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SHIVAMAUTO - Shivam Autotech

📊 NSE: SHIVAMAUTO 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 13:15

📢 Recent Corporate Announcements

Shivam Autotech Allots ₹45 Crore Optionally Convertible Debentures to Alpha Alternatives Fund

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 12 Feb 2026, 09:45 PM

Shivam Autotech Limited has approved the allotment of 4,500 unlisted, secured, optionally convertible debentures (OCDs) to Alpha Alternatives Structured Credit Opportunities Fund. The total fundraise amounts to ₹45 crore with a face value of ₹1,00,000 per debenture. These instruments carry a coupon rate of 10.00% per annum and have a tenure of up to 18 months. The infusion of capital is a significant move for the company, though it comes with a 12-month lock-in period.

Allotment of 4,500 unlisted, secured, optionally convertible debentures totaling ₹45 crore
Coupon rate fixed at 10.00% per annum with a tenure of up to 18 months
Sole investor is Alpha Alternatives Structured Credit Opportunities Fund
12-month lock-in period starting from the allotment date of February 12, 2026
Face value of each debenture is ₹1,00,000

💡 Investors should monitor the company's debt-to-equity ratio and the potential dilution of shares if these debentures are converted into equity. The 10% coupon rate indicates a relatively high cost of capital that needs to be offset by improved operational margins.

Shivam Autotech Allots ₹75 Crore Optionally Convertible Debentures to Alpha Alternatives

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 11 Feb 2026, 03:33 PM

Shivam Autotech Limited has approved the allotment of 7,500 unlisted, secured, optionally convertible debentures (OCDs) to Alpha Alternatives Structured Credit Opportunities Fund. The total fundraise amounts to ₹75 crore with a face value of ₹1,00,000 per debenture. These instruments carry a coupon rate of 10% per annum and have a tenure of up to 18 months. This capital infusion is likely intended to bolster the company's liquidity or fund operational requirements.

Allotment of 7,500 unlisted, secured, redeemable, optionally convertible debentures (OCDs) aggregating to ₹75 crore
Coupon rate set at 10.00% per annum to be paid as per transaction documents
Tenure of the instrument is up to 18 months with a 12-month lock-in period
Sole investor is Alpha Alternatives Structured Credit Opportunities Fund via private placement
Deemed date of allotment is February 10, 2026

💡 Investors should monitor the specific conversion terms of the OCDs as they may lead to equity dilution in the future. The 10% interest cost is significant, so the efficiency of fund utilization for growth will be a key performance indicator.

Shivam Autotech Q3 Net Loss Widens to ₹24.5 Cr; Net Worth Turns Negative

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 05:54 PM

Shivam Autotech reported a weak performance for Q3 FY26, with revenue from operations declining 14.7% YoY to ₹96.2 crore. The net loss more than doubled to ₹24.5 crore compared to ₹11.9 crore in the same period last year, exacerbated by a sharp rise in finance costs and an exceptional item of ₹1.1 crore. Most critically, the company's net worth has turned negative, standing at -₹22.8 crore as of December 31, 2025. While the company has received in-principle approval for a fundraise via Optionally Convertible Debentures, its current financial stability is under significant pressure.

Revenue from operations fell 14.7% YoY to ₹9,618.47 Lakhs from ₹11,273.87 Lakhs.
Net loss for the quarter widened to ₹2,453.33 Lakhs compared to a loss of ₹1,186.00 Lakhs in Q3 FY25.
Finance costs increased significantly to ₹1,905.13 Lakhs, up from ₹1,494.65 Lakhs in the year-ago quarter.
Company's net worth has eroded to negative ₹2,282.58 Lakhs as of December 31, 2025.
The Board recognized an exceptional charge of ₹111.62 Lakhs due to the impact of new labour codes.

💡 Investors should exercise extreme caution as the company's net worth has turned negative and losses are accelerating. The upcoming fundraise through Optionally Convertible Debentures is a critical monitorable for liquidity, but the fundamental outlook remains highly risky.

Shivam Autotech Q3 FY26 Net Loss Widens to ₹24.53 Cr; Net Worth Turns Negative

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 05:48 PM

Shivam Autotech reported a weak set of results for Q3 FY26, with revenue from operations declining 14.7% YoY to ₹96.18 crore. The net loss for the quarter widened significantly to ₹24.53 crore, compared to a loss of ₹11.86 crore in the same quarter last year. Most concerningly, the company's net worth has turned negative at ₹22.83 crore as of December 31, 2025. High finance costs of ₹19.05 crore and an exceptional charge of ₹1.12 crore related to new labour codes further impacted the bottom line.

