Shiv Texchem Ltd (544272)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Shiv Texchem's revenue was ₹1,273 Cr (+8.7% year on year, -15.3% on the previous half-year), and net profit ₹35.0 Cr (+29.6% year on year); the operating margin was 4.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹1,273 | +8.7% | -15.3% |
| Operating profit | ₹63.0 | +23.5% | -13.7% |
| Net profit | ₹35.0 | +29.6% | -18.6% |
| EPS (₹) | 15.05 | +26.9% | -18.8% |
| Operating margin | 4.9% | — | — |
📢 Recent Corporate Announcements
Shiv Texchem Limited has submitted its Annual Report for FY 2025-26 along with the Notice of its 21st Annual General Meeting (AGM) pursuant to Regulation 34 of SEBI LODR Regulations. The reporting period marks the company's first full financial year following its BSE SME listing on October 15, 2024. The filing also notes that the company changed its Registrar and Share Transfer Agent (RTA) to Bigshare Services Private Limited post-March 2026. Shareholder question registration for the AGM is scheduled from September 1, 2026 to September 15, 2026.
- Published 21st Annual Report for the financial year ended March 31, 2026.
- First full financial year report post-listing on the BSE SME platform on October 15, 2024.
- Shareholders can submit advance questions for the AGM between September 1, 2026 and September 15, 2026.
- Changed Registrar and Share Transfer Agent (RTA) to Bigshare Services Private Limited post-March 2026.
Shiv Texchem Limited has issued a notice convening its 21st Annual General Meeting (AGM) on September 28, 2026, at 4:00 PM IST via video conferencing. Key ordinary agenda items include adopting the audited financial statements for FY 2025-26 (where annual revenue stood at ₹2,776 Cr and PAT at ₹78 Cr) and the re-appointment of Director Hemanshu Chokhani. Special business items include the regularization of Mrs. Shruti Vyas as an Independent Director for a 1-year term ending May 26, 2027, and approval for Mr. Shyamsunder Chokhani's continuation as Whole-time Director post attaining the age of 70. Shareholder query submissions and speaker registrations are scheduled between September 1, 2026, and September 15, 2026.
- 21st Annual General Meeting scheduled for September 28, 2026, at 04:00 p.m. IST via VC/OAVM.
- Proposed regularization of Mrs. Shruti Vyas as Independent Director for a 1-year term until May 26, 2027.
- Special resolution sought for continuation of Mr. Shyamsunder Chokhani as Whole-time Director past age 70.
- Advance speaker pre-registration open from September 1, 2026, to September 15, 2026.
Shiv Texchem Limited has announced the appointment of M/s. H L SAINI & Co., Chartered Accountants (FRN: 136961W), as the Internal Auditor of the company for FY 2026-27. The appointment was approved by the Board of Directors on August 22, 2026, based on the recommendation of the Audit Committee. M/s. H L SAINI & Co., established in 2013, provides audit, corporate consultancy, and valuation services. This represents a standard compliance and internal governance appointment with no direct financial impact.
- Appointment of M/s. H L SAINI & Co., Chartered Accountants (FRN: 136961W), as Internal Auditor approved on August 22, 2026
- Term of appointment covers the Financial Year 2026-27
- Auditing firm was established in 2013 with focus on audit, tax, and corporate consultancy assignments
Shiv Texchem Limited has approved the appointment of M/s. H L SAINI & Co., Chartered Accountants, as its Internal Auditor for the Financial Year 2026-27 during its Board meeting on August 22, 2026. The firm, established in 2013, handles corporate audits, bank assignments, valuations, and NCLT-related audits. This appointment is a standard corporate governance and compliance action with no direct financial impact on the company's TTM revenue of ₹4,978 crore.
- Appointment of M/s. H L SAINI & Co. (FRN: 136961W) as Internal Auditor for FY 2026-27
- Board approval granted on August 22, 2026, based on the recommendation of the Audit Committee
- Auditor profile highlights establishment in 2013 with expertise in corporate audits, banking, and valuations
Shiv Texchem Limited disclosed outcomes from its Board meeting held on August 22, 2026. The Board approved the regularisation of Mrs. Shruti Vyas as a Non-Executive Independent Director, subject to shareholder approval at the upcoming Annual General Meeting. Additionally, H L SAINI & Co., Chartered Accountants, was appointed as the company's Internal Auditor for FY 2026–27. These decisions reflect standard corporate governance and compliance updates with no immediate operational or financial impact.
- Board meeting conducted on August 22, 2026 (commenced at 04:05 PM and concluded at 05:50 PM)
- Proposed regularisation of Mrs. Shruti Vyas (DIN: 01305405) as Non-Executive Independent Director
- Appointed H L SAINI & Co., Chartered Accountants, as Internal Auditors for FY 2026–27
Financial Performance
Revenue Growth by Segment
The Company operates in a single business segment (import and distribution of hydrocarbon-based chemicals), which generated revenue of INR 2,201.62 Cr in FY25, representing a 37% CAGR from FY22 to FY25.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a presence at 5 major Indian ports (Kandla, Mundra, JNPT, Mumbai, Hazira) to facilitate domestic distribution.
