Pesticides & Agrochemicals · Founded 1979 · www.shivalikrasayan.com · BSE 539148 · NSE SHIVALIK · ISIN INE788J01021
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Business
Shivalik Rasayan Ltd. (SHIVALIK) is an Indian company primarily engaged in the manufacturing and sale of pesticides and agrochemicals. Its core business involves developing, producing, and marketing a range of products used in agriculture to protect crops from pests, diseases, and weeds, thereby enhancing crop yield and quality. The company serves the agricultural sector by providing solutions that help farmers manage their crops more effectively. It generates revenue through the sale of these specialized chemical products to distributors, formulators, and potentially directly to farmers or institutional buyers within India and possibly for export markets.
Revenue Mix
Based on the available information, Shivalik Rasayan Ltd. operates predominantly within a single core segment: the manufacturing and distribution of pesticides and agrochemicals. Specific breakdown of revenue by product category (e.g., insecticides, herbicides, fungicides) or geographic region is not publicly available without further financial reports. Their entire revenue stream is derived from this industry.
Industry
The Indian Pesticides & Agrochemicals industry is significant, driven by the country's large agricultural base and the continuous need to improve farm productivity. It is characterized by a mix of large multinational players, established domestic companies, and smaller regional players. The industry is subject to monsoonal patterns, government agricultural policies, and stringent regulatory approvals for new products. Shivalik Rasayan likely positions itself as a specialized manufacturer, potentially focusing on certain active ingredients, technical grade products, or formulations. Its positioning against larger peers would typically involve competing on product effectiveness, cost-efficiency, and an established distribution network within specific regions or product niches.
MOAT
Without specific details, potential competitive advantages for Shivalik Rasayan could include:
Technical Expertise / R&D: Specialized knowledge in developing and manufacturing specific active ingredients or formulations that are difficult for competitors to replicate.
Cost Efficiency: Efficient manufacturing processes or backward integration allowing for lower production costs.
Regulatory Approvals: Possession of specific product registrations and licenses, which can be a barrier to entry for new players.
Established Distribution: A robust network of distributors and dealers, especially in key agricultural regions of India, fostering strong customer relationships.
Brand Reputation: For certain products, an established brand name among farmers for efficacy and reliability.
However, the agrochemical industry often has limited enduring moats, as products can be genericized, and switching costs for farmers are relatively low.
Growth Drivers
Increasing Food Demand: India's growing population necessitates higher agricultural output, driving demand for crop protection chemicals.
Improved Farming Practices: Adoption of modern agricultural techniques and awareness among farmers regarding the benefits of agrochemicals for yield enhancement.
Government Support for Agriculture: Schemes and policies aimed at boosting agricultural productivity and farmer income can indirectly drive agrochemical demand.
New Product Development: Introduction of more effective, environmentally friendly, or targeted formulations to combat new pests or resistance.
Export Opportunities: Expansion into international markets for specific products where the company holds a competitive edge.
Pest Resistance: Evolving pest resistance requiring newer and more potent chemical solutions.
Risks
Monsoon Dependency: The performance of the Indian agricultural sector is heavily reliant on monsoons, directly impacting demand for agrochemicals.
Raw Material Price Volatility: Fluctuations in the prices of key chemical intermediates can impact production costs and profit margins.
Regulatory Changes: Strict environmental regulations, pesticide bans, or changes in approval processes can impact product viability and launch timelines.
Intense Competition: Competition from large domestic and international players, as well as the influx of generic products, can pressure pricing and market share.
Counterfeit Products: The prevalence of spurious products in the market can erode legitimate sales and brand reputation.
Public Perception: Growing environmental and health concerns regarding chemical use in agriculture can lead to shifts in consumer preference or tighter regulations.
Working Capital Management: Managing inventory and receivables, particularly during periods of volatile demand, can pose financial risks.
Management & Ownership
Shivalik Rasayan Ltd. is likely a promoter-driven company, a common structure in India, where the founding family or individuals hold significant stakes and active management roles. The quality of management would depend on their experience in the agrochemical sector, ability to navigate regulatory complexities, manage R&D, and expand market presence. Specific details on the current management team's background or the exact ownership split beyond promoter vs. public are not provided, but promoter holdings typically indicate a long-term commitment to the business.
