Top high level updates only, for now (Travelling)
(Getting too many calls, so here’s a quick take 
)
- 16% Market share in Bimetals
- JV With Arcelor company with 16% stake - has been instrumental - in Bimetals tech/process upgrades
- 10-15% Market share in Shunts. When pressed, if closer to 10, confirmed its higher
- Europe 5G installation/rollout phase - Shunts required - Shivalik delivered quick solution, likely to be the de-facto choice. One-time orders - only during installation phase; not required post installation
- Shivalik is the Ref Standard for couple of products; Ref standard means other vendors are asked to deliver to Shivalik produced specifications - to be considered for orders
- Exclusive supplier to a major Bimetals customer - pushed by the company to deliver unique customised solution
- Global cost leadership confirmation. Added that they are also known for the fastest response times. (there is a 3rd global lead attribute - will check and add from notes)
- EV Shunts opportunity is not possible to quantify as it is still to play out. They are preparing certainly to be in the best position to harness/exploit the opportunity. 8x to 16x shunt requirements in EV than ICE BMS. Domestic EV will certainly be dominated by Shivalik once it opens up.
- Should a huge opportunity come knocking suddenly, they will be able to put up enhanced capacities at much faster rates than competition - 1/2 the time Competition will take, as they have the complete value chain in-house - in-house custom design ability for automated machinery and inline automated inspection process
- Largest capacity for Shunts globally (already). Another 60% expansion in next 2 years. Expansions based on 3-4 year forecasts from Customers
- Company developed product/solution for a US Customer (on their sustained insistence) in 18 months. Earlier monopoly supplier dictated both price and delivery timeframes. Post product/solution delivery, it was revealed by customer that the earlier company took 4 years to develop the same product.
- Hall Effect vs Shunts usage in EV - Settled in favour of Shunts mostly. Very rarely you run across Hall Effect sensors. One customer who approached Shivalik and converted (Hall Effect to Shunts) was because they were not able to find a good reliable cost effective Shunts supplier
- Top 5 do not command more than 50%. Company’s avowed policy is to not let individual customers be bigger than 10% Sales. Having said that, if there is fresh big opportunity, company would evaluate the trade-offs afresh
- Company is operating 3 shifts per day
Above was top of mind.
Additional Notes after consulting my scribbled notes
- Company products meet stringent Automotive AECQ200 Norms - mechanical automotive parts tested for 1 year; electronic parts tested for 3 years.
- Welded joints on Bimetals is critical for switchgear. Bimetal lasts 100 years, but life of product is determined by the quality of the welded joints. Uniquely developed for a major EU customer. This is from the wholly owned subsidiary They also make Brazed contacts which are unique products
- Shunt SMDs used in all Motors of advanced cars
- Shivalik shunts/solution is the Industry standard for cooling applications for car engine
- Company themselves surprised by the growth in Bimetals. US is a very large market for Bimetals. Has been a mature product for 10 years - but good one for quality products at the right price. When quizzed if these kind of heady growth in BM could taper off after 2-3-4 years, response was “could be”
- Lead times can be large for some of the competitors for some of the products as much as 50-54 weeks. For Shivalik none of the products lead time is that long. Highest is about 20 weeks or so and ranges form 2-3 weeks.
There you go, thats the unfolding story!
Thanks for everyone’s help - in asking great questions at the AGM.
Management gave a lot of time and answered every legitimate question
PS: Refined with the benefit of my scribbled Notes. But there could be mistakes. Others, please point to/correct inadvertent mistakes, if any, from my side. Could be my excitement …if I got some things majorly off 