Shivalik Bimetal Controls is moving beyond precision components into EV battery assemblies such as cell connecting systems, busbars and PCBAs. With production underway and more designs in development, this article examines whether the Pune expansion could become a meaningful new growth driver for the company.
Shivalik Bimetal Controls was trading at around ₹1,078 per share, with a market capitalization of roughly ₹6,207 crore. The stock’s 52-week range stood at ₹369–₹1,216, while its trailing P/E was around 58x and book value was approximately ₹84 per share.
Shivalik Is Moving Beyond Individual Components
Shivalik’s strategic shift is not simply about adding another product to its existing portfolio. The company has been moving from precision materials and individual components towards integrated assemblies and application-ready solutions, particularly through its Pune R&D and cell connecting systems project. Its investor presentation identifies busbar connectors and PCBA assemblies as newer portfolio additions designed for EV battery systems and other electrification applications.
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The earnings call provides more detail on how early this transition remains. Management said busbars and cell connecting systems made only a minimal contribution to Q1 FY27 revenue, because full production began only towards the end of the quarter. The main Pune manufacturing facility was expected to become fully operational around October, with production from the initial phase currently limited to a specific model.
That makes the shift more significant from a business-model perspective, but also means the financial impact is still largely ahead of the company rather than already visible in reported revenue.
One OEM Is Live, While More Designs Are Being Developed
The first commercial programme is linked to a major two-wheeler EV OEM, although the customer identity has not been disclosed because of confidentiality agreements. Management said steady production and sales are currently for one OEM, while work is underway on another two or three designs. The company expects some of these additional developments to start converting into business towards the end of the year, subject to qualification and plant readiness.
This distinction is important when assessing the ₹300–400 crore opportunity. Management has described that figure as the potential business that could be generated from the relevant Pune opportunity over roughly three years, rather than as an existing order book or contracted revenue stream. The stated ramp is around 10–15% in the first year, ₹150–200 crore in the second year and ₹300 crore-plus thereafter. Management also cautioned that these figures are dependent on EV adoption and customer programme volumes.
The company itself highlighted this uncertainty. EV two-wheelers are still undergoing market adoption, and a change in the production volume of the underlying vehicle programme would directly affect the assembly opportunity. Therefore, the key metric to track is not just the headline opportunity but how many designs actually move from development into regular production.
The Revenue Potential Is Large
The scale of the opportunity becomes clearer when compared with Shivalik’s existing revenue base. Consolidated revenue from operations reached ₹570.9 crore in FY26, up 12.3% year-on-year.
Against that base, a potential ₹300 crore annual contribution from the Pune vertical would be substantial. However, it would not be appropriate to treat the full ₹300–400 crore figure as an immediate addition to revenue. Management’s own indicated ramp shows that the business could take several years to reach that level, and the first phase is currently tied to a single model.
There is also a second layer to the opportunity. Management said the Pune facility has room for additional expansion and could eventually support other assemblies alongside cell connecting systems. Shivalik already supplies shunts used in battery-management systems, creating the possibility of combining its existing component capabilities with assembly-level products. That could gradually increase the company’s share of the value chain, rather than simply increase the number of components it sells.
Pune Is Being Built in Phases
The capital requirement also needs to be viewed in the context of Shivalik’s existing manufacturing infrastructure. Management estimated the capex for the current Pune project at around ₹20–25 crore, but specifically clarified that this number does not represent the full capital required for every process involved. Some of the higher-capex manufacturing capabilities already exist at the company’s Solan facility.
This makes the project different from a completely greenfield manufacturing operation. The Pune facility is being used to bring together existing strengths in material science, precision joining, electronics and application engineering into a more integrated solution. The investor presentation describes the facility as a platform for PCBA and busbar assembly aimed at OEM and Tier-1 customers.
At the same time, investors need to distinguish between the capex for the current phase and the investment that could eventually be required for multiple assemblies, additional customer programmes and higher production volumes. Management itself noted that the capital requirement could change as the scope of products expands.
The Core Business Is Still Growing
The assembly opportunity is developing alongside a healthy core business rather than replacing it. Q1 FY27 consolidated revenue increased 33.4% year-on-year, while EBITDA and PAT grew faster at 35.2% and 44.9%, respectively. Management also indicated that it was targeting 20–30% consolidated revenue growth for FY27, although it stressed that the range remains dependent on customer demand and programme execution.
Within the existing portfolio, shunts remained the stronger growth engine, with Q1 revenue increasing 18.7%, while thermostatic bimetals grew 7.4%. The company also reported improved shunt demand in Europe and a 30% YoY increase in the Americas.
The company is simultaneously increasing value addition within the core business. Management said lower-value shunt strip sales have been converted into more finished components, which has helped raise value captured per unit. It also attributed much of the improvement in EBITDA margin to this shift towards higher-value components rather than solely to movements in metal prices.
Conclusion
Shivalik Bimetal’s Pune initiative represents a move from supplying precision components towards supplying more integrated EV battery-related assemblies, with cell connecting systems, busbars and PCBAs forming the initial focus. The commercial programme is still at an early stage, with one OEM currently in steady production and two to three additional designs under development.
The ₹300–400 crore potential over roughly three years is significant relative to FY26 revenue of ₹570.9 crore, but management has clearly presented it as an opportunity dependent on customer programmes, EV adoption and execution rather than guaranteed revenue. Meanwhile, the company’s core shunt, bimetal, and contact businesses continue to grow.
The latest update also shows that Pune is progressing in stages: Phase I received its Consent to Operate in July 2026, while on August 24, 2026, the company disclosed that it was still in the process of obtaining the necessary approvals and permissions for Pune Phase II.
That makes the next few quarters particularly important for tracking new customer qualifications, additional designs entering production, Pune utilisation and the pace at which assembly revenue moves from an early-stage contribution towards the larger opportunity outlined by management.