Shivalik Rasayan Ltd.

•

₹ 270.490.59%

2026-08-21

shivalikrasayan.comBSE: 539148NSE: SHIVALIK

Market Cap₹ 402 Cr.

Current Price₹ 269

High / Low₹ 522 / 206

Stock P/E29.4

Book Value₹ 338

Price to Book2.87

Dividend Yield0.20 %

ROCE7.7 %

ROE6.0 %

Face Value₹ 5

Add ratio to table

ABOUT

KEY POINTS

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

EDIT COLUMNS

ChemicalsChemicalsPesticides & Agrochemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	UPL	568.70	23.77	48007.91	1.05	-73.00	58.52	10181.00	10.47	12.00	13.43
2.	PIIND	2496.00	32.51	37868.84	0.60	244.20	-38.95	1702.30	-10.43	16.00	21.69
3.	SUMICHEM	553.65	47.69	27635.20	0.23	214.51	20.45	1063.35	0.62	23.39	21.94
4.	BAYERCROP	4068.40	329.99	18284.24	3.69	321.60	15.39	1835.00	-4.16	30.08	20.03
5.	SHARDACROP	771.80	11.12	6963.22	1.94	88.02	-38.36	1073.77	9.03	31.10	17.32
6.	DHANUKA	995.20	14.94	4436.43	0.20	75.50	27.94	442.02	20.01	24.44	24.83
7.	RALLIS	211.90	25.10	4120.80	1.42	-14.15	-274.26	507.54	7.70	13.23	-0.56
8.	NACLIND	174.00	329.49	4075.83	0.00	20.84	59.82	383.33	-14.50	6.20	10.80
9.	BHAGCHEM	290.25	136.75	3763.65	0.05	133.29	3249.84	1950.19	1475.55	4.55	15.65
10.	GSPCROP	595.35	28.29	2769.49	0.17	263.94	1111.46	3859.95	1153.27	20.81	11.02
11.	BHARATRAS	1279.90	14.85	2127.33	0.04	372.30	838.73	3381.60	796.03	16.63	15.19
12.	SHIVALIK	255.00	29.38	401.63	0.20	4.50	59.55	96.34	7.87	7.69	11.61

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
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%
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%

Jun 2023

: 64
: 53
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1
Depreciation: 3
: 8
Tax %: 13.72%
Net Profit: 0
: 3
Equity Capital: 7
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 7
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 67
: 57
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 2
Depreciation: 3
: 5
Tax %: 45.11%
Net Profit: 0
: 1
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 70
: 61
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 2
Depreciation: 3
: 6
Tax %: 24.74%
Net Profit: 0
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 71
: 62
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 3
Depreciation: 3
: 5
Tax %: 9.09%
Net Profit: 0
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 75
: 65
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 2
Depreciation: 4
: 5
Tax %: 16.09%
Net Profit: 4
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 82
: 71
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 2
Depreciation: 5
: 5
Tax %: 11.58%
Net Profit: 4
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 85
: 72
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 2
Depreciation: 5
: 8
Tax %: 11.25%
Net Profit: 7
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 69
: 64
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 3
Depreciation: 3
: 6
Tax %: 13.21%
Net Profit: 5
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 89
: 78
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 3
Depreciation: 5
: 4
Tax %: 32.05%
Net Profit: 3
: 1
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 94
: 82
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 2
Depreciation: 5
: 5
Tax %: 21.35%
Net Profit: 4
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 82
: 72
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 2
Depreciation: 5
: 4
Tax %: 11.14%
Net Profit: 4
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 103
: 90
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 2
Depreciation: 4
: 8
Tax %: 7.12%
Net Profit: 7
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 96
: 92
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 2
Depreciation: 4
: 6
Tax %: 20.45%
Net Profit: 5
: 0
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 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	—
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	—

Mar 2016

: 110
: 99
Operating Profit: 12
OPM %: 11
Other Income: 1
Interest: 5
Depreciation: 2
: 5
Tax %: 33
Net Profit: 3
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2017

: 123
: 105
Operating Profit: 19
OPM %: 16
Other Income: 1
Interest: 6
Depreciation: 2
: 11
Tax %: 25
Net Profit: 8
EPS: 0
Dividend Payout %: 6
Minority Interest: -3
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: -3
Share of Associates: 0
Adjusted EPS: 6

Mar 2018

: 155
: 131
Operating Profit: 27
OPM %: 17
Other Income: 3
Interest: 4
Depreciation: 2
: 20
Tax %: 25
Net Profit: 15
EPS: 0
Dividend Payout %: 5
Minority Interest: -6
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: -6
Share of Associates: 0
Adjusted EPS: 9

