Income Statement Shivalik Rasayan Limited

Stocks

SHIVALIK

INE788J01021

Agricultural Chemicals

Market Closed - Bombay S.E. 06:25:12 2026-09-09 EDT			5-day change	1st Jan Change
385.10 ^INR	+19.99%		+18.38%	+8.22%

08-14	Shivalik Rasayan Limited Reports Earnings Results for the First Quarter Ended June 30, 2026	CI
07-23	Shivalik Rasayan Limited announced that it expects to receive INR 152.25 million in funding from Bishnoi Exports Private Limited, Growel Remedies Limited, Kim Ginnerup ApS and other investors	CI

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Published financial data: SHIVALIK RASAYAN LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Revenues	2.07B	2.34B	2.72B	3.1B	3.62B
Other Revenues, Total	-	1K	-	-	-
Total Revenues	2.07B	2.34B	2.72B	3.1B	3.62B
Cost of Goods Sold, Total	941M	1.15B	1.4B	1.6B	1.88B
Gross Profit	1.13B	1.19B	1.32B	1.49B	1.73B
Selling General & Admin Expenses, Total	310M	383M	493M	573M	644M
Depreciation & Amortization - (IS)	110M	116M	124M	158M	188M
Other Operating Expenses	350M	379M	430M	517M	631M
Other Operating Expenses, Total	770M	878M	1.05B	1.25B	1.46B
Operating Income	359M	315M	270M	244M	270M
Interest Expense, Total	-24.95M	-43.44M	-76.26M	-93.34M	-96M
Interest And Investment Income	21.21M	29.21M	23.62M	25.04M	26.4M
Net Interest Expenses	-3.75M	-14.22M	-52.64M	-68.29M	-69.6M
Currency Exchange Gains (Loss)	14.49M	14.76M	13.85M	7.06M	5.44M
Other Non Operating Income (Expenses)	201K	1.48M	1.2M	50.97M	8.94M
EBT, Excl. Unusual Items	370M	317M	233M	234M	215M
Gain (Loss) On Sale Of Assets	-4.78K	-68K	3K	-	-
EBT, Incl. Unusual Items	370M	317M	233M	234M	215M
Income Tax Expense	27.04M	18.29M	51.53M	29.85M	35.07M
Earnings From Continuing Operations	343M	298M	181M	204M	180M
Net Income to Company	343M	298M	181M	204M	180M
Minority Interest	-86.46M	-85.98M	-54.12M	-37.26M	-55.68M
Net Income - (IS)	256M	212M	127M	167M	124M
Net Income to Common Incl Extra Items	256M	212M	127M	167M	124M
Net Income to Common Excl. Extra Items	256M	212M	127M	167M	124M
Per Share Items
Net EPS - Basic	18.12	14.66	8.35	10.6	7.87
Basic EPS - Continuing Operations	18.12	14.66	8.35	10.6	7.87
Basic Weighted Average Shares Outstanding	14.13M	14.49M	15.22M	15.75M	15.75M
Net EPS - Diluted	18.12	14.66	8.35	10.6	7.87
Diluted EPS - Continuing Operations	18.12	14.66	8.35	10.6	7.87
Diluted Weighted Average Shares Outstanding	14.13M	14.49M	15.22M	15.75M	15.75M
Normalized Basic EPS	10.22	7.73	6	6.92	4.99
Normalized Diluted EPS	10.22	7.73	6	6.92	4.99
Dividend Per Share	0.5	0.5	0.5	0.5	0.5
Payout Ratio	2.69	9.37	15.81	12.28	17.29
Supplemental Items
EBITDA	468M	430M	313M	400M	456M
EBITA	359M	315M	270M	244M	270M
EBIT	359M	315M	270M	244M	270M
Total Revenues (As Reported)	2.18B	2.39B	2.77B	3.2B	3.72B
Effective Tax Rate - (Ratio)	7.32	5.78	22.13	12.75	16.33
Total Current Taxes	39.77M	37M	60.85M	55.03M	42.07M
Total Deferred Taxes	-12.73M	-18.71M	-9.32M	-25.18M	-7M
Normalized Net Income	145M	112M	91.39M	109M	78.54M
Interest on Long-Term Debt	9.29M	10.74M	24.86M	23.09M	15.94M
Supplemental Operating Expense Items
Advertising Expense	5.96M	7.93M	20.08M	16.38M	33.29M
Selling and Marketing Expenses	5.96M	7.93M	20.08M	16.38M	33.29M
General and Administrative Expenses	5.66M	5.42M	6.11M	5.96M	5.16M
Research And Development Expense From Footnotes	81.22M	70.39M	65.91M	61.45M	86.24M

