₹1.7 to ₹480: Multibagger stock turns ₹1 lakh to ₹2.79 Cr in less than 15 years

Synopsis: Shivalik Bimetal Controls Limited surged 27,775% from Rs. 1.72 to Rs. 479.45 since 2013, turning Rs. 1 lakh into Rs. 2.79 crore through precision engineering growth.

This small-cap stock, engaged in manufacturing thermostatic bimetal/trimetal strips, components, current sense shunts, and precision-welded products using diffusion bonding, electron beam welding, and resistance welding, is in focus after the stock has delivered multi-bagger returns of 27,775 percent to the shareholders in less than 15 years.

Stock Price Movement

With a market capitalization of Rs. 2,761.83 crore, the shares of Shivalik Bimetal Controls Limited were currently trading at Rs. 479.45 per equity share, rising nearly 5.78 percent from its previous day’s close price of Rs. 453.25.

On February 06, 2026, the shares of Shivalik Bimetal Controls Limited traded at Rs. 479.45, showing a gain of around 27,775 percent compared to the price of Rs. 1.72 on August 1, 2013. For example, if someone had invested Rs. 1 lakh in the company’s stock 13 years ago, it would have turned into around Rs. 2.79 crore.

Shivalik Bimetal Controls Limited was incorporated in 1984 and specialises in advanced material joining technologies like diffusion bonding, electron beam welding, solder reflow, and resistance welding to produce thermostatic bimetal/trimetal strips, coils, springs, precision components, current sense shunts, and stainless steel products. 

The critical components enable thermal regulation and current sensing in switchgears, circuit breakers, protective relays, automotive systems, including EVs, energy meters, and battery management devices across electronics, appliances, industrial, medical, defense, and agricultural sectors. 

Management Guidance

Shivalik Bimetal Controls Limited has moderated its FY26 outlook and now expects revenue growth in the high single-digit to around 10 percent range instead of the earlier 12-15 percent guidance. 

Management indicated that PCBA revenue should begin from Q4 FY26, with FY27 contribution estimated at Rs. 50-70 crore, while the longer-term forward-integration opportunity remains sizable. 

Looking ahead to FY27, the company remains optimistic and believes double-digit growth is achievable. Management suggested growth could potentially reach 13-18 percent if trade-related uncertainties ease and newly added capacities and product developments scale up as planned. Overall, the outlook reflects cautious near-term moderation but confidence in medium-term expansion driven by diversification and value-added products..

Q3 FY26 Result

Coming into the quarterly results of Shivalik Bimetal Controls Limited, the company’s consolidated revenue from operations increased by 8.88 percent YOY, from Rs. 123.28 crore in Q3 FY25 to Rs. 134.23 crore in Q3 FY26, and decreased by 2.31 percent QoQ from Rs. 137.40 crore in Q2 FY26.

Further, the company’s EBITDA has increased by 31.89 percent, from Rs. 24.55 crore in Q3 FY25 to Rs. 32.38 crore in Q3 FY26. The company’s EBITDA margin has increased from 19.91 percent in Q3 FY25 to 24.12 percent in Q3 FY26. The PAT margin has reached 16.64 percent, as compared to 14.80 percent in Q3 FY25.

In Q3 FY26, Shivalik Bimetal Controls Limited’s consolidated net profit increased by 21.60 percent YOY, reaching Rs. 22.18 crore compared to Rs. 18.24 crore during the same period last year. As compared to Q2 FY26, the net profit has decreased by 10.74 percent, from Rs. 24.85 crore.

Product and Revenue Mix

In Q3 FY26, Shivalik Bimetal Controls Limited’s product mix remained balanced between bimetals and shunts. By volume, bimetals contributed about 56.5 percent while shunts accounted for 43.5 percent. In terms of revenue, the mix was evenly split, with both bimetals and shunts contributing roughly 50 percent each, highlighting stable demand across both core product categories.

In Q3 FY26, Shivalik Bimetal Controls Limited’s revenue mix shows India as the largest contributor across both segments. In thermostatic bimetals, India leads with Rs. 26 crore, followed by the Americas (Rs. 14 crore), Europe (Rs. 11 crore), and the rest of Asia (Rs. 4 crore). In shunt resistors, India contributes Rs. 20 crore, ahead of the Americas (Rs. 15 crore), Rest of Asia (Rs. 12 crore), and Europe (Rs. 8 crore).

Product-wise Highlights

Shivalik Bimetal Controls Limited reported steady product volumes in Q3 FY26 and 9M FY26. In Q3 FY26, shunt volumes stood at 171,200 kgs while bimetals contributed 222,436 kgs. For 9M FY26, shunts reached 552,226 kgs and bimetals totaled 742,627 kgs, reflecting continued scale across both core product segments.

Geographical Presence

Shivalik Bimetal Controls Limited has built a strong global geographical presence, exporting to more than 38 countries while maintaining a balanced domestic base. In FY25, exports contributed about 56 percent of revenue, with domestic sales at 44 percent. The company supports this reach through manufacturing in India and sales offices across the USA, Europe, Brazil, Japan, South Korea, Taiwan, Russia, and China.

Financials

Shivalik Bimetal Controls Limited’s revenue and net profit have grown at a CAGR of 22.12 percent and 42.73 percent, respectively, over the last five years. In terms of return ratios, the company’s ROCE and ROE stand at 25.6 percent and 20.6 percent, respectively. Shivalik Bimetal Controls Limited has an earnings per share (EPS) of Rs. 15.8, and its debt-to-equity ratio is 0.11x.

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