Revenue from operations fell to ₹96.18 crore in Q3 FY26 from ₹112.74 crore in Q3 FY25.
Net loss for the quarter widened to ₹24.53 crore versus a loss of ₹12.42 crore in the preceding quarter.
Company's net worth is now negative at ₹22.83 crore, indicating severe financial distress.
Finance costs increased sharply to ₹19.05 crore from ₹13.11 crore on a QoQ basis.
Received in-principle approval for issuing 12,000 Optionally Convertible Debentures (OCDs) to address liquidity needs.

💡 Investors should exercise extreme caution due to the company's negative net worth and widening losses. While a fundraise via OCDs is planned, the deteriorating operational performance and high debt servicing costs make this a high-risk situation.

Shivam Autotech Gets Approval for ₹120 Crore Optionally Convertible Debentures Issue

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 02 Feb 2026, 04:12 PM

Shivam Autotech has received in-principle approval from both NSE and BSE for a preferential issue of 12,000 Optionally Convertible Debentures (OCDs). Each OCD carries a face value of ₹1,00,000, representing a total fundraise of ₹120 Crores. These debentures are convertible into 4,16,52,204 equity shares of ₹2 each. This capital infusion is intended to strengthen the company's balance sheet, though it will lead to significant equity dilution upon conversion.

Received in-principle approval for 12,000 unlisted, secured, redeemable OCDs
Total fundraise amount aggregates to ₹120 Crores at ₹1,00,000 per OCD
Proposed conversion into 4,16,52,204 equity shares of face value ₹2 each
Approval received from both National Stock Exchange (NSE) and BSE Limited
Allottees are restricted from intra-day trading or selling shares until the allotment date

💡 Investors should watch for the final allotment and conversion price details, as the potential addition of 4.16 crore shares will significantly dilute existing holdings. Monitor how the company intends to utilize the ₹120 crore proceeds for growth or debt reduction.

Shivam Autotech Submits SEBI Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 03:46 PM

Shivam Autotech Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that physical share certificates were mutilated, cancelled, and the depository's name was substituted in the records within the mandated 15-day period. This is a standard regulatory filing ensuring the integrity of shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Confirms dematerialization requests were processed within the 15-day regulatory timeframe
Issued by MCS Share Transfer Agent Limited, the company's RTA
Physical certificates were verified, mutilated, and cancelled as per SEBI guidelines

💡 No action is required as this is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for performance insights.

Shivam Autotech: Promoters & Management to Skip Subscription in Preferential Issue of OCDs

🔵 WATCH ⭐ 6/10

FUNDRAISE 📅 07 Jan 2026, 03:39 PM

Shivam Autotech Limited has clarified that its Promoters, Directors, and Key Managerial Personnel (KMPs) do not intend to subscribe to the upcoming preferential issue of Optionally Convertible Debentures (OCDs). This update follows the Postal Ballot process which concluded on December 31, 2025, and a subsequent corrigendum issued on December 16, 2025. The decision indicates that the capital infusion will be driven entirely by external investors rather than internal stakeholders. Investors should note that this fundraise will lead to equity dilution upon conversion without increasing promoter skin in the game.

Promoters, Directors, and Senior Management will not participate in the preferential OCD issue.
The Postal Ballot voting period for the fundraise concluded on December 31, 2025.
A corrigendum to the original December 1, 2025, notice was issued on December 16, 2025.
The disclosure is a formal update under Regulation 30 of SEBI LODR Regulations.

💡 Investors should monitor the list of external subscribers to the OCDs to assess the quality of new capital coming into the company. The lack of promoter participation suggests a reliance on external funding which may impact future control and dilution dynamics.

Shivam Autotech Wins GST Case; ₹100.2 Crore Demand and Penalty Dropped

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 22 Dec 2025, 05:57 PM

Shivam Autotech Limited has successfully resolved a major tax dispute with the CGST Commissionerate, Dehradun. The authority has dropped a proposed demand of ₹50.10 crore and a penalty of ₹50.10 crore, totaling over ₹100 crore. The case involved alleged discrepancies between e-way bill data and GSTR-3B filings for the financial years 2018-19 through 2020-21. The final order confirms NIL demand, effectively removing a significant financial risk from the company's books.

CGST proceedings dropped for FY 2018-19, 2019-20, and 2020-21
Total proposed demand of ₹50.10 crore and penalty of ₹50.10 crore cancelled
The final order results in NIL demand and no financial impact on the company
The dispute was related to discrepancies between e-way bill portal data and GSTR-3B filings

💡 The removal of a ₹100 crore potential liability is a significant positive for the stock. Investors can remain positive as this regulatory risk is now fully mitigated.

