I think both businesses operate in similar area but have slightly different characteristics.
SBCL has very strong bimetal business and is growing equally well (same as shunt side of the business). This business is less prone to product lifecycle technology changes.
SBCL’s key value add is understanding of metallurgy and EBW capabilities on the shunt side. However, majority of their business comes from strips that they supply Strips of welded metals to the customer- it is sold on per kg basis and further operations to convert into parts.
PML on the other hand has steady metering business however that business is susceptible to changes in technology and product lifecycle.
PML’s automotive business, they may be buying EBW strips from vendor like Shivalik and then convert the same into the parts that will eventually be used in BMS or any other module. Here one will require much more diverse design/engineering skills and understanding of various processes/operations. At this moment PML does not EBW part internally…if they can do it they will may have much stronger supply chain.
PML’s diversity of operations/skill set is much more fungible across industries is my limited understanding and it will also provide slightly higher cushion to the technology change that may happen. On the other hand if EBW is as big an entry barrier as currently understood ( I am still not able to put my fingers on why it is an entry barrier) then Shivalik may be able to protect it’s market share much better.
On the whole both are beneficiary of the tailwinds of the EV at the moment with PML having the potential to take the capabilities developed in this and move to more areas.
P.S.: This is all based on my limited understanding and am in no way saying I have figured this out so take it with pinch of salt. Any industry person’s feedback will be far more valuable
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