MarketFriction

Shivalik Rasayan Ltd

NSE SHIVALIK · BSE 539148 · Pesticides & Agrochemicals
₹394.05 -2.33%
NSE close2026-10-01
52 week range206.40 - 471.00
Market cap₹657 Cr.
P/E48.0
Price band 20% Delivery 42.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales67.0570.2371.2374.6382.4485.3169.3989.3193.8482.04102.8296.34
Expenses57.3961.3761.9465.2570.6871.9963.6378.3381.8071.7290.3985.16
Operating Profit9.668.869.299.3811.7613.325.7610.9812.0410.3212.4311.18
OPM %14.41%12.62%13.04%12.57%14.26%15.61%8.30%12.29%12.83%12.58%12.09%11.60%
Other Income0.561.501.490.640.351.605.710.600.391.181.920.97
Interest1.961.582.611.922.452.262.712.622.222.312.462.08
Depreciation3.443.013.113.504.664.842.784.824.735.064.164.41
Profit before tax4.825.775.064.605.007.825.984.145.484.137.735.66
Tax %45.02%24.78%9.09%16.09%11.60%11.38%13.21%31.88%21.35%11.14%7.12%20.49%
Net Profit2.654.344.603.864.436.945.192.824.313.677.184.50
EPS in Rs1.211.972.212.262.583.392.621.021.941.712.882.16
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales110123155171186198215234273312368375
Expenses99105131147157159167191232271321329
Operating Profit101824242938474341414746
OPM %9%15%16%14%16%19%22%19%15%13%13%12%
Other Income113831454844
Interest5643223598119
Depreciation222349111212161918
Profit before tax51120262729373223252123
Tax %33%25%25%20%17%15%7%6%22%12%16%
Net Profit3815212225343018221820
EPS in Rs3.669.8414.399.8810.1712.7717.6814.328.1710.607.878.69
Dividend Payout %0%4%3%5%2%4%3%3%6%5%6%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth13%13%16%15%
Compounded Profit Growth15%-7%-16%-9%
Stock Price CAGR21%-16%-18%-7%
Return on Equity6%4%3%2%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital333477777888
Reserves811745158169172280412500528591
Borrowings0313222201029385876105123
Other Liabilities113652811031421551631011099397
Total Liabilities238194152288328363488578692734819
Fixed Assets72727404152210221218214337335
CWIP000026102035711700
Investments000000000000
Other Assets165366111222175153264303362398484
Total Assets238194152288328363488578692734819
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4128-7-865911-19-8-9-34
Cash from Investing Activity-0-18-4-24-24-102-65-23-71-74-21-21
Cash from Financing Activity13-3521001027850892162
Net Cash Flow4-322169-86-466-407-106
Free Cash Flow3105-22-37-85-6-14-82-76-32-51
CFO/OP161%131%52%-21%-12%41%171%37%-31%-9%-16%-66%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days807792108111114127119132116113114
Inventory Days5647665716534148239266268285
Days Payable126152137103123171152216208136151155
Cash Conversion Cycle-41-113171597951162245229244
Working Capital Days-11-1611731181456595136131127156
ROCE %32%32%28%16%11%11%12%8%6%5%5%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters47.95%47.95%47.95%47.95%47.95%47.37%47.37%47.37%47.37%47.37%47.37%46.54%
FIIs1.18%2.99%2.15%3.28%4.33%4.28%4.36%4.38%3.90%4.20%1.20%0.92%
DIIs0.59%0.88%0.88%0.88%0.88%0.64%0.56%0.48%0.12%0.00%0.02%0.01%
Public50.28%48.17%49.00%47.87%46.81%47.72%47.71%47.76%48.62%48.43%51.43%52.52%
No. of Shareholders9,1499,39810,00110,62711,63312,84113,39914,19914,01313,41314,10414,936

