Shivalik Rasayan Limited

NSE: SHIVALIK · Pesticides & Agrochemicals · sector

₹313.55NSE close 2026-10-26

Key numbers

Market cap₹494 cr

Price₹313.55

52w high / low₹471 / ₹206

P/E36.2xSector median 18.3x

P/B0.8xSector median 1.8x

Book value₹380.4

Dividend yield0.44%Sector median 0.55%

ROE2.4%Sector median 9.3%

ROCE4.5%Sector median 12.4%

OPM12.3%Sector median 10.4%

Debt / equity0.19xSector median 0.34x

EV/EBITDA12.5xSector median 10.8x

Interest cover3.5x

Current ratio2.01x

Sales growth 3y+16.2%Sector median +1.7%

Profit growth 3y-25.9%Sector median +2.3%

PEG–

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Pesticides & Agrochemicals (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹34 cr vs borrowings ₹114 cr (FY26): borrowings are higher by ₹79 cr.
Borrowings rose in each of the last 3 years (₹58 cr → ₹114 cr).
Operating profit covered interest 3.5x in the last 12 months.
Promoter holding fell by 0.83 percentage points in a year, to 46.54% (2026-09-30).
Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
Revenue was higher than a year earlier in 3 of the last 4 quarters.
Other income was 33% of net profit in the last 12 months.
Dividend paid in 4 of the last 5 financial years.
Price ₹313.55 on 2026-10-26: -33.4% from the 52-week high, +51.9% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹826.75 · low ₹209.50

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	82	85	69	89	94	82	103	96
EBITDA	12	13	6	11	12	10	12	11
OPM %	14.3%	15.6%	8.3%	12.3%	12.8%	12.6%	12.1%	11.6%
Other income	0	2	6	1	0	1	2	1
Net profit	4	7	4	2	3	3	5	3
EPS (₹)	2.58	3.39	2.62	1.02	1.93	1.71	2.87	2.16
Revenue YoY					+13.8%	-3.8%	+48.2%	+7.9%
Profit YoY					-23.9%	-61.1%	+9.7%	+112.5%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	215	234	273	312	368	375
EBITDA	47	43	39	40	46	46
Net profit	34	30	16	17	12	14
EPS (₹)	18.12	15.02	10.75	10.60	7.71	8.67
Revenue growth		+9.2%	+16.4%	+14.2%	+18.0%	+14.9%
Profit growth		-12.9%	-45.2%	+2.0%	-27.3%	-18.0%
Dividend / share (₹)	–	0.50	0.50	0.50	0.50

Compounded growth	3 years	5 years	Last 12 months
Sales	+16.2%	–	+14.9%
Net profit	-25.9%	–	-18.0%
EPS	-19.9%	–	–
Share price	–	-24.6% (2y)	-25.6%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	360	508	536	599
Borrowings	–	58	76	94	114
Cash & equivalents	–	31	38	28	34
Total assets	–	578	692	734	819
Fixed assets	–	217	213	336	334
Capital work in progress	–	57	117	–	–
Investments	–	0	0	0	0
Receivables	–	85	87	96	115
Inventory	–	75	102	118	147
Payables	–	66	52	66	80

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	10	-19	-6	-8	-34
Cash from investing	-23	-71	-86	-13	-21
Cash from financing	79	50	99	10	62
Capex	25	63	79	21	23
Free cash flow	-15	-82	-86	-28	-57

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	8.3%	3.2%	3.1%	2.0%
ROCE %	–	8.6%	5.3%	5.2%	4.4%
Debtor days	–	132	116	113	114
Inventory days	–	239	266	268	285
Payable days	–	209	136	151	155
Cash conversion cycle (days)	–	162	246	230	244
Working capital days	–	184	181	163	190

Shareholding

Holder	% (2026-09-30)
Promoters	46.54%
FIIs	0.72%
DIIs	0.01%
Public (non-institutions)	52.73%

Quarter	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026	Sep 2026
Promoters %	47.37%	47.37%	47.37%	47.37%	47.37%	47.37%	46.54%	46.54%

Promoter group	%
Growel Remedies Limited	46.54%

Public holders above 1%	%
Ginnerup Capital ApS	3.16%
Eric Aarestrup Sorensen	2.09%

15,231 shareholders. Pledged: – of promoter shares.

Peers in Pesticides & Agrochemicals

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
UPL	₹42,056 cr	20.6x	1.2x	6.3%	11.9%	17.8%	-1.1%	1.16%
PIIND	₹30,704 cr	26.3x	2.7x	10.5%	13.3%	25.3%	+1.1%	0.74%
SUMICHEM	₹17,685 cr	30.5x	5.2x	18.4%	23.1%	21.4%	-2.7%	0.33%
BAYERCROP	₹15,009 cr	20.5x	5.1x	25.2%	31.7%	16.0%	+3.4%	3.75%
SHARDACROP	₹5,688 cr	9.1x	1.8x	22.2%	25.8%	19.5%	+9.2%	1.91%
DHANUKA	₹3,709 cr	14.0x	2.2x	17.4%	21.1%	19.2%	+5.9%	0.25%
RALLIS	₹3,664 cr	19.1x	1.7x	9.3%	12.4%	11.9%	-0.8%	1.34%
NACLIND	₹2,650 cr	221.7x	3.9x	2.2%	6.0%	5.8%	-9.2%	–
BHAGCHEM	₹2,512 cr	91.4x	3.6x	4.0%	6.1%	13.0%	+2.2%	0.07%
SHIVALIK	₹494 cr	36.2x	0.8x	2.4%	4.5%	12.3%	+16.2%	0.44%

All 29 companies in Pesticides & Agrochemicals →

Business segments (FY26)

Segment	Revenue	Share	EBIT	Margin
Pharma Formulation	₹198 cr	53.7%	₹16 cr	7.8%
Agrochemicals	₹151 cr	41.1%	₹22 cr	14.6%
Unallacated other operating revenue	₹10 cr	2.7%	₹0 cr	0.0%
Active Pharma Ingredient (API)	₹9 cr	2.5%	₹-6 cr	-71.0%

Dividends & corporate actions

Ex-date	Action	Detail
2026-09-21	Dividend	Dividend - Re 0.50 Per Share
2025-09-19	Dividend	Dividend - Re 0.50 Per Share
2024-09-20	Dividend	Annual General Meeting/Dividend - Re 0.50 Per Share
2023-09-22	Dividend	Annual General Meeting/Dividend - Re 0.50 Per Share
2022-09-21	Dividend	Annual General Meeting/Dividend - Re 0.50 Per Share

Documents

Links go to the original files on the exchange website.

About the company

Manufacturing: Agrochemicals
Manufacturing: Pharma API
Research & Development: R & D


Sector	Commodities
Industry	Pesticides & Agrochemicals
Sub-industry	Pesticides & Agrochemicals
Symbol	SHIVALIK
BSE code	539148
ISIN	INE788J01021
Face value	₹5.0
Incorporated	1979-03-16
Website	www.shivalikrasayan.com
Plants (India / abroad)	3 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.