SHIVALIKCommodities

Shivalik Rasayan Limited

Pesticides & Agrochemicals · ISIN INE788J01021 · BSE 539148 · NSE EQ · FV ₹5
Last price
₹369
-5.10%today
What this company does

Shivalik Rasayan Limited operates in Pesticides & Agrochemicals, part of the Commodities sector. It booked ₹96 cr of revenue in its latest quarter (Q1 FY27) and kept 3.5% of sales as profit.

In the report:
43out of 100
Equitytale Health Score
Strained

Healthier than 43% of companies in Commodities, on all six measures of filed financials. Each measure is ranked against the 43–173 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
64

At close. Not part of the score.

Profitability & returns23

How much profit it earns on the money it employs

Balance sheet52

How much it owes, and whether earnings cover the interest

Cash quality2

Whether reported profit actually arrives as cash

Growth & consistency66

Whether sales and profit have grown, and how steadily

Valuation43

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 8% vs last year
Profit up 113% vs last year
Promoters hold 47%
No promoter shares pledged
Watch-outs
! Thin 3.5% net margin
! Low 2.3% return on equity
! Operating cash flow is negative

What if I invest in SHIVALIK?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹369 -5.10%
latest close · 2026-09-17
52-wk low ₹223181 sessions so far52-wk high ₹1,195
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio42.7High
LowAverageHigh
P/B ratio0.97Below book
Below bookModerateHigh
EV / EBITDA13.6Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity2.3%Weak
WeakFairStrong ▸15%
Return on capital4.9%Weak
WeakFairStrong
Net margin3.5%Thin
ThinDecentStrong
EBITDA margin12.6%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.19Comfortable
LowModerateHigh ▸1
Interest cover3.7×Okay
RiskyOkayStrong ▸5×
Current ratio2.01Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹582 cr
Book value
₹380
EPS
₹2.16
latest quarter
Net debt
₹79 cr
owes more than its cash
Enterprise value
₹661 cr
EBITDA
₹49 cr
annualised
EBIT
₹31 cr
annualised
Operating margin
8.0%
Return on assets
1.7%
Earnings yield
2.34%
P/S
1.51
Sales / share
₹244.7
Tax rate
20.5%
Face value
₹5
Shares
1.6 cr
Working capital
₹192 cr
Current assets
₹382 cr
Current liabilities
₹190 cr
Delivery %
51.9%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹247 vs market price ₹369 — price is 49% above it
Safety cushion-49.3%(target ≥ +20%)
Models span ₹193₹301, midpoint ₹247
Model ₹247
Price ₹369
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹96 cr
Other Income₹96.5 L
Total Income₹97 cr
Cost of Materials₹53 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-4 cr
Employee Benefit Expense₹15 cr
Finance Costs₹2 cr
Depreciation & Amortisation₹4 cr
Other Expenses₹21 cr
Total Expenses₹92 cr
Profit before Tax₹6 cr
Tax Expense₹1 cr
Net Profit₹5 cr
Net margin on total income4.6%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹49 cr50.4%
Employee benefit expense₹15 cr15.6%
Finance costs₹2 cr2.1%
Depreciation & amortisation₹4 cr4.5%
Other expenses₹21 cr21.5%
Tax expense₹1 cr1.2%
Profit for the period₹5 cr4.6%
Total income ₹97 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue82 cr103 cr96 cr
Total income83 cr105 cr97 cr
Expenses79 cr97 cr92 cr
Profit before tax4 cr8 cr6 cr
Tax45.7 L55.3 L1 cr
Net profit (owners' share)3 cr5 cr3 cr
Net margin (owners' share, on revenue)3.3%4.4%3.5%
EPS (₹)1.712.872.16
YoY (latest quarter): total income +8.2% · net profit +112.6%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹819 cr
Shareholder equity
₹599 cr
parent shareholders
Total debt
₹114 cr
Cash
₹34 cr
Cash flow · H1 FY26
Operating
₹-17 cr
Investing
₹-16 cr
Financing
₹51 cr
Peer comparison
Pesticides & Agrochemicals · by market value
CompanyPriceMarket capP/E
UPL Limited₹555₹3.37 L cr1,155.7
PI Industries Limited₹2,307₹35,066 cr35.8
Sumitomo Chemical India Limited₹455₹22,734 cr26.5
Sharda Cropchem Limited₹742₹6,692 cr19.0
Dhanuka Agritech Limited₹982₹4,428 cr14.7
Rallis India Limited₹204₹3,971 cr
NACL Industries Limited₹149₹3,488 cr41.8
Bhagiradha Chemicals & Industries Limited₹248₹3,215 cr60.2
GSP Crop Science Limited₹484₹2,252 cr21.3
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.14%
trailing 12 months
Dividend / share (TTM)
₹0.5
Last dividend
₹0.5
ex 19 Sep 2025
ActionDetailEx-date
Dividend₹0.5 / share19 Sep 2025
Dividend₹0.5 / share20 Sep 2024
Dividend₹0.5 / share22 Sep 2023
Dividend₹0.5 / share21 Sep 2022
Dividend₹0.5 / share17 Sep 2021
Dividend₹0.25 / share18 Sep 2020
Who owns it · 2026-06-30
No pledge
Promoter
47.4%
FII / Foreign
1.2%
DII / Domestic
0.0%
Retail / others
51.4%
Promoter stake down 0.6% over the last 12 quarters.
Smart-money activity
Insider trades
SoldSanjay Bansal · Connected Person25,000 · ₹68.3 L21 Aug 26
SoldSanjay Bansal · Connected Person50,000 · ₹1.2 cr3 Aug 26
SoldSanjay Bansal · Connected Person60,000 · ₹1.5 cr24 Jul 26
Bulk / block deals
BoughtRITESH KANTILAL OSWAL · NSE1.31 L @ ₹763.014 Dec 24
BoughtAAKRAYA RESEARCH LLP · NSE78,575 @ ₹781.594 Dec 24
SoldAAKRAYA RESEARCH LLP · NSE78,575 @ ₹781.644 Dec 24
Stake changes
BoughtGinnerup Capital ApS→ 5.18% · 2.87 L29 Sep 23
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Special shareholder meeting · 20 Aug 2026
See the official result
1
Issuance of up to 3,72,000 Equity Shares to the persons/entities belonging to the “Public” category on Preferential basis.
Backed by 100% of shareholders other than promotersneeded 75%
13.85 L votes for, 93 against
2
Issuance of up to 9,48,000 Fully Convertible Warrants (“Warrants”) to the persons/entities belonging to the “Promoter and Promoter Group” and “Public” Category on a Preferential basis.
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 75%
13.85 L votes for, 28 against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 1 named members
owning 47.4% between them · as of 2026-06-30
Growel Remedies Limited47.37%
Business done with them
FY2025 · 1 of the group
The company paid ₹14.2 L to companies in the promoter group last year — about 0.1% of its ₹312 cr revenue.
Growel Remedies Limited
Other payments to them · Rent Paid and Capital Asset Purchase
also owns 47.37% of the company
₹14.2 L
company paid

