Annual Report FY 2025-26

SBCL/BSE & NSE/2026-27/37 11th August, 2026 To, To, BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Deptt. PJ Exchange Plaza, Plot No. C/1, G-Block Towers, 25th Floor, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Code No. 513097 Code No. SBCL Subject: Annual Report for the Financial year 2025-26 and Notice convening the 42nd Annual General Meeting of the Company Dear Sir/Madam, Pursuant to the Regulation 30 and 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith Annual Report for the financial year 2025-26 and the Notice convening the 42nd Annual General Meeting (‘AGM’) of the Company, scheduled to be held on Wednesday, September 02, 2026, at 10:30 a.m. (IST) through Video Conferencing / Other Audio-Visual Means. The Company has fixed Wednesday, August 26, 2026, as the Record Date for the purpose of determining the entitlement of the Members to receive the final dividend of Rs. 2/- per equity share for the financial year 2025-26, if declared at the AGM The remote e-voting facility will be available during the following voting period: Commencing on Sunday, 30th August, 2026 from 9:00 a.m. (IST) Ended on Tuesday, 01st September 2026 till 5.00 p.m. (IST) The Notice of the AGM along with the Annual Report for the financial year 2025-26 is also uploaded on website of the Company, at https://www.shivalikbimetals.com/annual_reports.php. This is for your information and record. Thanking you, For Shivalik Bimetal Controls Limited Aarti Sahni Company Secretary M. No: A25690 Enclosure as above: Strategic Report What’s inside this report Strategic Reports Pg. Corporate Information 3 Higher on the Value Curve 4 At a Glance 6 Chairman’s Message 8 Managing Director’s Message 9 Whole-time Director’s Message 9 Navigating Value-Curve Growth 10 Driving Growth Through Integration 14 Fortifying Our Financial Core 18 Strategic Reports Strategic Levers Underpinning Profitability 20 Our Portfolio 22 Key Performance Indicators 24 Management Discussion & Analysis 26 Statutory Reports 46-47 Pg. Director’s Report 48 Corporate Governance Report 64 Business Responsibility and Sustainability Report 90 Financial Statements Standalone Financial Statements 128 Consolidated Financial Statements 176 Notice to Shareholders 226 Statutory and Financials 2 SHIVALIK BIMETAL CONTROLS LIMITED | Annual Report 2025-26 Strategic Report Statutory Reports Financial Statements SHIVALIK BIMETAL CONTROLS LIMITED Corporate Information Board of Directors Registered Offi ce Registrar & Share Mr. N.S. Ghumman, 16-18, New Electronics Complex, Transfer Agent Chairman & Whole-time Chambaghat, Distt. Solan - 173213, Director Himachal Pradesh M/s MAS Services Ltd. Phone: +91-1792-230578 T - 34, IInd Floor, Okhla Mr. Kabir Ghumman, Email: investor@shivalikbimetals.com Industrial Area, Managing Director Website: www.shivalikbimetals.com Phase- II, New Delhi - 110020. CIN: L27101HP1984PLC005862 Mr. Sumer Ghumman, Tel No.: (011) 41320335 Whole-time Director Corporate Offi ce Fax: (011) 26387384 Mr. Swarnjit Singh, 4th Floor, Space No. 408, Email: investor@masserv.com Independent Director Eros Corporate Tower, Website: http://www.masserv.com Nehru Place, New Delhi - 110019. Mr. N.P. Sahni, Phone: +91-11-43071031, 43071061 Independent Director Statutory Auditors Mr. Sudhir Mehra, M/s. Walker Chandiok Independent Director & Co LLP Dr. Shrikant Baldi Independent Director Chartered Accountants (Firm Registration No. 001076N/ Mrs. Anu Ahluwalia, N500013) Independent Woman Director Mrs. Sukrita Goyal, 21st Floor, DLF Square, Jacaranda Marg, DLF Phase II, Gurugram – 122002, Independent Woman Director Haryana, India. Mr. G.S. Gill, Bankers Non-Executive Director Indian Bank Chief Financial Offi cer DBS Bank India Limited Mr. Rajeev Ranjan Axis Bank Company Secretary Mrs. Aarti Sahni SHIVALIK BIMETAL CONTROLS LIMITED | Annual Report 2025-26 3 Strategic Report Higher On The Value Curve From Precision Materials to Integrated Solutions Shivalik is building higher on the value curve by converting precision materials, proprietary process depth and R&D-led manufacturing into more integrated customer solutions. FY26 marks a higher-quality phase in Shivalik’s value components and from components towards more growth journey. The year was not defined integrated, application-ready assemblies. This progression only by expansion in the top line, but by the is visible in the continued shift towards component-led quality of value captured from the Company’s revenue, improved realisations and the development of the established technology base. Consolidated Pune platform for PCB and busbar assembly solutions. revenue from operations grew 12.3% year-on- year to ` 570.9 crore, while EBITDA increased For customers, this evolution significantly expands 26.0% to ` 130.7 crore and PAT grew 24.8% Shivalik’s role in the value chain. A precision strip to ` 95.8 crore. EBITDA margin expanded to represents a critical material input, whereas a finished 22.9%, supported by better realisations, richer component becomes a performance-critical functional product mix, operating leverage and continued element. An integrated assembly takes this further by cost discipline. becoming part of the customer’s system architecture. In applications such as automotive electronics, smart This is the substance behind the theme Higher metering, current sensing, switching, battery management on the Value Curve. Shivalik’s foundation systems (BMS), and energy management, this level of remains precision materials: thermostatic integration creates greater value through functional bimetal and trimetal strips, low-ohmic shunt performance, dimensional consistency, electrical resistors, electrical contacts and specialised reliability, process capability, and qualification discipline. joining technologies. Over four decades, the As a result, customers increasingly value suppliers not Company has built proprietary process depth merely for material quality, but for their ability to deliver across Electron Beam Welding, Diffusion qualified, reliable and application-ready solutions. Bonding, Cold Bonding and high-precision strip processing. These are not only manufacturing For investors, FY26 demonstrates that strategic relevance processes; they are barriers to entry, sources of and financial quality can reinforce each other. Growth quality consistency and enablers of customer was accompanied by margin expansion; profitability stickiness. grew faster than revenue; and the Company continued to invest in platforms that can expand wallet share with OEM The next layer of growth is being built above and Tier-1 customers. The value curve is therefore not a that foundation. The portfolio is increasingly slogan. It is Shivalik’s method of compounding: protect the moving from strip-led supply to higher- precision materials base, deepen the R&D and EBW moat, scale component-led value capture, and build integrated solutions where precision becomes customer relevance. The theme also clarifies what should be protected as the Company scales. Shivalik does not need to become a broad electronics integrator to create value. Its advantage is sharper: materials knowledge, process control, qualification discipline and the ability to deliver reliability inside applications where failure is expensive. The higher value curve therefore remains anchored in precision, even Please scan the QR code to download as the offering becomes more integrated. Annual Report 2025-26 4 SHIVALIK BIMETAL CONTROLS LIMITED | Annual Report 2025-26 Strategic Report Statutory Reports Financial Statements SHIVALIK BIMETAL CONTROLS LIMITED 01 Precision materials 03 Components and assemblies The base: bimetals, trimetals, shunts, The value upgrade: finished components, electrical contacts and specialised strip-led PCB and busbar assembly platforms. technologies. 02 R&D an [Showing first 8,000 characters — download PDF for full document]