Shivalik Rasayan financials and balance sheet

NSE: SHIVALIKBSE: 539148Fertilizers & AgrochemicalsSmall Cap

₹306.50₹12.00 (3.77%)BSE ₹305.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹318.50.

52-week range of traded prices to 23 Oct 2026

₹206.40Low, 25 Jun 2026₹471.00High, 31 Oct 2025

Market cap: ₹491 Cr1,927th largest listed
P/E: 35.9
P/B: 0.8
Dividend yield: 0.16%
ROE: 2.4%
ROCE: 3.9%
Debt to equity: 0.19
Volume, NSE: 1,21,29550.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Shivalik Rasayan annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹368 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue368
Materials and goods−188
Employee costs−61
Other expenses−73
Operating profit46
Depreciation−19
Other income+4.1
One-off items0.0
Finance costs−9.6
Profit before tax21
Tax−3.5
Net profit18

What the company owns

Plant, investments and other assets₹522 Cr
Inventory₹147 Cr
Receivables₹115 Cr
Cash and bank₹34 Cr

What pays for it: net worth and liabilities

Net worth₹599 Cr
Borrowings₹114 Cr
Owed to suppliers₹80 Cr
Other liabilities₹26 Cr

Shivalik Rasayan business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Shivalik Rasayan segment results by quarter

Revenue by segment

₹358 CrTotal

Pharma Formulation₹198 Cr55.2% of total
Agrochemicals₹151 Cr42.2% of total
Active Pharma Ingredient (API)₹9 Cr2.5% of total