Fundamentals

Market Cap₹ 657 Cr.
Current Price₹ 411
Stock P/E48.0
Book Value₹ 380
ROCE4.76 %
ROE2.18 %
Dividend Yield0.12 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)15%
Compounded Profit Growth (TTM)-9%
Consolidated figures.
Valuation
Market capRs 613 Cr
Enterprise valueRs 702 Cr
P/E (TTM)44.82x
Price to book1.02x
Price to sales1.63x
EV / EBITDA13.91x
EV / EBIT21.88x
EV / sales1.87x
Earnings yield2.23%
Dividend yield0.13%
P/E, 3-year average52.57x
P/B, 3-year average1.40x
P/E, 5-year average51.38x
P/B, 5-year average2.24x
Profitability
Operating margin (excl. other income)12.80%
Operating margin (incl. other income)13.91%
EBITDA margin13.45%
Pre-tax margin6.13%
Net profit margin3.65%
Net margin, latest quarter3.53%
ROE2.18%
ROCE4.76%
ROA1.60%
ROE, 3-year average2.71%
ROCE, 3-year average5.43%
ROA, 3-year average1.98%
ROE, 5-year average5.00%
ROCE, 5-year average8.08%
ROA, 5-year average3.17%
ROIC (approx.)3.90%
Tax rate16.35%
Other income / net worth0.68%
Growth
Sales growth (latest year)18.03%
Profit growth (latest year)-25.75%
Sales CAGR, 3 years16.22%
Sales CAGR, 5 years13.25%
Profit CAGR, 3 years-15.77%
Profit CAGR, 5 years-6.76%
Sales growth QoQ-6.30%
Profit growth QoQ-24.94%
Sales growth YoY (latest quarter)7.87%
Profit growth YoY (latest quarter)112.50%
Per share
EPS (TTM)Rs 8.79
EPS (latest year)Rs 7.97
EPS (latest quarter)Rs 2.19
EPS, 3-year averageRs 8.92
EPS, 5-year averageRs 11.75
Book value per shareRs 385.02
Sales per shareRs 241.02
Cash flow per shareRs -21.82
Free cash flow per shareRs -32.78
Dividend per share (latest year)Rs 0.51
Dividend per share, 3-year averageRs 0.50
Dividend per share, 5-year averageRs 0.50
Dividends
Dividend payout6.37%
Dividend payout, 3-year average5.74%
Dividend payout, 5-year average4.70%
Efficiency
Asset turnover0.45x
Fixed asset turnover1.10x
Inventory turnover1.60x
Inventory days228 days
Debtor days114 days
Debtors turnover3.20x
Creditor days155 days
Cash conversion cycle244 days
Working capital days156 days
Leverage
Total debtRs 123 Cr
Cash and bankRs 34 Cr
Net debtRs 88 Cr
Debt to equity0.20x
Net debt / EBITDA1.75x
Interest coverage3.54x
Current ratio (filing 2026-03-31)2.01x
Quick ratio (filing 2026-03-31)1.24x
Trade payables (filing 2026-03-31)Rs 80 Cr
Owners' fund to total sources73.16%
Debt to assets15.00%
Cash flow
Cash from Operating Activity (latest year)Rs -34 Cr
Cash from Investing Activity (latest year)Rs -21 Cr
Cash from Financing Activity (latest year)Rs 62 Cr
Net Cash Flow (latest year)Rs 6 Cr
Free cash flow (latest year)Rs -51 Cr
FCFE (approx.: FCF + change in debt)Rs -33 Cr
Cash from ops / profit, 5 years-0.48x
Statement figures
Net sales (TTM)Rs 375 Cr
Net sales (latest year)Rs 368 Cr
Sales (latest quarter)Rs 96 Cr
Operating profit excl. other income (latest year)Rs 47 Cr
Operating profit (latest quarter)Rs 11 Cr
Other income (TTM)Rs 4 Cr
EBITDA (TTM)Rs 50 Cr
PBDT (TTM)Rs 41 Cr
Profit before tax (TTM)Rs 23 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 14 Cr
Net profit (latest year)Rs 12 Cr
Net profit (latest quarter)Rs 3 Cr
Depreciation (TTM)Rs 18 Cr
Depreciation (latest quarter)Rs 4 Cr
Interest (TTM)Rs 9 Cr
Cost of goods sold (latest year)Rs 235 Cr
Total expenditure (latest year)Rs 321 Cr
Total income (latest year)Rs 372 Cr
Share capitalRs 8 Cr
ReservesRs 591 Cr
Shareholders' fundsRs 599 Cr
Total assetsRs 819 Cr
Net blockRs 335 Cr
ReceivablesRs 115 Cr
InventoryRs 147 Cr
Other liabilitiesRs 97 Cr
Shares outstanding (crore)1.56
Ownership
Promoter holding46.54% (-0.83 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 44.8 is at the 42th percentile of its own 9.4-year range (median 46.5, low 21.4, high 93.7).
P/B 1.02 is at the 7th percentile (median 3.75).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSHIVALIKNifty 50Difference
1 week-4.1%-2.8% -1.3 pts
1 month+16.6%-6.8% +23.4 pts
3 months+74.1%-7.6% +81.7 pts
6 months+78.9%+0.4% +78.5 pts
1 year-13.7%-9.9% -3.8 pts
2 years-26.3%-13.6% -12.7 pts
3 years-46.7%+14.2% -60.9 pts
5 years-60.6%+27.9% -88.5 pts

