Sheetal Universal Limited (SHEETAL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Sheetal Universal's revenue was ₹128 Cr (+172.3% year on year, +166.2% on the previous half-year), and net profit ₹10.0 Cr (+25.0% year on year); the operating margin was 12.5%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹128 | +172.3% | +166.2% |
| Operating profit | ₹16.0 | -1.4% | +255.0% |
| Net profit | ₹10.0 | +25.0% | +556.2% |
| EPS (₹) | 8.71 | +25.1% | +554.9% |
| Operating margin | 12.5% | — | — |
SHEETAL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the SHEETAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.61%. That is higher than usual for this stock. Turnover was only ₹15 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 50.0% · 53.9% · 50.0% · 75.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sheetal Universal Limited has approved the allotment of 9,00,000 equity shares following the conversion of equivalent warrants at an issue price of ₹210 per share. The company received the remaining 75% consideration amounting to ₹14.18 crore, taking total proceeds from these warrants to ₹18.9 crore. Out of the allotted shares, 8,50,000 went to promoters Hiren Patel and Kajal Patel, increasing promoter holding from 57.29% to 59.89% across these two individuals. This represents the final conversion of the 14,20,000 warrants originally issued on 1st May, 2026.
- Allotment of 9,00,000 equity shares of face value ₹10 at an issue price of ₹210 (premium of ₹200) per share.
- Received balance 75% exercise price of ₹157.50 per share, totaling ₹14,17,50,000 in cash.
- Promoter Hiren Vallabhbhai Patel allotted 7,13,000 shares, increasing his stake from 47.53% to 49.75%.
- Paid-up share capital expanded from ₹11.98 crore (1,19,75,999 shares) to ₹12.88 crore (1,28,75,999 shares).
Sheetal Universal Limited has secured trading approval from the National Stock Exchange (NSE) for 2,61,000 equity shares of face value Rs. 10 each, allotted upon conversion of warrants on a preferential basis. The newly issued shares are admitted for dealings effective September 30, 2026. The allotment represents an addition of 2.61 lakh shares to the equity base, with all 2,61,000 shares locked in until March 31, 2027.
- Trading approval received for 2,61,000 equity shares of Rs. 10 each
- Listing and dealings effective from September 30, 2026 on NSE
- Entire batch of 2,61,000 shares is under lock-in until March 31, 2027
- Shares allotted pursuant to conversion of warrants under preferential issue initiated via in-principle application on February 17, 2026
Sheetal Universal Limited has received a further tranche of consideration amounting to ₹5.57 crore against convertible warrants from promoter Mr. Hiren Vallabhbhai Patel. The company had previously allotted 14,20,000 convertible warrants at an issue price of ₹210.00 each (face value ₹10 and premium ₹200). This receipt provides fresh capital infusion, representing approximately 1.4% of the company's current market capitalization of ₹410 crore and around 10.3% of its net worth. The conversion of these warrants will subsequently lead to equity dilution.
- Received ₹5,57,00,000 (₹5.57 crore) as a further tranche of warrant consideration
- Tranche received from promoter Mr. Hiren Vallabhbhai Patel
- Total convertible warrants issued stands at 14,20,000 units
- Warrant issue price fixed at ₹210.00 per warrant (face value ₹10.00, premium ₹200.00)
Sheetal Universal's board noted the receipt of Rs 4.23 crore as a further tranche of consideration against convertible warrants. The payment was received from promoter Mr. Hiren Vallabhbhai Patel pursuant to the preferential allotment approved on May 1, 2026. The initial allotment comprised 14,20,000 convertible warrants issued at Rs 210.00 each (face value Rs 10 plus premium of Rs 200). The fresh tranche represents approximately 1% of the company's current market cap of Rs 412 crore.