Profit by segment

Pharma Formulation₹15.5 Cr41.3% of total
Agrochemicals₹22.0 Cr58.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Pharma Formulation
Revenue, ₹ crore
113
115
143
179
163
198
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
17
18
20
17
13
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Agrochemicals
Revenue, ₹ crore
85
96
88
88
142
151
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
21
31
18
13
29
22
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Active Pharma Ingredient (API)
Revenue, ₹ crore
0
3
8
5
6
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−8
−10
−2
0
−9
−6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	198	215	239	273	311	358
Company revenue, as in its results	171	186	198	215	234	273	312	368
Revenue	–	–	113	115	143	179	163	198
Revenue growth	–	–	–	2.4%	24.2%	25.1%	−9.3%	21.7%
Profit	–	–	17	18	20	17	13	15
Profit growth	–	–	–	3.6%	10.4%	−12.5%	−25.4%	18.8%
Margin	–	–	15.5%	15.7%	13.9%	9.7%	8.0%	7.8%
Return on capital	–	–	11.6%	12.4%	10.3%	7.4%	5.4%	5.0%
Assets	–	–	194	226	279	295	294	356
Liabilities	–	–	43	79	85	58	50	48
Capital employed	–	–	150	146	193	237	244	308
Revenue	–	–	85	96	88	88	142	151
Revenue growth	–	–	–	13.6%	−8.6%	0.4%	60.2%	6.7%
Profit	–	–	21	31	18	13	29	22
Profit growth	–	–	–	49.6%	−41.5%	−27.3%	115.0%	−23.1%
Margin	–	–	24.7%	32.5%	20.8%	15.1%	20.2%	14.6%
Return on capital	–	–	47.4%	26.5%	30.3%	4.6%	13.7%	8.6%
Assets	–	–	68	159	132	358	320	317
Liabilities	–	–	24	41	71	68	110	60
Capital employed	–	–	44	118	60	290	210	257
Revenue	–	–	0	3	8	5	6	9
Revenue growth	–	–	–	–	165.3%	−32.1%	22.6%	41.3%
Profit	–	–	−8	−10	−2	0	−9	−6
Margin	–	–	–	−343.8%	−29.6%	−0.4%	−139.8%	−71.0%
Return on capital	–	–	−8.2%	−10.0%	−2.1%	0.0%	−8.2%	−5.7%
Assets	–	–	101	104	111	113	114	126
Liabilities	–	–	4	4	3	4	4	12
Capital employed	–	–	97	100	108	109	110	114
Revenue	–	–	0	0	–	–	0	10
Profit	–	–	0	0	–	–	0	0
Assets	–	–	0	0	–	–	0	0
Liabilities	–	–	0	0	–	–	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Shivalik Rasayan quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 14 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 20 Jun	Mar 2023Filed 29 May	Mar 2024Filed 1 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Revenue from operations	123	155	171	186	198	215	234	273	312	368
	106	131	147	158	160	168	192	234	272	322
Materials and goods bought	72	94	111	114	107	94	115	140	160	188
Employee costs	–	12	13	16	21	30	37	47	55	61
Other expenses	–	25	23	28	32	44	40	47	56	73
Operating profit before depreciation	18	24	23	29	38	47	43	39	40	46
Operating margin	14.4%	15.3%	13.6%	15.3%	19.2%	21.8%	18.3%	14.4%	12.9%	12.4%
Materials, % of revenue	–	60.6%	65.2%	61.0%	54.1%	43.8%	48.9%	51.2%	51.5%	51.2%
Employee costs, % of revenue	–	7.7%	7.7%	8.8%	10.7%	13.9%	15.8%	17.2%	17.6%	16.5%
Other expenses, % of revenue	–	16.4%	13.5%	14.9%	16.0%	20.5%	17.0%	17.3%	18.0%	19.9%
Depreciation and amortisation	2	2	3	4	9	11	12	12	16	19
Operating profit after depreciation	15	21	20	25	29	36	31	27	24	27
Other income	1	3	8	3	1	4	5	4	8	4
Finance costs	5	4	2	1	2	2	4	8	9	10
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	11	20	26	27	29	37	32	23	23	21
	3	5	5	5	4	3	2	5	3	4
Current tax	3	5	5	5	6	7	6	6	6	5
Deferred tax	0	0	0	0	−2	−5	−4	−1	−3	−1
	8	15	21	22	25	34	30	18	20	18
Belonging to the company's shareholders	8	–	–	–	–	–	22	16	17	12
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	–	2	4	6
Net margin	6.9%	9.8%	12.3%	11.8%	12.6%	16.0%	12.7%	6.6%	6.6%	4.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2018 and Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Belonging to the company's shareholders is left blank for the years to Mar 2020 and Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Belonging to the company's shareholders is left blank for the year to Mar 2022: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 14 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 20 Jun	Mar 2023Filed 29 May	Mar 2024Filed 1 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
	220	250	259	365	419	508	536	599
	165	176	179	288	360	508	536	599
Share capital	7	7	7	7	7	8	8	8
Reserves	158	169	172	280	353	500	528	591
Belonging to outside owners of subsidiaries	54	73	80	77	59	–	0	–
	19	10	29	40	58	76	94	114
Repayable after a year	5	3	11	10	13	24	16	26
Repayable within a year	14	8	18	30	45	52	77	87
	62	75	91	112	144	158	178	190
Trade payables	38	53	44	56	66	52	66	80
Other financial liabilities	–	6	0	0	0	–	–	–
Other liabilities	3	–	20	16	25	45	25	14
Provisions	8	8	9	2	2	3	3	4
Tax owed	–	–	0	8	6	6	6	5
	7	4	13	12	15	26	20	30
Provisions	1	1	2	2	2	2	3	3
Deferred tax	0	0	0	0	0	–	0	–
Total assets	288	328	363	488	578	692	734	819
	77	171	232	248	317	399	417	437
Plant in use, after depreciation	40	51	210	220	217	213	336	334
Plant being built	26	102	0	3	57	117	–	–
Intangible assets	0	0	0	0	1	1	1	1
Loans given	6	7	8	8	7	9	3	6
Other financial assets	4	10	0	0	0	–	–	–
Deferred tax	–	–	0	1	3	4	7	7
Other assets	–	–	14	15	31	54	71	89
	212	158	131	240	262	294	317	382
Inventories	21	20	10	38	75	102	118	147
Trade receivables	52	58	69	70	85	87	96	115
Cash and cash equivalents	95	9	5	71	31	38	28	34
Loans given	21	37	10	18	18	5	5	4
Other financial assets	23	33	0	0	0	63	0	–
Other assets	–	–	38	43	53	–	71	82
Net debt	−76	1	24	−31	27	38	66	79

