Shivalik Rasayan Ltd.

BSE: SHIVALIK539148ISIN INE788J01021

Commodities
Pesticides & Agrochemicals
BSE Commodities

Share price

₹300.70-3.30 (-1.09%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹474.20
52W low: ₹206.00
Off 52W high: -36.59%
1M return: -19.89%
3M return: +17.58%
6M return: +12.56%
1Y return: -34.47%
20D avg volume: 4,667
50 DMA: ₹346.23
200 DMA: ₹283.01

Key ratios Consolidated

Market cap: ₹482.09 Cr
Current price: ₹300.70
52W high / low: ₹474.20 / ₹206.00
Face value: ₹5.00
P/E: 24.54
P/B: 0.79
EPS (TTM): ₹12.26
Book value / share: ₹380.37
ROE: —
ROCE: 4.90%
Operating margin: —
Net margin: —
Debt / equity: 0.19
Net debt: ₹79.27 Cr
Interest cover: 3.24
Dividend yield: 0.17%
Dividend / share (TTM): ₹0.50
Payout: 4.08%
Cash conversion cycle: 180.7 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	96.34	102.82	82.04	93.84	89.31	69.39	85.31	82.44	74.63	71.23	70.23	67.05
	0.97	1.92	1.18	0.39	0.60	5.71	1.60	0.35	0.64	1.49	1.50	0.56
	97.30	104.73	83.21	94.23	89.91	75.11	86.91	82.80	75.27	72.73	71.74	67.61
	91.65	97.01	79.09	88.75	85.76	69.13	79.09	77.79	70.66	67.67	65.96	62.80
	52.77	49.17	49.17	53.29	45.36	28.97	54.25	52.34	37.88	38.62	39.17	39.67
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	15.20	15.64	15.24	15.66	14.01	14.83	13.91	13.98	12.30	12.80	12.69	11.13
	2.08	2.46	2.31	2.22	2.62	2.71	2.25	2.45	1.92	2.61	1.58	1.96
	4.41	4.16	5.06	4.73	4.82	2.78	4.83	4.66	3.50	3.11	3.01	3.44
	20.89	19.24	18.37	19.21	16.49	16.00	15.34	—	11.44	12.29	—	11.70
	5.66	7.73	4.13	5.48	4.15	5.98	7.82	5.01	4.61	5.06	5.77	4.81
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	5.66	7.73	4.13	5.48	4.15	5.98	7.82	5.01	4.61	5.06	5.77	4.81
	1.16	0.55	0.46	1.17	1.33	0.79	0.88	0.58	0.74	0.46	1.43	2.17
	4.50	7.17	3.67	4.30	2.82	5.19	6.94	4.43	3.87	4.60	4.34	2.65
	2.16	2.87	1.71	1.93	1.02	2.62	3.30	2.58	2.27	2.26	2.03	1.26
Key metrics
	12.15	14.35	11.50	12.43	11.59	11.47	14.90	12.12	10.03	10.78	10.36	10.21
	12.60%	14.00%	14.00%	13.20%	13.00%	16.50%	17.50%	14.70%	13.40%	15.10%	14.80%	15.20%
	4.70%	7.00%	4.50%	4.60%	3.20%	7.50%	8.10%	5.40%	5.20%	6.50%	6.20%	4.00%
	—	1.60%	—	1.30%	—	1.60%	—	—	—	—	—	—
	7.90%	48.20%	-3.80%	13.80%	19.70%	-2.60%	21.50%	23.00%	—	—	—	—
