Shivalic Power Control Ltd. (SPCL.NS)

Shivalic Power Control Ltd. (SPCL.NS) — VMCI valuation read

Headline read on SPCL.NS: VMCI of 24/100 versus a Industrials sector median of 50. The 26-point below-median position is what makes Shivalic Power Control Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SPCL.NS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on SPCL.NS: value (SPCL.NS trades at 15.0x earnings, 17% below the Industrials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of -1.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

SPCL.NS rose 2.1% over the trailing 7 days, with a -21.5% read on a 30-day basis.