Shivalik Rasayan Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
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.
PROS
- Latest quarter profit grew 117.6% YoY, showing strong momentum
- Company has delivered good sales growth of 19.7% CAGR over last 5 years
- Working capital cycle has improved - days down from 252 to 129
- 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
- Company has a low return on capital employed of 4.6%
- Company has a low return on equity of 4.1% over last 3 years
- Recent results are weak - TTM profit is down 12.4% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.40x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UPL | 573.85 | 23.98 | 48442.66 | 1.05 | -73.00 | 58.52 | 10181.00 | 10.47 | 12.00 | 13.43 |
| PIIND | 2257.50 | 29.40 | 34250.37 | 0.66 | 244.20 | -38.95 | 1702.30 | -10.43 | 16.00 | 21.69 |
| SUMICHEM | 477.00 | 41.09 | 23809.25 | 0.27 | 214.51 | 20.45 | 1063.35 | 0.62 | 23.39 | 21.94 |
| BAYERCROP | 3980.00 | 322.82 | 17886.95 | 3.77 | 321.60 | 15.39 | 1835.00 | -4.16 | 30.08 | 20.03 |
| SHARDACROP | 766.05 | 11.04 | 6911.34 | 1.96 | 88.02 | -38.36 | 1073.77 | 9.03 | 31.10 | 17.32 |
| DHANUKA | 980.30 | 14.72 | 4370.01 | 0.20 | 75.50 | 27.94 | 442.02 | 20.01 | 24.44 | 24.83 |
| RALLIS | 202.00 | 23.92 | 3928.27 | 1.49 | -14.15 | -274.26 | 507.54 | 7.70 | 13.23 | -0.56 |
| NACLIND | 157.65 | 298.53 | 3692.85 | 0.00 | 20.84 | 59.82 | 383.33 | -14.50 | 6.20 | 10.80 |
| BHAGCHEM | 257.45 | 121.29 | 3338.33 | 0.06 | 133.29 | 3249.84 | 1950.19 | 1475.55 | 4.55 | 15.65 |
| GSPCROP | 471.50 | 22.41 | 2193.36 | 0.21 | 263.94 | 1111.46 | 3859.95 | 1153.27 | 18.46 | 11.02 |
| BHARATRAS | 1157.60 | 13.43 | 1924.06 | 0.04 | 372.30 | 838.73 | 3381.60 | 796.03 | 16.63 | 15.19 |
| SHIVALIK | 361.55 | 41.66 | 569.45 | 0.14 | 4.50 | 59.55 | 96.34 | 7.87 | 7.69 | 11.61 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 24 | 24 | 24 | 32 | 38 | 40 | 40 | 46 | 47 | 35 | 42 | 48 | |
| 18 | 18 | 20 | 20 | 26 | 31 | 34 | 32 | 40 | 40 | 29 | 35 | 45 | |
| Operating Profit | 4 | 5 | 4 | 4 | 6 | 6 | 7 | 7 | 6 | 7 | 6 | 7 | 3 |
| OPM % | 19.58% | 21.35% | 16.73% | 14.80% | 18.78% | 17.08% | 16.43% | 18.50% | 13.75% | 14.74% | 16.94% | 16.55% | 6.16% |
| 0 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 2 | 1 |
| Depreciation | 1 | 2 | 1 | 1 | 2 | 2 | 3 | 2 | 3 | 3 | 3 | 2 | 3 |
| Profit before Tax | 3 | 2 | 2 | 2 | 3 | 3 | 4 | 3 | 2 | 3 | 2 | 3 | 3 |
| Tax % | 10.25% | 50.21% | 7.60% | -6.67% | -0.66% | -13.44% | -1.78% | 4.58% | 39.60% | 21.51% | -0.99% | -2.25% | 13.99% |
| Net Profit | 3 | 1 | 2 | 3 | 3 | 3 | 4 | 3 | 1 | 2 | 2 | 3 | 3 |
| 1.75 | 0.79 | 1.55 | 1.68 | 1.97 | 2.22 | 2.58 | 2.11 | 0.78 | 1.39 | 1.29 | 1.73 | 1.69 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 43 | 41 | 44 | 48 | 61 | 85 | 99 | 94 | 94 | 149 | 172 | |
| 38 | 34 | 36 | 42 | 51 | 66 | 76 | 74 | 77 | 123 | 150 | |
| Operating Profit | 5 | 7 | 7 | 6 | 9 | 19 | 23 | 19 | 17 | 26 | 23 |
| OPM % | 11.42% | 16.55% | 16.75% | 13.05% | 15.57% | 22.09% | 23.40% | 20.41% | 18.28% | 17.74% | 13.22% |