Mar 2019

: 171
: 147
Operating Profit: 32
OPM %: 19
Other Income: 8
Interest: 3
Depreciation: 3
: 26
Tax %: 20
Net Profit: 21
EPS: 0
Dividend Payout %: 5
Minority Interest: -7
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: -7
Share of Associates: 0
Adjusted EPS: 10

Mar 2020

: 186
: 157
Operating Profit: 32
OPM %: 17
Other Income: 3
Interest: 2
Depreciation: 4
: 27
Tax %: 17
Net Profit: 22
EPS: 0
Dividend Payout %: 2
Minority Interest: -8
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: -8
Share of Associates: 0
Adjusted EPS: 10

Mar 2021

: 198
: 159
Operating Profit: 40
OPM %: 20
Other Income: 1
Interest: 2
Depreciation: 9
: 29
Tax %: 15
Net Profit: 25
EPS: 13
Dividend Payout %: 4
Minority Interest: -7
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: -7
Share of Associates: 0
Adjusted EPS: 13

Mar 2022

: 215
: 167
Operating Profit: 51
OPM %: 24
Other Income: 4
Interest: 3
Depreciation: 11
: 37
Tax %: 7
Net Profit: 34
EPS: 18
Dividend Payout %: 3
Minority Interest: -9
Share of Associates: 0
Adjusted EPS: 18
Minority Interest: -9
Share of Associates: 0
Adjusted EPS: 18

Mar 2023

: 234
: 191
Operating Profit: 48
OPM %: 21
Other Income: 5
Interest: 5
Depreciation: 12
: 32
Tax %: 6
Net Profit: 30
EPS: 14
Dividend Payout %: 3
Minority Interest: -9
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: -9
Share of Associates: 0
Adjusted EPS: 14

Mar 2024

: 273
: 232
Operating Profit: 45
OPM %: 16
Other Income: 4
Interest: 9
Depreciation: 12
: 23
Tax %: 22
Net Profit: 18
EPS: 8
Dividend Payout %: 6
Minority Interest: -5
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: -5
Share of Associates: 0
Adjusted EPS: 8

Mar 2025

: 312
: 271
Operating Profit: 49
OPM %: 16
Other Income: 8
Interest: 10
Depreciation: 16
: 23
Tax %: 13
Net Profit: 20
EPS: 11
Dividend Payout %: 5
Minority Interest: -4
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: -4
Share of Associates: 0
Adjusted EPS: 11

TTM

: 375
: 336
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 9
Depreciation: 18
: 23
Tax %: 15
Net Profit: 20
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: -29%
1 Year:: -48%

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
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

Mar 2016

Equity Capital: 3
: 11
: 16
Trade Payables: 28
: 23
Total Liabilities: 81
: 27
Capital Work in Progress: 0
: 12
: 0
Cash & Bank: 3
: 38
Total Assets: 81
Total Debt: 31
Net Working Capital: -2
Contingent Liabilities: 0
Book Value per Share: 39.44
Face Value: 10.00
Total Debt: 31
Net Working Capital: -2
Contingent Liabilities: 0
Book Value per Share: 39.44
Face Value: 10.00

Mar 2017

Equity Capital: 3
: 7
: 14
Trade Payables: 27
: 43
Total Liabilities: 94
: 27
Capital Work in Progress: 0
: 15
: 0
Cash & Bank: 5
: 46
Total Assets: 94
Total Debt: 32
Net Working Capital: 9
Contingent Liabilities: 0
Book Value per Share: 28.89
Face Value: 10.00
Total Debt: 32
Net Working Capital: 9
Contingent Liabilities: 0
Book Value per Share: 28.89
Face Value: 10.00

Mar 2018

Equity Capital: 4
: 45
: 14
Trade Payables: 26
: 63
Total Liabilities: 152
: 40
Capital Work in Progress: 0
: 17
: 0
Cash & Bank: 26
: 68
Total Assets: 152
Total Debt: 22
Net Working Capital: 57
Contingent Liabilities: 0
Book Value per Share: 113.31
Face Value: 10.00
Total Debt: 22
Net Working Capital: 57
Contingent Liabilities: 0
Book Value per Share: 113.31
Face Value: 10.00

Mar 2019

Equity Capital: 7
: 158
: 14
Trade Payables: 34
: 76
Total Liabilities: 288
: 41
Capital Work in Progress: 26
: 21
: 0
Cash & Bank: 95
: 105
Total Assets: 288
Total Debt: 20
Net Working Capital: 150
Contingent Liabilities: 0
Book Value per Share: 117.19
Face Value: 5.00
Total Debt: 20
Net Working Capital: 150
Contingent Liabilities: 0
Book Value per Share: 117.19
Face Value: 5.00

