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Swing Capital

Shivalik Rasayan Ltd

NSE: SHIVALIK BSE: 539148Pharma

Incorporated in 1979, Shivalik Rasayan Ltd is a manufacturer of Agrochemicals & Active Pharma Ingredients[1]

₹252
52W: ₹207 — ₹653
PE 45.2 · Book ₹254 · -1% vs book
Market Cap₹396 Cr
Stock P/E45.2Price to Earnings
ROCE4.42%Return on Capital
ROE3.59%Return on Equity
Div. Yield0.19%Face Value ₹5

Strengths

  • +Stock is trading at 1.00 times its book value
  • +Debtor days have improved from 88.5 to 66.6 days.
  • +Company's working capital requirements have reduced from 120 days to 69.9 days

Weaknesses

  • −Tax rate seems low
  • −Company has a low return on equity of 3.76% over last 3 years.
  • −Dividend payout has been low at 6.49% of profits over last 3 years

Shareholding Pattern

Promoters47.37%
FIIs4.2%
DIIs0%
Public48.43%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters47.95%47.95%47.95%47.37%▼0.647.37%47.37%47.37%47.37%
FIIs2.15%3.28%▲1.14.33%▲1.14.28%▼0.04.36%▲0.14.38%▲0.03.9%▼0.54.2%▲0.3
DIIs0.88%0.88%0.88%0.64%▼0.20.56%▼0.10.48%▼0.10.12%▼0.40%▼0.1
Public49%47.87%▼1.146.81%▼1.147.72%▲0.947.71%▼0.047.76%▲0.048.62%▲0.948.43%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales23.5123.7323.9231.5837.740.1639.7846.2646.6735.13
Expenses18.4919.7620.3925.6531.2533.5532.4139.939.7929.18
Operating Profit5.023.973.535.936.456.617.376.366.885.95
OPM %21.35%16.73%14.76%18.78%17.11%16.46%18.53%13.75%14.74%16.94%
Net Profit1.172.312.563.073.464.023.331.222.192.03
EPS ₹0.751.481.651.972.222.582.110.771.391.29

AI Insights

Revenue Trend

TTM revenue at ₹168Cr, up 12.8% YoY. OPM at 16%.

Debt Position

Borrowings at ₹62Cr. Debt-to-equity ratio: 0.16x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 4.2% (+3.85pp change). Promoters hold 47.37%.

Margin & Efficiency

ROCE declining from 23% (Mar 2014) to 4% (Mar 2025). Working capital days: 70.

Valuation

PE 45.2x with 4.42% ROCE. Price is -1% above book value of ₹254. Dividend yield: 0.19%.

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