Shivalik Rasayan Limited (SHIVALIK)

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Shivalik Rasayan Limited (SHIVALIK) · mywealthgrid

About

Shivalik Rasayan Limited manufactures pesticides and agrochemicals for India's agricultural market, with a ₹402.27 Cr market cap and quarterly standalone revenues of ₹42–102 Cr. Operating margins range from 12–17% across quarters, and the company maintains a low-leverage balance sheet (D/E 0.19). Regular dividend payments demonstrate cash generation from operations.

Face value: ₹5

Market cap

₹623 Cr

P/E

45.5×

P/B

1.0×

Dividend yield

0.1%

ROE

2.1%

ROCE

5.2%

Debt / equity

0.19

OPM

12.4%

EPS (TTM)

₹8.7

Book value

₹380.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

ROE of 2.14% is critically low despite 12%+ operating margins, signalling severe capital inefficiency or material impairments
Stock has fallen 53.99% over 12 months while leverage remains modest (D/E 0.19), indicating business-specific distress rather than sector cyclicality
FII shareholding collapsed from 4.2% to 1.19% in three months (Mar–Jun 2026); verify whether this reflects regulatory, accounting or governance concerns
Operating margins fluctuate between 11.6% and 16.97% across quarters, indicating exposure to uncontrolled input costs or operational inconsistency

Generated analysis · source review pending

Growth drivers

D/E of 0.19 provides significant unlevered debt capacity to fund growth investments or acquisitions within the agrochemical sector
Operating margins sustained at 12%+ enable reinvestment of cash; verify whether retained earnings are deployed for expansion or research into higher-margin formulations
Consistent dividend payout history signals cash generation beyond operations; clarify capital-allocation priorities and growth capex intentions
Quarterly revenue base of ₹42–102 Cr provides platform for margin accretion if input-cost volatility is managed; verify pricing power and product mix defensibility

Generated analysis · source review pending

2,084 historical price candles were omitted because the exchange source has not been verified.

₹394.1-4.2%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 3% (3-yr avg)
−Profit declined 13.2% a year over the last 5 years
−Low dividend payout of 5.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

43/100

Business quality: 26
Growth: 52
Valuation: 51

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Upl LimitedUPLUPL	₹43,628 Cr	₹65,674 Cr	₹52,804 Cr	₹9,326 Cr	17.9%	₹2,020 Cr	4.3%	11.2%	6%	135
Sumitomo Chemical India LimitedSUMICHEMSUMICHEM	₹20,842 Cr	₹20,844 Cr	₹3,245 Cr	₹685 Cr	20.7%	₹579 Cr	16.8%	23.1%	17.3%	155
Bayer Cropscience LimitedBAYERCROPBAYERCROP	₹15,958 Cr	—	₹5,472 Cr	₹688 Cr	15.4%	₹568 Cr	12.1%	28.4%	23.7%	300
Sharda Cropchem LimitedSHARDACROPSHARDACROP	₹6,397 Cr	₹6,397 Cr	₹5,357 Cr	₹1,047 Cr	20.4%	₹626 Cr	12.9%	28%	24.2%	125
Dhanuka Agritech LimitedDHANUKADHANUKA	₹4,217 Cr	₹4,259 Cr	₹2,035 Cr	₹417 Cr	20.5%	₹297 Cr	14.6%	28.9%	22.3%	160
Rallis India LimitedRALLISRALLIS	₹3,884 Cr	₹3,942 Cr	₹2,604 Cr	₹274 Cr	10.5%	₹164 Cr	6.3%	13.2%	10%	104
Bhagiradha Chemicals & Industries LimitedBHAGCHEMBHAGCHEM	₹3,063 Cr	₹3,294 Cr	₹607 Cr	₹79 Cr	10.7%	₹28 Cr	3.4%	4.8%	2.6%	148
Nacl Industries LimitedNACLINDNACLIND	₹3,054 Cr	₹3,355 Cr	₹1,519 Cr	₹106 Cr	6.5%	₹12 Cr	0.3%	11.8%	0.8%	105
Gsp Crop Science LimitedGSPCROPGSPCROP	₹2,113 Cr	₹2,373 Cr	₹1,517 Cr	₹185 Cr	12.2%	₹-3 Cr	6.2%	20.7%	-0.4%	121
Bharat Rasayan LimitedBHARATRASBHARATRAS	₹1,658 Cr	₹1,659 Cr	₹1,203 Cr	₹177 Cr	16%	₹140 Cr	11.7%	17.5%	12.1%	219
Insecticides (India) LimitedINSECTICIDINSECTICID	₹1,655 Cr	₹1,799 Cr	₹2,060 Cr	₹210 Cr	10.6%	₹125 Cr	6.5%	17.1%	12.1%	168
Astec Lifesciences LimitedASTECASTEC	₹1,580 Cr	₹2,029 Cr	₹441 Cr	₹6 Cr	-1%	₹-67 Cr	-18.1%	-9.3%	-25.9%	263

