NSE: SHIVALIK · BSE: 539148 · ISIN INE788J01021
Shivalik Rasayan Limited stock analysis
Shivalik Rasayan Limited ranks #3907 in the TickerSutra evidence-ranked universe with a score of 37/100 and 95% data confidence. The latest captured fundamentals show ROCE of 4.6%, quarterly sales growth of 7.9% and quarterly profit growth of 112.5%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.19×
- 16.3% three-year sales CAGR
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹215cr | ₹47cr | ₹34cr | 22.0% |
| 2023 | ₹234cr | ₹43cr | ₹30cr | 19.0% |
| 2024 | ₹273cr | ₹41cr | ₹18cr | 15.0% |
| 2025 | ₹312cr | ₹41cr | ₹20cr | 13.0% |
| 2026 | ₹368cr | ₹46cr | ₹18cr | 12.0% |
| TTM | ₹375cr | ₹46cr | ₹20cr | 12.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Shivalik Rasayan Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineShivalik Rasayan Ltd - 539148 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 29 Sept 2026Voting Results along with Scrutinizer''s Report for the 48th Annual General Meeting held on 28.09.2026
RoutineGeneral UpdatesNSE · 29 Sept 2026Shivalik Rasayan Limited has informed the Exchange about General Updates
RoutineShivalik Rasayan Ltd - 539148 - Announcement under Regulation 30 (LODR)-AcquisitionBSE · 29 Sept 2026Disclosure pursuant to Regulation 29(1) of SEBI SAST Regulations, 2011
RoutineShareholders meetingNSE · 28 Sept 2026Shivalik Rasayan Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 28, 2026
MANAGEMENT COMMENTARY
Signals from filed documents
Cur rent Ratio (in times) [Cu rrent Asset / Current Liability] 1.55 1.53 1.35 - 7. Return on E quity Ratio % [Ne t profit after tax/ (Paid up capital + Free reserves)] 2.02 3.49 -42.08 Decreased because of higher operating costs, increased finance expenses, and lower margins 8. Return on C apital Employed % [Ne t profit after tax / (Paid up capital +Long term debts + Free reserves)] 1.92 3.38 -43.04 Decreased because
USFDA and EU GMP certification remain the baseline checks for any Indian API supplier. Pha rma firms are shifting from basic APIs to complex APIs—aiming to counter price erosion, strengthen margins, and customer retention. Import reliance SRCO FS ` 34 Annual Report 2025-26 Statutory Reports on China for Key Starting Materials (KSMs) remains high, though government initiatives are beginning to show progress.
Agrochemical demand has remained largely resilient, given its linkage to food security and agricultural activity, although short-term ordering behaviour may remain cautious. Volatility in crude oil and freight markets poses margin sensitivity, especially for players with limited backward integration or greater reliance on imported intermediates. Supply chain disruptions, including longer transit times and higher insu
Major Highlights NCE-1 & F2F Manufacturing Successfully e xecuting complex NCE-1 and F2F API projects for regulated markets US Customer Engagement Added two API de velopment programs with a US-based pharmaceutical company Complex Chemistry Expertise Manufacturing APIs through non- infringing routes for innovative molecules Global Market Expansion Advancing API opportunities in Japan and South Korea SRCO FS ` 4 Corpor
This growth is driven by a surge in chronic diseases, the rise of personalized medicine, and a strategic shift in global supply chains. India API manufacturing growth 2026 sits at the center of that shift, steered by capacity expansion, policy support and years of regulatory experience. Ind ia supplies nearly a fifth of the world’s generic medicines by volume, with over 670 USFDA approved plants.
Implementing recycling and waste reduction practices has optimized resource utilization and lowered disposal expenses. Moreover, meeting waste management standards and regulatory compliance has enabled the Company to foster positive relationship with stakeholders and reinforces Company’s Commitment to environmental stewardship. Not Applicable Positive 6 Compliance Risk Embracing ethics and transparency as an opportun
Such risks are linked to the audit universe and are also covered as a part of the annual risk-based audit plan. The risk appetite of the organization is approved by the RMC and the Board and is aligned to the Vision of the organization. It is an important metric for governing all business actions and strategic decisions.
Deviations Audit Committee Meeting held on August 13, 2024, was attended by only one Independent Director. Action Taken by Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE) Type of Action Received warning letters dated October 14, 2025from NSE & BSE Limited regarding the Non- Compliance as per Regulation 18 (2) (b) of SEBI (LODR) Regulations, 2015. Details of Violation Audit Committee Mee
OTHER ASSETS PARTICULARS March 31, 2026 (Amount Rs. Lakhs) Considered Good Miscellaneous Expenditure (to the extent not written off or adjusted) Processing fee on Term Loan 50.14 50.14 Product Development 2,020.30 1,980.74 Product Registration 780.57 413.38 Pre-Operative Expenditure 475.64 524.63 TOTAL 3,326.64 2,968.89 10. INVENTORIES PARTICULARS March 31, 2026 (Amount Rs.
The financial results along with the earnings releases are also posted on the Company’s website https://shivalikrasayan.com/ quarter-results/ The Company also issues press releases from time to time. Financial Results, Statutory Notices, Press Releases and Presentations made to the institutional investors/analysts after the declaration of the quarterly, half-yearly and annual results are submitted to the National Sto
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
DIRECTOR & BUSINESS NETWORK
Loading corporate intelligence
Loading universe coverage and exchange-backed evidence…