Shivam Chemicals Ltd (544165)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Shivam Chemicals' revenue was ₹153 Cr (+17.7% year on year, +15.9% on the previous half-year), and net profit ₹4.0 Cr (+100.0% year on year); the operating margin was 3.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹153 | +17.7% | +15.9% |
| Operating profit | ₹6.0 | +100.0% | +100.0% |
| Net profit | ₹4.0 | +100.0% | +100.0% |
| EPS (₹) | 2.48 | +172.5% | +113.8% |
| Operating margin | 3.9% | — | — |
📢 Recent Corporate Announcements
Shivam Chemicals has announced the commercial commencement of Feed-Grade Dicalcium Phosphate (DCP) production under Phase I at the Dahej, Gujarat facility of its subsidiary, Shivam Chemicals & Minerals Private Limited. The company previously distributed feed phosphate and is now backward integrating into in-house manufacturing. This adds to its existing Hydrated Lime manufacturing operations, which run at approximately 5,000 MT per month (60,000 MT per annum). Specific capital expenditure and newly added DCP production capacities were not disclosed in the filing.
- Commenced Feed-Grade Dicalcium Phosphate (DCP) production under Phase I at Dahej, Gujarat
- Expansion undertaken at subsidiary Shivam Chemicals & Minerals Private Limited
- Complements existing Hydrated Lime manufacturing capacity of approximately 5,000 MT per month
- Transitions business model from pure distribution/sales to in-house manufacturing for feed phosphate
Shivam Chemicals Limited has announced the closure of its Register of Members from September 14, 2026, to September 21, 2026 (both days inclusive). The closure is in connection with the company's 16th Annual General Meeting scheduled for September 21, 2026. This is a routine administrative compliance filing under Regulation 42 of SEBI LODR Regulations.
- Book closure period scheduled from September 14, 2026 to September 21, 2026
- 16th Annual General Meeting (AGM) to be conducted on September 21, 2026
- Filing submitted in compliance with Regulation 42 of SEBI (LODR) Regulations, 2015
Shivam Chemicals Limited has issued the notice for its 16th Annual General Meeting (AGM) scheduled for Monday, September 21, 2026. The meeting will address routine ordinary business, including the adoption of FY26 financial statements and the reappointment of director Shivam Sanjiv Vasant, who retires by rotation. The cut-off date for voting eligibility is set as September 11, 2026, and the share transfer books will remain closed from September 14 to September 21, 2026.
- 16th AGM scheduled to be held on Monday, 21st September 2026 at 11:00 AM IST
- Cut-off date for member voting rights fixed as 11th September 2026
- Register of Members and Share Transfer Books closed from 14th September 2026 to 21st September 2026
- Ordinary business includes adoption of FY26 audited accounts and re-appointment of Director Shivam Sanjiv Vasant
Shivam Chemicals Limited has submitted its Annual Report for FY2025-26 along with the notice for its 16th Annual General Meeting (AGM). The AGM is scheduled to take place on Monday, September 21, 2026, at 11:00 AM at the company's registered office in Mumbai. The filing includes statutory disclosures, Directors' Report, and Audited Standalone and Consolidated Financial Statements for FY26. For FY26, the company posted annual revenue of ₹284.0 crore and PAT of ₹6.0 crore.
- 16th Annual General Meeting scheduled for September 21, 2026, at 11:00 AM
- Filing includes audited Standalone and Consolidated Financial Statements for FY 2025-26
- Capital work-in-progress (Projects in Progress) reported at ₹57.00 lakh (< 1 year)
- Annual Report dispatched electronically to shareholders as per SEBI Reg. 34(1)
Shivam Chemicals has announced that its 16th Annual General Meeting (AGM) will take place on Monday, September 21, 2026. The company's Register of Members and Share Transfer Books will remain closed from September 14 to September 21, 2026. The Board approved the Directors' Report and Secretarial Audit Report for FY26, and recommended Director Mr. Shivam Sanjiv Vasant to retire by rotation. M/s. DSM & Associates has been appointed as the scrutinizer for voting during the AGM.
- 16th Annual General Meeting scheduled for September 21, 2026, at 11:00 AM IST
- Share transfer books and register of members closed from September 14 to September 21, 2026
- Approved Directors' Report and Secretarial Audit Report for the financial year ended March 31, 2026
- Recommended Mr. Shivam Sanjiv Vasant, Director, to retire by rotation
Shivam Chemicals Limited has scheduled a meeting of its Board of Directors on Thursday, August 27, 2026. The board will consider and approve the Directors' Report and its annexures, and finalize the schedule and book closure dates for the upcoming 16th Annual General Meeting (AGM). Additionally, the board will deliberate on appointing a scrutinizer for voting during the AGM. This is a routine administrative compliance filing with no operational or financial impact.
