Income Statement Shivalik Rasayan Limited

Stocks

SHIVALIK

INE788J01021

Agricultural Chemicals

Market Closed - Bombay S.E. 11:02:21 17/08/2026 BST			5-day change	1st Jan Change
253.15 ^INR	-4.99%		-0.30%	-28.86%

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	2021	2022	2023	2024	2025
Revenues	1.98B	2.07B	2.34B	2.72B	3.1B
Other Revenues, Total	-	-	1K	-	-
Total Revenues	1.98B	2.07B	2.34B	2.72B	3.1B
Cost of Goods Sold, Total	1.07B	941M	1.15B	1.4B	1.6B
Gross Profit	907M	1.13B	1.19B	1.32B	1.49B
Selling General & Admin Expenses, Total	218M	310M	383M	493M	573M
Depreciation & Amortization - (IS)	85.82M	110M	116M	124M	158M
Other Operating Expenses	308M	350M	379M	430M	517M
Other Operating Expenses, Total	612M	770M	878M	1.05B	1.25B
Operating Income	295M	359M	315M	270M	244M
Interest Expense, Total	-15.75M	-24.95M	-43.44M	-76.26M	-93.34M
Interest And Investment Income	4.86M	21.21M	29.21M	23.62M	25.04M
Net Interest Expenses	-10.89M	-3.75M	-14.22M	-52.64M	-68.29M
Currency Exchange Gains (Loss)	4.71M	14.49M	14.76M	13.85M	7.06M
Other Non Operating Income (Expenses)	551K	201K	1.48M	1.2M	50.97M
EBT, Excl. Unusual Items	289M	370M	317M	233M	234M
Gain (Loss) On Sale Of Assets	-14.2K	-4.78K	-68K	3K	-
EBT, Incl. Unusual Items	289M	370M	317M	233M	234M
Income Tax Expense	42.65M	27.04M	18.29M	51.53M	29.85M
Earnings From Continuing Operations	247M	343M	298M	181M	204M
Net Income to Company	247M	343M	298M	181M	204M
Minority Interest	-70.61M	-86.46M	-85.98M	-54.12M	-37.26M
Net Income - (IS)	176M	256M	212M	127M	167M
Net Income to Common Incl Extra Items	176M	256M	212M	127M	167M
Net Income to Common Excl. Extra Items	176M	256M	212M	127M	167M
Per Share Items
Net EPS - Basic	12.77	18.12	14.66	8.35	10.6
Basic EPS - Continuing Operations	12.77	18.12	14.66	8.35	10.6
Basic Weighted Average Shares Outstanding	13.78M	14.13M	14.49M	15.22M	15.75M
Net EPS - Diluted	12.77	18.12	14.66	8.35	10.6
Diluted EPS - Continuing Operations	12.77	18.12	14.66	8.35	10.6
Diluted Weighted Average Shares Outstanding	13.78M	14.13M	14.49M	15.22M	15.75M
Normalized Basic EPS	7.99	10.22	7.73	6	6.92
Normalized Diluted EPS	7.99	10.22	7.73	6	6.92
Dividend Per Share	0.5	0.5	0.5	0.5	0.5
Payout Ratio	5.32	2.69	9.37	15.81	12.28
Supplemental Items
EBITDA	380M	468M	430M	313M	400M
EBITA	295M	359M	315M	270M	244M
EBIT	295M	359M	315M	270M	244M
Total Revenues (As Reported)	1.99B	2.18B	2.39B	2.77B	3.2B
Effective Tax Rate - (Ratio)	14.74	7.32	5.78	22.13	12.75
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	41.45M	39.77M	37M	60.85M	55.03M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	1.19M	-12.73M	-18.71M	-9.32M	-25.18M
Normalized Net Income	110M	145M	112M	91.39M	109M
Interest on Long-Term Debt	5.18M	9.29M	10.74M	24.86M	23.09M
Supplemental Operating Expense Items
Advertising Expense	1.28M	5.96M	7.93M	20.08M	16.38M