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Assets
Cash And Equivalents	708M	307M	377M	280M	344M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	708M	307M	377M	280M	344M
Accounts Receivable, Total	700M	848M	867M	961M	1.15B
Other Receivables	46.36M	30.06M	30.78M	27.59M	21.5M
Notes Receivable	14.82M	30.32M	35.04M	32.39M	26.1M
Total Receivables	761M	908M	933M	1.02B	1.2B
Inventory	381M	750M	1.02B	1.18B	1.47B
Prepaid Expenses	8.13M	2.35M	2.69M	5.92M	9.58M
Other Current Assets, Total	541M	648M	608M	663M	800M
Total Current Assets	2.4B	2.62B	2.94B	3.15B	3.82B
Gross Property Plant And Equipment	2.73B	3.35B	4.02B	4.23B	4.4B
Accumulated Depreciation	-495M	-606M	-723M	-874M	-1.06B
Net Property Plant And Equipment	2.24B	2.75B	3.3B	3.36B	3.34B
Other Intangibles, Total	3.6M	8.98M	8.98M	7.42M	5.72M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	12.37M	31.08M	40.11M	65.58M	72.35M
Deferred Charges Long-Term	154M	305M	543M	711M	887M
Other Long-Term Assets, Total	77.57M	75.08M	93.89M	53.42M	62.49M
Total Assets	4.88B	5.78B	6.92B	7.34B	8.19B
Liabilities
Accounts Payable, Total	508M	589M	451M	551M	671M
Accrued Expenses, Total	64.5M	81.14M	108M	154M	174M
Short-term Borrowings	301M	447M	521M	774M	875M
Current Portion of Long-Term Debt	26.93M	77.97M	98.85M	108M	91.49M
Current Income Taxes Payable	76.02M	62.54M	59.31M	62.18M	46.08M
Unearned Revenue Current, Total	14.61M	22.25M	3.59M	1.52M	3.42M
Other Current Liabilities	141M	155M	342M	131M	41.31M
Total Current Liabilities	1.13B	1.44B	1.58B	1.78B	1.9B
Long-Term Debt	83.78M	130M	240M	165M	262M
Pension & Other Post Retirement Benefits	12.91M	15.28M	15.74M	24.01M	9.6M
Deferred Tax Liability Non Current	-	-	-	-31K	-
Other Non Current Liabilities	7.49M	8.61M	8.02M	9.59M	24.43M
Total Liabilities	1.24B	1.59B	1.85B	1.98B	2.2B
Common Stock, Total	72.45M	72.45M	77.8M	78.75M	78.75M
Additional Paid In Capital	1.94B	2.25B	3.14B	3.27B	3.27B
Retained Earnings	896M	1.18B	1.35B	1.54B	1.7B
Comprehensive Income and Other	-37.94M	103M	509M	470M	940M
Total Common Equity	2.87B	3.6B	5.08B	5.36B	5.99B
Minority Interest	775M	589M	-	-	-
Total Equity	3.65B	4.19B	5.08B	5.36B	5.99B
Total Liabilities And Equity	4.88B	5.78B	6.92B	7.34B	8.19B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	14.49M	14.49M	15.56M	15.75M	15.75M
ECS Total Common Shares Outstanding	14.49M	14.49M	15.56M	15.75M	15.75M
Book Value / Share	198.21	248.73	326.23	340.46	380.38
Tangible Book Value	2.87B	3.59B	5.07B	5.35B	5.99B
Tangible Book Value Per Share	197.96	248.11	325.66	339.99	380.01
Total Debt	411M	655M	860M	1.05B	1.23B
Net Debt	-296M	348M	482M	768M	884M
Minority Interest, Total (Incl. Fin. Div)	775M	589M	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	258M	428M	487M	459M	600M
Inventories - Work In Process, Total	14.25M	11.99M	168M	160M	46.01M
Inventories - Finished Goods, Total	109M	309M	363M	558M	822M
Inventories - Others	733K	1.24M	-	-	-
Land - (BS)	240M	240M	231M	238M	238M
Buildings, Total	930M	935M	937M	1.24B	1.25B
Machinery, Total	1.41B	1.6B	1.56B	2.39B	2.54B
Full Time Employees	237	256	267	275	342