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	198	215	234	273	312	368
COGS	107	94	115	140	160	188
Gross profit	91	121	120	133	151	180
	53	74	77	94	111	134
	38	47	43	39	40	46
OPM %	19.2%	21.8%	18.3%	14.4%	12.9%	12.4%
Depreciation	9	11	12	12	16	19
Interest	2	3	4	8	9	10
	1	4	5	4	8	4
Profit before tax	29	37	32	23	23	21
Tax	4	3	2	5	3	4
Tax %	14.7%	7.3%	5.8%	21.9%	12.7%	16.3%
	25	34	30	18	20	18
PAT margin %	12.5%	16%	12.7%	6.6%	6.6%	4.9%
EPS (₹)	—	18.1	15	10.8	10.6	7.7
EPS adjusted (₹)	17.9	23.7	20.6	10.5	10.6	7.7
	—	2.8%	3.3%	4.7%	4.7%	6.5%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	7	7	7	8	8	8
Reserves	172	280	353	500	528	591
Minority interest	80	77	59	—	—	—
	29	38	58	76	94	114
	75	85	101	109	104	106
Total equity & liabilities	363	488	578	692	734	819
	210	221	218	214	336	335
CWIP	0	3	57	117	—	—
Investments	0	0	0	0	0	0
	153	264	303	362	398	484
Total assets	363	488	578	692	734	819

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	59	10	-19	-6	-8	-34
	-65	-23	-71	-86	-13	-21
	2	79	50	99	10	62
Net cash flow	-4	66	-40	7	-10	6
Free cash flow	-6	-15	-82	-86	-28	-57
CFO / Operating profit %	154.9%	21.2%	-44.1%	-16.2%	-18.9%	-74.2%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Pharma Formulation	197.77	15.48	356.09	48.47	307.62	5.03
Agrochemicals	151.26	22.02

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	45.9%	56.2%	51.1%	48.8%	48.5%	48.8%
EBITDA margin %	19.2%	21.8%	18.3%	14.4%	12.9%	12.4%
EBIT margin %	14.9%	16.6%	13.4%	9.8%	7.8%	7.3%
PAT margin %	12.5%	16%	12.7%	6.6%	6.6%	4.9%
Working capital
Receivable days	127	119	132	116	113	114
Inventory days	33	148	239	266	268	285
Payable days	152	216	209	136	151	155
NWC days	9	51	162	245	230	244
Leverage
Current ratio	1.44	2.12	1.82	1.86	1.78	2.01
Debt to EBITDA	0.76	0.82	1.34	1.94	2.34	2.48
Debt to equity	0.16	0.13	0.16	0.15	0.18	0.19
Interest coverage	19.4	15.8	8.3	4	3.5	3.2
Asset turnover	0.54	0.44	0.41	0.39	0.42	0.45
Return ratios
Return on assets %	6.8%	7%	5.2%	2.6%	2.8%	2.2%
Return on capital employed %	11.2%	12.2%	8.9%	6.4%	6%	5.2%
Return on equity %	13.8%	11.9%	8.3%	3.6%	3.8%	3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.95%	47.95%	47.95%	47.95%	47.95%	47.95%	47.37%	47.37%	47.37%	47.37%	47.37%	47.37%
	0.66%	1.18%	2.99%	2.15%	3.29%	4.34%	4.27%	4.36%	4.38%	3.89%	4.2%	1.19%
	0.24%	0.59%	0.88%	0.88%	0.88%	0.88%	0.64%	0.56%	0.48%	0.12%	0%	0.02%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	51.15%	50.28%	48.18%	49.02%	47.88%	46.83%	47.72%	47.71%	47.77%	48.62%	48.43%	51.42%
No. of shareholders	—	—	—	—	—	—	—	—	14,199	14,013	13,413	14,104