Selling and Marketing Expenses	1.28M	5.96M	7.93M	20.08M	16.38M
General and Administrative Expenses	4.58M	5.66M	5.42M	6.11M	5.96M
Research And Development Expense From Footnotes	52.79M	81.22M	70.39M	65.91M	61.45M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	47.73M	708M	307M	377M	280M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	47.73M	708M	307M	377M	280M
Accounts Receivable, Total	688M	700M	848M	867M	961M
Other Receivables	307M	46.36M	30.06M	30.78M	27.59M
Notes Receivable	97.32M	14.82M	30.32M	35.04M	32.39M
Total Receivables	1.09B	761M	908M	933M	1.02B
Inventory	98.09M	381M	750M	1.02B	1.18B
Prepaid Expenses	-	8.13M	2.35M	2.69M	5.92M
Other Current Assets, Total	68.76M	541M	648M	608M	663M
Total Current Assets	1.31B	2.4B	2.62B	2.94B	3.15B
Gross Property Plant And Equipment	2.48B	2.73B	3.35B	4.02B	4.23B
Accumulated Depreciation	-386M	-495M	-606M	-723M	-874M
Net Property Plant And Equipment	2.1B	2.24B	2.75B	3.3B	3.36B
Other Intangibles, Total	2.04M	3.6M	8.98M	8.98M	7.42M
Loans Receivable Long-Term	81.17M	-	-	-	-
Deferred Tax Assets Long-Term	-	12.37M	31.08M	40.11M	65.58M
Deferred Charges Long-Term	141M	154M	305M	543M	711M
Other Long-Term Assets, Total	-	77.57M	75.08M	93.89M	53.42M
Total Assets	3.63B	4.88B	5.78B	6.92B	7.34B
Liabilities
Accounts Payable, Total	388M	508M	589M	451M	551M
Accrued Expenses, Total	73.88M	64.5M	81.14M	108M	154M
Short-term Borrowings	176M	301M	447M	521M	774M
Current Portion of Long-Term Debt	14.86M	26.93M	77.97M	98.85M	108M
Current Income Taxes Payable	67.17M	76.02M	62.54M	59.31M	62.18M
Unearned Revenue Current, Total	4.75M	14.61M	22.25M	3.59M	1.52M
Other Current Liabilities	183M	141M	155M	342M	131M
Total Current Liabilities	907M	1.13B	1.44B	1.58B	1.78B
Long-Term Debt	111M	83.78M	130M	240M	165M
Pension & Other Post Retirement Benefits	10.34M	12.91M	15.28M	15.74M	24.01M
Deferred Tax Liability Non Current	359K	-	-	-	-31K
Other Non Current Liabilities	5.81M	7.49M	8.61M	8.02M	9.59M
Total Liabilities	1.03B	1.24B	1.59B	1.85B	1.98B
Common Stock, Total	68.9M	72.45M	72.45M	77.8M	78.75M
Additional Paid In Capital	1.29B	1.94B	2.25B	3.14B	3.27B
Retained Earnings	652M	896M	1.18B	1.35B	1.54B
Comprehensive Income and Other	-221M	-37.94M	103M	509M	470M
Total Common Equity	1.79B	2.87B	3.6B	5.08B	5.36B
Minority Interest	804M	775M	589M	-	-
Total Equity	2.59B	3.65B	4.19B	5.08B	5.36B
Total Liabilities And Equity	3.63B	4.88B	5.78B	6.92B	7.34B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	13.78M	14.49M	14.49M	15.56M	15.75M
ECS Total Common Shares Outstanding	13.78M	14.49M	14.49M	15.56M	15.75M
Book Value / Share	129.96	198.21	248.73	326.23	340.46
Tangible Book Value	1.79B	2.87B	3.59B	5.07B	5.35B
Tangible Book Value Per Share	129.81	197.96	248.11	325.66	339.99
Total Debt	301M	411M	655M	860M	1.05B