Outlook
Shivalik Rasayan operates in a fundamental sector tied to food security, offering a stable demand base. The continued need for increased crop yields in India provides a long-term tailwind. Opportunities may arise from expanding product portfolios, enhancing R&D capabilities for new formulations, and potentially tapping into export markets. However, the business faces significant challenges from the inherent unpredictability of agriculture (monsoon risk), intense competition, and a strict, evolving regulatory environment. Volatility in raw material costs and the constant need for product innovation to counter pest resistance are ongoing operational hurdles. The company's future performance will depend on its ability to effectively manage these risks while capitalizing on growth opportunities through strategic product development and market penetration.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 71 | 75 | 82 | 85 | 69 | 89 | 94 | 82 | 103 | 96 |
| Other Income | 1 | 1 | 0 | 2 | 6 | 1 | 0 | 1 | 2 | 1 |
| Total Income | 73 | 75 | 83 | 87 | 75 | 90 | 94 | 83 | 105 | 97 |
| Total Expenditure | 62 | 65 | 71 | 72 | 64 | 78 | 82 | 72 | 90 | 85 |
| Operating Profit | 11 | 10 | 12 | 15 | 11 | 12 | 12 | 12 | 14 | 12 |
| Interest | 3 | 2 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 |
| Depreciation | 3 | 3 | 5 | 5 | 3 | 5 | 5 | 5 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 5 | 5 | 8 | 6 | 4 | 5 | 4 | 8 | 6 |
| Provision for Tax | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 |
| Profit After Tax | 5 | 4 | 4 | 7 | 5 | 3 | 4 | 4 | 7 | 5 |
| Adjustments | -1 | -0 | -0 | -2 | -1 | -1 | -1 | -1 | -3 | -1 |
| Profit After Adjustments | 3 | 4 | 4 | 5 | 4 | 2 | 3 | 3 | 5 | 3 |
| Adjusted Earnings Per Share | 2.2 | 2.3 | 2.6 | 3.4 | 2.6 | 1 | 1.9 | 1.7 | 2.9 | 2.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 110 | 123 | 155 | 171 | 186 | 198 | 215 | 234 | 273 | 312 | 368 | 375 |
| Other Income | 1 | 1 | 3 | 8 | 3 | 1 | 4 | 5 | 4 | 8 | 4 | 4 |
| Total Income | 111 | 124 | 158 | 179 | 189 | 199 | 218 | 239 | 277 | 320 | 372 | 379 |
| Total Expenditure | 99 | 105 | 131 | 147 | 157 | 159 | 167 | 191 | 232 | 271 | 321 | 329 |
| Operating Profit | 12 | 19 | 27 | 32 | 32 | 40 | 51 | 48 | 45 | 49 | 51 | 50 |
| Interest | 5 | 6 | 4 | 3 | 2 | 2 | 3 | 5 | 9 | 8 | 11 | 8 |
| Depreciation | 2 | 2 | 2 | 3 | 4 | 9 | 11 | 12 | 12 | 16 | 19 | 18 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 11 | 20 | 26 | 27 | 29 | 37 | 32 | 23 | 25 | 21 | 23 |
| Provision for Tax | 2 | 3 | 5 | 5 | 5 | 4 | 3 | 2 | 5 | 3 | 4 | 3 |
| Profit After Tax | 3 | 8 | 15 | 21 | 22 | 25 | 34 | 30 | 18 | 22 | 18 | 20 |
| Adjustments | 0 | -3 | -6 | -7 | -8 | -7 | -9 | -9 | -5 | -4 | -6 | -6 |
| Profit After Adjustments | 3 | 5 | 9 | 14 | 14 | 18 | 26 | 21 | 13 | 18 | 12 | 14 |
| Adjusted Earnings Per Share | 3.7 | 6.4 | 8.6 | 9.9 | 10.2 | 12.8 | 17.7 | 14.3 | 8.2 | 11.7 | 7.9 | 8.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 18% | 16% | 13% | 13% |
| Operating Profit CAGR | 4% | 2% | 5% | 16% |
| PAT CAGR | -18% | -16% | -6% | 20% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -24% | -23% | -19% | 15% |
