Shivalik Rasayan Ltd.
•Add ratio to table
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 | 576.05 | 24.07 | 48628.37 | 1.04 | -73.00 | 58.52 | 10181.00 | 10.47 | 12.00 | 13.43 |
| PIIND | 2390.55 | 31.13 | 36268.97 | 0.63 | 244.20 | -38.95 | 1702.30 | -10.43 | 16.00 | 21.69 |
| SUMICHEM | 505.00 | 43.50 | 25206.86 | 0.26 | 214.51 | 20.45 | 1063.35 | 0.62 | 23.39 | 21.94 |
| BAYERCROP | 3980.70 | 322.87 | 17890.10 | 3.77 | 321.60 | 15.39 | 1835.00 | -4.16 | 30.08 | 20.03 |
| SHARDACROP | 778.45 | 11.22 | 7023.21 | 1.93 | 88.02 | -38.36 | 1073.77 | 9.03 | 31.10 | 17.32 |
| DHANUKA | 994.20 | 14.92 | 4431.98 | 0.20 | 75.50 | 27.94 | 442.02 | 20.01 | 24.44 | 24.83 |
| RALLIS | 209.55 | 24.82 | 4075.10 | 1.43 | -14.15 | -274.26 | 507.54 | 7.70 | 13.23 | -0.56 |
| NACLIND | 167.45 | 317.09 | 3922.40 | 0.00 | 20.84 | 59.82 | 383.33 | -14.50 | 6.20 | 10.80 |
| BHAGCHEM | 267.95 | 126.24 | 3474.48 | 0.06 | 133.29 | 3249.84 | 1950.19 | 1475.55 | 4.55 | 15.65 |
| GSPCROP | 626.60 | 29.78 | 2914.86 | 0.16 | 263.94 | 1111.46 | 3859.95 | 1153.27 | 18.46 | 11.02 |
| BHARATRAS | 1204.30 | 13.97 | 2001.68 | 0.04 | 372.30 | 838.73 | 3381.60 | 796.03 | 16.63 | 15.19 |
| SHIVALIK | 325.30 | 37.48 | 512.36 | 0.15 | 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 | 7 |
| OPM % | 19.67% | 21.35% | 16.73% | 14.76% | 18.81% | 17.08% | 16.46% | 18.53% | 13.75% | 14.72% | 16.97% | 16.58% | 14.16% |
| Other Income | 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 |
| 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 |
| 2 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 1 | 1 | 1 | 2 | 0 | |
| Equity Capital | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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
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 | 8 | 11 | 11 | 19 | 25 | 21 | 19 | 29 | — |
| OPM % | 13 | 18 | 18 | 22 | 18 | 23 | 25 | 23 | 20 | 19 | — |
| Other Income | 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 |
| 4 | 5 | 6 | 9 | 9 | 13 | 19 | 15 | 10 | 14 | 11 | |
| Tax % | 33 | 33 | 19 | -3 | -0 | -1 | -3 | -3 | 15 | -3 | 9 |
| Net Profit | 3 | 3 | 5 | 9 | 9 | 13 | 19 | 15 | 9 | 14 | 10 |
| EPS | 0 | 0 | 0 | 0 | 0 | 9 | 14 | 10 | 6 | 9 | — |
| Dividend Payout % | 0 | 10 | 8 | 8 | 4 | 5 | 4 | 5 | 9 | 6 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 3 | 4 | 5 | 6 | 6 | 9 | 13 | 10 | 6 | 9 | — |
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:
- -25%
- 1 Year:
- -32%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 3 | 3 | 4 | 7 | 7 | 7 | 7 | 7 | 8 | 8 |
| 10 | 14 | 42 | 153 | 161 | 173 | 256 | 271 | 363 | 390 | |
| 1 | 0 | 0 | 2 | 0 | 7 | 11 | 21 | 23 | 48 | |
| Trade Payables | 10 | 5 | 5 | 7 | 14 | 12 | 12 | 18 | 13 | 24 |
| 12 | 16 | 10 | 10 | 4 | 24 | 30 | 46 | 63 | 39 | |
| Total Liabilities | 37 | 38 | 61 | 178 | 186 | 222 | 317 | 363 | 470 | 508 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 11 | 14 | 8 | 9 | 0 | 11 | 15 | 40 | 55 | 71 |
| Net Working Capital | -5 | -2 | 8 | 107 | 40 | 2 | 83 | 43 | 65 | 53 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Book Value per Share | 38.04 | 47.66 | 107.93 | 113.65 | 116.25 | 125.86 | 177.33 | 184.19 | 228.62 | 233.62 |