Mar 2020

Equity Capital: 7
: 169
: 8
Trade Payables: 47
: 98
Total Liabilities: 328
: 52
Capital Work in Progress: 102
: 20
: 0
Cash & Bank: 9
: 146
Total Assets: 328
Total Debt: 12
Net Working Capital: 83
Contingent Liabilities: 0
Book Value per Share: 120.81
Face Value: 5.00
Total Debt: 12
Net Working Capital: 83
Contingent Liabilities: 0
Book Value per Share: 120.81
Face Value: 5.00

Mar 2021

Equity Capital: 7
: 172
: 18
Trade Payables: 44
: 122
Total Liabilities: 363
: 210
Capital Work in Progress: 0
: 10
: 0
Cash & Bank: 5
: 138
Total Assets: 363
Total Debt: 30
Net Working Capital: 40
Contingent Liabilities: 0
Book Value per Share: 119.70
Face Value: 5.00
Total Debt: 30
Net Working Capital: 40
Contingent Liabilities: 0
Book Value per Share: 119.70
Face Value: 5.00

Mar 2022

Equity Capital: 7
: 270
: 30
Trade Payables: 56
: 124
Total Liabilities: 487
: 221
Capital Work in Progress: 3
: 38
: 0
Cash & Bank: 71
: 154
Total Assets: 487
Total Debt: 41
Net Working Capital: 127
Contingent Liabilities: 0
Book Value per Share: 180.88
Face Value: 5.00
Total Debt: 41
Net Working Capital: 127
Contingent Liabilities: 0
Book Value per Share: 180.88
Face Value: 5.00

Mar 2023

Equity Capital: 7
: 287
: 45
Trade Payables: 66
: 170
Total Liabilities: 575
: 218
Capital Work in Progress: 57
: 75
: 0
Cash & Bank: 31
: 194
Total Assets: 575
Total Debt: 66
Net Working Capital: 118
Contingent Liabilities: 0
Book Value per Share: 182.23
Face Value: 5.00
Total Debt: 66
Net Working Capital: 118
Contingent Liabilities: 0
Book Value per Share: 182.23
Face Value: 5.00

Mar 2024

Equity Capital: 8
: 378
: 52
Trade Payables: 52
: 198
Total Liabilities: 688
: 214
Capital Work in Progress: 117
: 102
: 87
Cash & Bank: 38
: 131
Total Assets: 688
Total Debt: 86
Net Working Capital: 135
Contingent Liabilities: 0
Book Value per Share: 213.30
Face Value: 5.00
Total Debt: 86
Net Working Capital: 135
Contingent Liabilities: 0
Book Value per Share: 213.30
Face Value: 5.00

Mar 2025

Equity Capital: 8
: 407
: 77
Trade Payables: 66
: 169
Total Liabilities: 728
: 337
Capital Work in Progress: 0
: 118
: 96
Cash & Bank: 28
: 149
Total Assets: 728
Total Debt: 105
Net Working Capital: 136
Contingent Liabilities: 0
Book Value per Share: 218.42
Face Value: 5.00
Total Debt: 105
Net Working Capital: 136
Contingent Liabilities: 0
Book Value per Share: 218.42
Face Value: 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
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

Mar 2016

: 12
Cash from Investing: -18
Cash from Financing: 3
: -3
Free Cash Flow: -10
OCF / Net Profit: 3.94
Cumulative 5-Year FCF: 0
OCF / Net Profit: 3.94
Cumulative 5-Year FCF: 0

Mar 2017

: 8
Cash from Investing: -4
Cash from Financing: -3
: 2
Free Cash Flow: 5
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 0

Mar 2018

: -7
Cash from Investing: -24
Cash from Financing: 52
: 21
Free Cash Flow: -22
OCF / Net Profit: -0.46
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.46
Cumulative 5-Year FCF: 0

Mar 2019

: -8
Cash from Investing: -24
Cash from Financing: 100
: 69
Free Cash Flow: -36
OCF / Net Profit: -0.37
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.37
Cumulative 5-Year FCF: 0

Mar 2020

: 6
Cash from Investing: -102
Cash from Financing: 10
: -86
Free Cash Flow: -84
OCF / Net Profit: 0.26
Cumulative 5-Year FCF: -147
OCF / Net Profit: 0.26
Cumulative 5-Year FCF: -147