Shivam Autotech Wins GST Case: ₹100 Crore Demand and Penalty Dropped

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 22 Dec 2025, 03:13 PM

Shivam Autotech Limited has received a favorable order from the CGST Commissionerate, Dehradun, which has dropped all proceedings against the company. The original Show Cause Notice had proposed a substantial tax demand of ₹50.10 crore and an equivalent penalty of ₹50.10 crore, totaling over ₹100 crore plus interest. The dispute was related to alleged discrepancies between e-way bill data and GSTR-3B filings for the financial years 2018-19, 2019-20, and 2020-21. The final order confirms a NIL demand, effectively eliminating a major contingent liability for the company.

CGST Commissionerate dropped proceedings initiated under Section 74 of the CGST Act, 2017.
Proposed tax demand of ₹50.10 crore and penalty of ₹50.10 crore have been completely waived.
The case involved alleged tax liability discrepancies for three financial years: 2018-19, 2019-20, and 2020-21.
The final order results in NIL demand confirmed against the company, ensuring no negative financial impact.

💡 The resolution of this tax dispute is a significant positive development as it clears a large potential liability that could have impacted cash flows. Investors should view this as the removal of a major financial risk and a positive for the company's balance sheet.

Shivam Autotech Issues Corrigendum for ₹120 Crore OCD Preferential Issue

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 16 Dec 2025, 11:38 AM

Shivam Autotech Limited has issued a corrigendum to its postal ballot notice regarding a proposed preferential issue of Optionally Convertible Debentures (OCDs) totaling ₹120 crore. The company clarifies that ₹115 crore of the proceeds will be used to repay existing non-convertible debentures, while ₹5 crore is allocated for working capital. The update provides specific regulatory pricing clarifications under SEBI ICDR Regulations 166A and 164(4). This move is primarily a debt restructuring exercise aimed at converting or refinancing existing debt obligations.

Proposed issuance of up to 12,000 unlisted, secured, optionally convertible debentures (OCDs) at ₹1,00,000 each.
Total fundraise amount capped at ₹120 crore via preferential allotment to a proposed allottee.
Allocation of ₹115 crore for the repayment of NCDs issued to the same allottee on December 5, 2025.
Remaining ₹5 crore earmarked for long-term working capital requirements.
Pricing methodology updated to comply with Regulation 166A read with 164(4) of SEBI ICDR Regulations.

💡 Investors should monitor the conversion terms of the OCDs as they may lead to future equity dilution, and evaluate the impact of this debt refinancing on the company's interest burden.

Shivam Autotech Allots ₹32 Crore Secured NCDs to Alpha Alternatives Fund

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 08 Dec 2025, 06:30 PM

Shivam Autotech Limited has approved the allotment of 3,200 secured, unlisted, and unrated Non-Convertible Debentures (NCDs) aggregating to ₹32 crore. The fundraise is conducted via private placement to the Alpha Alternatives Structured Credit Opportunities Fund. These NCDs carry a coupon rate of 10.00% per annum with a maximum tenure of 36 months. The arrangement includes an 18-month moratorium period, providing the company with short-term cash flow flexibility.

Allotment of 3,200 secured, unlisted, unrated NCDs with a face value of ₹1,00,000 each.
Total fundraise amount aggregates to ₹32 crore through private placement.
Fixed coupon rate of 10.00% per annum to be paid as per transaction documents.
Tenure of up to 36 months with an 18-month moratorium on principal/interest.
Sole investor identified as Alpha Alternatives Structured Credit Opportunities Fund.

💡 Investors should monitor the company's utilization of these funds and its ability to service the 10% interest rate given the unrated nature of the debt. Watch for improvements in operational liquidity or debt restructuring in upcoming quarterly reports.

Shivam Autotech Allots ₹45 Crore NCDs via Private Placement

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 05 Dec 2025, 09:44 PM

Shivam Autotech Limited has announced the allotment of 4,500 secured, unlisted, unrated, redeemable Non-Convertible Debentures (NCDs) with a face value of ₹1,00,000 each, aggregating to ₹45 crore. These NCDs are issued on a private placement basis. The coupon/interest offered is 10.00% p.a. The tenure of the instrument will be up to a maximum of 36 months with an 18-month moratorium.

Allotted 4,500 secured NCDs
Face value of each NCD is ₹1,00,000
Total amount raised is ₹45 crore
Coupon/interest offered is 10.00% p.a.
Tenure is up to 36 months with 18-month moratorium

💡 Investors should monitor the company's debt levels and interest expenses. Review the terms of the debenture trust deed for detailed information on redemption and payment schedules.

Shivam Autotech: Postal Ballot for ₹120 Crore OCD Issuance

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 01 Dec 2025, 12:51 PM

Shivam Autotech is seeking shareholder approval via postal ballot for several special resolutions. Key among them is the issuance of unlisted, secured, redeemable, optionally convertible debentures (OCDs) on a preferential basis, aggregating up to ₹120 Crore. These OCDs can be converted into 4,16,52,204 Equity Shares at a conversion price of ₹28.81 per share. The remote e-voting will commence on December 02, 2025, and end on December 31, 2025.