The company also transacted with 4 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹10 cr raised in Mar 2025 by pursuant to conversion of warrants into equity shares

As of Jun 2025, the company says it has spent 100% of what it set aside.

The Company intends to utilize the proceeds raised through the issue (“Issue Proceeds”) towards the following objects: 1. For creating a separate facility in its existing Active Pharmaceutical Ingredient (API) plant at Plot No. D-2/CH/41/A, GIDC Industrial Estate, Dahej-II, Pin-392140, Distt. Bharuch (Gujarat) to manufacture Diabetology and Cardiovascular API’s for Domestic Market. 2. For Working capital requirements of the Company. 3. For General Corporate Purpose
100%
₹10 cr of ₹10 cr
Spent by quarter: 0%100% (to Jun 2025)
₹60 cr raised in Sep 2023 by selling shares to selected investors

As of Mar 2025, the company says it has spent 100% of what it set aside.

The Company intends to utilize the proceeds raised through the issue (“Issue Proceeds”) towards the following objects: 1. For creating a separate facility in its existing Active Pharmaceutical Ingredient (API) plant at Plot No. D-2/CH/41/A, GIDC Industrial Estate, Dahej-II, Pin-392140, Distt. Bharuch (Gujarat) to manufacture Diabetology and Cardiovascular API’s for Domestic Market. 2. For Working capital requirements of the Company. 3. For General Corporate Purpose
100%
₹50 cr of ₹50 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.