Mar 2021

: 59
Cash from Investing: -65
Cash from Financing: 2
: -4
Free Cash Flow: -6
OCF / Net Profit: 2.38
Cumulative 5-Year FCF: -143
OCF / Net Profit: 2.38
Cumulative 5-Year FCF: -143

Mar 2022

: 11
Cash from Investing: -23
Cash from Financing: 78
: 66
Free Cash Flow: -14
OCF / Net Profit: 0.32
Cumulative 5-Year FCF: -162
OCF / Net Profit: 0.32
Cumulative 5-Year FCF: -162

Mar 2023

: -19
Cash from Investing: -71
Cash from Financing: 50
: -40
Free Cash Flow: -82
OCF / Net Profit: -0.64
Cumulative 5-Year FCF: -222
OCF / Net Profit: -0.64
Cumulative 5-Year FCF: -222

Mar 2024

: -8
Cash from Investing: -74
Cash from Financing: 89
: 7
Free Cash Flow: -75
OCF / Net Profit: -0.45
Cumulative 5-Year FCF: -261
OCF / Net Profit: -0.45
Cumulative 5-Year FCF: -261

Mar 2025

: -9
Cash from Investing: -21
Cash from Financing: 21
: -10
Free Cash Flow: -30
OCF / Net Profit: -0.45
Cumulative 5-Year FCF: -207
OCF / Net Profit: -0.45
Cumulative 5-Year FCF: -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

Mar 2016

EPS (₹): 9.21
Book Value (₹): 39.44
Dividend per Share (₹): 0.00
Cash EPS (₹): 6.34
Operating Margin %: 10.11%
Net Margin %: 2.73%
ROE %: 26.44%
ROCE %: 34.23%
: 6.07%
Debtor Days: 51
Inventory Days: 20
Payable Days: 100
: -29
Debt to Equity (x): 2.27x
Interest Coverage (x): 2.01x
: 0.97x
Revenue Growth %: 166.02%
Operating Profit Growth %: 258.84%
Net Profit Growth %: 74.34%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 15.98
Book Value (₹): 28.89
Dividend per Share (₹): 1.00
Cash EPS (₹): 12.59
Operating Margin %: 14.93%
Net Margin %: 6.58%
ROE %: 72.40%
ROCE %: 39.50%
: 9.67%
Debtor Days: 77
Inventory Days: 39
Payable Days: 137
: -22
Debt to Equity (x): 3.19x
Interest Coverage (x): 3.03x
: 1.16x
Revenue Growth %: 12.31%
Operating Profit Growth %: 64.69%
Net Profit Growth %: 168.57%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 21.58
Book Value (₹): 113.31
Dividend per Share (₹): 1.00
Cash EPS (₹): 16.78
Operating Margin %: 17.05%
Net Margin %: 9.74%
ROE %: 52.98%
ROCE %: 43.66%
: 12.40%
Debtor Days: 90
Inventory Days: 37
Payable Days: 102
: 25
Debt to Equity (x): 0.46x
Interest Coverage (x): 6.04x
: 2.17x
Revenue Growth %: 25.72%
Operating Profit Growth %: 39.15%
Net Profit Growth %: 80.22%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 9.88
Book Value (₹): 117.19
Dividend per Share (₹): 0.50
Cash EPS (₹): 17.40
Operating Margin %: 18.59%
Net Margin %: 12.28%
ROE %: 20.02%
ROCE %: 22.80%
: 9.52%
Debtor Days: 105
Inventory Days: 41
Payable Days: 97
: 49
Debt to Equity (x): 0.13x
Interest Coverage (x): 11.42x
: 3.44x
Revenue Growth %: 9.94%
Operating Profit Growth %: 18.79%
Net Profit Growth %: 37.33%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 10.16
Book Value (₹): 120.81
Dividend per Share (₹): 0.25
Cash EPS (₹): 18.55
Operating Margin %: 17.22%
Net Margin %: 11.83%
ROE %: 13.44%
ROCE %: 15.87%
: 7.15%
Debtor Days: 108
Inventory Days: 41
Payable Days: 129
: 20
Debt to Equity (x): 0.07x
Interest Coverage (x): 15.26x
: 2.11x
Revenue Growth %: 9.22%
Operating Profit Growth %: 1.15%
Net Profit Growth %: 5.27%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 12.77
Book Value (₹): 119.70
Dividend per Share (₹): 0.50
Cash EPS (₹): 24.13
Operating Margin %: 20.02%
Net Margin %: 12.48%
ROE %: 14.88%
ROCE %: 16.59%
: 7.14%
Debtor Days: 117
Inventory Days: 28
Payable Days: 156
: -11
Debt to Equity (x): 0.18x
Interest Coverage (x): 15.20x
: 1.44x
Revenue Growth %: 6.07%
Operating Profit Growth %: 23.29%
Net Profit Growth %: 11.88%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 17.67
Book Value (₹): 180.88
Dividend per Share (₹): 0.50
Cash EPS (₹): 31.25
Operating Margin %: 23.77%
Net Margin %: 15.95%
ROE %: 16.05%
ROCE %: 15.76%
: 8.06%
Debtor Days: 118
Inventory Days: 41
Payable Days: 194
: -35
Debt to Equity (x): 0.16x
Interest Coverage (x): 13.07x
: 2.12x
Revenue Growth %: 8.69%
Operating Profit Growth %: 29.05%
Net Profit Growth %: 38.92%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 14.32
Book Value (₹): 182.23
Dividend per Share (₹): 0.50
Cash EPS (₹): 28.60
Operating Margin %: 20.52%
Net Margin %: 12.72%
ROE %: 11.34%
ROCE %: 11.10%
: 5.62%
Debtor Days: 120
Inventory Days: 88
Payable Days: 193
: 16
Debt to Equity (x): 0.25x
Interest Coverage (x): 7.53x
: 1.82x
Revenue Growth %: 9.17%
Operating Profit Growth %: -5.74%
Net Profit Growth %: -12.93%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 8.17
Book Value (₹): 213.30
Dividend per Share (₹): 0.50
Cash EPS (₹): 19.61
Operating Margin %: 14.89%
Net Margin %: 6.64%
ROE %: 6.08%
ROCE %: 8.41%
: 2.87%
Debtor Days: 115
Inventory Days: 118
Payable Days: 154
: 79
Debt to Equity (x): 0.26x
Interest Coverage (x): 3.60x
: 1.85x
Revenue Growth %: 16.44%
Operating Profit Growth %: -7.26%
Net Profit Growth %: -39.23%
: -42.92%
P/E (x): 70.67x
P/B (x): 2.71x
Dividend Yield %: 0.09%
: 21.22x

