Shivalik Rasayan Ltd (SHIVALIK) AI Stock Analysis

• Market Cap: ₹3.69B
• Dividend Yield: 0.13%
• Average Volume (3M): 1.25K
• Price to Earnings (P/E): 51.2
• Beta (1Y): 0.84
• Revenue Growth: 13.17%
• EPS Growth: -0.02%
• Country: IN
• Employees: 267
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Agricultural Inputs
• EPS (TTM): 1.73
• Shares Outstanding: 15,750,365
• 10 Day Avg. Volume: 987
• 30 Day Avg. Volume: 1,247
• PEG Ratio: 2.26
• Price to Book (P/B): 1.90
• Price to Sales (P/S): 3.26
• P/FCF Ratio: -34.52
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹243.00 ▼(-32.26% Downside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is primarily supported by solid revenue growth and a generally stable balance sheet, but it is meaningfully reduced by negative operating/free cash flows and a clearly bearish technical setup (price below key moving averages with negative MACD). Valuation is also a headwind given the higher P/E and very low dividend yield.

Positive Factors

Revenue growth & gross margins

Consistent revenue growth combined with a strong gross margin supports durable operating leverage. Over 2–6 months this underpins reinvestment capacity into production or specialty R&D, helps absorb input cost swings and sustains the company’s ability to win and retain industrial customers.

Solid equity base and financing mix

A growing equity base and a historically manageable debt-to-equity ratio provide financial stability and buffer against cyclical shocks. This structural balance-sheet strength increases capacity to finance working capital, capex or strategic projects without immediate refinancing pressure.

Specialty chemical product focus

Focusing on chemical intermediates and specialty chemicals for industrial downstream users creates higher technical barriers and customer stickiness than commodity chemicals. This structural positioning supports pricing resilience, repeat orders and longer-term commercial relationships.

Negative Factors

Negative operating & free cash flow

Persistent negative operating and free cash flow erodes internal funding for working capital, maintenance capex and growth. Over months this forces reliance on external financing, constrains ability to deleverage, and raises risk around sustaining operations during demand slowdowns.

Rising total debt

An upward trend in total debt reduces financial flexibility and increases interest expense risk, especially given weak cash generation. Structurally, higher leverage can limit strategic options, pressure margins, and amplify vulnerability to raw-material or demand shocks.

Net margin volatility

Volatile and declining net margins indicate earnings quality and cost-control pressures. Over a medium-term horizon this undermines predictability of cash conversion and returns on invested capital, complicating planning for capex, dividends or debt reduction initiatives.

Shivalik Rasayan Ltd Business Overview & Revenue Model

Company Description

Shivalik Rasayan Ltd. engages in the manufacture of pharmaceutical and agrochemical products. Its products include organophosphorous based insecticides and chemicals. The company was founded by Rahul Bishnoi on March 16, 1979 and is headquartered in New Delhi, India.

How the Company Makes Money

Shivalik Rasayan Ltd primarily makes money by selling chemical products it manufactures (chemical intermediates and specialty chemicals) to customers, with revenue recognized from product sales. Key drivers typically include volumes sold, product mix, pricing (which can be influenced by raw-material costs and market demand), and the company’s ability to supply consistent quality and meet customer specifications. Specific disclosures on the split of revenue by product line, end-market, geography, major customers, or material long-term partnerships are not available in the provided context; therefore, null.

Shivalik Rasayan Ltd Financial Statement Overview

Summary

Income statement strength (revenue growth and solid gross margin) is offset by weaker quality of earnings: net margin volatility and, most importantly, negative operating and free cash flows in recent years. Balance sheet remains reasonably stable with growing equity, but rising debt adds risk.

Income Statement

Shivalik Rasayan Ltd has shown consistent revenue growth over the years, with a notable increase in total revenue from 2024 to 2025. The gross profit margin has been strong, indicating good cost management. However, the net profit margin has shown some volatility, with a decrease from 2023 to 2025, pointing to increased expenses or lower efficiency in recent years. EBIT and EBITDA margins are relatively stable, supporting operational profitability.

Balance Sheet

The company's balance sheet displays a solid equity position, with stockholders' equity increasing over the years. The debt-to-equity ratio remains manageable, although there has been an increase in total debt from 2023 to 2025. The equity ratio indicates a strong reliance on equity financing, which is a positive sign for stability. However, rising debt levels could pose a risk if not managed properly.

Cash Flow

Shivalik Rasayan Ltd faces challenges in cash flow management, evident from negative operating and free cash flows over recent years. The free cash flow growth rate has been negative, indicating cash outflow issues. The company needs to improve cash flow from operations to ensure better financial health and sustainability.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.38B	3.12B	2.73B	2.34B	2.07B	1.96B
Gross Profit	1.30B	805.70M	1.33B	1.20B	533.21M	680.77M
EBITDA	503.80M	485.11M	461.64M	493.13M	534.26M	411.80M
Net Income	140.50M	166.96M	127.17M	212.35M	256.06M	176.02M
Balance Sheet
Total Assets	8.04B	7.34B	6.92B	5.78B	4.88B	3.63B
Cash, Cash Equivalents and Short-Term Investments	468.39M	279.69M	377.38M	306.71M	707.58M	47.73M
Total Debt	1.00B	938.83M	859.67M	655.12M	411.22M	301.48M
Total Liabilities	2.18B	1.98B	1.85B	1.59B	1.24B	1.03B
Stockholders Equity	5.87B	5.36B	3.90B	3.10B	2.87B	1.79B
Cash Flow
Free Cash Flow	-267.77M	-294.37M	-757.31M	-821.81M	-138.32M	-64.92M
Operating Cash Flow	-168.43M	-86.05M	-80.75M	-189.49M	111.34M	587.69M
Investing Cash Flow	-157.64M	-208.31M	-743.08M	-707.72M	-233.56M	-790.95M
Financing Cash Flow	514.76M	196.69M	894.49M	496.34M	782.07M	19.83M

Shivalik Rasayan Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 358.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SHIVALIK, the sentiment is Negative. The current price of 358.75 is above the 20-day moving average (MA) of 272.55, above the 50-day MA of 295.69, and below the 200-day MA of 426.01, indicating a bearish trend. The MACD of -15.27 indicates Positive momentum. The RSI at 24.82 is Positive, neither overbought nor oversold. The STOCH value of 2.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SHIVALIK.

Shivalik Rasayan Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHREEPUSHK	68 Neutral	₹9.66B	17.66	―	0.52%	28.67%	50.12%
BHAGERIA	63 Neutral	₹6.18B	17.61	―	0.81%	33.39%	85.08%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SHIVALIK	57 Neutral	₹3.69B	51.21	―	0.13%	13.17%	-0.02%
ZUARI	57 Neutral	₹8.30B	8.74	―	―	23.32%	447.31%
BODALCHEM	52 Neutral	₹6.85B	697.51	―	―	15.56%	2114.71%
HERANBA	49 Neutral	₹7.17B	-10.64	―	0.39%	―	―