SHIVALIK

Shivalik Rasayan financials

Market cap
₹570 Cr
Sector
Chemicals

Quarterly results

Q1 FY27: revenue up 7.9%, net profit up 59.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue82 85 69 89 94 +14%82 −4%103 +48%96 +8%
EBITDA12 13 6 11 12 +2%10 −23%12 +116%11 +2%
Net profit4 7 5 3 4 −3%4 −47%7 +38%5 +60%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −23.7% 1Y

₹200₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹474.4 on 10 Sept 2025 → ₹362.05. High ₹487.85 (17 Sept 2025), low ₹209.5 (23 Mar 2026).

Financials, as filed

Revenue grew 16.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.4%.

Year endingFY23FY24FY25FY26
Revenue₹234 Cr₹273 Cr₹312 Cr₹368 Cr
Operating profit₹43 Cr₹39 Cr₹40 Cr₹46 Cr
Operating margin18.3%14.4%12.9%12.4%
Interest₹4 Cr₹8 Cr₹9 Cr₹10 Cr
Depreciation₹12 Cr₹12 Cr₹16 Cr₹19 Cr
Net profit₹30 Cr₹18 Cr₹20 Cr₹18 Cr
Net margin12.7%6.6%6.5%4.9%
Cash from operations₹-19 Cr₹-8 Cr₹-9 Cr₹-34 Cr
Free cash flow₹-82 Cr₹-76 Cr₹-32 Cr₹-51 Cr
ROCE8.0%6.0%6.0%5.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹7 Cr₹7 Cr₹7 Cr₹8 Cr₹8 Cr₹8 Cr
Reserves₹172 Cr₹280 Cr₹412 Cr₹500 Cr₹579 Cr₹591 Cr
Borrowings₹29 Cr₹38 Cr₹58 Cr₹76 Cr₹100 Cr₹114 Cr
Other liabilities₹155 Cr₹163 Cr₹101 Cr₹109 Cr₹117 Cr₹106 Cr
Total liabilities₹363 Cr₹488 Cr₹578 Cr₹692 Cr₹804 Cr₹819 Cr
Fixed assets₹210 Cr₹221 Cr₹218 Cr₹214 Cr₹337 Cr₹335 Cr
Capital work in progress₹0 Cr₹3 Cr₹57 Cr₹117 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹153 Cr₹264 Cr₹303 Cr₹362 Cr₹467 Cr₹484 Cr
Total assets₹363 Cr₹488 Cr₹578 Cr₹692 Cr₹804 Cr₹819 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +3.72 pp while FIIs trimmed −3.16 pp. The shareholder count grew 5% to 14,104.

Promoters
47.4%
FIIs
1.2%
DIIs
0.0%
Public
51.4%

Since Jun 2025

  • Public +3.72 pp
  • FIIs −3.16 pp
  • DIIs −0.54 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 48.0%, FIIs 0.7%, DIIs 0.2%, Public 51.1%.Dec '23: Promoters 48.0%, FIIs 1.2%, DIIs 0.6%, Public 50.3%.Mar '24: Promoters 48.0%, FIIs 3.0%, DIIs 0.9%, Public 48.2%.Jun '24: Promoters 48.0%, FIIs 2.1%, DIIs 0.9%, Public 49.0%.Sep '24: Promoters 48.0%, FIIs 3.3%, DIIs 0.9%, Public 47.9%.Dec '24: Promoters 48.0%, FIIs 4.3%, DIIs 0.9%, Public 46.8%.Mar '25: Promoters 47.4%, FIIs 4.3%, DIIs 0.6%, Public 47.7%.Jun '25: Promoters 47.4%, FIIs 4.4%, DIIs 0.6%, Public 47.7%.Sep '25: Promoters 47.4%, FIIs 4.4%, DIIs 0.5%, Public 47.8%.Dec '25: Promoters 47.4%, FIIs 3.9%, DIIs 0.1%, Public 48.6%.Mar '26: Promoters 47.4%, FIIs 4.2%, Public 48.4%.Jun '26: Promoters 47.4%, FIIs 1.2%, DIIs 0.0%, Public 51.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Shivalik Rasayan Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Growel Remedies Limited 47.37%unchanged
Ginnerup Capital ApS 3.22%unchanged
Eric Aarestrup Sorensen 2.13%unchanged
Sanjay Bansal 1.02%−0.25 pp
Ritesh Kantilal Oswal 1.02%unchanged
India Emerging Giants Fund Limited FPI fund—off the list
F L Dadabhoy —off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹362, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~-18%. At that growth it is worth ₹42 — downside of 88%.

Growth the price implies
21.8% a year
for 7 years, fading to 4%
It has actually compounded at
-15.5% a year
net profit, FY23–FY26 · EPS -18.2%
The gap
0.4 pp
-88% downside if it only repeats history
Price today ₹362.05 Value at the reference growth ₹42.04

Change the assumptions yourself →

Learn to analyse Shivalik Rasayan Limited

Guides on how to read this kind of business and the numbers that matter.