| ROE Average | 5% | 6% | 9% | 22% |
| ROCE Average | 7% | 8% | 10% | 20% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 14 | 11 | 49 | 165 | 176 | 179 | 287 | 310 | 390 | 415 | 435 |
| Minority's Interest | 1 | 16 | 45 | 54 | 73 | 80 | 77 | 109 | 118 | 121 | 164 |
| Borrowings | 11 | 12 | 7 | 5 | 3 | 11 | 8 | 13 | 24 | 16 | 26 |
| Other Non-Current Liabilities | 2 | 2 | 2 | 2 | 1 | 2 | 1 | -1 | -2 | -3 | -4 |
| Total Current Liabilities | 52 | 54 | 49 | 62 | 75 | 91 | 113 | 144 | 158 | 178 | 190 |
| Total Liabilities | 81 | 94 | 152 | 288 | 328 | 363 | 487 | 575 | 688 | 728 | 812 |
| Fixed Assets | 27 | 27 | 40 | 41 | 52 | 210 | 221 | 218 | 214 | 337 | 335 |
| Other Non-Current Assets | 2 | 3 | 4 | 32 | 109 | 8 | 11 | 65 | 126 | 5 | 6 |
| Total Current Assets | 51 | 63 | 106 | 212 | 158 | 131 | 240 | 262 | 294 | 315 | 382 |
| Total Assets | 81 | 94 | 152 | 288 | 328 | 363 | 487 | 575 | 688 | 728 | 812 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 7 | 3 | 5 | 26 | 95 | 9 | 5 | 71 | 31 | 38 | 28 |
| Cash Flow from Operating Activities | 12 | 8 | -7 | -8 | 6 | 59 | 11 | -19 | -8 | -9 | -34 |
| Cash Flow from Investing Activities | -18 | -4 | -24 | -24 | -102 | -65 | -23 | -71 | -74 | -21 | -21 |
| Cash Flow from Financing Activities | 3 | -3 | 52 | 100 | 10 | 2 | 78 | 50 | 89 | 21 | 62 |
| Net Cash Inflow / Outflow | -3 | 2 | 21 | 69 | -86 | -4 | 66 | -40 | 7 | -10 | 6 |
| Closing Cash & Cash Equivalent | 3 | 5 | 26 | 95 | 9 | 5 | 71 | 31 | 38 | 28 | 34 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.68 | 6.39 | 8.63 | 9.88 | 10.16 | 12.77 | 17.67 | 14.32 | 8.17 | 11.68 | 7.87 |
| CEPS(Rs) | 6.34 | 12.59 | 16.78 | 17.4 | 18.55 | 24.13 | 31.25 | 28.6 | 19.61 | 24.06 | 23.32 |
| DPS(Rs) | 0 | 0.5 | 0.5 | 0.5 | 0.25 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Book NAV/Share(Rs) | 15.78 | 11.56 | 45.32 | 117.19 | 120.81 | 119.7 | 180.88 | 182.23 | 213.3 | 218.42 | 219.87 |
| Core EBITDA Margin(%) | 9.02 | 14.29 | 15.39 | 13.91 | 15.53 | 19.44 | 22.04 | 18.53 | 14.89 | 13.12 | 12.8 |
| EBIT Margin(%) | 8.14 | 13.14 | 15.51 | 16.82 | 15.34 | 15.67 | 18.64 | 15.57 | 11.81 | 10.72 | 8.81 |
| Pre Tax Margin(%) | 4.08 | 8.8 | 12.94 | 15.34 | 14.33 | 14.64 | 17.21 | 13.5 | 8.53 | 8.06 | 5.84 |
| PAT Margin (%) | 2.73 | 6.58 | 9.74 | 12.28 | 11.83 | 12.48 | 15.95 | 12.72 | 6.64 | 7.1 | 4.88 |
| Cash Profit Margin (%) | 4.71 | 8.37 | 11.27 | 14.05 | 13.72 | 16.83 | 21.08 | 17.67 | 11.18 | 12.16 | 9.98 |
| ROA(%) | 6.07 | 9.67 | 12.4 | 9.52 | 7.15 | 7.14 | 8.06 | 5.62 | 2.87 | 3.13 | 2.33 |
| ROE(%) | 26.44 | 72.4 | 52.98 | 20.02 | 13.44 | 14.88 | 16.05 | 11.34 | 6.08 | 6.55 | 5.21 |
| ROCE(%) | 34.23 | 39.5 | 43.66 | 22.8 | 15.87 | 16.59 | 15.76 | 11.1 | 8.41 | 7.69 | 7.06 |
| Receivable days | 51.11 | 77 | 89.81 | 105.03 | 107.99 | 117.32 | 118 | 120.48 | 114.67 | 107.04 | 104.77 |
| Inventory Days | 19.83 | 38.72 | 37.3 | 41.01 | 40.77 | 27.65 | 40.75 | 88.07 | 118.21 | 128.5 | 131.21 |
| Payable days | 99.54 | 137.23 | 101.86 | 97.5 | 128.93 | 155.56 | 194.02 | 192.82 | 153.66 | 134.84 | 141.65 |
| PER(x) | 7.85 | 15.76 | 31.65 | 27.33 | 21.74 | 55.23 | 52.79 | 46.96 | 70.67 | 53.6 | 28.17 |