- Received further tranche consideration of Rs 4.23 crore
- Pertains to 14,20,000 convertible warrants allotted at an issue price of Rs 210.00 each
- Warrant price breakdown includes Rs 10.00 face value and Rs 200.00 premium
- Funds received from promoter Mr. Hiren Vallabhbhai Patel
Sheetal Universal Limited has signed a 1-year commercial collaboration agreement with Witness The Fitness Private Limited (WTF). The contract entails a marketing outlay of ₹12,39,000 (inclusive of GST) payable by Sheetal Universal for comprehensive in-gym and digital branding. In return, WTF will issue rolling purchase orders worth ₹5,00,000 for Sheetal's products. Given Sheetal's TTM revenue of ₹282 crore, the financial quantum is negligible and primarily serves as a localized branding initiative.
- 1-year commercial collaboration agreement signed with Witness The Fitness Private Limited
- Marketing expenditure of ₹12,39,000 (inclusive of GST) payable to WTF
- Rolling purchase orders of ₹5,00,000 to be issued by WTF during the tenure
- Agreement covers promotions across 16 live events, in-gym branding, and digital media
- Product prices locked in for 3 months, subject to raw material fluctuations
Sheetal Universal has secured an export sales order worth USD 1,220,000 (approximately ₹11.53 crore) from Beacon Star General Trading LLC, Dubai, UAE. The order entails supplying 1,000 MT of vacuum-packed peanut kernels with red skin at USD 1,220 per MT. The contract is slated for execution within a tight timeline of one month. Relative to the company's TTM revenue of ₹282 crore, this single order represents about 4.1% of annual sales.
- Export order value of USD 1,220,000 (approximately ₹11,52,90,000)
- Contract involves 1,000 MT of Peanut Kernel with Red Skin priced at USD 1,220 per MT
- Packaging consists of 40,000 bags of 1x25 Kg vacuum packing
- Short execution timeline requiring delivery within 1 month
- Order awarded by UAE-based Beacon Star General Trading LLC with zero promoter interest
Sheetal Universal's board approved the allotment of 2,59,000 equity shares of face value ₹10 each following the conversion of warrants issued on May 1, 2026. The conversion took place at an issue price of ₹210 per share upon receipt of the balance 75% consideration aggregating to ₹4.08 crore. Following this, the company's paid-up share capital increased from 1,17,16,999 to 1,19,75,999 equity shares, representing an equity dilution of ~2.2%. Out of 14,20,000 total warrants originally issued, 5,20,000 warrants have now been converted into shares.
- Allotted 2,59,000 equity shares upon conversion of warrants at ₹210 per share (including ₹200 premium)
- Received balance 75% consideration amounting to ₹4,07,92,500 (₹4.08 crore)
- Total paid-up equity shares expanded from 1,17,16,999 to 1,19,75,999 shares
- Cumulative 5,20,000 warrants converted to date out of 14,20,000 total warrants issued
- Allottees include promoter group members (50,000 shares) and non-promoters (2,09,000 shares)
Sheetal Universal Limited has issued the notice for its 11th Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. Key agenda items include the adoption of audited financial statements for FY 2025-26 and the re-appointment of Managing Director Hiren Vallabhbhai Patel for a 5-year term starting November 28, 2026. The proposed remuneration for the MD includes a base salary of up to Rs. 9,60,000 per annum alongside a variable bonus ranging from Rs. 5,00,000 to Rs. 50,00,000 per annum. The filing also documents the retirement and re-appointment by rotation of Non-Executive Director Nishant Shavjibhai Ramani.
- 11th AGM scheduled for Wednesday, 30th September, 2026 at 10:30 a.m.
- Proposed re-appointment of MD Hiren Vallabhbhai Patel for a 5-year tenure (Nov 28, 2026 to Nov 27, 2031)
- Managing Director remuneration proposed up to Rs. 9,60,000 p.a. base salary plus variable bonus of Rs. 5,00,000 to Rs. 50,00,000 p.a.
- Ordinary resolution to re-appoint Non-Executive Director Nishant Shavjibhai Ramani who retires by rotation
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: 'Manufacturing of Agricultural Products'. Standalone revenue for FY 2024-25 was INR 105.67 Cr, representing an 18.48% decrease from INR 129.63 Cr in FY 2023-24.