- Board meeting scheduled for Thursday, August 27, 2026 at 3:30 PM
- Agenda includes deciding the day, date, time, and book closure for the 16th AGM
- Approval of Directors' Report and relevant annexures on the agenda
- Appointment of Scrutinizer for voting at the 16th AGM to be considered
Financial Performance
Revenue Growth by Segment
The Company reported significant growth across its two primary segments: Manufacturing (Hydrated Lime) saw a 77.8% increase in value and 104.5% in volume, while the Trading & Distribution of feed supplements grew 51.6% in value and 54.4% in volume.
Geographic Revenue Split
The Company operates a manufacturing facility in Dahej, Gujarat, and has recently diversified into export markets to support overall growth, though specific regional percentage splits are not disclosed.
Profitability Margins
The Net Profit Ratio remained stable at 1% (0.01) for FY 2024-25, as sales margins were unaffected. Return on Capital improved from 9.73% in FY 2023-24 to 12.32% in FY 2024-25.
EBITDA Margin
Not explicitly disclosed; however, the Net Profit Ratio is 1% and the Return on Capital is 12.32%, indicating positive core profitability despite a loss of INR 0.43 Cr (Rs. 42.69 Lakhs) in its subsidiary.
Capital Expenditure
Historical CapEx includes the acquisition of subsidiary Shivam Chemicals And Minerals Private Limited on June 17, 2022, with total assets of INR 19.58 Cr (Rs. 1,958.03 Lakhs) as of March 31, 2025.
Credit Rating & Borrowing
The Company has been sanctioned working capital limits exceeding INR 5 Cr. The Debt-Equity Ratio increased from 0.0102 in 2024 to 0.0776 in 2025 due to increased outstanding debt.
Operational Drivers
Raw Materials
Key raw materials include feed supplements and inputs for Hydrated Lime manufacturing (typically limestone/quicklime), though specific cost percentages per material are not disclosed.
Import Sources
Manufacturing operations are centralized in Dahej, Gujarat, India. The company has also entered export markets for finished products.
Capacity Expansion
The Company currently has an installed manufacturing capacity of 60,000 MT per annum for Hydrated Lime at its Dahej, Gujarat facility.
Raw Material Costs
Raw material price fluctuations are cited as a key dependency; however, specific YoY cost change percentages are not disclosed.
Manufacturing Efficiency
Manufacturing volume grew 104.5% YoY, indicating a significant improvement in capacity utilization and operational scaling.
Strategic Growth
Growth Strategy
Growth is targeted through diversification into new product assortments, entry into export markets, and expanding the client base across various industrial sectors and verticals.
Products & Services
The company sells Hydrated Lime, animal feed supplements, and allied chemical products.
Brand Portfolio
Shivam Chemicals Limited (formerly Sun Organosys Private Limited).
New Products/Services
The company is developing new products aiming at various sectors to improve the depth of industry engagement.
Market Expansion
Market expansion involves increasing reach across sectors and entering international export markets.
Market Share & Ranking
Not disclosed; the company notes India is one of the largest feed producers globally.
Strategic Alliances
The company operates a 100% subsidiary, Shivam Chemicals And Minerals Private Limited.
External Factors
Industry Trends
The Indian animal feed industry is evolving with a focus on improved feeding practices and proactive government reforms, which the company is positioning for through capacity utilization and product diversification.
Competitive Landscape
Operates in a highly competitive atmosphere with rivals that may have superior financial and technical resources.
Competitive Moat
The company's moat is built on its own inventory management, promoter experience, and accreditation with various awards, though it faces threats from competitors with greater resources.
Macro Economic Sensitivity
Highly sensitive to monsoon performance and government reforms/liberalization in the agricultural and industrial sectors.
Consumer Behavior
Increasing demand for domestic services and industrial feed supplements is driving volume growth.
Geopolitical Risks
Operations are subject to global economic conditions affecting supply and demand, as well as potential epidemic/pandemic disruptions.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI (LODR) Regulations 2015, and specific industrial standards for chemical manufacturing.
Taxation Policy Impact
The company is subject to the Income Tax Act, 1961 and Goods and Service Tax (GST) regulations.
Legal Contingencies
The Company reported that it does not have any pending litigation as of March 31, 2025, that would impact its financial position.
Risk Analysis
Key Uncertainties
Key risks include climatic conditions (monsoons) impacting demand, raw material price volatility, and potential discrepancies in inventory physical verification.
Geographic Concentration Risk
Manufacturing is concentrated in Dahej, Gujarat, making the company sensitive to regional economic and climatic conditions.
Third Party Dependencies
The company has provided guarantees of INR 5.08 Cr (Rs. 507.98 Lakhs) and loans of INR 7.50 Cr (Rs. 750 Lakhs) to its subsidiary, indicating significant intra-group dependency.
Technology Obsolescence Risk
Not disclosed; the company focuses on traditional chemical manufacturing and trading.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio is 10.77, showing stable collection efficiency compared to 10.05 in the previous year.