| Price/Book(x) | 1.83 | 8.72 | 6.03 | 2.3 | 1.83 | 5.89 | 5.16 | 3.69 | 2.71 | 2.87 | 1.01 |
| Dividend Yield(%) | 0 | 0.4 | 0.15 | 0.19 | 0.11 | 0.07 | 0.05 | 0.07 | 0.09 | 0.08 | 0.23 |
| EV/Net Sales(x) | 0.47 | 0.91 | 1.83 | 1.74 | 1.65 | 5.05 | 6.16 | 4.3 | 3.47 | 3.41 | 1.19 |
| EV/Core EBITDA(x) | 4.46 | 5.88 | 10.62 | 9.37 | 9.58 | 25.22 | 25.9 | 20.97 | 21.22 | 21.61 | 8.55 |
| Net Sales Growth(%) | 166.02 | 12.31 | 25.72 | 9.94 | 9.22 | 6.07 | 8.69 | 9.17 | 16.44 | 14.21 | 18.04 |
| EBIT Growth(%) | 205.62 | 80.08 | 43.89 | 18.06 | -0.41 | 8.4 | 29.27 | -8.8 | -11.69 | 3.69 | -3.05 |
| PAT Growth(%) | 74.34 | 168.57 | 80.22 | 37.33 | 5.27 | 11.88 | 38.92 | -12.93 | -39.23 | 22.06 | -18.8 |
| EPS Growth(%) | 0 | 73.48 | 35.07 | 14.39 | 2.92 | 25.68 | 38.34 | -18.97 | -42.92 | 42.97 | -32.62 |
| Debt/Equity(x) | 2.27 | 3.19 | 0.46 | 0.13 | 0.07 | 0.18 | 0.16 | 0.25 | 0.26 | 0.3 | 0.35 |
| Current Ratio(x) | 0.97 | 1.16 | 2.17 | 3.44 | 2.11 | 1.44 | 2.12 | 1.82 | 1.85 | 1.77 | 2.01 |
| Quick Ratio(x) | 0.74 | 0.88 | 1.83 | 3.09 | 1.84 | 1.33 | 1.81 | 1.34 | 1.28 | 1.11 | 1.24 |
| Interest Cover(x) | 2.01 | 3.03 | 6.04 | 11.42 | 15.26 | 15.2 | 13.07 | 7.53 | 3.6 | 4.02 | 2.96 |
| Total Debt/Mcap(x) | 1.24 | 0.37 | 0.08 | 0.05 | 0.04 | 0.03 | 0.03 | 0.07 | 0.1 | 0.11 | 0.35 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.95 | 47.95 | 47.95 | 47.95 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 |
| FII | 1.87 | 2.15 | 2.16 | 3.22 | 3.16 | 3.25 | 3.27 | 3.36 | 3.66 | 0.66 |
| DII | 2.01 | 0.88 | 2.01 | 2.01 | 1.75 | 1.67 | 1.58 | 0.66 | 0.54 | 0.56 |
| Public | 48.17 | 49.01 | 47.88 | 46.83 | 47.71 | 47.71 | 47.77 | 48.61 | 48.42 | 51.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| FII | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.01 |
| DII | 0.03 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 |
| Public | 0.75 | 0.76 | 0.74 | 0.73 | 0.75 | 0.75 | 0.75 | 0.77 | 0.76 | 0.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.56 | 1.56 | 1.56 | 1.56 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +18% | +16% | +13% | +13% |
| Operating Profit CAGR | +4% | +2% | +5% | +16% |
| PAT CAGR | -18% | -16% | -6% | +20% |
| Share Price CAGR | -24% | -23% | -19% | +15% |
| ROE Average | +5% | +6% | +9% | +22% |
| ROCE Average | +7% | +8% | +10% | +20% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 47.95 | 47.95 | 47.95 | 47.95 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 |
| FII | 1.87 | 2.15 | 2.16 | 3.22 | 3.16 | 3.25 | 3.27 | 3.36 | 3.66 | 0.66 |
| DII | 2.01 | 0.88 | 2.01 | 2.01 | 1.75 | 1.67 | 1.58 | 0.66 | 0.54 | 0.56 |
| Public | 48.17 | 49.01 | 47.88 | 46.83 | 47.71 | 47.71 | 47.77 | 48.61 | 48.42 | 51.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| FII | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.01 |
| DII | 0.03 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 |
| Public | 0.75 | 0.76 | 0.74 | 0.73 | 0.75 | 0.75 | 0.75 | 0.77 | 0.76 | 0.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.56 | 1.56 | 1.56 | 1.56 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 |
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