61 Neutral	₹13.05B	18.05	―	0.07%	28.58%	54.67%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
MTNL	40 Underperform	₹15.98B	-0.63	―	―	-21.58%	-8.54%
TIL	39 Underperform	₹12.84B	-65.93	―	―	80.70%	-100.87%