	59.60%	38.20%	-47.10%	-2.90%	-27.10%	12.80%	59.90%	67.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	375.04	368.00	311.77	272.98	234.45	214.75
	4.46	4.08	8.31	3.98	4.67	3.71
	379.47	372.08	320.08	276.96	239.11	218.46
	356.50	350.61	296.67	253.81	207.45	181.50
	204.40	196.99	173.45	156.08	132.66	101.92
	0.00	0.00	0.00	—	—	—
	61.74	60.55	55.02	46.82	36.94	29.82
	9.07	9.60	9.33	7.63	4.34	2.50
	18.36	18.77	15.77	12.38	11.60	11.01
	77.71	73.31	56.14	47.14	39.85	44.06
	23.00	21.48	23.41	23.15	31.66	36.96
	0.00	0.00	0.00	0.00	0.00	0.00
	23.00	21.48	23.41	23.15	31.66	36.96
	3.34	3.51	2.98	5.08	1.83	2.70
	19.64	17.97	20.42	18.07	29.83	34.25
	8.67	7.71	10.60	10.75	15.02	18.12
Key metrics
	50.43	49.85	48.51	43.16	47.60	50.47
	13.45%	13.50%	15.60%	15.80%	20.30%	23.50%
	5.24%	4.90%	6.50%	6.60%	12.70%	15.90%
	—	4.90%	5.90%	—	—	—
	14.88%	18.00%	14.20%	16.40%	9.20%	—
	1.34%	-12.00%	13.00%	-39.40%	-12.90%	—
	—	-57.28	-28.41	—	—	—
	—	-1.89	-0.37	—	—	—
	—	0.19	0.18	—	—	—
	—	79.27	65.91	—	—	—
	—	180.7	172.7	—	—	—
Balance sheet
	—	818.87	734.02	—	—	—
	—	382.08	317.39	—	—	—
	—	34.37	27.97	—	—	—
	—	115.14	96.12	—	—	—
	—	146.87	117.70	—	—	—
	—	81.73	70.81	—	—	—
	—	334.00	335.66	—	—	—
	—	79.89	66.25	—	—	—
	—	190.18	178.20	—	—	—
	—	113.64	93.88	—	—	—
	—	87.46	77.38	—	—	—
	—	26.18	16.50	—	—	—
	—	599.10	535.96	—	—	—
Cash flow
	—	-33.96	-7.58	—	—	—
	—	-21.23	-12.52	—	—	—
	—	61.58	10.33	—	—	—
	—	23.32	20.83	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	48.44	42.17	35.13	46.67	46.27	39.78	40.16	37.70	31.58	23.91	23.73	23.51
	0.10	0.18	0.64	0.02	0.13	0.48	1.46	0.07	0.05	0.93	0.67	0.01
	48.55	42.35	35.77	46.69	46.39	40.27	41.63	37.76	31.63	24.84	24.40	23.52
	45.46	39.68	33.75	43.89	44.38	36.78	37.68	34.71	28.59	22.44	21.90	21.17
	30.16	23.08	27.48	31.32	20.76	17.45	25.73	23.40	16.22	16.79	10.07	12.01
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	5.88	6.24	6.87	6.83	5.92	6.43	5.91	6.34	4.46	4.41	4.68	4.03
	1.25	2.07	1.34	1.23	1.46	2.06	1.50	1.41	1.21	0.72	0.93	1.06
	2.62	2.43	3.24	2.87	3.01	2.30	2.63	2.05	1.72	1.34	1.21	1.62
	7.75	5.63	7.92	9.18	8.86	6.95	7.23	—	3.77	2.71	—	3.06
	3.09	2.67	2.02	2.79	2.02	3.49	3.94	3.05	3.05	2.40	2.50	2.35
