Shivalik Rasayan Ltd

₹ 238 -0.67%

05 Jun - 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 - BE

Market Cap ₹ 375 Cr.
Current Price ₹ 238
High / Low ₹ 653 / 207
Stock P/E 46.0
Book Value ₹ 257
Dividend Yield 0.21 %
ROCE 3.32 %
ROE 2.04 %
Face Value ₹ 5.00

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Pros

Stock is trading at 0.93 times its book value

Cons

Tax rate seems low
Company has a low return on equity of 2.74% over last 3 years.
Dividend payout has been low at 4.90% 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 Commodities

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	24.26	22.52	23.51	23.73	23.92	31.58	37.70	40.16	39.78	46.26	46.67	35.13	42.17
	20.63	18.10	18.49	19.76	20.39	25.65	31.25	33.55	32.41	39.90	39.79	29.18	35.19
Operating Profit	3.63	4.42	5.02	3.97	3.53	5.93	6.45	6.61	7.37	6.36	6.88	5.95	6.98
OPM %	14.96%	19.63%	21.35%	16.73%	14.76%	18.78%	17.11%	16.46%	18.53%	13.75%	14.74%	16.94%	16.55%
	0.55	0.04	0.01	0.67	0.93	0.05	0.06	1.46	0.48	0.13	0.02	0.64	0.18
Interest	0.50	0.52	1.06	0.93	0.72	1.21	1.41	1.50	2.06	1.46	1.23	1.34	2.07
Depreciation	1.19	1.12	1.62	1.21	1.34	1.72	2.05	2.63	2.30	3.01	2.87	3.24	2.43
Profit before tax	2.49	2.82	2.35	2.50	2.40	3.05	3.05	3.94	3.49	2.02	2.80	2.01	2.66
Tax %	-32.53%	10.28%	50.21%	7.60%	-6.67%	-0.66%	-13.11%	-1.78%	4.58%	39.11%	21.43%	-1.00%	-2.26%
	3.31	2.53	1.17	2.31	2.56	3.07	3.46	4.02	3.33	1.22	2.19	2.03	2.73
EPS in Rs	2.28	1.70	0.75	1.48	1.65	1.97	2.22	2.58	2.11	0.77	1.39	1.29	1.73
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	41	43	41	44	48	61	85	99	94	94	149	170
	38	38	34	36	42	51	66	76	74	77	123	144
Operating Profit	3	5	7	7	6	9	19	23	19	17	26	26
OPM %	7%	11%	17%	17%	13%	16%	22%	23%	20%	18%	18%	15%
	0	1	1	1	4	1	0	2	2	2	2	1
Interest	0	1	2	1	1	1	1	1	1	3	6	6
Depreciation	0	0	0	0	1	1	6	5	5	5	9	12
Profit before tax	3	4	5	6	9	9	13	19	15	10	14	9
Tax %	33%	33%	33%	19%	-3%	-0%	-1%	-3%	-3%	15%	-3%	14%
	2	3	3	5	9	9	13	19	15	9	14	8
EPS in Rs	2.10	3.10	3.84	4.84	6.47	6.35	9.20	13.36	10.42	5.55	8.81	5.19
Dividend Payout %	0%	0%	10%	8%	8%	4%	5%	4%	5%	9%	6%	0%

Compounded Sales Growth
10 Years:	15%
5 Years:	15%
3 Years:	22%
TTM:	14%

Compounded Profit Growth
10 Years:	12%
5 Years:	-8%
3 Years:	-19%
TTM:	-41%

Stock Price CAGR
10 Years:	22%
5 Years:	-21%
3 Years:	-32%
1 Year:	-57%

Return on Equity
10 Years:	5%
5 Years:	4%
3 Years:	3%
Last Year:	2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	3	3	3	4	7	7	7	7	7	8	8	8
Reserves	8	10	14	42	153	161	173	266	284	366	390	397
	0	11	14	8	9	0	11	15	40	55	71	66
	11	12	7	7	10	18	31	29	34	42	43	57
Total Liabilities	23	37	38	61	178	186	223	318	365	471	512	528
	7	8	8	15	16	18	120	128	126	122	250	250
CWIP	0	0	0	0	11	61	0	3	57	117	0	0
Investments	0	16	18	27	27	39	53	55	65	73	74	81
	16	13	12	19	124	68	49	131	117	159	188	197
Total Assets	23	37	38	61	178	186	223	318	365	471	512	528

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4	6	4	-2	-12	-7	46	7	-13	-1	-1	-1
	-0	-17	-2	-16	-9	-65	-61	-16	-65	-69	-20	-18
	1	7	-2	19	104	-9	10	76	21	83	22	-2
Net Cash Flow	4	-4	1	2	83	-81	-5	66	-57	13	1	-21
Free Cash Flow	3	5	4	-8	-25	-60	-1	-9	-69	-63	-22	-13
CFO/OP	135%	128%	87%	-0%	-178%	-56%	258%	43%	-53%	-1%	1%	-2%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	80	61	47	64	66	49	70	25	76	123	67	71
Inventory Days	5	14	22	36	82	33	45	97	256	328	268	324
Days Payable	126	139	76	66	92	166	119	108	154	102	114	168
Cash Conversion Cycle	-41	-64	-8	34	56	-83	-4	14	178	348	220	227
Working Capital Days	-11	-47	-37	38	154	202	4	58	129	163	70	114
ROCE %	29%	28%	25%	18%	9%	6%	7%	8%	5%	4%	4%	3%

Insights

In beta

Mar 2015

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Installed Capacity - Agrochemicals (Dehradun)
MT PA

x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
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Installed Production Capacity (Total)
MT PA

Total Employees/Workforce
Number

Number of manufacturing sites
Number

Production Volume - Dimethoate Technical
MT

Installed Capacity - Agrochemicals & Intermediates (Dahej-III)
MT PA

Number of validated/developed APIs
Number

Agrochemical Products Pending CIB&RC Clearance
Number

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	50.05%	47.95%	47.95%	47.95%	47.95%	47.95%	47.95%	47.37%	47.37%	47.37%	47.37%	47.37%
	0.35%	0.66%	1.18%	2.99%	2.15%	3.28%	4.33%	4.28%	4.36%	4.38%	3.90%	4.20%
	0.00%	0.24%	0.59%	0.88%	0.88%	0.88%	0.88%	0.64%	0.56%	0.48%	0.12%	0.00%
	49.60%	51.14%	50.28%	48.17%	49.00%	47.87%	46.81%	47.72%	47.71%	47.76%	48.62%	48.43%
No. of Shareholders	8,556	9,190	9,149	9,398	10,001	10,627	11,633	12,841	13,399	14,199	14,013	13,413

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	71.20%	62.62%	52.50%	52.92%	52.92%	50.32%	50.32%	47.95%	47.37%	47.37%
	0.00%	0.00%	0.04%	0.00%	0.00%	0.06%	0.01%	2.99%	4.28%	4.20%
	1.84%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%	0.64%	0.00%
	26.96%	36.97%	47.46%	47.08%	47.08%	49.62%	49.67%	48.17%	47.72%	48.43%
No. of Shareholders	1,419	2,227	3,038	3,350	5,549	7,792	8,460	9,398	12,841	13,413

* 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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