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Shivalik Rasayan Ltd.

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shivalikrasayan.comBSE: 539148NSE: SHIVALIK
Market Cap₹ 512 Cr.
Current Price
High / Low₹ 496 / 206
Stock P/E37.5
Book Value₹ 338
Price to Book2.87
Dividend Yield0.15 %
ROCE7.7 %
ROE6.0 %
Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence
55%
View full sector analysis →

PROS

  • Latest quarter profit grew 59.6% YoY, showing strong momentum
  • Company has consistently been profitable over the last 5 years
  • Company has a consistent dividend-paying track record
  • Company maintains a comfortable, low leverage position

CONS

  • Operating cash flow has been negative in recent years
  • A large part of profit comes from other income (35.5% of PBT)
  • Company has a low return on capital employed of 9.1%
  • Company has a low return on equity of 7.8% over last 3 years
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.53x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsPesticides & Agrochemicals
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.UPL576.0524.0748628.371.04-73.0058.5210181.0010.4712.0013.43
2.PIIND2390.5531.1336268.970.63244.20-38.951702.30-10.4316.0021.69
3.SUMICHEM505.0043.5025206.860.26214.5120.451063.350.6223.3921.94
4.BAYERCROP3980.70322.8717890.103.77321.6015.391835.00-4.1630.0820.03
5.SHARDACROP778.4511.227023.211.9388.02-38.361073.779.0331.1017.32
6.DHANUKA994.2014.924431.980.2075.5027.94442.0220.0124.4424.83
7.RALLIS209.5524.824075.101.43-14.15-274.26507.547.7013.23-0.56
8.NACLIND167.45317.093922.400.0020.8459.82383.33-14.506.2010.80
9.BHAGCHEM267.95126.243474.480.06133.293249.841950.191475.554.5515.65
10.GSPCROP626.6029.782914.860.16263.941111.463859.951153.2718.4611.02
11.BHARATRAS1204.3013.972001.680.04372.30838.733381.60796.0316.6315.19
12.SHIVALIK325.3037.48512.360.154.5059.5596.347.877.6911.61
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
646770717582856989948210396
53576162657172647882729092
Operating Profit1110999121361112101211
OPM %17.64%14.39%12.63%13.04%12.57%14.28%15.61%8.30%12.31%12.83%12.58%12.09%11.61%
Other Income0121102610121
Interest1223222332222
Depreciation3333455355544
8565558645486
Tax %13.72%45.11%24.74%9.09%16.09%11.58%11.25%13.21%32.05%21.35%11.14%7.12%20.45%
Net Profit0000447534475
3122233312230
Equity Capital7888888888888
Reserves0000000000000
Promoter Pledge %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
110123155171186198215234273312375
99105131147157159167191232271336
Operating Profit12192732324051484549—
OPM %11161719172024211616—
Other Income11383145484
Interest564322359109
Depreciation2223491112121618
511202627293732232323
Tax %33252520171576221315
Net Profit38152122253430182020
EPS00000131814811—
Dividend Payout %0655243365—
Minority Interest0-3-6-7-8-7-9-9-5-40
Share of Associates00000000000
Adjusted EPS4691010131814811—

COMPOUNDED SALES GROWTH

10 Years:
22%
5 Years:
11%
3 Years:
13%

COMPOUNDED PROFIT GROWTH

10 Years:
25%
5 Years:
4%
3 Years:
-13%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
-25%
1 Year:
-32%

RETURN ON EQUITY

10 Years:
24%
5 Years:
11%
3 Years:
8%
Last Year:
6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2018

Apr 19

1:4

Bonus issue & Stock Split Inter alia, to consider and approve, subject to requisite approvals: 1. Sub-division of Equity Shares of the Company; 2. Alteration of the Authorised Share Capital of the Company; 3. Alteration of the Memorandum and Articles of the Company in accordance with the Companies Act, 2013; 4. Issue of Bonus Shares to the Shareholders of the Company; 5. Diversification of the business of the Company in Pharmaceuticals and Speciality Chemicals and resulting alteration in the main objects of the Company; 6. Setting up a US FDA & EU level state of art Pharmaceuticals API & Intermediates manufacturing plant in Dahej, Gujarat; 7. Raising of funds by way of fresh issue of equity shares through preferential / rights / public offer/ institutional placement and Loans, as may be deemed fit for setting up the said Pharmaceuticals API & Intermediates manufacturing plant in Dahej, Gujarat; 8. Appointment of Dr. Akshay Kant Chaturvedi as an Executive Director on the Board of the Company 9. Appointment of Mr. Sanjay Bansal as Director on the Board of the Company; 10. Resignation of Mr. Rajiv Mehta from the Directorship of the Company; 11. Re-classification of M/s. NIAM International Private Limited as non-promoter entity, for which the Company has received a request letter dated February 24, 2018 from the said shareholder; and 12. To consider seeking approval of the Shareholders of the Company through postal ballot for the requisite items referred above. Further, pursuant to the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and as per the terms of the "Code of Conduct for prevention of Insider Trading" of the Company, the trading window shall remain closed from Monday, February 26, 2018 to Tuesday, March 06, 2018 (both days inclusive) for the Directors and specified persons as defined in the Code of Conduct.

