What’s new

• Management targets 20-30% revenue growth for FY27.
• The new Pune plant aims for ₹250-350 crore revenue over three years.
• Smart metering revenue crossed ₹75 crore in FY26, nearly doubling year-on-year.

Why it matters

Shivalik is betting on a mix of new capacity and product shifts to sustain momentum. The transition to higher-value components in the US shunt business is the key variable for margin stability.

What we’re watching

• The ramp-up speed of the Pune busbar and PCBA facility.
• Actual recovery timelines for the US shunt customer.
• Sustainability of the 22.9% EBITDA margin.

The full read

Shivalik Bimetal Controls is banking on a 20-30% revenue jump in FY27. Management points to three levers: a rebound in its US shunt business, the scaling of its smart metering segment, and the new Pune facility.

Smart metering already showed strength in FY26, with revenue nearly doubling to over ₹75 crore. The Pune plant, dedicated to busbar and PCBA assemblies, is expected to generate ₹250-350 crore over the next three years. While the US shunt business faced headwinds, management expects a recovery to peak levels within two years as it shifts toward higher-value components. These targets follow a solid FY26, where revenue grew 12.3% to ₹570.9 crore and PAT rose 24.8% to ₹95.8 crore. With EBITDA margins expanding 250 bps to 22.9%, the company enters the new fiscal year with a clear roadmap for growth.

It is an aggressive target.

Primary source: BSE · NSE