SHIVALIK BIMETAL CONTROLS LTD. Q1 FY27 Results

Shivalik Bimetal's consolidated Q1 FY27 print is a clean beat on both lines: revenue rose 33.4% YoY to ₹182.20 Cr (from ₹136.60 Cr) and consolidated PAT rose 44.9% YoY to ₹33.01 Cr (from ₹22.78 Cr), with EPS at ₹5.73 versus ₹3.96 a year ago. Sequentially revenue grew 12.0% and PAT 26.7% over Q4 FY26 (₹162.63 Cr / ₹26.05 Cr) — a real acceleration, not a seasonal artifact, since Q4-to-Q1 for this engineering-components business carries no strong seasonal skew. A tiny ₹0.26 Cr exceptional gain (a PM-VBRY government employment-scheme receipt) sits in both years' comparison base asymmetrically — the year-ago quarter had none — but stripping it out moves YoY PAT growth only to ~43.8% from 44.9%, so the headline number is essentially clean, not one-off-driven.

Margins expanded on both counts: consolidated NPM rose to 18.12% from 16.42% YoY and 15.69% QoQ, and operating margin (EBITDA/revenue) improved to roughly 23.7% from 23.39% YoY and 21.81% QoQ. The driver sits below the operating line as much as on it — the joint venture, Innovative Clad Solutions, contributed ₹2.27 Cr of profit share this quarter versus ₹0.56 Cr in both Q4 FY26 and Q1 FY26, a roughly 4x jump that alone explains a meaningful chunk of the YoY PAT beat and the gap between standalone PAT (₹26.40 Cr) and consolidated PAT (₹33.01 Cr, ~25% higher). Standalone growth was more modest — EPS ₹4.58 versus ₹3.64 YoY — so investors reading only the parent-company numbers would see a materially milder story than the consolidated headline; the group basis is the primary read here per company disclosure norms.

The stock went into the print at ₹766.05, up 10.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Same-day disclosure — statutory auditor Arora Gupta & Co. resigned (capacity constraints, no disagreement); Walker Chandiok & Co LLP appointed for FY27 onward

Against prior guidance, management's FY27 outlook (from the Q4 FY26 call) called for 20-30% short-term growth with a path back toward 30%+ historical PAT growth, driven by smart-meter revenue doubling, US shunt-business expansion, and a new busbar/PCBA segment targeted at ₹250-350 Cr over 2-3 years. This quarter's 33.4% revenue growth and 44.9% PAT growth both sit above the top of that 20-30% band, so Q1 tracks ahead of the guided pace, though it is only one quarter into a multi-year ramp and the filing gives no segment-level split to confirm smart-meter or busbar/PCBA contribution specifically. No press release accompanied this filing and no formal quarterly consensus estimate could be found for this thinly-covered stock (single-analyst coverage per available sources), so the print cannot be benchmarked against a street number. Concurrent with results, the Board also approved a final FY26 dividend (record date August 26, 2026) and disclosed regulatory consents to operate new Pune and Solan facilities this quarter — capacity additions consistent with the guided busbar/PCBA and smart-meter ramp, though the filing does not quantify their revenue contribution yet.