SHIVALIK
Shivalik Rasayan Limited
Pesticides and agrochemical formulations manufacturer
Commodities›Chemicals›Fertilizers & Agrochemicals›Pesticides & Agrochemicals
shivalikrasayan.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹341.80
Market cap
538 Cr
Stock P/E
39.4
P/B
0.90
Dividend yield
0.4%
ROE (FY26)
2.0%
ROCE (FY26)
4.4%
Operating margin (FY26)
7.3%
Debt / equity (FY26)
0.19
OCF / EBITDA (FY26)
-74.2%
OCF / EBITDA (3Y)
-38.3%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Shivalik Rasayan makes agrochemicals, with its consolidated group also making active pharmaceutical ingredients (API) and finished pharma formulations.
Company snapshot
21stBy market cap
Ranked among 23 companies in Pesticides & Agrochemicals.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 52.9% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Active Pharma Ingredients (API) | 2.7% | 2 Cr | -2 Cr | 112 Cr |
| Agrochemicals | 44.4% | 38 Cr | 7 Cr | 307 Cr |
| Pharma Formulation | 52.9% | 45 Cr | 5 Cr | 292 Cr |
What we see
Positives
- ✓Debt-to-equity of 0.19x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 67 Cr | 70 Cr | 71 Cr | 75 Cr | 82 Cr | 85 Cr | 69 Cr | 89 Cr | 94 Cr | 82 Cr | 103 Cr | 96 Cr |
| Operating expenses (approx.) | 57 Cr | 61 Cr | 62 Cr | 65 Cr | 71 Cr | 72 Cr | 64 Cr | 78 Cr | 82 Cr | 72 Cr | 90 Cr | 85 Cr |
| EBITDA | 10 Cr | 9 Cr | 9 Cr | 9 Cr | 12 Cr | 13 Cr | 6 Cr | 11 Cr | 12 Cr | 10 Cr | 12 Cr | 11 Cr |
| OPM % | 14.4% | 12.6% | 13.0% | 12.6% | 14.3% | 15.6% | 8.3% | 12.3% | 12.8% | 12.6% | 12.1% | 11.6% |
| Other income | 0.56 Cr | 2 Cr | 1 Cr | 0.64 Cr | 0.35 Cr | 2 Cr | 6 Cr | 0.60 Cr | 0.39 Cr | 1 Cr | 2 Cr | 0.97 Cr |
| Interest | 2 Cr | 2 Cr | 3 Cr | 2 Cr | 2 Cr | 2 Cr | 3 Cr | 3 Cr | 2 Cr | 2 Cr | 2 Cr | 2 Cr |
| Depreciation | 3 Cr | 3 Cr | 3 Cr | 3 Cr | 5 Cr | 5 Cr | 3 Cr | 5 Cr | 5 Cr | 5 Cr | 4 Cr | 4 Cr |
| Profit before tax | 5 Cr | 6 Cr | 5 Cr | 5 Cr | 5 Cr | 8 Cr | 6 Cr | 4 Cr | 5 Cr | 4 Cr | 8 Cr | 6 Cr |
| Tax % | 45.0% | 24.8% | 9.0% | 16.0% | 11.6% | 11.3% | 13.1% | 32.0% | 21.4% | 11.1% | 7.2% | 20.5% |
| Net profit | 3 Cr | 4 Cr | 5 Cr | 4 Cr | 4 Cr | 7 Cr | 5 Cr | 3 Cr | 4 Cr | 4 Cr | 7 Cr | 5 Cr |
| EPS (₹) | ₹1.26 | ₹2.03 | ₹2.26 | ₹2.27 | ₹2.58 | ₹3.39 | ₹2.62 | ₹1.02 | ₹1.93 | ₹1.71 | ₹2.87 | ₹2.16 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | — | 155 Cr | 171 Cr | 186 Cr | 198 Cr | 215 Cr | 234 Cr | 273 Cr | 312 Cr | 368 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | — | 131 Cr | 147 Cr | 158 Cr | 160 Cr | 168 Cr | 192 Cr | 234 Cr | 272 Cr | 322 Cr | Sign in free for the trailing twelve months |
| EBITDA | — | 24 Cr | 23 Cr | 29 Cr | 38 Cr | 47 Cr | 43 Cr | 39 Cr | 40 Cr | 46 Cr | Sign in free for the trailing twelve months |
| OPM % | — | 15.3% | 13.6% | 15.3% | 19.2% | 21.8% | 18.3% | 14.4% | 12.9% | 12.4% | Sign in free for the trailing twelve months |
| Other income | — | 3 Cr | 8 Cr | 3 Cr | 1 Cr | 4 Cr | 5 Cr | 4 Cr | 8 Cr | 4 Cr | Sign in free for the trailing twelve months |
| Interest | — | 4 Cr | 2 Cr | 1 Cr | 2 Cr | 2 Cr | 4 Cr | 8 Cr | 9 Cr | 10 Cr | Sign in free for the trailing twelve months |
| Depreciation | — | 2 Cr | 3 Cr | 4 Cr | 9 Cr | 11 Cr | 12 Cr | 12 Cr | 16 Cr | 19 Cr | Sign in free for the trailing twelve months |
| Profit before tax | — | 20 Cr | 26 Cr | 27 Cr | 29 Cr | 37 Cr | 32 Cr | 23 Cr | 23 Cr | 21 Cr | Sign in free for the trailing twelve months |
