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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/E53.4
Book Value₹ 240
Price to Book2.68
Dividend Yield0.15 %
ROCE4.7 %
ROE3.8 %
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 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

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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
23242424323840404647354248
18182020263134324040293545
Operating Profit4544667767677
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 Income0011001000100
Interest1111112211121
Depreciation1211223233323
3222334323233
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 Profit3123334312233
2122223211120
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

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
434144486185999494149172
383436425166767477123150
Operating Profit57811111925211929—
OPM %13181822182325232019—
Other Income11141022221
Interest12111111366
Depreciation000116555911
45699131915101411
Tax %333319-3-0-1-3-315-39
Net Profit3359913191591410
EPS000009141069—
Dividend Payout %01088454596—
Minority Interest00000000000
Share of Associates00000000000
Adjusted EPS345669131069—

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

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
101442153161173256271363390
10020711212348
Trade Payables10557141212181324
1216101042430466339
Total Liabilities373861178186222317363470508
ASSETS----------
88151618120128126122250
Capital Work in Progress000116103571170
16182727395355657374
11363511304256
000000003127
Cash & Bank124866167102324
1191332594352766177
Total Assets373861178186222317363470508
Total Debt11148901115405571
Net Working Capital-5-2810740283436553
Contingent Liabilities0000000003
Book Value per Share38.0447.66107.93113.65116.25125.86177.33184.19228.62233.62
Face Value10.0010.0010.005.005.005.005.005.005.005.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
64-2-12-7467-13-1-1
Cash from Investing-17-2-16-9-65-61-16-65-69-20
Cash from Financing7-219104-91076218322
-41283-81-566-57131
Free Cash Flow54-8-25-60-1-9-69-62-20
OCF / Net Profit2.321.36-0.31-1.35-0.813.630.36-0.84-0.16-0.08
Cumulative 5-Year FCF0000-85-91-104-165-202-162

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
PER SHARE
EPS (₹)7.809.6512.206.476.359.2013.3610.425.558.80
Book Value (₹)38.0447.66107.93113.65116.25125.86177.33184.19228.62233.62
Dividend per Share (₹)0.001.001.000.500.250.500.500.500.500.50
Cash EPS (₹)3.564.305.217.067.0913.6016.9714.048.9514.33
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 Days62495262515342519972
Inventory Days59163428172980141120
Payable Days137115667611112910713012189
-70-56220-32-59-361120103
FINANCIAL HEALTH
Debt to Equity (x)0.85x0.86x0.17x0.05x0.00x0.07x0.06x0.15x0.15x0.19x
Interest Coverage (x)4.78x3.51x5.86x8.65x10.26x24.81x17.82x11.06x4.11x3.15x
0.67x0.81x2.05x9.26x3.18x1.05x3.04x1.70x1.88x1.53x
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)0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x104.07x71.13x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x2.53x2.68x
Dividend Yield %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.09%0.08%
0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.00x49.56x36.21x

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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