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Net Income	256M	212M	127M	167M	124M
Depreciation & Amortization - CF	109M	115M	42.75M	156M	186M
Depreciation & Amortization, Total	109M	115M	42.75M	156M	186M
Amortization of Deferred Charges, Total - (CF)	993K	1.1M	2.85M	1.56M	1.71M
(Gain) Loss From Sale Of Asset	-12.11K	-68K	3K	-	-
Other Operating Activities, Total	85.81M	67.1M	199M	106M	137M
Change In Accounts Receivable	-11.62M	-148M	-19.69M	-93.74M	-190M
Change In Inventories	-283M	-368M	-268M	-159M	-294M
Change In Accounts Payable	113M	98.65M	-134M	141M	136M
Change in Other Net Operating Assets	-159M	-167M	-30.79M	-411M	-440M
Cash from Operations	111M	-189M	-80.75M	-92.03M	-340M
Capital Expenditure	-250M	-632M	-677M	-226M	-167M
Investment in Marketable and Equity Securities, Total	-	-99.26M	-84.87M	-10.39M	-66.25M
Other Investing Activities, Total	16.1M	23.87M	18.36M	25.7M	20.92M
Cash from Investing	-234M	-708M	-743M	-211M	-212M
Short Term Debt Issued, Total	125M	147M	74.11M	253M	101M
Long-Term Debt Issued, Total	-	46.33M	110M	-	96.79M
Total Debt Issued	125M	193M	184M	253M	198M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-27.25M	-	-	-74.68M	-
Total Debt Repaid	-27.25M	-	-	-74.68M	-
Issuance of Common Stock	654M	308M	777M	141M	450M
Common Dividends Paid	-6.89M	-19.9M	-20.11M	-20.5M	-21.44M
Common & Preferred Stock Dividends Paid	-6.89M	-19.9M	-20.11M	-20.5M	-21.44M
Other Financing Activities, Total	37.39M	15.31M	-46.38M	-93.34M	-9.88M
Cash from Financing	782M	496M	894M	205M	616M
Miscellaneous Cash Flow Adjustments	-	-	-	1K	1K
Net Change in Cash	660M	-401M	70.66M	-97.68M	63.98M
Supplemental Items
Cash Interest Paid	24.95M	43.44M	76.26M	93.34M	96M
Cash Income Tax Paid (Refund)	62M	56.73M	43.15M	27.5M	28.35M
Levered Free Cash Flow	-276M	-858M	-709M	-344M	-445M
Unlevered Free Cash Flow	-260M	-831M	-661M	-286M	-385M
Change In Net Working Capital	345M	511M	199M	370M	575M
Net Debt Issued / Repaid	97.66M	193M	184M	178M	198M