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -123% of net profit over the last 3 years
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹96 Cr +7.9% vs Jun 2025. Net profit ₹4 Cr +59.6%.
Against our estimate for Jun 2026: sales -11.7%, profit -9.0% in line. Our estimate for Sep 2026: sales Rs 120 Cr, profit Rs 6 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-21Dividend - Re 0.50 Per Share
2025-09-19Dividend - Re 0.50 Per Share
2024-09-20Annual General Meeting/Dividend - Re 0.50 Per Share
2023-09-22Annual General Meeting/Dividend - Re 0.50 Per Share
2022-09-21Annual General Meeting/Dividend - Re 0.50 Per Share
DateTypeWhat it says
2026-09-29Shareholder meetingVoting results.
2026-09-29General UpdatesGeneral Updates
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-09-14Board meeting outcomeOutcome of Board Meeting held on September 14, 2026.
2026-09-03Shareholder meetingNotice of Annual General Meeting to be held on September 28, 2026
2026-08-24Trading Plan under PITTrading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-08-22Shareholder meetingRevised Voting Results & Scrutinizers Report for the Extra-Ordinary General Meeting held on 20.08.2026
2026-08-22Shareholder meetingVoting results.
2026-08-21Shareholder meetingProceedings of Extraordinary General Meeting held on August 20, 2026
2026-08-14General UpdatesSubmission of BRSR report
2026-08-14Record DateRecord date for the purpose of Dividend is 21-Sep-2026.
2026-08-14Board meeting outcomeShivalik Rasayan Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05Trading Plan under PITTrading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-07-30Reply to Clarification- FinaThe Exchange had sought clarification from Shivalik Rasayan Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listi...
2026-07-28Trading Plan under PITTrading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-07-27Shareholder meetingNotice of Extraordinary General Meeting to be held on August 20, 2026
2026-07-23Board meeting outcomeOutcome of Board Meeting held on July 23, 2026.
2026-07-23Board meeting outcomeOutcome of Board Meeting held on July 23, 2026.
2026-06-23Clarification - Financial ReThe Exchange has sought clarification from Shivalik Rasayan Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listi...
2026-06-15Disclosure under SEBI TakeovShivalik Rasayan Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
2026-06-04Trading Plan under PITTrading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-05-27Board meeting outcomeWe wish to inform you that the Board of Directors of the Company at its meeting held today approved the Audited Financial Results (Standalone and Cons...
2026-02-13Board meeting outcomeShivalik Rasayan Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-02-13Board meeting outcomeBoard meeting held on February 13, 2026.
2025-12-22Trading Plan under PITTrading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Close to Close price movement greater than 50perc in previous 3 monthsHigh low price variation greater than 100perc in previous 6 monthsHigh low price variation greater than 75perc in previous 3 months

Quick answers

What is the market cap of Shivalik Rasayan Ltd?

Shivalik Rasayan Ltd (SHIVALIK) has a market capitalisation of Rs 657 Cr. at the 2026-10-01 close.

What is the P/E ratio of Shivalik Rasayan Ltd?

Shivalik Rasayan Ltd trades at a P/E of 48.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Shivalik Rasayan Ltd's latest quarterly results?

In the Jun 2026 quarter, Shivalik Rasayan Ltd sales was Rs 96 Cr (+7.9% vs Jun 2025) and net profit was Rs 4 Cr.

What is the 52-week high and low of Shivalik Rasayan Ltd?

The 52-week high is Rs 471.00 and the 52-week low is Rs 206.40.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03