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	3.09	2.67	2.02	2.79	2.02	3.49	3.94	3.05	3.05	2.40	2.50	2.35
	0.43	-0.06	-0.02	0.60	0.80	0.16	0.07	0.41	0.02	0.16	0.19	1.18
	2.66	2.73	2.04	2.19	1.22	3.33	4.02	3.46	3.07	2.56	2.31	1.17
	1.69	1.73	1.29	1.39	0.78	2.11	2.58	2.22	1.97	1.68	1.55	0.79
Key metrics
	6.96	7.17	6.60	6.89	6.49	7.85	8.07	6.51	5.98	4.46	4.64	5.03
	14.40%	17.00%	18.80%	14.80%	14.00%	19.70%	20.10%	17.30%	18.90%	18.70%	19.60%	21.40%
	5.50%	6.50%	5.80%	4.70%	2.60%	8.40%	10.00%	9.20%	9.70%	10.70%	9.70%	5.00%
	—	1.10%	—	1.00%	—	1.30%	—	—	—	—	—	—
	4.70%	6.00%	-12.50%	23.80%	46.50%	66.40%	69.20%	60.40%	—	—	—	—
	118.00%	-18.00%	-49.30%	-36.70%	-60.30%	30.10%	74.00%	195.70%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	172.41	170.23	149.23	93.68	93.58	99.30
	0.94	0.96	2.06	1.65	2.20	1.99
	173.36	171.20	151.29	95.33	95.78	101.29
	162.78	161.71	137.76	85.25	81.17	82.43
	112.04	102.65	82.80	51.38	50.85	46.23
	0.00	0.00	0.00	—	—	—
	25.82	25.86	23.15	16.75	16.49	15.32
	5.89	6.10	6.18	3.23	1.42	1.09
	11.16	11.55	8.70	5.28	5.24	5.24
	30.48	31.59	23.94	12.74	15.39	19.02
	10.57	9.49	13.53	10.08	14.62	18.86
	0.00	0.00	0.00	—	—	—
	10.57	9.49	13.53	10.08	14.62	18.86
	0.95	1.32	-0.34	1.50	0.49	0.49
	9.62	8.17	13.87	8.58	15.11	19.36
	6.10	5.19	8.80	5.63	10.42	13.69
Key metrics
	27.62	27.14	28.41	18.59	21.28	25.19
	16.02%	15.90%	19.00%	19.80%	22.70%	25.40%
	5.58%	4.80%	9.30%	9.20%	16.10%	19.50%
	—	3.70%	4.80%	—	—	—
	5.19%	14.10%	59.30%	0.10%	-5.80%	—
	-20.03%	-41.10%	61.70%	-43.20%	-22.00%	—
	—	-19.80	-21.78	—	—	—
	—	-0.15	-0.07	—	—	—
	—	0.16	0.15	—	—	—
	—	62.76	36.42	—	—	—
	—	150.5	144.6	—	—	—
Balance sheet
	—	527.97	511.61	—	—	—
	—	158.35	152.84	—	—	—
	—	3.10	24.21	—	—	—
	—	33.31	27.22	—	—	—
	—	76.79	55.56	—	—	—
	—	43.83	0.00	—	—	—
	—	249.91	249.54	—	—	—
	—	39.89	23.66	—	—	—
	—	102.26	100.04	—	—	—
	—	65.86	60.63	—	—	—
	—	45.83	47.86	—	—	—
	—	20.03	12.77	—	—	—
	—	404.65	397.65	—	—	—
Cash flow
	—	-1.26	-1.04	—	—	—
	—	-18.19	-19.71	—	—	—
	—	-1.66	22.01	—	—	—
	—	18.54	20.74	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +22.07%
Sales CAGR 5Y: —
Profit CAGR 3Y: -18.53%
Profit CAGR 5Y: —
Sales YoY (TTM): +5.19%
Profit YoY (TTM): -20.03%

