Shivalik Rasayan Ltd (SHIVALIK)

📊 Quarterly Results (₹ Cr)

Quarterly revenue has shown mixed movement, peaking at ₹103 crore in March 2026 before declining to ₹96 crore in June 2026, while operating margins have remained stable around 7-8%. Profitability has improved sequentially in the latest quarter, with net profit rising to ₹5 crore and EPS to ₹2.16 in June 2026, up from ₹3 crore and ₹1.19 in June 2025. However, the trend lacks clear momentum, with margins and profits fluctuating without a consistent upward trajectory. The financial performance does not yet reflect the impact of planned investments, suggesting the benefits of the upcoming capital raise are forward-looking rather than immediately accretive.

🔮 Management Outlook & What's Next

Management has explicitly outlined the use of proceeds from the proposed preferential issue, emphasizing deployment toward R&D initiatives by March 31, 2029, and equipment acquisitions by September 30, 2027. This indicates a long-term horizon for value creation, with a focus on strengthening innovation capabilities in the agrochemicals space. No formal financial targets or timelines for profitability improvement were disclosed, but the capital raise is framed as essential for sustaining competitive advantage through product development.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

The balance sheet shows stable equity levels of approximately ₹8 crore and reserves growing from ₹528 crore to ₹591 crore over the past year, indicating retained earnings are modest but reserves are expanding. Borrowings remain low at ₹114 crore as of March 2026, down from ₹100 crore previously, suggesting a conservative capital structure. Total assets have increased to ₹819 crore, reflecting asset base growth, but the company is not heavily leveraged, maintaining financial flexibility despite limited internal cash generation.

💰 Cash Flow Statement (₹ Cr)

👥 Shareholding Pattern

Promoter holding remains stable at 47.37% across recent quarters, indicating no intent to dilute control. FII allocation has fluctuated between 1.19% and 4.38%, with a notable increase to 4.2% in Q4FY26 before settling at 1.19% in Q1FY27, suggesting intermittent institutional interest. DII holdings are negligible, and the number of public shareholders has slightly declined. Overall, there is no strong evidence of institutional accumulation, though the modest rise in FII presence in late FY26 may reflect early positioning ahead of the capital raise.

⚖️ Peer Comparison — Agro Chemicals

🔗 Peer Stock Analyses

⚠️ Risk Factors

1. The proposed preferential issue carries dilution risk and requires shareholder approval, which may not be guaranteed. 2. Proceeds are to be utilized over several years, with no near-term financial uplift expected, potentially pressuring short-term earnings. 3. The company's low ROE and ROCE suggest limited capital efficiency, raising questions about the effectiveness of new investments. 4. Insider selling by a former director, though non-material, may signal cautious sentiment among insiders about near-term prospects.

📋 Recent Filings

• 🟡 Board Meeting2026-09-28Shivalik Rasayan held its 48th AGM on September 28, 2026 in Dehradun, where shareholders approved the audited FY26 financial statements, declared a 10…
• Announcement2026-09-24Shivalik Rasayan Ltd announced that its trading window will close on October 1, 2026, covering directors, designated employees, and insiders until the…
• 🟡 Board Meeting2026-09-14The board approved a preferential issue of 282,000 equity shares at ₹250 each raising [amount not verified] and 947,990 convertible warrants at ₹250 e…
• 🔴 annual report2026-09-03Shivalik Rasayan Limited announced its 48th AGM on September 28, 2026, recommending a final dividend of Rs 0.50 per share (10% payout) payable on Octo…
• 🟡 Board Meeting2026-09-03The 48th Annual General Meeting of Shivalik Rasayan Limited is scheduled for September 28, 2026, at Hotel Saffron Leaf, Dehradun. Shareholders will vo…
• 🔴 Insider Trading2026-08-24On August 5, 2026, former director Sanjay Bansal sold 25,000 equity shares of Shivalik Rasayan Limited at ₹68.31 per share through an open market tran…
• Announcement2026-07-30Shivalik Rasayan Limited disclosed revised audited financial results for FY2025-26 with consolidated revenue of [amount not verified] and net profit o…
• 🔴 Insider Trading2026-07-28Mr. Sanjay Bansal, former director and connected person of Shivalik Rasayan Limited, sold 60,000 equity shares on 07.07.2026 at a value of [amount not…
• 🟡 Board Meeting2026-07-27Shivalik Rasayan Limited announced an EGM on August 20, 2026, to seek shareholder approval for a preferential issue of up to 372,000 equity shares at …
• 🟡 Board Meeting2026-07-23Shivalik Rasayan announced a board-approved preferential issue of up to 372,000 equity shares at ₹250 per share, raising up to [amount not verified], …

🧠 Analyst's Read

Shivalik Rasayan is undergoing a strategic pivot with long-term growth ambitions, but execution remains distant and capital-intensive. Investors should monitor the outcome of the upcoming EGM and the deployment timeline for R&D and equipment funds, as near-term financial performance is unlikely to improve meaningfully. The stock may continue to underperform until tangible progress is made on innovation initiatives.

Based on filing content and financial data. Not a recommendation.