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 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
| 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 64 | 67 | 70 | 71 | 75 | 82 | 85 | 69 | 89 | 94 | 82 | 103 | 96 | |
| 53 | 57 | 61 | 62 | 65 | 71 | 72 | 64 | 78 | 82 | 72 | 90 | 92 | |
| Operating Profit | 11 | 10 | 9 | 9 | 9 | 12 | 13 | 6 | 11 | 12 | 10 | 12 | 11 |
| 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 Income | 0 | 1 | 2 | 1 | 1 | 0 | 2 | 6 | 1 | 0 | 1 | 2 | 1 |
| Interest | 1 | 2 | 2 | 3 | 2 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 5 | 5 | 3 | 5 | 5 | 5 | 4 | 4 |
| 8 | 5 | 6 | 5 | 5 | 5 | 8 | 6 | 4 | 5 | 4 | 8 | 6 | |
| 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 Profit | 0 | 0 | 0 | 0 | 4 | 4 | 7 | 5 | 3 | 4 | 4 | 7 | 5 |
| 3 | 1 | 2 | 2 | 2 | 3 | 3 | 3 | 1 | 2 | 2 | 3 | 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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 110 | 123 | 155 | 171 | 186 | 198 | 215 | 234 | 273 | 312 | 375 | |
| 99 | 105 | 131 | 147 | 157 | 159 | 167 | 191 | 232 | 271 | 336 | |
| Operating Profit | 12 | 19 | 27 | 32 | 32 | 40 | 51 | 48 | 45 | 49 | — |
| OPM % | 11 | 16 | 17 | 19 | 17 | 20 | 24 | 21 | 16 | 16 | — |
| Other Income | 1 | 1 | 3 | 8 | 3 | 1 | 4 | 5 | 4 | 8 | 4 |
| Interest | 5 | 6 | 4 | 3 | 2 | 2 | 3 | 5 | 9 | 10 | 9 |
| Depreciation | 2 | 2 | 2 | 3 | 4 | 9 | 11 | 12 | 12 | 16 | 18 |
| 5 | 11 | 20 | 26 | 27 | 29 | 37 | 32 | 23 | 23 | 23 | |
| Tax % | 33 | 25 | 25 | 20 | 17 | 15 | 7 | 6 | 22 | 13 | 15 |
| Net Profit | 3 | 8 | 15 | 21 | 22 | 25 | 34 | 30 | 18 | 20 | 20 |
| EPS | 0 | 0 | 0 | 0 | 0 | 13 | 18 | 14 | 8 | 11 | — |
| Dividend Payout % | 0 | 6 | 5 | 5 | 2 | 4 | 3 | 3 | 6 | 5 | — |
| Minority Interest | 0 | -3 | -6 | -7 | -8 | -7 | -9 | -9 | -5 | -4 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 6 | 9 | 10 | 10 | 13 | 18 | 14 | 8 | 11 | — |
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
| 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 |
| 11 | 7 | 45 | 158 | 169 | 172 | 270 | 287 | 378 | 407 | |
| 16 | 14 | 14 | 14 | 8 | 18 | 30 | 45 | 52 | 77 | |
| Trade Payables | 28 | 27 | 26 | 34 | 47 | 44 | 56 | 66 | 52 | 66 |
| 23 | 43 | 63 | 76 | 98 | 122 | 124 | 170 | 198 | 169 | |
| Total Liabilities | 81 | 94 | 152 | 288 | 328 | 363 | 487 | 575 | 688 | 728 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 27 | 27 | 40 | 41 | 52 | 210 | 221 | 218 | 214 | 337 | |
| Capital Work in Progress | 0 | 0 | 0 | 26 | 102 | 0 | 3 | 57 | 117 | 0 |
| 12 | 15 | 17 | 21 | 20 | 10 | 38 | 75 | 102 | 118 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87 | 96 | |
| Cash & Bank | 3 | 5 | 26 | 95 | 9 | 5 | 71 | 31 | 38 | 28 |
| 38 | 46 | 68 | 105 | 146 | 138 | 154 | 194 | 131 | 149 | |
| Total Assets | 81 | 94 | 152 | 288 | 328 | 363 | 487 | 575 | 688 | 728 |
| Total Debt | 31 | 32 | 22 | 20 | 12 | 30 | 41 | 66 | 86 | 105 |
| Net Working Capital | -2 | 9 | 57 | 150 | 83 | 40 | 127 | 118 | 135 | 136 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 39.44 | 28.89 | 113.31 | 117.19 | 120.81 | 119.70 | 180.88 | 182.23 | 213.30 | 218.42 |
| Face Value | 10.00 | 10.00 | 10.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12 | 8 | -7 | -8 | 6 | 59 | 11 | -19 | -8 | -9 | |
| Cash from Investing | -18 | -4 | -24 | -24 | -102 | -65 | -23 | -71 | -74 | -21 |
| Cash from Financing | 3 | -3 | 52 | 100 | 10 | 2 | 78 | 50 | 89 | 21 |
| -3 | 2 | 21 | 69 | -86 | -4 | 66 | -40 | 7 | -10 | |
| Free Cash Flow | -10 | 5 | -22 | -36 | -84 | -6 | -14 | -82 | -75 | -30 |
| OCF / Net Profit | 3.94 | 0.96 | -0.46 | -0.37 | 0.26 | 2.38 | 0.32 | -0.64 | -0.45 | -0.45 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -147 | -143 | -162 | -222 | -261 | -207 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 9.21 | 15.98 | 21.58 | 9.88 | 10.16 | 12.77 | 17.67 | 14.32 | 8.17 | 10.60 |
| Book Value (₹) | 39.44 | 28.89 | 113.31 | 117.19 | 120.81 | 119.70 | 180.88 | 182.23 | 213.30 | 218.42 |
| 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 (₹) | 6.34 | 12.59 | 16.78 | 17.40 | 18.55 | 24.13 | 31.25 | 28.60 | 19.61 | 22.98 |
| 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 Days | 51 | 77 | 90 | 105 | 108 | 117 | 118 | 120 | 115 | 107 |
| Inventory Days | 20 | 39 | 37 | 41 | 41 | 28 | 41 | 88 | 118 | 129 |
| Payable Days | 100 | 137 | 102 | 97 | 129 | 156 | 194 | 193 | 154 | 135 |
| -29 | -22 | 25 | 49 | 20 | -11 | -35 | 16 | 79 | 101 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 2.27x | 3.19x | 0.46x | 0.13x | 0.07x | 0.18x | 0.16x | 0.25x | 0.26x | 0.30x |
| Interest Coverage (x) | 2.01x | 3.03x | 6.04x | 11.42x | 15.26x | 15.20x | 13.07x | 7.53x | 3.60x | 3.34x |
| 0.97x | 1.16x | 2.17x | 3.44x | 2.11x | 1.44x | 2.12x | 1.82x | 1.85x | 1.77x | |
| 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) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 70.67x | 59.08x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.71x | 2.87x |
| 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 | 21.22x | 21.61x |
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
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