Shivalik Rasayan Ltd

₹ 536 -1.04%

04 Jul - close price

shivalikrasayan.com BSE: 539148 NSE: SHIVALIK

About

Incorporated in 1979, Shivalik Rasayan Ltd is a manufacturer of Agrochemicals & Active Pharma Ingredients^[1]

Key Points

Business Overview:^[1]
SRL is the largest Indian producer of Dimethoate Technical and second largest Indian producer of Malathion Technical. It also manufactures organophosphorus-based insecticides and chemicals. Apart from this, company does development of Oncology and Non-Oncology active pharmaceutical ingredients and their finished dosage forms

Website BSE NSE

Market Cap ₹ 844 Cr.
Current Price ₹ 536
High / Low ₹ 879 / 500
Stock P/E 60.9
Book Value ₹ 252
Dividend Yield 0.09 %
ROCE 4.44 %
ROE 3.59 %
Face Value ₹ 5.00

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Pros

Company is expected to give good quarter
Debtor days have improved from 88.5 to 66.6 days.

Cons

Promoter holding has decreased over last quarter: -0.58%
Tax rate seems low
Company has a low return on equity of 3.76% over last 3 years.
Dividend payout has been low at 6.49% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Fertilizers & Agrochemicals Pesticides & Agrochemicals

Part of BSE SmallCap BSE Allcap BSE Commodities

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	25.39	24.74	22.80	21.78	24.26	22.52	23.51	23.73	23.92	31.58	37.70	40.16	39.78
	20.07	18.57	17.65	17.67	20.63	18.10	18.49	19.76	20.39	25.65	31.25	33.55	32.41
Operating Profit	5.32	6.17	5.15	4.11	3.63	4.42	5.02	3.97	3.53	5.93	6.45	6.61	7.37
OPM %	20.95%	24.94%	22.59%	18.87%	14.96%	19.63%	21.35%	16.73%	14.76%	18.78%	17.11%	16.46%	18.53%
	1.52	0.49	0.33	0.83	0.55	0.04	0.01	0.67	0.93	0.05	0.06	1.46	0.48
Interest	0.32	0.26	0.26	0.39	0.50	0.52	1.06	0.93	0.72	1.21	1.41	1.50	2.06
Depreciation	1.32	1.48	1.22	1.35	1.19	1.12	1.62	1.21	1.34	1.72	2.05	2.63	2.30
Profit before tax	5.20	4.92	4.00	3.20	2.49	2.82	2.35	2.50	2.40	3.05	3.05	3.94	3.49
Tax %	-4.04%	1.02%	-1.00%	9.69%	-32.53%	10.28%	50.21%	7.60%	-6.67%	-0.66%	-13.11%	-1.78%	4.58%
	5.40	4.87	4.04	2.89	3.31	2.53	1.17	2.31	2.56	3.07	3.46	4.02	3.33
EPS in Rs	3.73	3.36	2.79	1.99	2.28	1.70	0.75	1.48	1.65	1.97	2.22	2.58	2.11
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	35	41	43	41	44	48	61	85	99	94	94	149
	33	38	38	34	36	42	51	66	76	74	77	123
Operating Profit	2	3	5	7	7	6	9	19	23	19	17	26
OPM %	6%	7%	11%	17%	17%	13%	16%	22%	23%	20%	18%	18%
	0	0	1	1	1	4	1	0	2	2	2	2
Interest	0	0	1	2	1	1	1	1	1	1	3	6
Depreciation	0	0	0	0	0	1	1	6	5	5	5	9
Profit before tax	2	3	4	5	6	9	9	13	19	15	10	14
Tax %	34%	33%	33%	33%	19%	-3%	-0%	-1%	-3%	-3%	15%	-3%
	1	2	3	3	5	9	9	13	19	15	9	14
EPS in Rs	1.37	2.10	3.10	3.84	4.84	6.47	6.35	9.20	13.36	10.42	5.55	8.81
Dividend Payout %	0%	0%	0%	10%	8%	8%	4%	5%	4%	5%	9%	6%

Compounded Sales Growth
10 Years:	14%
5 Years:	20%
3 Years:	15%
TTM:	59%

Compounded Profit Growth
10 Years:	23%
5 Years:	10%
3 Years:	-11%
TTM:	61%

Stock Price CAGR
10 Years:	45%
5 Years:	14%
3 Years:	-10%
1 Year:	-26%

Return on Equity
10 Years:	6%
5 Years:	5%
3 Years:	4%
Last Year:	4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3	3	3	3	4	7	7	7	7	7	8	8
Reserves	6	8	10	14	42	153	161	173	266	284	366	390
	0	0	11	14	8	9	0	11	15	40	55	61
	9	11	12	7	7	10	18	31	29	34	42	53
Total Liabilities	18	23	37	38	61	178	186	223	318	365	471	512
	6	7	8	8	15	16	18	120	128	126	122	250
CWIP	0	0	0	0	0	11	61	0	3	57	117	0
Investments	0	0	16	18	27	27	39	53	55	65	73	74
	12	16	13	12	19	124	68	49	131	117	159	188
Total Assets	18	23	37	38	61	178	186	223	318	365	471	512

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-1	4	6	4	-2	-12	-7	46	7	-13	-1	-1
	0	-0	-17	-2	-16	-9	-65	-61	-16	-65	-69	-20
	0	1	7	-2	19	104	-9	10	76	21	83	22
Net Cash Flow	-0	4	-4	1	2	83	-81	-5	66	-57	13	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	93	80	61	47	64	66	49	70	25	76	123	67
Inventory Days	8	5	14	22	36	82	33	45	97	256	328	268
Days Payable	103	126	139	76	66	92	166	119	108	154	102	114
Cash Conversion Cycle	-2	-41	-64	-8	34	56	-83	-4	14	178	348	220
Working Capital Days	17	-11	-40	-37	38	169	202	33	97	212	251	187
ROCE %	23%	29%	28%	25%	18%	9%	6%	7%	8%	5%	4%	4%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	50.32%	50.32%	50.32%	50.32%	50.05%	47.95%	47.95%	47.95%	47.95%	47.95%	47.95%	47.37%
	0.04%	0.01%	0.01%	0.01%	0.35%	0.66%	1.18%	2.99%	2.15%	3.28%	4.33%	4.28%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.24%	0.59%	0.88%	0.88%	0.88%	0.88%	0.64%
	49.64%	49.67%	49.67%	49.67%	49.60%	51.14%	50.28%	48.17%	49.00%	47.87%	46.81%	47.72%
No. of Shareholders	7,726	8,380	8,579	8,460	8,556	9,190	9,149	9,398	10,001	10,627	11,633	12,841

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	71.20%	62.62%	52.50%	52.92%	52.92%	50.32%	50.32%	47.95%	47.37%
	0.00%	0.00%	0.04%	0.00%	0.00%	0.06%	0.01%	2.99%	4.28%
	1.84%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%	0.64%
	26.96%	36.97%	47.46%	47.08%	47.08%	49.62%	49.67%	48.17%	47.72%
No. of Shareholders	1,419	2,227	3,038	3,350	5,549	7,792	8,460	9,398	12,841

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Nov 2024

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Sep 2021

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Aug 2020

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Dec 2019

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Dec 2019

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