| 1 | 1 | 1 | 4 | 1 | 0 | 2 | 2 | 2 | 2 | 1 | |
| Interest | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 6 | 6 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 6 | 5 | 5 | 5 | 9 | 11 |
| Profit before Tax | 4 | 5 | 6 | 9 | 9 | 13 | 19 | 15 | 10 | 14 | 11 |
| Tax % | 33.09% | 33.26% | 19.40% | -3.09% | -0.46% | -1.13% | -2.61% | -3.34% | 15.40% | -2.51% | 9.01% |
| Net Profit | 3 | 3 | 5 | 9 | 9 | 13 | 19 | 15 | 9 | 14 | 10 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.20 | 13.69 | 10.42 | 5.55 | 8.80 | — |
| Dividend Payout % | 0.00% | 10.36% | 8.20% | 7.73% | 3.94% | 5.44% | 3.74% | 4.80% | 9.01% | 5.68% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 20%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 23%
- 5 Years:
- 10%
- 3 Years:
- -11%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -21%
- 1 Year:
- -24%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 6%
- 3 Years:
- 4%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 4 | 7 | 7 | 7 | 7 | 7 | 8 | 8 |
| 10 | 14 | 42 | 153 | 161 | 173 | 256 | 271 | 363 | 390 | |
| 9 | 9 | 6 | 7 | 0 | 11 | 14 | 34 | 45 | 61 | |
| Trade Payables | 10 | 5 | 5 | 7 | 14 | 12 | 12 | 18 | 13 | 24 |
| 5 | 7 | 3 | 4 | 4 | 19 | 27 | 34 | 41 | 26 | |
| Total Liabilities | 37 | 38 | 61 | 178 | 186 | 222 | 317 | 363 | 470 | 508 |
| 8 | 8 | 15 | 16 | 18 | 120 | 128 | 126 | 122 | 250 | |
| Capital Work in Progress | 0 | 0 | 0 | 11 | 61 | 0 | 3 | 57 | 117 | 0 |
| 16 | 18 | 27 | 27 | 39 | 53 | 55 | 65 | 73 | 74 | |
| 1 | 1 | 3 | 6 | 3 | 5 | 11 | 30 | 42 | 56 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 27 | |
| Cash & Bank | 1 | 2 | 4 | 86 | 6 | 1 | 67 | 10 | 23 | 24 |
| 11 | 9 | 13 | 32 | 59 | 43 | 52 | 76 | 61 | 77 | |
| Total Assets | 37 | 38 | 61 | 178 | 186 | 222 | 317 | 363 | 470 | 508 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 6 | -0 | -11 | -5 | 48 | 10 | -10 | -1 | -1 | |
| Cash from Investing | -17 | -2 | -16 | -9 | -65 | -61 | -16 | -65 | -69 | -20 |
| Cash from Financing | 7 | -2 | 19 | 104 | -9 | 10 | 76 | 21 | 83 | 22 |
| -4 | 1 | 2 | 83 | -81 | -5 | 66 | -57 | 13 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Shivalik Rasayan Limited has informed the Exchange about Copy of Newspaper Publication
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 - Shivalik Rasayan Limited has informed the Exchange regarding Trading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-08-22 - Revised Voting Results & Scrutinizer's Report for the Extra-Ordinary General Meeting held on 20.08.2026
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 - Shivalik Rasayan Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 20, 2026
2026-08-17 - Shivalik Rasayan Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Shivalik Rasayan Limited has informed the Exchange about submission of BRSR report
2026-08-14 - Shivalik Rasayan Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.
News
Recent coverage and analyst commentary for SHIVALIK
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Shivalik Rasayan Ltd.
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