Geographic Revenue Split
Approximately 88% of revenue is derived from international markets (exports), with the remaining 12% coming from domestic operations in India.
Profitability Margins
Net profit ratio improved significantly from 2% in FY 2023-24 to 9% in FY 2024-25. Standalone Net Profit grew by 352.78% YoY to INR 9.32 Cr.
EBITDA Margin
Profit Before Tax (PBT) margin for standalone operations rose from 2.32% (INR 3.01 Cr) in FY 2023-24 to 12.38% (INR 13.09 Cr) in FY 2024-25, indicating a 334.54% increase in core operational profitability.
Capital Expenditure
Property, Plant, and Equipment (PPE) stood at INR 17.64 Cr as of September 30, 2025. Historical standalone purchase of fixed assets was INR 0.23 Cr in H1 FY26 compared to INR 12.60 Cr in H1 FY25.
Credit Rating & Borrowing
The company's credit metrics are expected to improve over the medium term, though it remains susceptible to raw material price volatility and forex fluctuations. Total debt-to-equity ratio was 1.32 as of March 31, 2025.
Operational Drivers
Raw Materials
Agricultural commodities (including raw materials for agricultural products) represent the primary input cost.
Import Sources
Sourced primarily from domestic farmers in India, particularly in the Gujarat region near Rajkot.
Key Suppliers
The company maintains direct reach with farmers to provide quality services and knowledge, acting as its primary procurement base.
Raw Material Costs
Raw material costs are highly volatile due to climatic conditions; cost of materials consumed was INR 43.80 Cr for H1 FY26, representing 93.8% of revenue for that period.
Manufacturing Efficiency
Inventory turnover ratio decreased from 19.58 in FY 2023-24 to 5.87 in FY 2024-25, indicating a slowdown in inventory clearing cycles.
Strategic Growth
Growth Strategy
The company plans to achieve growth by operating on a larger scale to capture a higher portion of market demand and expanding its footprint into international territories beyond India.
Products & Services
Processed and manufactured agricultural products.
Market Expansion
Targeting expansion in international territories to diversify its geographical revenue base.
Strategic Alliances
The company has two 100% owned subsidiaries: Saumesvar International Private Limited and Svar Industries Private Limited.
External Factors
Industry Trends
The industry is shifting toward higher international demand for Indian agricultural products, though it remains disrupted by unpredictable global weather patterns.
Competitive Landscape
Operates in a fragmented agricultural manufacturing market with significant competition from both domestic and international players.
Competitive Moat
Moat is built on direct farmer relationships and knowledge sharing, which provides a stable procurement base, though this is vulnerable to competitors offering higher prices.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and inflation in raw material prices which directly impact procurement costs.
Geopolitical Risks
International expansion plans are subject to global trade policies and potential barriers in new territories.
Regulatory & Governance
Industry Regulations
Subject to agricultural export policies and quality standards for international trade.
Taxation Policy Impact
Standalone tax expense for FY 2024-25 was INR 3.77 Cr on a PBT of INR 13.09 Cr, reflecting an effective tax rate of approximately 28.8%.
Legal Contingencies
The statutory auditors issued an unmodified report, indicating no material undisclosed legal contingencies or misstatements.
Risk Analysis
Key Uncertainties
Climatic unpredictability and forex volatility are the primary business risks, with potential to impact margins by over 5-10% annually.
Geographic Concentration Risk
88% revenue concentration in international markets; domestic revenue is concentrated in India.
Third Party Dependencies
High dependency on a small group of customers (72.41% revenue from top 10).
Technology Obsolescence Risk
Low risk due to the nature of agricultural processing, but digital transformation in supply chain tracking is an ongoing process.
Credit & Counterparty Risk
Trade receivables stood at INR 35.00 Cr as of September 30, 2025, representing a significant portion of current assets (62.9%).
