Shivalik Bimetal Controls Ltd (SBCL)

Value vs Volume - data offers clue for FY 22, per below it is a healthy combo of Volume+Value growth
Value growth

Volume growth

Above is for shunts - single digit volume growth and high Value growth in FY 22, Shivalik is likely most of it. Can be checked for FY 21 and so on… folks with experience in tracking export /import can throw some more light

one can track here


How can we check company wise filing on EPFO? Couldn’t find it on their website, can you share the link please?


If one looks at the financials for FY22 it would seem that company benefitted from old cheap inventory being recorded at FIFO basis. This led to high P&L margins but cash flow remained poor as the company had to continuously refill the old cheap inventory with the high-priced inventory and hence cash flow was extremely poor (minus Rs 3 crore).


A stab at Shivalik shunt division - Volume/Value/Realization/Copper price co-relation and analysis for longer time frames to find answers/patterns

To understand - whether Shunt realization is structurally moving up or seeing some spikes inline with copper prices

  • shunt realizations

  • Copper prices trend in last 10 years


Key takeaways

  • Kg volume may not be best way to look at Shivalik as directly co-related with end product pricing - answer lies in evolving product performance characteristics and thus value. (low ohmic, tolerance range, temp range/ metal mixes etc) -

  • Shivalik realization have been on uptick over the periods irrespective of Volumes & copper prices. One way to further validate this trend would be as to how end mkt shunt prices have moved historically over years.

  • April 22 onwards Copper prices(4.5$ to 3.2$) have fallen over cliff and stayed low till Oct before bouncing back again in Nov - if there was high priced inventory - should have reflected in last 2 qtrs numbers with some pain - doesn’t seem to be the case yet - either mgmt commentary/numbers. Still better to observe in coming Qtrs.

  • 50% of revenue share of lesser glamourous division, Bimetals are doing very well for shivalik (better than shunts in H1 growth) and may continue to surprise with continued client additions etc. Though this division may be more susceptible to RM price movement and impact.

Another stab at quick reality check on Shivalik vs one of key Competition - Isabellenhutte.

Here is the last 3 years export pattern (Volumes in Kg)

Here is shivalik for same duration

note - this may not be comprehensive data and product profile may differ to some extent, idea was to see export trend and volumes over broader periods
some inferences at broad level

Volume trends

  • Pre corona Isbl was in range of 25-35000 /mo - now 35000-65000/mo range
  • Pre corona shivalik was 25-45000/mo , now 55000 - 110000/mo range.
    Both have done well, Shivalik gains are much higher - somewhat aligns to Mgmt claims of being efficient and scalable supplier, mkt share gains.

source -

Above is based on limited data & analysis and could be off/have gaps, feel free to do your own analysis and expand with additional views/points.

Though stock Price action indicates pain/doubts in line with broader mkt small cap under-performance and will test individual conviction.


Vishay stock price is near 52 wk high - contrast to US markets - this is in line with their performance delivered+ visibility, highest revenue and margin expansion in Q3(CY) 22 numbers. Stock price reflects market optimism in Vishay future prospects - thus visibility for a sizable demand part for Shivalik.

Q3(CY) nos and commentary - note Shivalik shunts are part of resistor family - Higher book to biil ratio and thus backlog continues

  • End segment demand and inventory - shivalik related segments (energy infra, auto- EV etc) demand stays strong - note the tone of EV and charging infra being a future growth driver (shunt application areas)

  • Is demand slowing down for Vishay end customers/order deferment ? doesn’t seem to be the case.

  • Additional infrences - growth has healthy contribution of volume + realization. Vishay seem to be emphasizing growth by volumes, thus sustainability.

good read in current mkt context