Shiva Global Agro Industries Ltd (SHIVAAGRO)
🎯 Key Takeaways
- Shiva Global Agro Industries Ltd is navigating a fragile recovery phase in the fertilizers sector, marked by volatile profitability and cautious capital allocation. The company swung from consecutive losses in late 2025 to modest profitability in early 2026, but margins remain thin and returns are structurally weak.
- Revenue grew 32.9% QoQ to ₹91 in Q1FY27.
- ⚠️ 1) Persistent margin compression in core operations, with OPM fluctuating between -5.8% and 6.1% over the past year, limiting profitability resilience
- Market Cap
- ₹39
- P/E Ratio
- 16.7
- P/B Ratio
- 0.44
- ROE
- -0.4%
- ROCE
- 4.8%
- Debt/Equity
- 0.27
- Promoter
- 58.1%
📖 The Story
Shiva Global Agro Industries Ltd is navigating a fragile recovery phase in the fertilizers sector, marked by volatile profitability and cautious capital allocation. The company swung from consecutive losses in late 2025 to modest profitability in early 2026, but margins remain thin and returns are structurally weak. Despite promoter-held stability, institutional interest is absent, signaling limited investor confidence.
📰 What's Happening
The company returned to profitability in Q1FY27 (Jun 2026) with a ₹4 crore operating profit and ₹3 crore net profit, reversing prior quarter losses. This improvement followed a ₹82 crore revenue in Dec 2025, though still below the ₹91 crore peak seen in Jun 2025. Management has not announced new capacity expansions or capacity utilization targets in recent filings, suggesting current operations are being stabilized rather than scaled. No major M&A or capex announcements were made in the latest BSE filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 78 | 46 | 82 | 69 | 91 |
| Operating Profit | 5 | -3 | -0 | 3 | 4 |
| OPM % | 6.1% | -5.8% | -0.3% | 4.9% | 4.0% |
| Net Profit | 3 | -2 | -1 | 4 | 3 |
| EPS | ₹2.43 | ₹-1.99 | ₹-2.28 | ₹1.83 | ₹2.06 |
Operating performance shows a clear inflection from loss to profit in early 2026, with OPM stabilizing near 4% after deep negatives in Q3 and Dec 2025. Revenue remains range-bound between ₹46–91 crore over the last five quarters, with no consistent upward trend. The return to profitability aligns with cost control measures rather than revenue growth, as gross and operating margins remain under pressure. EPS has improved from negative ₹2.28 in Dec 2025 to ₹2.06 in Jun 2026, but off a very low base.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance in the latest filings. There is no disclosed revenue target, margin improvement roadmap, or capex plan in the recent quarterly results or accompanying management discussion. The absence of strategic commentary on demand trends or input cost management suggests limited confidence in near-term visibility. The focus appears to be on sustaining current profitability rather than pursuing aggressive growth.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 |
| Reserves | 79 | 77 | 79 | 80 |
| Borrowings | 48 | 85 | 24 | 33 |
| Total Liabilities | 170 | 222 | 149 | 150 |
| Fixed Assets | 26 | 39 | 29 | 30 |
| Investments | 6 | 2 | 2 | 2 |
| Total Assets | 170 | 222 | 149 | 150 |
The balance sheet shows stable equity of ₹10 crore but rising reserves, indicating profits are being retained rather than distributed. Borrowings have declined from ₹48 crore in Mar 2025 to ₹24 crore in Mar 2026, reflecting active deleveraging. Total assets have reduced from ₹170 crore to ₹149 crore, suggesting non-core asset reductions or lower working capital needs. This points to a conservative capital allocation strategy focused on strengthening financial stability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +3 |
| Investing | +14 |
| Financing | -17 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 57.7% | 57.7% | 57.8% | 58.1% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 39.6% | 38.5% | 38.4% | 38.0% |
| # Shareholders | 4,946 | 4,876 | 4,835 | 4,783 |
Promoter holding has remained tightly controlled around 57–58% over the last four quarters, with no signs of dilution. Public shareholding has slightly declined as the shareholder count rose from 4,783 to 4,946, indicating retail dispersion but no major exits. FII and DII holdings are consistently zero, reinforcing the lack of institutional interest. The stock is effectively held by a stable but non-investing promoter group and a broad retail base.
⚖️ Peer Comparison — Fertilizers
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| COROMANDEL | 52,811 | 28.8 | 21.0% | — | 0.07 |
| FACT | 49,511 | 1779.4 | 9.2% | — | 1.29 |
| CHAMBLFERT | 16,575 | 8.6 | 22.6% | — | 0.10 |
| PARADEEP | 15,998 | 14.9 | 14.5% | — | 1.01 |
| GSFC | 6,043 | 8.7 | 7.4% | — | 0.00 |
| RCF | 5,978 | 13.4 | 10.2% | — | 0.80 |
| NFL | 3,184 | 8.7 | 15.8% | — | 0.73 |
| SPIC | 1,296 | 6.3 | 14.9% | — | 0.51 |
| MADRASFERT | 943 | 13.3 | 9.5% | — | -49.36 |
| ZUARI | 933 | 1.0 | 50.7% | — | 0.34 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent margin compression in core operations, with OPM fluctuating between -5.8% and 6.1% over the past year, limiting profitability resilience. 2) High sensitivity to input cost volatility and agricultural demand, which management has not hedged or mitigated structurally. 3) Absence of scale or diversification into higher-margin products, leaving the business reliant on commodity fertilizer pricing. 4) Low return metrics (ROE of 2.6%, ROCE of 4%) suggest capital is not being deployed efficiently, raising concerns about long-term viability.
📋 Recent Filings
- Announcement2026-09-28Shiva Global Agro Industries Ltd announced that its trading window closes on October 1, 2026, for all designated insiders and connected persons until …
- 🟡 Board Meeting2026-09-08Shiva Global Agro Industries Ltd announced its 34th Annual General Meeting on September 30, 2026, via video conference, with resolutions to adopt audi…
- 🔴 annual report2026-09-08Shiva Global Agro Industries Ltd announced its 34th AGM on September 30, 2026, for FY 2025-26, distributing its annual report electronically. The fili…
🧠 Analyst's Read
Shiva Global Agro remains a marginal, cash-burning-turned-break-even agrochemical player with no clear growth catalyst. Investors should monitor whether the recent profitability holds amid seasonal demand swings and whether management begins articulating a credible path to margin expansion or capex deployment. Until then, the stock lacks upside catalysts and institutional traction.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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