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Profitability
Return on Assets	5.27	3.69	2.66	2.14	2.17
Return on Total Capital	6.45	4.42	3.13	2.47	2.48
Return On Equity %	10.98	7.61	3.91	3.91	3.17
Return on Common Equity	10.98	6.56	2.74	3.2	2.18
Margin Analysis
Gross Profit Margin %	54.53	50.97	48.5	48.18	47.91
SG&A Margin	14.97	16.36	18.16	18.5	17.81
EBITDA Margin %	22.6	18.36	11.53	12.94	12.61
EBITA Margin %	17.33	13.45	9.96	7.89	7.47
EBIT Margin %	17.33	13.45	9.96	7.89	7.47
Income From Continuing Operations Margin %	16.55	12.75	6.68	6.6	4.97
Net Income Margin %	12.37	9.08	4.68	5.39	3.43
Net Avail. For Common Margin %	12.37	9.08	4.68	5.39	3.43
Normalized Net Income Margin	6.98	4.78	3.37	3.52	2.17
Levered Free Cash Flow Margin	-13.32	-36.66	-26.09	-11.12	-12.31
Unlevered Free Cash Flow Margin	-12.56	-35.5	-24.34	-9.23	-10.65
Asset Turnover
Asset Turnover	0.49	0.44	0.43	0.43	0.47
Fixed Assets Turnover	0.96	0.94	0.9	0.93	1.08
Receivables Turnover (Average Receivables)	2.98	3.02	3.17	3.39	3.42
Inventory Turnover (Average Inventory)	3.93	2.03	1.58	1.46	1.42
Short Term Liquidity
Current Ratio	2.12	1.82	1.85	1.77	2.01
Quick Ratio	1.28	0.83	0.8	0.71	0.8
Operating Cash Flow to Current Liabilities	0.1	-0.13	-0.05	-0.05	-0.18
Days Sales Outstanding (Average Receivables)	122.43	120.72	115.59	107.81	106.61
Days Outstanding Inventory (Average Inventory)	92.99	179.97	231.38	249.76	256.32
Average Days Payable Outstanding	133.66	133.4	114.24	103.75	102.53
Cash Conversion Cycle (Average Days)	81.76	167.3	232.73	253.82	260.41
Long Term Solvency
Total Debt/Equity	11.28	15.62	16.93	19.53	20.5
Total Debt / Total Capital	10.13	13.51	14.48	16.34	17.01
LT Debt/Equity	2.3	3.1	4.72	3.08	4.37
Long-Term Debt / Total Capital	2.06	2.68	4.04	2.57	3.63
Total Liabilities / Total Assets	25.31	27.49	26.69	26.97	26.84
EBIT / Interest Expense	14.37	7.24	3.55	2.62	2.81
EBITDA / Interest Expense	18.75	9.89	4.11	4.29	4.75
(EBITDA - Capex) / Interest Expense	8.74	-4.67	-4.76	1.87	3.01
Total Debt / EBITDA	0.88	1.52	2.75	2.62	2.69
Net Debt / EBITDA	-0.63	0.81	1.54	1.92	1.94
Total Debt / (EBITDA - Capex)	1.89	-3.23	-2.37	6.02	4.25
Net Debt / (EBITDA - Capex)	-1.36	-1.72	-1.33	4.41	3.06
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.82	13.06	16.05	14	16.82
Gross Profit, 1 Yr. Growth %	27.23	5.69	10.43	13.24	16.16
EBITDA, 1 Yr. Growth %	23.06	-8.17	-27.1	27.88	13.85
EBITA, 1 Yr. Growth %	21.6	-12.28	-14.06	-9.64	10.49
EBIT, 1 Yr. Growth %	21.6	-12.28	-14.06	-9.64	10.49
Earnings From Cont. Operations, 1 Yr. Growth %	38.88	-12.93	-39.23	12.65	-12.01
Net Income, 1 Yr. Growth %	45.47	-17.07	-38.7	31.29	-25.73
Normalized Net Income, 1 Yr. Growth %	31.14	-22.51	-14.65	19.3	-27.97
Diluted EPS Before Extra, 1 Yr. Growth %	41.82	-19.1	-41.66	26.9	-25.73
Accounts Receivable, 1 Yr. Growth %	1.69	21.1	2.32	10.81	19.79
Inventory, 1 Yr. Growth %	288.86	96.59	35.79	15.59	24.79
Net Property, Plant and Equip., 1 Yr. Growth %	6.58	22.83	20.13	1.82	-0.57
Total Assets, 1 Yr. Growth %	34.53	18.43	19.75	6.05	11.52
Tangible Book Value, 1 Yr. Growth %	60.36	25.33	21.12	5.68	11.77
Common Equity, 1 Yr. Growth %	60.38	25.49	21.07	5.64	11.72
Cash From Operations, 1 Yr. Growth %	-81.05	-270.19	-57.38	13.96	269.02
Capital Expenditures, 1 Yr. Growth %	-61.74	153.27	7	-66.54	-26.26
Levered Free Cash Flow, 1 Yr. Growth %	163.18	211.27	-17.39	-51.43	33.45
Unlevered Free Cash Flow, 1 Yr. Growth %	174.04	219.5	-20.43	-56.75	34.71
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.41	9.38	14.54	15.02	15.4
Gross Profit, 2 Yr. CAGR %	24.64	15.96	8.03	11.82	14.69