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Shivalik Rasayan Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

29 Sept 2026, 3:45 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

29 Sept 2026, 12:31 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

28 Sept 2026, 2:54 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

14 Sept 2026, 4:16 pmOthers

Board Meeting Outcome for Outcome Of Meeting Of The Board Of Directors

Outcome without intimation PDF

4 Sept 2026, 2:15 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

3 Sept 2026, 6:39 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

3 Sept 2026, 6:35 pmAGM/EGM

Intimation For 48Th Annual General Meeting

AGM PDF

25 Aug 2026, 11:10 amAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of EGM

EGM PDF

Date	Category	Subject	Filing
29 Sept 2026, 3:45 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 12:31 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	45.9%	56.2%	51.1%	48.8%	48.5%	48.8%
EBITDA margin %	19.2%	21.8%	18.3%	14.4%	12.9%	12.4%
EBIT margin %	14.9%	16.6%	13.4%	9.8%	7.8%	7.3%
PAT margin %	12.5%	16%	12.7%	6.6%	6.6%	4.9%
Working capital
Receivable days	127	119	132	116	113	114
Inventory days	33	148	239	266	268	285
Payable days	152	216	209	136	151	155
NWC days	9	51	162	245	230	244
Leverage
Current ratio	1.44	2.12	1.82	1.86	1.78	2.01
Debt to EBITDA	0.76	0.82	1.34	1.94	2.34	2.48
Debt to equity	0.16	0.13	0.16	0.15	0.18	0.19
Interest coverage	19.4	15.8	8.3	4	3.5	3.2
Asset turnover	0.54	0.44	0.41	0.39	0.42	0.45
Return ratios
Return on assets %	6.8%	7%	5.2%	2.6%	2.8%	2.2%
Return on capital employed %	11.2%	12.2%	8.9%	6.4%	6%	5.2%
Return on equity %	13.8%	11.9%	8.3%	3.6%	3.8%	3%

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
Sanjay BansalDirector	SellGift	1,00,000	₹0	1.90% → 1.27%	24 Sept 20257(2)
Aditya Shrawat	SellGift	20,000	₹0	0.13% → 0.00%	22 Sept 20257(3)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

5 deals · 29 Apr 2024 – 4 Dec 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 Dec 2024	RITESH KANTILAL OSWAL	Bulk	NSE	Buy	1,30,602	₹763.01	₹9.97 Cr
4 Dec 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	78,575	₹781.64	₹6.14 Cr
4 Dec 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	78,575	₹781.59	₹6.14 Cr
29 Apr 2024	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED .	Bulk	NSE	Buy	82,147	₹686.23	₹5.64 Cr
29 Apr 2024	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED .	Bulk	NSE	Sell	62,147	₹691.95	₹4.30 Cr

1–5 of 5

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Shivalik Rasayan Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Announcements

Not in the F&O segment

No fund holdings on record

10

1

1

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Active Pharma Ingredient (API) · revenue

Shivalik Rasayan Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Dividends10

Board meetings1

Stock splits1

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Active Pharma Ingredient (API) · revenue

10

1

1