| Tax % | — | 24.8% | 20.0% | 17.4% | 14.3% | 7.3% | 5.8% | 21.9% | 12.8% | 16.3% | Sign in free for the trailing twelve months |
| Net profit | — | 15 Cr | 21 Cr | 22 Cr | 25 Cr | 34 Cr | 30 Cr | 18 Cr | 20 Cr | 18 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | — | ₹24.06 | ₹11.83 | ₹10.16 | ₹12.88 | ₹18.12 | ₹15.02 | ₹10.75 | ₹10.60 | ₹7.71 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | 2.0% | 2.4% | 11.1% | 10.0% | 11.9% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 Cr | 4 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 7 Cr | 8 Cr | 8 Cr | 8 Cr |
| Reserves | 7 Cr | 43 Cr | 158 Cr | 169 Cr | 172 Cr | 280 Cr | 353 Cr | 500 Cr | 528 Cr | 591 Cr |
| Borrowings | 26 Cr | 21 Cr | 19 Cr | 10 Cr | 29 Cr | 40 Cr | 58 Cr | 76 Cr | 94 Cr | 114 Cr |
| Other liabilities | 42 Cr | 37 Cr | 50 Cr | 68 Cr | 75 Cr | 84 Cr | 101 Cr | 109 Cr | 104 Cr | 106 Cr |
| Total liabilities | 94 Cr | 151 Cr | 288 Cr | 328 Cr | 363 Cr | 488 Cr | 578 Cr | 692 Cr | 734 Cr | 819 Cr |
| Fixed assets (net) | 27 Cr | 40 Cr | 40 Cr | 51 Cr | 210 Cr | 220 Cr | 217 Cr | 213 Cr | 336 Cr | 334 Cr |
| CWIP | 0.45 Cr | 0.28 Cr | 26 Cr | 102 Cr | 0 Cr | 3 Cr | 57 Cr | 117 Cr | — | — |
| Investments | 0.07 Cr | 0.07 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Loans & advances | — | — | 21 Cr | 37 Cr | 10 Cr | 18 Cr | 18 Cr | 5 Cr | 5 Cr | 4 Cr |
| Inventories | 15 Cr | 17 Cr | 21 Cr | 20 Cr | 10 Cr | 38 Cr | 75 Cr | 102 Cr | 118 Cr | 147 Cr |
| Trade receivables | 31 Cr | 46 Cr | 52 Cr | 58 Cr | 69 Cr | 70 Cr | 85 Cr | 87 Cr | 96 Cr | 115 Cr |
| Cash & bank | 5 Cr | 26 Cr | 95 Cr | 9 Cr | 5 Cr | 71 Cr | 31 Cr | 38 Cr | 28 Cr | 34 Cr |
| Other assets | 15 Cr | 21 Cr | 33 Cr | 51 Cr | 60 Cr | 68 Cr | 95 Cr | 131 Cr | 152 Cr | 185 Cr |
| Total assets | 94 Cr | 151 Cr | 288 Cr | 328 Cr | 363 Cr | 488 Cr | 578 Cr | 692 Cr | 734 Cr | 819 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 8 Cr | -7 Cr | -8 Cr | 6 Cr | 59 Cr | 10 Cr | -19 Cr | -6 Cr | -8 Cr | -34 Cr |
| Cash from investing | -4 Cr | -24 Cr | -24 Cr | -102 Cr | -79 Cr | -23 Cr | -71 Cr | -86 Cr | -13 Cr | -21 Cr |
| Cash from financing | -3 Cr | 52 Cr | 100 Cr | 10 Cr | 16 Cr | 79 Cr | 50 Cr | 99 Cr | 10 Cr | 62 Cr |
| Net cash flow | 2 Cr | 21 Cr | 69 Cr | -86 Cr | -4 Cr | 66 Cr | -40 Cr | 7 Cr | -10 Cr | 6 Cr |
| Free cash flow (OCF − Capex) | 5 Cr | -22 Cr | -37 Cr | -85 Cr | -6 Cr | -15 Cr | -82 Cr | -86 Cr | -28 Cr | -57 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | — | 21.0% | 11.8% | 10.8% | 10.6% | 9.8% | 7.5% | 5.3% | 5.2% | 4.4% |
| ROE % | — | 9.8% | 9.5% | 8.8% | 9.6% | 9.4% | 7.1% | 3.2% | 3.1% | 2.0% |
| Debtor days | — | 108 | 111 | 114 | 127 | 119 | 132 | 116 | 112 | 114 |
| Inventory days | — | 64 | 72 | 63 | 34 | 136 | 206 | 238 | 247 | 271 |
| Days payable | — | 101 | 126 | 168 | 153 | 201 | 180 | 122 | 139 | 148 |
| Cash conversion cycle | — | 71 | 57 | 9 | 8 | 54 | 158 | 232 | 220 | 238 |
| OCF / EBITDA % | — | -29.5% | -33.1% | 20.0% | 154.9% | 21.2% | -44.1% | -16.2% | -18.8% | -74.2% |
| OCF / EBITDA % (3 years) | — | — | — | -11.9% | 63.3% | 65.7% | 39.0% | -12.0% | -26.9% | -38.3% |
| Debt / equity | 2.38 | 0.44 | 0.11 | 0.06 | 0.16 | 0.14 | 0.16 | 0.15 | 0.18 | 0.19 |
| Current ratio | 1.16 | 2.16 | 3.44 | 2.11 | 1.44 | 2.14 | 1.82 | 1.86 | 1.78 | 2.01 |
| Net debt / EBITDA | — | -0.23 | -3.27 | 0.04 | 0.63 | -0.66 | 0.63 | 0.98 | 1.64 | 1.73 |