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 20 Jun	Mar 2023Filed 29 May	Mar 2024Filed 1 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
	58.8	9.9	−18.9	−6.4	−7.6	−34.0
	65.5	16.1	−13.3	−8.0	2.1	−31.1
	26.7	−32.8	−58.5	−43.4	−46.4	−78.9
Receivables	−10.7	−1.2	−14.8	−2.0	−9.4	−19.0
Inventories	10.3	−28.3	−36.8	−26.8	−15.9	−29.4
Payables	−8.7	11.9	9.9	−13.3	14.0	13.6
Other working capital	35.8	−15.2	−16.7	−1.2	−35.2	−44.0
Tax paid	−6.8	−6.2	−5.7	−4.3	0.0	−2.8
Capital spending	65.3	25.0	63.2	79.2	20.8	23.3
Free cash flow	−6.5	−15.1	−82.2	−85.5	−28.4	−57.3
	−79.1	−23.4	−70.8	−85.8	−12.5	−21.2
Interest received	0.2	1.6	2.4	1.8	8.3	2.1
	16.0	79.5	49.6	99.2	10.3	61.6
Borrowings raised	18.4	11.0	19.3	18.4	8.1	19.8
Interest paid	−1.6	−2.5	0.0	0.0	−9.3	0.0
Dividends paid	0.0	0.7	0.7	2.0	2.0	2.1
Shares bought back	0.0	0.0	0.0	0.0	0.0	0.0
Shares issued	0.0	75.1	30.0	87.4	13.6	0.8
Net change in cash	−4.3	66.0	−40.1	7.1	−9.8	6.4

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Shivalik Rasayan dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 14 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 20 Jun	Mar 2023Filed 29 May	Mar 2024Filed 1 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
	–	–	₹11.83	₹10.16	₹12.88	₹18.12	₹15.02	₹10.75	₹10.60	₹7.71
As stated that year	₹24.74	₹24.25	₹11.83	₹10.16	₹12.88	₹18.12	₹15.02	₹10.75	₹10.60	₹7.71
	–	–	₹11.83	₹10.16	₹12.88	₹18.12	₹15.02	₹10.75	₹10.60	₹7.71
As stated that year	₹24.74	₹24.25	₹11.83	₹10.16	₹12.88	₹18.12	₹15.02	₹10.75	₹10.60	₹7.71
Dividend per share	–	–	–	–	–	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50
Book value per share	–	–	₹119.96	₹127.93	₹129.95	₹198.56	₹248.73	₹326.20	₹340.29	₹380.37
Dividend payout	–	–	–	–	–	–	3.3%	4.8%	4.7%	6.5%
Shareholder yield	–	–	–	–	0.0%	−5.5%	−3.0%	−9.5%	−1.2%	0.4%
Market cap at the year end (₹ crore)	86	287	372	305	972	1,346	968	899	979	347

