Shivalik Rasayan Ltd

₹ 550 0.05%

06 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

Market Cap ₹ 867 Cr.
Current Price ₹ 550
High / Low ₹ 879 / 500
Stock P/E 51.9
Book Value ₹ 340
Dividend Yield 0.09 %
ROCE 5.40 %
ROE 3.20 %
Face Value ₹ 5.00

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Pros

Cons

Promoter holding has decreased over last quarter: -0.58%
The company has delivered a poor sales growth of 10.8% over past five years.
Tax rate seems low
Company has a low return on equity of 3.75% over last 3 years.
Dividend payout has been low at 4.77% 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	48.14	57.83	56.33	57.36	62.93	64.47	67.05	70.23	71.23	74.63	82.44	85.31	69.39
	37.84	45.99	45.32	47.38	52.81	53.10	57.39	61.37	61.94	65.25	70.68	71.99	63.63
Operating Profit	10.30	11.84	11.01	9.98	10.12	11.37	9.66	8.86	9.29	9.38	11.76	13.32	5.76
OPM %	21.40%	20.47%	19.55%	17.40%	16.08%	17.64%	14.41%	12.62%	13.04%	12.57%	14.26%	15.61%	8.30%
	1.85	1.45	0.85	1.46	0.90	0.42	0.56	1.50	1.49	0.64	0.35	1.60	5.71
Interest	0.89	1.03	0.88	1.07	1.36	1.47	1.96	1.58	2.61	1.92	2.45	2.26	2.71
Depreciation	2.85	3.01	2.83	2.95	2.81	2.81	3.44	3.01	3.11	3.50	4.66	4.84	2.78
Profit before tax	8.41	9.25	8.15	7.42	6.85	7.51	4.82	5.77	5.06	4.60	5.00	7.82	5.98
Tax %	3.09%	8.54%	6.26%	10.24%	-3.21%	13.72%	45.02%	24.78%	9.09%	16.09%	11.60%	11.38%	13.21%
	8.14	8.46	7.65	6.65	7.08	6.48	2.65	4.34	4.60	3.86	4.43	6.94	5.19
EPS in Rs	4.51	4.40	3.82	3.27	2.28	2.80	1.21	1.97	2.21	2.26	2.58	3.39	2.62
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	41	110	123	155	171	186	198	215	234	273	312
	38	99	105	131	147	157	159	167	191	232	272
Operating Profit	3	10	18	24	24	29	38	47	43	41	40
OPM %	7%	9%	15%	16%	14%	16%	19%	22%	19%	15%	13%
	0	1	1	3	8	3	1	4	5	4	8
Interest	0	5	6	4	3	2	2	3	5	9	9
Depreciation	0	2	2	2	3	4	9	11	12	12	16
Profit before tax	3	5	11	20	26	27	29	37	32	23	23
Tax %	33%	33%	25%	25%	20%	17%	15%	7%	6%	22%	13%
	2	3	8	15	21	22	25	34	30	18	20
EPS in Rs	2.10	3.66	9.84	14.39	9.88	10.17	12.77	17.68	14.32	8.17	10.60
Dividend Payout %	0%	0%	4%	3%	5%	2%	4%	3%	3%	6%	5%

Compounded Sales Growth
10 Years:	22%
5 Years:	11%
3 Years:	13%
TTM:	14%

Compounded Profit Growth
10 Years:	25%
5 Years:	4%
3 Years:	-13%
TTM:	31%

Stock Price CAGR
10 Years:	%
5 Years:	17%
3 Years:	-11%
1 Year:	-7%

Return on Equity
10 Years:	7%
5 Years:	5%
3 Years:	4%
Last Year:	3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	4	7	7	7	7	7	8	8
Reserves	8	11	7	45	158	169	172	280	412	500	528
	0	31	32	22	20	10	29	38	58	76	94
	11	36	52	81	103	142	155	163	101	109	104
Total Liabilities	23	81	94	152	288	328	363	488	578	692	734
	7	27	27	40	41	52	210	221	218	214	336
CWIP	0	0	0	0	26	102	0	3	57	117	0
Investments	0	0	0	0	0	0	0	0	0	0	0
	16	53	66	111	222	175	153	264	303	362	398
Total Assets	23	81	94	152	288	328	363	488	578	692	734

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	4	12	8	-7	-8	6	59	11	-19	-8	-8
	-0	-18	-4	-24	-24	-102	-65	-23	-71	-74	-13
	1	3	-3	52	100	10	2	78	50	89	10
Net Cash Flow	4	-3	2	21	69	-86	-4	66	-40	7	-10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	80	77	92	108	111	114	127	119	132	116	113
Inventory Days	5	64	76	65	71	65	34	148	239	266	268
Days Payable	126	152	137	103	123	171	152	216	208	136	151
Cash Conversion Cycle	-41	-11	31	71	59	7	9	51	162	245	230
Working Capital Days	-11	36	52	107	147	160	98	146	206	200	221
ROCE %		32%	32%	28%	16%	11%	11%	12%	8%	6%	5%

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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Dec 2019

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