Shivalik Bimetal Controls Ltd (SBCL)

I am very novice about the technology related to shunt resistor but for disclosure, I am invested in this company purely on the basis that shunt resistor is a very critical component for electrical goods and would also play its part in EV, BMS, and electric meter. Another reason is that it has an entry barrier of 4-5 years and can be considered a niche business.

Now my question is that above, @nirvana_laha was talking about how this company should or may explore ways to get into the semiconductor field of PCBs and others, but does the recent announcement of the Vedanta-Foxconn semiconductor factory dampen the future prospect of this company? Also, is the Vedanta-Foxconn semiconductor factory capable of delivering or producing shunt resistors?

Sorry if my question is silly.

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Your question isn’t silly. I am by no means knowledgeable wrt semiconductors, but I am fairly certain that shunts are way down in the pecking order as components that go into a chip/semi-con assembly. They are one of the building block items almost. Consider shunts to be like bricks or blocks that go into making a building which is like a semicon chip. I think companies that graduate from making resistors get into other passive components like capacitors and inductors and then progressively into elements like transistors and MOSFETs.

I don’t think companies like Foxconn go into making these building block elements, but rather get involved in chip fabrication stage which involves putting these building blocks together on silicon wafers to create circuit boards.

So I think if anything, this occurrence might be a catalyst for SBCL to move up the value chain in semicon component manufacturing.

This is a very layman’s view, so please take it with a pinch of salt. I’d like to hear from the experts myself.


What foxconn-vedanta would be making is the semiconductor chips(Those flat black squares on a circuit board usually biggish) .These are made out of silicon wafer and are products of extreme miniaturization . Smaller and complex chips are harder to make and need massive initial outlay to procure the fabricating machines and expertise.Thats why Vedanta is providing the cash and Foxconn,the tech.

Shunt resistors are basically metal components and is entirely different . Those are also seen on the PCB but do not go inside the chips .Those who can make semicnductor chips won’t stoop to make these .

Check the image in this link…

But if indeed local Chip production results in cheaper chips,then I assume lots of other electronics companies will start making stuff in India. That will only expand Shibaliks domestic market size .

Disc: Have a degree in Electronics but no hands on experience except in labs 17 years ago .:grinning:


The annual report:

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If anyone is attending AGM next tuesday, kindly share AGM notes.

SBCL has this JV with Aperam Imphy formed in 2008 called Innovative Clad Solutions, where SBCL has 16% stake. The company makes clad metal solutions and the JV has a factory in Pithampur, Madhya Pradesh and this year has shown a 120% growth in revenues Y-o-Y and a 5.5x growth in PAT.

Aperam Imphy is the alloys division of Aperam S.A, which is a 5bn $ company HQ’d in Luxembourg with Lakshmi Mittal as its Chairman.

JV website -
Aperam Imphy - Imphy - aperam
Aperam website -

Here’s Innovative Clad Solutions being mentioned on the Aperam Alloys website

I haven’t seen any discussion on this JV on this thread. My question for experienced Shivalik investors is :

  1. Given that the JV has been in place for more than a decade, are there any insights regarding tech transfers in alloy-making that may have happened or are likely to happen from Aperam Imphy to SBCL?
  2. Clad metals find diverse uses outside of the electrical industry in cookware, heat exchangers, energy storage solutions etc. Does SBCL have any plans of tapping these industries?
  3. Does SBCL see the JV as strategically important and have any plans to increase their share in the JV?

Since some people are planning to go to the AGM, this maybe something worth asking?


The switch to clean transport in the South Asian nation is slower than the US and China in part due to the sluggish adoption of battery-powered vehicles. The high cost of these vehicles and insufficient charging stations are a major barrier with NEF saying that by 2040, 53% of new automobile sales in India will be electric, well behind China with 77%.

Banks in India have been reluctant to give loans for EV purchases at a time when the cost of insuring these vehicles is high and the resale market is remains small, said Kant, who was recently appointed India’s main negotiator when it becomes the chair for the Group of 20 countries in December.


Another big supply to the same enterprise in just a gap of 3 days.
Last time, it was just ‘thermostatic bimetal’ but now shows thermostatic bimetal ’ trimetal ’ Parts. Above is an example of how they are able to cross sell more of their Products to existing clients efficiently. Haven’t seen these kind of volumes in this segment.

Very limited data but things look very Positive for the company in such a volatile global environment!


The date of commencement of employment of Mr. Kabir not matching with his age and number years of experience, as per AR. May be typing error.