EBITDA, 2 Yr. CAGR %	27.68	6.31	-18.18	-3.45	20.66
EBITA, 2 Yr. CAGR %	19.18	3.3	-13.18	-11.88	-0.08
EBIT, 2 Yr. CAGR %	19.18	3.3	-13.18	-11.88	-0.08
Earnings From Cont. Operations, 2 Yr. CAGR %	24.65	9.98	-27.26	-17.26	-0.44
Net Income, 2 Yr. CAGR %	35.21	9.84	-29.53	-10.29	-1.25
Normalized Net Income, 2 Yr. CAGR %	29.01	0.79	-20.47	0.91	-7.3
Diluted EPS Before Extra, 2 Yr. CAGR %	33.53	7.11	-32.1	-13.96	-2.92
Accounts Receivable, 2 Yr. CAGR %	9.7	10.97	11.31	6.48	15.21
Inventory, 2 Yr. CAGR %	37.69	176.49	63.39	25.28	20.1
Net Property, Plant and Equip., 2 Yr. CAGR %	20.87	14.41	21.47	10.59	0.62
Total Assets, 2 Yr. CAGR %	21.97	26.22	19.09	12.69	8.75
Tangible Book Value, 2 Yr. CAGR %	27.66	41.77	32.92	13.13	8.68
Common Equity, 2 Yr. CAGR %	27.64	41.86	32.95	13.09	8.64
Cash From Operations, 2 Yr. CAGR %	39.5	-43.22	-14.84	-30.31	105.07
Capital Expenditures, 2 Yr. CAGR %	-47.43	-1.57	64.62	-40.16	-50.33
Levered Free Cash Flow, 2 Yr. CAGR %	-43	186.19	60.35	-36.66	-20.75
Unlevered Free Cash Flow, 2 Yr. CAGR %	-44.33	195.87	59.44	-41.34	-23.67
Dividend Per Share, 2 Yr. CAGR %	41.42	0	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.66	7.9	11.56	14.36	15.62
Gross Profit, 3 Yr. CAGR %	23.87	17.97	14.08	9.74	13.25
EBITDA, 3 Yr. CAGR %	26.94	14.4	-6.25	-5.05	2
EBITA, 3 Yr. CAGR %	20.57	7.62	-2.85	-12.01	-4.98
EBIT, 3 Yr. CAGR %	20.57	7.62	-2.85	-12.01	-4.98
Earnings From Cont. Operations, 3 Yr. CAGR %	17.83	10.61	-9.75	-15.84	-15.55
Net Income, 3 Yr. CAGR %	23.46	14.88	-10.27	-13.29	-15.77
Normalized Net Income, 3 Yr. CAGR %	16.96	8.84	-6.05	-8.96	-9.81
Diluted EPS Before Extra, 3 Yr. CAGR %	15.3	12.99	-13.2	-16.36	-18.08
Accounts Receivable, 3 Yr. CAGR %	10.38	13.37	8.01	11.15	10.74
Inventory, 3 Yr. CAGR %	21.08	55.04	118.14	45.58	25.12
Net Property, Plant and Equip., 3 Yr. CAGR %	50.03	21.52	16.29	14.53	6.74
Total Assets, 3 Yr. CAGR %	19.2	20.78	24.03	14.57	12.3
Tangible Book Value, 3 Yr. CAGR %	20.25	26.88	41.5	23.13	12.68
Common Equity, 3 Yr. CAGR %	20.22	26.92	41.53	23.14	12.63
Cash From Operations, 3 Yr. CAGR %	13.08	49.06	-48.4	-6.15	21.47
Capital Expenditures, 3 Yr. CAGR %	-4.75	-11.21	1.21	-3.21	-35.85
Levered Free Cash Flow, 3 Yr. CAGR %	-12.39	0.37	89.14	7.69	-19.64
Unlevered Free Cash Flow, 3 Yr. CAGR %	-13.15	-0.33	90.98	3.21	-22.61
Dividend Per Share, 3 Yr. CAGR %	0	25.99	0	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.9	8.57	9.75	10.69	13.08
Gross Profit, 5 Yr. CAGR %	17.25	14.31	17.27	15.47	14.33
EBITDA, 5 Yr. CAGR %	21.35	12.44	6.49	6.9	3.71
EBITA, 5 Yr. CAGR %	18.3	7.92	5.73	-0.65	-1.75
EBIT, 5 Yr. CAGR %	18.3	7.92	5.73	-0.65	-1.75
Earnings From Cont. Operations, 5 Yr. CAGR %	32.27	14.37	-2.84	-1.52	-6.14
Net Income, 5 Yr. CAGR %	36.19	18.51	-1.35	3.58	-6.77
Normalized Net Income, 5 Yr. CAGR %	28.85	11.44	0.23	4.66	-6.55
Diluted EPS Before Extra, 5 Yr. CAGR %	23.16	8.78	-6.71	0.85	-9.23
Accounts Receivable, 5 Yr. CAGR %	17.72	12.96	10.75	10.56	10.83
Inventory, 5 Yr. CAGR %	20.26	34.82	36.5	42.37	71.82
Net Property, Plant and Equip., 5 Yr. CAGR %	51.6	46.78	37.88	17.03	9.75
Total Assets, 5 Yr. CAGR %	38.98	30.66	19.15	17.47	17.67
Tangible Book Value, 5 Yr. CAGR %	92.8	49.22	25.17	24.92	27.32
Common Equity, 5 Yr. CAGR %	92.77	49.1	25.16	24.92	27.32
Cash From Operations, 5 Yr. CAGR %	6.6	21.97	0.96	9.97	-10.39
Capital Expenditures, 5 Yr. CAGR %	53.78	33.17	18.55	-24.18	-23.87
Levered Free Cash Flow, 5 Yr. CAGR %	53.71	28.23	11.57	-16.51	33.56
Unlevered Free Cash Flow, 5 Yr. CAGR %	212.87	29.94	10.73	-19.37	32.33
Dividend Per Share, 5 Yr. CAGR %	4.56	0	0	14.87	0