SHIVALIK - Shivalik Rasayan
📢 Recent Corporate Announcements
Shivalik Rasayan reported a weak performance for the quarter ended December 31, 2025, with consolidated net profit declining 47.1% YoY to ₹3.67 crore. Total consolidated revenue fell 4.2% YoY to ₹83.21 crore, also showing a sequential decline of 11.7% from the previous quarter. The Agrochemicals segment faced significant margin pressure, with segment results falling from ₹718.61 lakhs to ₹592.72 lakhs YoY. The company's consolidated performance remains heavily dependent on its Pharma Formulations segment and its associate, Medicamen Biotech Limited.
- Consolidated Net Profit fell 47.1% YoY to ₹366.95 Lakhs from ₹693.79 Lakhs.
- Consolidated Revenue from operations decreased to ₹8,203.75 Lakhs compared to ₹8,530.61 Lakhs in Q3 FY25.
- Standalone Net Profit saw a sharp decline to ₹203.49 Lakhs from ₹401.59 Lakhs in the year-ago period.
- Consolidated EPS for the quarter dropped significantly to ₹1.71 from ₹3.39 YoY.
- Agrochemicals segment revenue stood at ₹2,810.56 Lakhs, while Pharma Formulations contributed ₹4,690.85 Lakhs to consolidated totals.
Shivalik Rasayan Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ending December 31, 2025. The filing confirms that the Registrar and Share Transfer Agent (RTA), Beetal Financial & Computer Services, processed all dematerialization requests within the stipulated 15-day timeframe. It ensures that physical share certificates were mutilated and cancelled after verification and the depository's name was updated in the records. This is a routine administrative filing required by SEBI to maintain transparency in shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Confirmation that securities were dematerialized and listed on stock exchanges
- RTA confirmed the mutilation and cancellation of physical certificates within 15 days
- Adherence to SEBI (Depositories and Participants) Regulations, 2018
Shivalik Rasayan Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the declaration of the un-audited financial results for the quarter ending December 31, 2025. The window will remain closed for directors, designated employees, and other insiders until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated in due course.
- Trading window closure begins on January 1, 2026
- Closure is related to the un-audited financial results for the quarter ending December 31, 2025
- Restriction applies to Directors, Designated Employees, and other specified insiders
- Window will reopen 48 hours after the financial results are declared to the exchanges
Shivalik Rasayan Limited has informed the stock exchanges about a change in the shareholding of one of its directors. Mr. Ashwani Kumar Sharma, a Director of the company, is transferring 62,650 equity shares by way of a gift. This disclosure is made in compliance with Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. Since the transaction is a gift rather than a market sale, it does not reflect a change in the director's outlook on the company's valuation.
- Director Ashwani Kumar Sharma is transferring 62,650 equity shares.
- The transaction is classified as a gift under SEBI PIT Regulations.
- The disclosure was filed with BSE and NSE on December 22, 2025.
- This is a non-market transaction and does not involve a cash consideration.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 59.29% YoY, reaching INR 149.23 Cr (Rs. 14,922.59 Lakhs) in FY 2024-25 compared to INR 93.68 Cr (Rs. 9,367.63 Lakhs) in FY 2023-24. Growth is driven by expansion in both the Agrochemicals and API segments, particularly with the commissioning of new capacity.
Geographic Revenue Split
The company is primarily domestic-focused but has started exporting APIs to UAE, Poland, and China. While these exports currently contribute a 'meagre' portion of total revenue, the company is actively targeting expansion into the US, Europe, and Japan to diversify its geographic footprint.
Profitability Margins
Profit After Tax (PAT) for FY 2024-25 was INR 13.87 Cr (Rs. 1,386.68 Lakhs), reflecting a 60.5% increase from INR 8.64 Cr (Rs. 863.58 Lakhs) in the previous year. The net profit margin stands at approximately 9.29%, showing stable profitability despite significant capacity expansion costs.
EBITDA Margin
Not explicitly disclosed in the provided documents; however, the 60.5% growth in PAT suggests strong operational leverage as the company scaled its revenue by 59.29% during the same period.