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
LIABILITIES----------
Equity Capital3347777788
11745158169172270287378407
1614141481830455277
Trade Payables28272634474456665266
2343637698122124170198169
Total Liabilities8194152288328363487575688728
ASSETS----------
2727404152210221218214337
Capital Work in Progress0002610203571170
1215172120103875102118
000000008796
Cash & Bank3526959571313828
384668105146138154194131149
Total Assets8194152288328363487575688728
Total Debt313222201230416686105
Net Working Capital-29571508340127118135136
Contingent Liabilities0000000000
Book Value per Share39.4428.89113.31117.19120.81119.70180.88182.23213.30218.42
Face Value10.0010.0010.005.005.005.005.005.005.005.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
128-7-865911-19-8-9
Cash from Investing-18-4-24-24-102-65-23-71-74-21
Cash from Financing3-35210010278508921
-322169-86-466-407-10
Free Cash Flow-105-22-36-84-6-14-82-75-30
OCF / Net Profit3.940.96-0.46-0.370.262.380.32-0.64-0.45-0.45
Cumulative 5-Year FCF0000-147-143-162-222-261-207

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
PER SHARE
EPS (₹)9.2115.9821.589.8810.1612.7717.6714.328.1710.60
Book Value (₹)39.4428.89113.31117.19120.81119.70180.88182.23213.30218.42
Dividend per Share (₹)0.001.001.000.500.250.500.500.500.500.50
Cash EPS (₹)6.3412.5916.7817.4018.5524.1331.2528.6019.6122.98
PROFITABILITY
Operating Margin %10.11%14.93%17.05%18.59%17.22%20.02%23.77%20.52%14.89%13.12%
Net Margin %2.73%6.58%9.74%12.28%11.83%12.48%15.95%12.72%6.64%6.55%
ROE %26.44%72.40%52.98%20.02%13.44%14.88%16.05%11.34%6.08%6.04%
ROCE %34.23%39.50%43.66%22.80%15.87%16.59%15.76%11.10%8.41%7.69%
6.07%9.67%12.40%9.52%7.15%7.14%8.06%5.62%2.87%2.88%
EFFICIENCY
Debtor Days517790105108117118120115107
Inventory Days2039374141284188118129
Payable Days10013710297129156194193154135
-29-22254920-11-351679101
FINANCIAL HEALTH
Debt to Equity (x)2.27x3.19x0.46x0.13x0.07x0.18x0.16x0.25x0.26x0.30x
Interest Coverage (x)2.01x3.03x6.04x11.42x15.26x15.20x13.07x7.53x3.60x3.34x
0.97x1.16x2.17x3.44x2.11x1.44x2.12x1.82x1.85x1.77x
GROWTH
Revenue Growth %166.02%12.31%25.72%9.94%9.22%6.07%8.69%9.17%16.44%14.21%
Operating Profit Growth %258.84%64.69%39.15%18.79%1.15%23.29%29.05%-5.74%-7.26%10.27%
Net Profit Growth %74.34%168.57%80.22%37.33%5.27%11.88%38.92%-12.93%-39.23%12.65%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-42.92%29.70%
VALUATION
P/E (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x70.67x59.08x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x2.71x2.87x
Dividend Yield %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.09%0.08%
0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x21.22x21.61x

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
47.9547.9547.9547.3747.3747.3747.3747.3747.37
2.152.163.213.173.253.273.363.660.66
0.880.880.880.640.560.480.120.000.02
Government0.000.000.000.000.000.000.000.000.00
49.0147.8846.8347.7147.7147.7748.6148.4251.41

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03
Shareholders meeting

2026-09-03 - Shivalik Rasayan Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-08-24
Trading Plan under PIT

2026-08-24 - Shivalik Rasayan Limited has informed the Exchange regarding Trading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-08-22
Shareholders meeting

2026-08-22 - Revised Voting Results & Scrutinizer's Report for the Extra-Ordinary General Meeting held on 20.08.2026

2026-08-22
Shareholders meeting

2026-08-22 - Shivalik Rasayan Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 20, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-21
Shareholders meeting

2026-08-21 - Shivalik Rasayan Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 20, 2026

2026-08-17
Copy of Newspaper Publication

2026-08-17 - Shivalik Rasayan Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14
General Updates

2026-08-14 - Shivalik Rasayan Limited has informed the Exchange about submission of BRSR report

2026-08-14
Record Date

2026-08-14 - Shivalik Rasayan Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.

2026-08-14
Outcome of Board Meeting

2026-08-14 - Shivalik Rasayan Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

News

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