Shivalik Bimetal Controls · risk themes across the available quarters.
Bear-case history
While tariffs are expected to reduce post-March, any renewal or increase would again compress US customer ordering, particularly for raw material strip form which faces Section 232 duties regardless. Management deflected specific tariff timeline questions.
Indian thermostatic biometal demand driven by MCB/switchgear market which has been flat for ~12 quarters; management acknowledged limited organic growth opportunity without new application development or market share gains.
Working capital days increased ~10 days due to early December deliveries and higher silver inventory during factory relocation for silver contacts business; exposed company to commodity price volatility.
New assembly business carries ~10% lower EBITDA than core products; if assembly scales faster than expected (toward Rs 300 crore), blended margins could compress below 23% floor management outlined.