Capital Expenditure
The company commissioned a new Agro and specialty chemicals plant at Dahej III, which became operational in September 2024. This expansion increased Dimethoate technical capacity by 250% (from 1,450 MTPA to 5,000 MTPA).
Credit Rating & Borrowing
As of September 30, 2025, consolidated short-term borrowings stood at INR 79.10 Cr (Rs. 7,909.54 Lakhs), up from INR 77.38 Cr in March 2025. Total consolidated liabilities reached INR 192.26 Cr.
Operational Drivers
Capacity Expansion
Current capacity for Dimethoate technical has been expanded to 5,000 MTPA from a previous 1,450 MTPA (a 250% increase) following the commissioning of the Dahej III plant in September 2024. The Dahej Unit-I API facility also received US FDA approval.
Manufacturing Efficiency
The US FDA approval of the Dahej Unit-I API facility indicates high manufacturing standards and compliance with international quality requirements, which is essential for entering regulated markets.
Strategic Growth
Growth Strategy
Growth is being pursued through a 250% capacity increase in Agrochemicals (Dimethoate technical) and the validation of 20 Oncology and non-oncology APIs for filing in regulated markets. The company is also implementing backward integration for its pharmaceutical arm, Medicamen Biotech, to enhance supply chain control.
Products & Services
Dimethoate technical (Agrochemical), Oncology APIs, Non-oncology APIs, and Specialty chemicals.
Brand Portfolio
Shivalik Rasayan Limited (SRL), Medicamen Biotech Limited (Associate/Pharmaceutical arm).
New Products/Services
20 new Oncology and non-oncology APIs have been validated and are ready for filing in regulated countries; 5 molecules have already been submitted for registration in China.
Market Expansion
Targeting established markets including the US, Europe, and Japan for API exports. The company has already partnered with a Chinese marketing firm for API distribution in China.
Strategic Alliances
Partnered with a Chinese marketing firm for API distribution; maintains a strategic relationship with Medicamen Biotech Limited for pharmaceutical supply chain integration.
External Factors
Industry Trends
The industry is shifting toward India as a global hub for API and Agrochemical manufacturing. SRL is positioning itself by upgrading facilities to US FDA standards and significantly increasing technical grade production capacity to capture this shift.
Competitive Landscape
Competes in the global API and Agrochemical markets, specifically against other Indian and Chinese manufacturers of Dimethoate and Oncology APIs.
Competitive Moat
SRL's moat is built on regulatory approvals (US FDA) and high-capacity manufacturing (5,000 MTPA Dimethoate). These are sustainable because they require significant capital investment and rigorous quality compliance that act as entry barriers.
Macro Economic Sensitivity
The company is sensitive to global demand for Agrochemicals and APIs, as it aims to leverage India's growing share in world API exports.
Geopolitical Risks
Expansion into China (5 molecules submitted) and Poland exposes the company to geopolitical trade dynamics and regional regulatory changes.
Regulatory & Governance
Industry Regulations
Operations are governed by US FDA standards for API facilities and SEBI (LODR) Regulations for corporate governance and financial reporting.
Taxation Policy Impact
Current tax liabilities (Net) stood at INR 9.08 Cr (Consolidated) as of September 30, 2025.
Legal Contingencies
The company received a formal warning letter from the National Stock Exchange (NSE) on October 14, 2025, regarding non-compliance with Regulation 18(2)(b) of SEBI LODR, as an Audit Committee meeting on August 13, 2024, was attended by only one Independent Director instead of the required two.
Risk Analysis
Key Uncertainties
Regulatory risk is high; any 'aberration' in future compliance following the NSE warning letter could lead to serious regulatory action. Additionally, the success of the 250% capacity expansion depends on successful market penetration in the US and Europe.
Geographic Concentration Risk
Currently heavily reliant on the Indian market, though actively diversifying into UAE, Poland, and China.
Third Party Dependencies
Dependency on a Chinese marketing firm for API distribution in the China market.
Technology Obsolescence Risk
The company is mitigating technology risks by validating 20 new APIs and upgrading to US FDA-approved facilities to stay current with global pharmaceutical standards.
Credit & Counterparty Risk
Consolidated trade payables of INR 94.42 Cr (Rs. 9,441.52 Lakhs) as of September 2025 indicate significant credit utilization from suppliers.