Net Debt	254M	-296M	348M	482M	768M
Minority Interest, Total (Incl. Fin. Div)	804M	775M	589M	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	52.14M	258M	428M	487M	459M
Inventories - Work In Process, Total	8.97M	14.25M	11.99M	168M	160M
Inventories - Finished Goods, Total	36.02M	109M	309M	363M	558M
Inventories - Others	962K	733K	1.24M	-	-
Land - (BS)	238M	240M	240M	231M	238M
Buildings, Total	887M	930M	935M	937M	1.24B
Machinery, Total	1.24B	1.41B	1.6B	1.56B	2.39B
Full Time Employees	226	237	256	267	275

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	176M	256M	212M	127M	167M
Depreciation & Amortization - CF	85.17M	109M	115M	42.75M	156M
Depreciation & Amortization, Total	85.17M	109M	115M	42.75M	156M
Amortization of Deferred Charges, Total - (CF)	650K	993K	1.1M	2.85M	1.56M
(Gain) Loss From Sale Of Asset	-27.5K	-12.11K	-68K	3K	-
Other Operating Activities, Total	58.95M	85.81M	67.1M	199M	106M
Change In Accounts Receivable	-107M	-11.62M	-148M	-19.69M	-93.74M
Change In Inventories	103M	-283M	-368M	-268M	-159M
Change In Accounts Payable	-87.44M	113M	98.65M	-134M	141M
Change in Other Net Operating Assets	358M	-159M	-167M	-30.79M	-411M
Cash from Operations	588M	111M	-189M	-80.75M	-92.03M
Capital Expenditure	-653M	-250M	-632M	-677M	-226M
Investment in Marketable and Equity Securities, Total	-141M	-	-99.26M	-84.87M	-10.39M
Other Investing Activities, Total	2.44M	16.1M	23.87M	18.36M	25.7M
Cash from Investing	-791M	-234M	-708M	-743M	-211M
Short Term Debt Issued, Total	99.32M	125M	147M	74.11M	253M
Long-Term Debt Issued, Total	84.85M	-	46.33M	110M	-
Total Debt Issued	184M	125M	193M	184M	253M
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
Common Dividends Paid	-9.36M	-6.89M	-19.9M	-20.11M	-20.5M
Common & Preferred Stock Dividends Paid	-9.36M	-6.89M	-19.9M	-20.11M	-20.5M
Other Financing Activities, Total	-14.2M	37.39M	15.31M	-46.38M	-93.34M
Cash from Financing	161M	782M	496M	894M	205M
Miscellaneous Cash Flow Adjustments	-	-	-	-	1K
Net Change in Cash	-42.65M	660M	-401M	70.66M	-97.68M
Supplemental Items
Cash Interest Paid	15.75M	24.95M	43.44M	76.26M	93.34M
Cash Income Tax Paid (Refund)	67.6M	62M	56.73M	43.15M	27.5M
Levered Free Cash Flow	-105M	-276M	-858M	-709M	-344M
Unlevered Free Cash Flow	-94.88M	-260M	-831M	-661M	-286M
Change In Net Working Capital	-288M	345M	511M	199M	370M
Net Debt Issued / Repaid	184M	97.66M	193M	184M	178M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.33	5.27	3.69	2.66	2.14
Return on Total Capital	6.69	6.45	4.42	3.13	2.47
Return On Equity %	9.69	10.98	7.61	3.91	3.91
Return on Common Equity	9.91	10.98	6.56	2.74	3.2
Margin Analysis
Gross Profit Margin %	45.9	54.53	50.97	48.5	48.18
SG&A Margin	11.02	14.97	16.36	18.16	18.5
EBITDA Margin %	19.24	22.6	18.36	11.53	12.94
EBITA Margin %	14.93	17.33	13.45	9.96	7.89