Mar 2025

EPS (₹): 10.60
Book Value (₹): 218.42
Dividend per Share (₹): 0.50
Cash EPS (₹): 22.98
Operating Margin %: 13.12%
Net Margin %: 6.55%
ROE %: 6.04%
ROCE %: 7.69%
: 2.88%
Debtor Days: 107
Inventory Days: 129
Payable Days: 135
: 101
Debt to Equity (x): 0.30x
Interest Coverage (x): 3.34x
: 1.77x
Revenue Growth %: 14.21%
Operating Profit Growth %: 10.27%
Net Profit Growth %: 12.65%
: 29.70%
P/E (x): 59.08x
P/B (x): 2.87x
Dividend Yield %: 0.08%
: 21.61x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.95	47.95	47.95	47.37	47.37	47.37	47.37	47.37	47.37
	2.15	2.16	3.21	3.17	3.25	3.27	3.36	3.66	0.66
	0.88	0.88	0.88	0.64	0.56	0.48	0.12	0.00	0.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	49.01	47.88	46.83	47.71	47.71	47.77	48.61	48.42	51.41

Jun 2024

: 47.95
: 2.15
: 0.88
Government: 0.00
: 49.01

Sep 2024

: 47.95
: 2.16
: 0.88
Government: 0.00
: 47.88

Dec 2024

: 47.95
: 3.21
: 0.88
Government: 0.00
: 46.83

Mar 2025

: 47.37
: 3.17
: 0.64
Government: 0.00
: 47.71

Jun 2025

: 47.37
: 3.25
: 0.56
Government: 0.00
: 47.71

Sep 2025

: 47.37
: 3.27
: 0.48
Government: 0.00
: 47.77

Dec 2025

: 47.37
: 3.36
: 0.12
Government: 0.00
: 48.61

Mar 2026

: 47.37
: 3.66
: 0.00
Government: 0.00
: 48.42

Jun 2026

: 47.37
: 0.66
: 0.02
Government: 0.00
: 51.41

Documents

Announcements

Copy of Newspaper Publication
2026-08-17 - Shivalik Rasayan Limited has informed the Exchange about Copy of Newspaper Publication
General Updates
2026-08-14 - Shivalik Rasayan Limited has informed the Exchange about submission of BRSR report

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Nov 2024
TranscriptPPTREC
Dec 2021
TranscriptPPTREC
Sep 2021
TranscriptPPTREC