| Face Value | 10.00 | 10.00 | 10.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 4 | -2 | -12 | -7 | 46 | 7 | -13 | -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 | |
| Free Cash Flow | 5 | 4 | -8 | -25 | -60 | -1 | -9 | -69 | -62 | -20 |
| OCF / Net Profit | 2.32 | 1.36 | -0.31 | -1.35 | -0.81 | 3.63 | 0.36 | -0.84 | -0.16 | -0.08 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -85 | -91 | -104 | -165 | -202 | -162 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 7.80 | 9.65 | 12.20 | 6.47 | 6.35 | 9.20 | 13.36 | 10.42 | 5.55 | 8.80 |
| Book Value (₹) | 38.04 | 47.66 | 107.93 | 113.65 | 116.25 | 125.86 | 177.33 | 184.19 | 228.62 | 233.62 |
| Dividend per Share (₹) | 0.00 | 1.00 | 1.00 | 0.50 | 0.25 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Cash EPS (₹) | 3.56 | 4.30 | 5.21 | 7.06 | 7.09 | 13.60 | 16.97 | 14.04 | 8.95 | 14.33 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 11.31% | 15.84% | 17.80% | 22.09% | 17.55% | 22.53% | 25.40% | 22.77% | 18.28% | 17.74% |
| Net Margin % | 5.57% | 7.17% | 11.39% | 18.59% | 14.40% | 14.94% | 19.49% | 16.14% | 9.22% | 9.29% |
| ROE % | 22.87% | 22.52% | 16.64% | 8.83% | 5.53% | 7.60% | 9.00% | 5.77% | 2.77% | 3.83% |
| ROCE % | 28.94% | 25.44% | 18.44% | 8.96% | 5.93% | 7.57% | 8.56% | 5.34% | 3.68% | 4.65% |
| 8.92% | 8.76% | 10.33% | 7.45% | 4.80% | 6.20% | 7.18% | 4.44% | 2.07% | 2.84% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 62 | 49 | 52 | 62 | 51 | 53 | 42 | 51 | 99 | 72 |
| Inventory Days | 5 | 9 | 16 | 34 | 28 | 17 | 29 | 80 | 141 | 120 |
| Payable Days | 137 | 115 | 66 | 76 | 111 | 129 | 107 | 130 | 121 | 89 |
| -70 | -56 | 2 | 20 | -32 | -59 | -36 | 1 | 120 | 103 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.85x | 0.86x | 0.17x | 0.05x | 0.00x | 0.07x | 0.06x | 0.15x | 0.15x | 0.19x |
| Interest Coverage (x) | 4.78x | 3.51x | 5.86x | 8.65x | 10.26x | 24.81x | 17.82x | 11.06x | 4.11x | 3.15x |
| 0.67x | 0.81x | 2.05x | 9.26x | 3.18x | 1.05x | 3.04x | 1.70x | 1.88x | 1.53x | |
| GROWTH | ||||||||||
| Revenue Growth % | 3.13% | -3.88% | 6.57% | 9.90% | 26.75% | 39.65% | 17.01% | -5.76% | 0.10% | 59.30% |
| Operating Profit Growth % | 66.96% | 34.57% | 10.04% | 31.98% | 0.69% | 79.29% | 31.90% | -15.53% | -11.87% | 51.96% |
| Net Profit Growth % | 47.73% | 23.64% | 55.58% | 73.61% | -1.81% | 44.82% | 52.70% | -21.96% | -42.83% | 60.57% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -46.76% | 58.64% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 104.07x | 71.13x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.53x | 2.68x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 0.08% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 49.56x | 36.21x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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.
2026-08-14 - Shivalik Rasayan Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for SHIVALIK
Loading news…
AI Stock Analyst
Shivalik Rasayan Ltd.
Sign in to Chat with AI
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account