EBIT Margin %	14.93	17.33	13.45	9.96	7.89
Income From Continuing Operations Margin %	12.48	16.55	12.75	6.68	6.6
Net Income Margin %	8.91	12.37	9.08	4.68	5.39
Net Avail. For Common Margin %	8.91	12.37	9.08	4.68	5.39
Normalized Net Income Margin	5.58	6.98	4.78	3.37	3.52
Levered Free Cash Flow Margin	-5.3	-13.32	-36.66	-26.09	-11.12
Unlevered Free Cash Flow Margin	-4.8	-12.56	-35.5	-24.34	-9.23
Asset Turnover
Asset Turnover	0.57	0.49	0.44	0.43	0.43
Fixed Assets Turnover	1.09	0.96	0.94	0.9	0.93
Receivables Turnover (Average Receivables)	3.11	2.98	3.02	3.17	3.39
Inventory Turnover (Average Inventory)	7.14	3.93	2.03	1.58	1.46
Short Term Liquidity
Current Ratio	1.44	2.12	1.82	1.85	1.77
Quick Ratio	1.15	1.28	0.83	0.8	0.71
Operating Cash Flow to Current Liabilities	0.65	0.1	-0.13	-0.05	-0.05
Days Sales Outstanding (Average Receivables)	117.32	122.43	120.72	115.59	107.81
Days Outstanding Inventory (Average Inventory)	51.1	92.99	179.97	231.38	249.76
Average Days Payable Outstanding	157.47	133.66	133.4	114.24	103.75
Cash Conversion Cycle (Average Days)	10.95	81.76	167.3	232.73	253.82
Long Term Solvency
Total Debt/Equity	11.62	11.28	15.62	16.93	19.53
Total Debt / Total Capital	10.41	10.13	13.51	14.48	16.34
LT Debt/Equity	4.28	2.3	3.1	4.72	3.08
Long-Term Debt / Total Capital	3.83	2.06	2.68	4.04	2.57
Total Liabilities / Total Assets	28.51	25.31	27.49	26.69	26.97
EBIT / Interest Expense	18.73	14.37	7.24	3.55	2.62
EBITDA / Interest Expense	24.14	18.75	9.89	4.11	4.29
(EBITDA - Capex) / Interest Expense	-17.31	8.74	-4.67	-4.76	1.87
Total Debt / EBITDA	0.79	0.88	1.52	2.75	2.62
Net Debt / EBITDA	0.67	-0.63	0.81	1.54	1.92
Total Debt / (EBITDA - Capex)	-1.11	1.89	-3.23	-2.37	6.02
Net Debt / (EBITDA - Capex)	-0.93	-1.36	-1.72	-1.33	4.41
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.07	5.82	13.06	16.05	14
Gross Profit, 1 Yr. Growth %	24.85	27.23	5.69	10.43	13.24
EBITDA, 1 Yr. Growth %	32.47	23.06	-8.17	-27.1	27.88
EBITA, 1 Yr. Growth %	16.81	21.6	-12.28	-14.06	-9.64
EBIT, 1 Yr. Growth %	16.81	21.6	-12.28	-14.06	-9.64
Earnings From Cont. Operations, 1 Yr. Growth %	11.88	38.88	-12.93	-39.23	12.65
Net Income, 1 Yr. Growth %	25.68	45.47	-17.07	-38.7	31.29
Normalized Net Income, 1 Yr. Growth %	26.92	31.14	-22.51	-14.65	19.3
Diluted EPS Before Extra, 1 Yr. Growth %	25.69	41.82	-19.1	-41.66	26.9
Accounts Receivable, 1 Yr. Growth %	18.34	1.69	21.1	2.32	10.81
Inventory, 1 Yr. Growth %	-51.25	288.86	96.59	35.79	15.59
Net Property, Plant and Equip., 1 Yr. Growth %	37.08	6.58	22.83	20.13	1.82
Total Assets, 1 Yr. Growth %	10.59	34.53	18.43	19.75	6.05
Tangible Book Value, 1 Yr. Growth %	1.62	60.36	25.33	21.12	5.68
Common Equity, 1 Yr. Growth %	1.58	60.38	25.49	21.07	5.64
Cash From Operations, 1 Yr. Growth %	927.15	-81.05	-270.19	-57.38	13.96
Capital Expenditures, 1 Yr. Growth %	-27.76	-61.74	153.27	7	-66.54