Issuance of up to 12,000 unlisted, secured, redeemable, optionally convertible debentures.
OCD issue size of up to ₹120 Crore.
Conversion of 12,000 OCDs into 4,16,52,204 Equity Shares.
Conversion price of ₹28.81 per Equity Share.
Voting ends on December 31, 2025 at 5:00 p.m. (IST).

💡 Shareholders should review the postal ballot notice and explanatory statement carefully, paying close attention to the terms and conditions of the OCD issuance and potential dilution. Investors should vote based on their assessment of the company's fundraising strategy.

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💰 Financial Performance

Revenue Growth by Segment

The company reported a total revenue decrease of 3.34% YoY, falling to INR 453.98 Cr in FY2024-25 from INR 469.66 Cr in FY2023-24. The automotive segment accounts for 97% of revenue, while non-automotive segments contribute the remaining 3%.

Geographic Revenue Split

Not disclosed in available documents, though the company emphasizes the locational advantage of its manufacturing facilities in India to serve major OEMs.

Profitability Margins

Net loss significantly widened to INR 34.72 Cr in FY23 from INR 16.06 Cr in FY22, driven by a surge in raw material and consumable costs. Net worth depletion due to continuous losses has led to a highly leveraged capital structure.

EBITDA Margin

PBILDT margin declined to 9.22% (INR 43.30 Cr) in FY24, down from 10.65% (INR 50.18 Cr) in FY23 and 15.19% in FY22. The margin compression is attributed to delayed funding for working capital, which restricted production in H1 FY24.

Capital Expenditure

Promoter entities infused INR 45.69 Cr during FY23 to support operations. The company also raised INR 25 Cr through Optionally Convertible Debentures (OCDs) in FY24, primarily for debt repayment and statutory dues rather than new capacity.

Credit Rating & Borrowing

Long-term bank facilities are rated CARE BB- with a Negative outlook (revised from Stable). The company is highly leveraged with an overall gearing of 7.29x as of March 31, 2024, compared to 4.10x in FY23.

⚙️ Operational Drivers

Raw Materials

Steel and consumable stores are the primary raw materials, though specific percentage splits per material are not disclosed.

Capacity Expansion

The company is currently facing under-utilization of manufacturing capacities, leading to under-recovery of fixed costs. No specific MTPA expansion figures were provided, but the focus is on improving production efficiency to increase cash flows.

Raw Material Costs

Raw material costs led to a significant PBILDT margin drop from 15.19% to 10.65% in FY23. The company has low bargaining power with customers to pass on these volatile costs.

Manufacturing Efficiency

Production efficiency is a key focus area to improve cash flow from operations, as current under-utilization is a primary constraint on profitability.

📈 Strategic Growth

Growth Strategy

Growth is targeted through diversification into three-wheelers, four-wheelers, and commercial vehicles to reduce the 97% reliance on the automotive segment. The company is also raising funds (INR 25 Cr OCDs) to stabilize the working capital cycle and improve production uptime.

Products & Services

Gears, shafts, and precision-engineered components for two-wheelers, three-wheelers, four-wheelers, and commercial vehicles.

Brand Portfolio

Shivam Autotech.

New Products/Services

Venturing into non-automotive segments, which currently contribute 3% of revenue, with plans to expand this share.

Market Expansion

Targeting broader automotive segments (CVs and 4Ws) to mitigate segment-specific cyclicality.

Strategic Alliances

The company is part of the S.N. Munjal faction, maintaining a long-standing relationship with Hero MotoCorp Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward diversification across vehicle segments. Shivam Autotech is positioning itself by moving beyond its traditional 2W focus into 4W and non-auto components to ensure long-term sustainability.

Competitive Landscape

Operates in a highly competitive auto-component market with pressure from volatile input costs and large OEM customers.

Competitive Moat

The company's moat is built on its established relationship with Hero MotoCorp and its locational advantage. However, this is weakened by low bargaining power and high customer concentration.

Macro Economic Sensitivity

Highly sensitive to the cyclical nature of the Indian automotive sector and fluctuations in steel prices.

Consumer Behavior

Demand is driven by the cyclical recovery of the two-wheeler and commercial vehicle markets in India.

⚖️ Regulatory & Governance

Industry Regulations

Subject to standard automotive manufacturing standards and SEBI LODR regulations. A show cause notice was recently received from the Central GST Commissionerate, Dehradun.

Environmental Compliance

The company does not fall under the top 1000 listed companies by market cap for mandatory Business Responsibility Reporting, but it maintains basic environmental initiatives.

Legal Contingencies

A show cause notice from the Central GST Commissionerate, Dehradun, is a key monitorable; any adverse decision involving significant penalties could further stress the company's weak financial profile.