In order to verify the 12% market share claim, I tried googling for the smd shunt resistor market size globally and couldn’t find a reasonable estimate. In the absence of it, I went through the presentations of Yageo and Vishay. Yageo claims to have 34% market share in the segment of chip resistors and Vishay seems to have 2% market share.
As per Yageo’s Q2 results, 14% of their revenues are from resistors.
Q2 Revenues : 31322 Million NT Dollars
Resistor share of revenues : 31322 * 0.14 * 2.58 (conversion to inr) = 11313 million inr = 1131 crores inr
Total market size as per Yageo’s claim = (1131*4)/0.34 = 13341 crores inr (looks too big, is shunt resistor market size a small fraction of this market size?)
As per Vishay’s financial statements, Q2 revenues : 864 Million USD and 23% of their revenues are from resistors.
Resistor share : 864 * .23 * 75 * 0.1 crores = 1490 crores inr
Est. sales = 1490 * 4 ~ 6000 crores (for the last financial year, the resistor sales were around 5500 crores)
Vishay’s numbers aren’t matching with Yageo’s claims. Or, probably smd resistor sales account for a small percent of total resistor sales.
Going by these numbers, probably they may not have 12% market share. The overall market size seems to be big which is a good news (but not convinced as the numbers look pretty big 
).
The problem at hand for both these companies is that a significant portion of their revenues seems to be coming from Europe.
One interesting thing that I found while going through Vishay’s annual report is this – “On December 31, 2021, we acquired substantially all of the assets and certain liabilities of Barry Industries, a Massachusetts-based, privately-held manufacturer of
resistive products for $20.8 million. Based on our estimate of their fair values pending finalization of the net working capital adjustment, we allocated $9.6 million of
the purchase price to definite-lived intangible assets. After allocating the purchase price to the assets acquired and liabilities assumed based on a preliminary
estimation of their fair values at the date of acquisition, we recorded goodwill of $7.8 million related to this acquisition. The inclusion of this acquisition did not have
an impact on the Company’s consolidated results for the year ended December 31, 2021. The goodwill related to this acquisition is included in the Resistors
reporting unit for goodwill impairment testing.” Barry Industries seems to be in the same line of business as Shivalik.
Not sure if this post helps with valuation as I was mainly trying to get a sense of the overall size of the market.
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