Consolidated

Sales CAGR 3Y: +16.22%
Sales CAGR 5Y: —
Profit CAGR 3Y: -15.54%
Profit CAGR 5Y: —
Sales YoY (TTM): +14.88%
Profit YoY (TTM): +1.34%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 46.54%

Quarter	September 2026	14 Sep 2026	June 2026
Promoter %	46.54%	46.54%	46.54%

Holder	Type	Holding	Previous	Change
Growel Remedies Limited	Promoter	46.54%	46.54%	0.00%
Ginnerup Capital ApS	Public	3.16%	3.16%	0.00%
ERIC AARESTRUP SORENSEN	Public	2.09%	2.09%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
UPL Limited	44,614	528.50	20.63	11.20%	+10.33% TTM	-8.66% TTM	-27.73%
PI Industries Limited	33,178	2,186.80	28.48	14.60%	-16.57% TTM	-27.70% TTM	-40.62%
SUMITOMO CHEMICAL INDIA LIMITED	16,369	327.95	29.28	21.00%	-2.59% TTM	+2.94% TTM	-34.32%
Bayer CropScience Limited. S	14,606	3,249.85	19.59	27.90%	-5.00% TTM	+22.45% TTM	-32.80%
Sharda Cropchem Limited	6,122	678.60	9.51	25.30%	+17.28% TTM	+42.42% TTM	-16.28%
Dhanuka Agritech Ltd. S	4,203	942.75	14.83	22.10%	-0.06% TTM	+1.17% TTM	-28.35%
Rallis India Ltd S	3,681	189.30	18.69	12.30%	+6.82% TTM	+11.93% TTM	-27.67%
NACL Industries Limited	2,948	125.85	238.31	7.80%	+11.90% TTM	+121.22% TTM	—
Bhagiradha Chemicals and Industries	2,521	194.40	110.74	4.40%	+30.21% TTM	+125.02% TTM	-21.34%
GSP CROP SCIENCE LIMITED	2,036	437.70	—	20.20%	—	—	—
Insecticides India Ltd.	1,619	556.55	12.94	16.10%	+1.26% TTM	-17.02% TTM	-22.64%
Bharat Rasayan Limited	1,605	965.65	2.86	15.10%	-5.17% TTM	+4.24% TTM	-65.15%
Meghmani Organics Limited	1,414	55.62	22.02	8.60%	-5.19% TTM	+118.28% TTM	-28.34%
India Pesticides Limited	1,326	115.10	14.03	16.20%	+2.89% TTM	-9.46% TTM	-37.97%
ASTEC LIFESCIENCES LIMITED	1,266	568.00	-15.91	-10.50%	+16.06% TTM	+30.16% TTM	-14.44%
Punjab Chemicals and Crop Protection Ltd.	1,127	919.35	18.69	20.70%	+13.95% TTM	+15.36% TTM	-29.54%
Dharmaj Crop Guard Limited S	847	250.75	15.11	17.60%	+3.73% TTM	+15.20% TTM	-2.37%
Advance Agrolife Limited S	845	131.50	17.30	17.20%	—	—	+1.08%
Heranba Industries Limited	608	152.05	-7.91	-2.40%	-2.56% TTM	-853.72% TTM	-48.54%
BEST AGROLIFE LIMITED	516	14.54	10.71	7.60%	-19.67% TTM	+276.02% TTM	-32.22%
Shivalik Rasayan Ltd.	482	300.70	24.54	4.90%	+14.88% TTM	+1.34% TTM	-34.47%
MAHAMAYA LIFESCIENCES LIMITED	424	181.00	—	25.20%	—	—	—
Indogulf Cropsciences Limited	391	61.79	8.97	14.70%	—	—	-39.98%
Bhaskar Agrochemicals Ltd. S	55	105.90	11.16	31.80%	+21.00% TTM	-9.34% TTM	+2.17%
Super Crop Safe Ltd. S	54	13.34	23.82	5.80%	+43.30% TTM	+55.56% TTM	+27.78%