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Shivalik Rasayan PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 14 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 20 Jun	Mar 2023Filed 29 May	Mar 2024Filed 1 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 27 May
Revenue growth	12.3%	25.7%	9.9%	9.2%	6.1%	8.7%	9.2%	16.4%	14.2%	18.0%
Operating profit growth	–	33.7%	−2.1%	22.6%	32.9%	23.2%	−8.1%	−8.8%	2.6%	13.8%
Net profit growth	174.7%	80.2%	37.4%	5.2%	12.5%	38.1%	−12.9%	−39.4%	13.0%	−12.0%
Earnings per share growth	–	–	–	−14.1%	26.8%	40.7%	−17.1%	−28.4%	−1.4%	−27.3%
	–	–	–	–	–	–	6.7%	3.8%	3.2%	2.1%
	–	–	–	–	–	–	–	−2.9 pts	−0.6 pts	−1.1 pts
From the net margin	–	–	–	–	–	–	–	−2.4 pts	−0.4 pts	−1.2 pts
From asset turnover	–	–	–	–	–	–	–	−0.1 pts	0.1 pts	0.2 pts
From borrowing	–	–	–	–	–	–	–	−0.5 pts	−0.2 pts	0.0 pts
Return on capital employed	–	–	8.5%	9.6%	10.2%	8.8%	6.6%	4.6%	3.9%	3.8%
Cash conversion	–	–	–	–	237.0%	28.9%	−63.5%	−35.2%	−37.1%	−189.0%
Interest cover	3.1	5.8	9.9	16.9	18.7	14.3	7.2	3.5	2.6	2.8
Debt to equity	–	–	0.09	0.04	0.11	0.11	0.14	0.15	0.18	0.19
Receivable days	–	–	111	114	127	119	132	116	113	114
Inventory days	–	–	71	65	33	148	239	266	268	285
Payable days	–	–	123	171	152	218	209	136	151	155
Cash conversion cycle, days	–	–	59	7	9	49	162	245	230	244
Working capital days	–	–	147	160	97	148	206	200	221	243
Asset turnover	–	–	0.59	0.60	0.57	0.50	0.44	0.43	0.44	0.47
Assets per rupee of net worth	–	–	1.74	1.80	1.95	1.82	1.65	1.46	1.37	1.37
Sales per rupee of plant	–	–	4.22	3.63	0.94	0.97	1.08	1.28	0.93	1.10
Capital spending to depreciation	–	–	–	–	7.60	2.27	5.45	6.40	1.32	1.24
Plant being built, % of plant in use	–	–	63.8%	198.3%	0.0%	1.5%	26.4%	54.8%	–	–

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.6%
Cash from operations against operating profit: −74.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.8%	13.2%	16.2%
Profit growth, yearly rate	14.7%	–	−17.7%
Return on equity, average	–	4.0%	3.0%
Return on capital employed, average	–	5.5%	4.1%
Operating margin, average	15.8%	16.0%	13.2%
Net margin, average	10.0%	9.3%	6.0%
Asset turnover, average	–	0.46	0.45
Cash conversion cycle, days, average	–	186	240
Interest cover, average	8.5	6.1	3.0
Debt to equity, average	–	0.15	0.17

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−57	−48	−34
Cash from investing	−214	−120	−21
Cash from financing	300	171	62
Capital spending	212	123	23
Dividends paid	8	6	2
Shares bought back	0	0	0
Shares issued for cash	207	102	1
Borrowings raised	77	46	20
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	6	2	2	2	5
Altman Z-scorePublished threshold 1.81	–	–	5.56	4.20	7.25	8.36	5.36	4.70	4.81	2.81
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.21	−2.40	−1.08	−2.04	−2.45	−1.98
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	13.05	11.21	22.42	17.35	5.68	9.42
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.56	−0.19	−0.48	−0.85
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	2.53	12.27	−7.00	11.93	−14.11	−3.40	1.76
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−8.57	−45.31	300.81	74.70	13.89	0.88	7.35
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	5.70	2.18	2.44	4.45	3.40	2.66	2.97
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	7.08	0.00	0.15	6.66	14.26	–	–
Effective tax ratePublished threshold 17.16 per cent	25.15	24.78	20.01	17.42	14.25	7.32	5.78	21.95	12.75	16.33
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−9.46	−12.14	3.31	12.75	3.13

A threshold marked as ours has no published figure; it is the line we read the check against.