Shivalik Bimetal Controls Ltd (SBCL)

Shivalik first ever concall most things along expected lines. I am only capturing the things which were most interesting to me.

1. No formal guidance on growth but expect it to be around past track record : 25% cagr
2. Margins are sustainable. Might increase a bit with scale
3. Cashflow has increased a bit due to domestic sourcing of copper
4. Working on some long term contracts with some customers for existing products
5. Shivalik not only makes shunts but also the EBW machines which make the shunts. 5x lower costs for making the machine than buying off shelf. Gross
   fixed asset turnover is high due to this
6. No competition domestically maybe 1-2 scaled global competitors
7. Commercial supplies have started to large customers. Expect scale up soon (difficult to quantify when)
8. Growth in bimetals due to acquiring more customers, lot of export focus
9. Current capacity utilisation is 35% of expanded capacity
   Disclaimer: invested, biased