Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹510 Cr.
Stock P/E
28.4
P/B
1.4
Current Price
₹318.3
Book Value
₹ 223.2
Face Value
5
52W High
₹474.2
52W Low
₹ 206
Dividend Yield
0.16%

Shivalik Rasayan Overview

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.

Shivalik Rasayan Share Price

Live · BSE / NSE · Inception: 1979
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Shivalik Rasayan Quarterly Results

#(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

Shivalik Rasayan Profit & Loss

#(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

Shivalik Rasayan Balance Sheet

#(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

Shivalik Rasayan Cash Flow

#(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

Shivalik Rasayan Ratios

# 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

Growth Rates

Compounded annual
# 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%

Shivalik Rasayan Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 47.37 %
FII 0.66 %
DII (MF + Insurance) 0.56 %
Public (retail) 51.41 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 47.9547.9547.9547.9547.3747.3747.3747.3747.3747.37
FII 1.872.152.163.223.163.253.273.363.660.66
DII 2.010.882.012.011.751.671.580.660.540.56
Public 48.1749.0147.8846.8347.7147.7147.7748.6148.4251.41
Others 0000000000
Total 100100100100100100100100100100

Shivalik Rasayan Peer Comparison

Pesticides & Agrochemicals Edit Columns

Shivalik Rasayan Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Shivalik Rasayan Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 47.37%.
  • Company has a low return on equity of 6% over the last 3 years.
  • Debtor days have increased from 134.84 to 141.65days.
  • The company has delivered a poor profit growth of -6% over past five years.
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