10 Prioritised Questions for Shivalik Bimetal AGM
(Thanks for collated collaborative efforts from @nirvana_laha @GourabPaul @spatel @Chins)

1. Competitive Positioning

Automotive EV BMS Market for Shunts is reportedly served by only 6-7 vendors globally. Isabellenhuette commands 50% market share. Shivalik Bimetal is now close to ~10-15% market share as per some Industry players.

Is it a fair argument to say that Bimetal (Alloy)/EBW expertise is the KEY differentiator for this segment, which is augmented by Shivalik’s cost leadership position. And that Shivalik is de-facto cost leader today, globally?

Is Shivalik growing by progressively taking away market share from top incumbents like Isabellenhuette, Hella, Continental and others like Rohm and Panasonic.

2. SBCL JV with Aparam Infy - Innovative Clad Solutions (SBCL stake 16%)

Given that the JV has been in place for more than a decade, are there any insights regarding tech transfers in alloy-making that may have happened or are likely to happen from Aperam Imphy to SBCL?
a) Clad metals find diverse uses outside of the electrical industry in cookware, heat exchangers, energy storage solutions etc. Does SBCL have any plans of tapping these industries?
b) Does SBCL see the JV as strategically important and have any plans to increase their share in the JV?

3. New big-name Customers in Bimetal segment (38% Exports)

Cutler Hammer
Fenix Manufacturing
Robertshaw Controls

New customer wins contributing ~20%?

Would you like to us through some of these recent wins that seem to have scaled up significantly. What helped us gain entry and penetrate deeper so quickly in these – bimetal alloy improvements/customisation?

4. Recent Customer Losses?

Sensus DUB used to be a large Bimetal customer of Shivalik till 2020, and stopped thereafter? Did the company get winded up/merged into some other entity, or it has shifted to other vendors, reasons?

Landis GYR Meters, Wieland Werke – large customers in EBW Shunts stopped after 2020? Comments

5. Non-BMS Shunts in EV/Battery Space

a) Are any of the shunt strips going to a standalone current sensor module which is integrated to the BMS
b) Are your shunts being used in inverters, dc-dc, electric motors in an EV. Scope for OEM supply?
c) Is there a medium-term vision towards making a current sensor module in-house for 2W and 3W markets in India. If not, what are the impediments towards that? Reportedly, that’s a 5x value-addition?

6. EBW Shunt Segment (62% Exports)

Shin Shih
TT Electronics
EMH Metering
Bimetal Japan

Top 5 contribution 90%
Top 3 contribution 80%

Top Customer concentration has been steadily reducing, but there is still a huge dependency ~90% contribution from Top 5 customers?

What is the right way to look at this situation from Management Perspective/Targets?
a) What is the ideal segment mix EBW Shunts: Bimetals: Smart metering given industry tailwinds in next 3-5 years
b) what is the ideal diversified customer mix SBCL is looking at in 3-5 years

Have we seen instances of direct supply to OEMs/Tier 1 Vendors scaling up? Does that remain a distinct possibility, or supply will mostly be through Tier2 vendors?

7. Smart Meter Opportunity

Globally US $36 Bn by 2028 growing at 8% CAGR
India replacement Market – 250 Cr Legacy Meters
4.8 Mn smart Meter Installed base (as on date) of 11.6 Mn tendered Jan ‘22

Would you like to characterise this segment opportunity for us – Industry tailwinds, Shivalik Competitive Positioning in India and Globally, major competitors and customers.

8. Shivalik Product positioning – Proxy play/beneficiary of major market shifts?

Legacy Meters to Smart Meters

Fuel Dispenser to Charging Station
Fossil Fuel to Renewable Energy
(Battery Storage, Switchgear current ammeters; Isabellenhuette works in this space)

This is an interesting perspective from an astute industry observer. Other major market shifts happening - say Wired to Wireless, and Manual to Robots. Does Shivalik see a place for its products in other such market shifts?

What is the Management’s perspective on the product space it wants to occupy?

9. EBW Shunts and Hall Effect Sensors

Mercedes uses only Shunts for EVs
Mercedes uses both Hall Effect sensors and Shunts sensors in Hybrid EVs

Could you give us a better sense of how this sensor type/usage decisions are firming up. Is this a settled case in favour of Shunts, or use cases for usage of both sensor types are going to prevail going forward too in Automotive applications.

10. Lead Times
Shunts lead time today standing at 40 weeks?? (as per some industry players)

Good thing for now? May lead to surplus capacity investment leading to a glut situation again – couple of years down the line?

Would you care to throw more light on this aspect, what is Management’s perspective?