Profitability Margins
Net Profit Margin improved to 2.19% in FY25 from 1.96% in FY24. Operating margins have consistently sustained in the range of 3.0% to 4.0% over the last three fiscal years.
EBITDA Margin
EBITDA grew at a CAGR of 58% between FY22 and FY25, supported by value-added services and fixed formula-based pricing models.
Credit Rating & Borrowing
Crisil BBB+/Watch Negative (placed on watch on October 20, 2025). Finance costs for FY25 were INR 23.45 Cr on total borrowings of approximately INR 409.25 Cr.
Operational Drivers
Raw Materials
Hydrocarbon-based and performance chemicals including Acetyls, Alcohols, Aromatics, Phenols, Ketones, Inorganics, Intermediates, Monomers, Glycols, and Isocyanates, which constitute the bulk of procurement costs.
Import Sources
Sourced globally from international manufacturers; specific countries are not listed, but the company leverages a global supplier network of 65+ vendors.
Key Suppliers
The company partners with 65+ global manufacturers, including strategic relationships with firms like BASF for specialized sourcing and logistics.
Capacity Expansion
Not disclosed in available documents; however, the company aims to broaden its chemical product basket (currently 45+ products) and increase geographic reach.
Raw Material Costs
Inventory stood at INR 495.11 Cr in FY25. The company uses a procurement strategy where 75% to 80% of inventory is order-backed to mitigate price fluctuation risks.
Manufacturing Efficiency
Not applicable as the company is a distributor; however, Inventory Turnover Ratio improved to 4.47 in FY25 from 3.93 in FY24.
Logistics & Distribution
Not disclosed as a specific % of revenue, but end-to-end handling and transportation are provided through a specialized logistics team.
Strategic Growth
Expected Growth Rate
37%
Growth Strategy
The company aims to be the 'Amazon of Petrochemicals' by broadening its product basket, increasing geographic reach, and exploring downstream value addition. It leverages a proprietary price forecasting model to provide consultative sourcing to clients like GreenLam and BASF.
Products & Services
Hydrocarbon-based chemicals (Acetyls, Alcohols, Aromatics, Phenols, Ketones, etc.) and value-added logistics/storage services.
Brand Portfolio
Shiv Texchem Limited.
New Products/Services
Broadening the chemical product basket beyond the current 45+ products to cater to the shift toward eco-friendly and high-performance formulations.
Market Expansion
Increasing geographic reach and market penetration following post-listing capital infusion in October 2024.
Strategic Alliances
Strategic sourcing partnerships with 65+ global suppliers and consultative relationships with major domestic clients like BASF and GreenLam Industries.
External Factors
Industry Trends
India's chemical sector faces a projected $40-42 Bn trade deficit by 2040, creating a massive opportunity for strategic import partners like Shiv Texchem to bridge the gap.
Competitive Landscape
Operates in a niche segment of hydrocarbon distribution, competing with global players and domestic distributors by offering consultative, insight-driven sourcing.
Competitive Moat
Durable advantages include a proprietary price forecasting model, 20-year promoter experience, and specialized port-based logistics infrastructure which are difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to industrial growth in end-user sectors like Paints, Agrochemicals, and Pharmaceuticals, which drive demand for specialty inputs.
Consumer Behavior
Shift toward sustainable, customized, and biodegradable chemical solutions in end-user industries.
Geopolitical Risks
The 'China+1' strategy and global supply chain realignment present opportunities, while the US State Department announcement (October 2025) poses a negative watch risk.
Regulatory & Governance
Industry Regulations
Subject to the Companies Act 2013, FEMA 1999, and international trade policies. The US State Department announcement in October 2025 is a critical regulatory development.
Environmental Compliance
The company is aligning with the industry shift toward eco-friendly, high-performance formulations.
Legal Contingencies
The US State Department announcement (October 20, 2025) led Crisil to place ratings on 'Watch Negative'; specific case values or pending court litigation are not detailed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the impact of the US State Department announcement on the company's ability to maintain global supplier relationships and credit lines.
Geographic Concentration Risk
Operations are concentrated in India with logistics hubs at 5 major ports; sourcing is globally diversified across 65+ suppliers.
Third Party Dependencies
Dependent on 65+ global manufacturers for product supply and international logistics providers for timely delivery.
Technology Obsolescence Risk
The company uses a proprietary data-driven model for price forecasting to mitigate the risk of mispricing in volatile hydrocarbon markets.
Credit & Counterparty Risk
Low concentration risk with 750+ customers; Top 5 customers contribute less than 17% of revenue.