Filings & corporate actions

Recent announcements

Shivalik Rasayan Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/11/2026 ,inter alia, to consider and approve Un-Audited Financial Results ....4 Nov 2026 · Board Meeting / Board Meeting
Announcement as per Regulation 30 of SEBI LODR Regulation 20153 Nov 2026 · Company Update / General
Voting Results along with Scrutinizer''s Report for the 48th Annual General Meeting held on 28.09.202629 Sep 2026 · AGM/EGM / AGM
Disclosure pursuant to Regulation 29(1) of SEBI SAST Regulations, 201129 Sep 2026 · Company Update / Acquisition
Proceedings of 48th Annual General Meeting of the Company held on 28.09.202628 Sep 2026 · AGM/EGM / AGM
Intimation for closure of trading window24 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Outcome of meeting of the Board of Directors for the Allotment of 2,82,000 Equity Shares and 9,47,990 Fully Convertible Warrants ('Warrants') at an issue price of Rs. 250/- each14 Sep 2026 · Others / Outcome without intimation
Copy of Newspaper Publication for the Annual General Meeting to be held on 28.09.20264 Sep 2026 · Company Update / Newspaper Publication
Annual Report for the Financial year 2025-263 Sep 2026 · Others / Reg. 34 (1) Annual Report
Intimation of Annual General Meeting to be held on 28.09.20263 Sep 2026 · AGM/EGM / AGM
Revised proceedings of EGM held on 20.08.202625 Aug 2026 · AGM/EGM / EGM
Intimation as per Regulation 7(3) of the SEBI PIT Regulations, 201524 Aug 2026 · Company Update / Trading Plan under SEBI (PIT) Regulations, 2015
Revised Voting Results & Scrutinizer''s Report for the Extra-Ordinary General Meeting held on 20.08.202622 Aug 2026 · AGM/EGM / EGM
Voting Results of Extra-Ordinary General Meeting held on 20.08.202622 Aug 2026 · AGM/EGM / EGM
Proceedings of Extra-Ordinary General Meeting of the Company held on 20.08.2026 at Hotel Saffron Leaf GMS Road Dehradun21 Aug 2026 · AGM/EGM / EGM
Copy of Newspaper Publication for the financial results for the quarter ended on 31.03.202617 Aug 2026 · Company Update / Newspaper Publication
Fixes record date for the AGM and Final Dividend for the financial year ended on 31.03.202614 Aug 2026 · Corp. Action / Record Date
Submission of BRSR report for the financial year ended on 31.03.202614 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Wee wish to inform that the Board of Directors in its meeting held today approved the un-audited financial results for the quarter ended on 30.06.202614 Aug 2026 · Result / Financial Results
Shivalik Rasayan Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 14/08/2026 ,inter alia, to consider and approve un-audited financial results ....6 Aug 2026 · Board Meeting / Board Meeting
Intimation as per Regulation 7(3) of PIT Regulations, 20155 Aug 2026 · Company Update / Trading Plan under SEBI (PIT) Regulations, 2015
Intimation as per Regulation 7(3) of PIT Regulations, 201528 Jul 2026 · Company Update / Trading Plan under SEBI (PIT) Regulations, 2015
Copy of Newspaper Publication for Extra-Ordinary General Meeting to be held on 20.08.202628 Jul 2026 · Company Update / Newspaper Publication
Notice of calling Extra-Ordinary General meeting to be held on Thursday, August 20, 202627 Jul 2026 · AGM/EGM / EGM
Revised outcome24 Jul 2026 · Company Update / Revision of outcome
Issue & Allotment of up to 3,72,000 Equity Shares & 9,48,000 Fully Convertible Warrants ('Warrants') at an issue price of Rs. 250/-23 Jul 2026 · Board Meeting / Outcome of Board Meeting
Shivalik Rasayan Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 23/07/2026 ,inter alia, to consider and approve Issuance of Equity shares/warrants ....20 Jul 2026 · Board Meeting / Board Meeting
Closure of Trading Window Intimation24 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
intimation as per regulation 7(3) of the SEBI PIT Regulations, 20154 Jun 2026 · Company Update / Trading Plan under SEBI (PIT) Regulations, 2015
We wish to inform you that the Board of Directors of the Company approved the financial results for the quarter and year ended on 31.03.202627 May 2026 · Result / Financial Results
This is to inform you that Mr. Sanjay Bansal Non- Executive Director of the Company has resigned from his Directorship due to personal reasons, which has been accepted by the management ....27 May 2026 · Company Update / Cessation
We hereby inform that the Board of Directors of the Company recommended a final dividend @ 10% on Equity Shares of Rs. 5/- each i.e. 50 paise per share for the financial year 2025-26 subject ....27 May 2026 · Corp. Action / Dividend
We wish to inform that the Board approved the Audited Financial Results (Standalone & Consolidated) for the quarter and year ended on 31.03.202627 May 2026 · Board Meeting / Outcome of Board Meeting
We wish to inform you that the Board of Directors of the Company approved the Audited Financial results (Standalone & Consolidated) for the quarter and year ended on 31.03.202627 May 2026 · Result / Financial Results
Shivalik Rasayan Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/05/2026 ,inter alia, to consider and approve Audited Financial Results ....20 May 2026 · Board Meeting / Board Meeting
Certificate under Reg 74(5) of SEBI DP Regulations, 201813 Apr 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation for closure of Trading window.26 Mar 2026 · Insider Trading / SAST / Closure of Trading Window
Copy of Newspaper Publication for the Unaudited Financial results for the quarter ended on 31.12.202517 Feb 2026 · Company Update / Newspaper Publication
Unaudited Standalone & Consolidated results for the quarter and nine months ended on 31.12.202513 Feb 2026 · Result / Financial Results
Shivalik Rasayan Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/02/2026 ,inter alia, to consider and approve Un-audited Financial Results ....4 Feb 2026 · Board Meeting / Board Meeting

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 0.5000	21 Sep 2026	21 Sep 2026	—
Final Dividend - Rs. - 0.5000	19 Sep 2025	20 Sep 2025	—
Final Dividend - Rs. - 0.5000	20 Sep 2024	—	—

Board meetings

14 Aug 2026 Board Meeting - Financial Results