Levered Free Cash Flow, 1 Yr. Growth %	-87.65	163.18	211.27	-17.39	-51.43
Unlevered Free Cash Flow, 1 Yr. Growth %	-88.69	174.04	219.5	-20.43	-56.75
Dividend Per Share, 1 Yr. Growth %	100	0	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.63	5.41	9.38	14.54	15.02
Gross Profit, 2 Yr. CAGR %	23.59	24.64	15.96	8.03	11.82
EBITDA, 2 Yr. CAGR %	28.93	27.68	6.31	-18.18	-3.45
EBITA, 2 Yr. CAGR %	20.05	19.18	3.3	-13.18	-11.88
EBIT, 2 Yr. CAGR %	20.05	19.18	3.3	-13.18	-11.88
Earnings From Cont. Operations, 2 Yr. CAGR %	8.53	24.65	9.98	-27.26	-17.26
Net Income, 2 Yr. CAGR %	13.73	35.21	9.84	-29.53	-10.29
Normalized Net Income, 2 Yr. CAGR %	10.45	29.01	0.79	-20.47	0.91
Diluted EPS Before Extra, 2 Yr. CAGR %	3.94	33.53	7.11	-32.1	-13.96
Accounts Receivable, 2 Yr. CAGR %	15	9.7	10.97	11.31	6.48
Inventory, 2 Yr. CAGR %	-32.43	37.69	176.49	63.39	25.28
Net Property, Plant and Equip., 2 Yr. CAGR %	78	20.87	14.41	21.47	10.59
Total Assets, 2 Yr. CAGR %	12.21	21.97	26.22	19.09	12.69
Tangible Book Value, 2 Yr. CAGR %	4.14	27.66	41.77	32.92	13.13
Common Equity, 2 Yr. CAGR %	4.09	27.64	41.86	32.95	13.09
Cash From Operations, 2 Yr. CAGR %	176.27	39.5	-43.22	-14.84	-30.31
Capital Expenditures, 2 Yr. CAGR %	50.28	-47.43	-1.57	64.62	-40.16
Levered Free Cash Flow, 2 Yr. CAGR %	-49.45	-43	186.19	60.35	-36.66
Unlevered Free Cash Flow, 2 Yr. CAGR %	-51.11	-44.33	195.87	59.44	-41.34
Dividend Per Share, 2 Yr. CAGR %	0	41.42	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.4	6.66	7.9	11.56	14.36
Gross Profit, 3 Yr. CAGR %	14.06	23.87	17.97	14.08	9.74
EBITDA, 3 Yr. CAGR %	16.72	26.94	14.4	-6.25	-5.05
EBITA, 3 Yr. CAGR %	11.11	20.57	7.62	-2.85	-12.01
EBIT, 3 Yr. CAGR %	11.11	20.57	7.62	-2.85	-12.01
Earnings From Cont. Operations, 3 Yr. CAGR %	17.39	17.83	10.61	-9.75	-15.84
Net Income, 3 Yr. CAGR %	24.68	23.46	14.88	-10.27	-13.29
Normalized Net Income, 3 Yr. CAGR %	19.16	16.96	8.84	-6.05	-8.96
Diluted EPS Before Extra, 3 Yr. CAGR %	9.89	15.3	12.99	-13.2	-16.36
Accounts Receivable, 3 Yr. CAGR %	14.31	10.38	13.37	8.01	11.15
Inventory, 3 Yr. CAGR %	-16.48	21.08	55.04	118.14	45.58
Net Property, Plant and Equip., 3 Yr. CAGR %	73.3	50.03	21.52	16.29	14.53
Total Assets, 3 Yr. CAGR %	33.71	19.2	20.78	24.03	14.57
Tangible Book Value, 3 Yr. CAGR %	54.41	20.25	26.88	41.5	23.13
Common Equity, 3 Yr. CAGR %	54.14	20.22	26.92	41.53	23.14
Cash From Operations, 3 Yr. CAGR %	103.07	13.08	49.06	-48.4	-6.15
Capital Expenditures, 3 Yr. CAGR %	62.89	-4.75	-11.21	1.21	-3.21
Levered Free Cash Flow, 3 Yr. CAGR %	-24.92	-12.39	0.37	89.14	7.69
Unlevered Free Cash Flow, 3 Yr. CAGR %	-24.92	-13.15	-0.33	90.98	3.21
Dividend Per Share, 3 Yr. CAGR %	0	0	25.99	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.45	10.9	8.57	9.75	10.69
Gross Profit, 5 Yr. CAGR %	17.13	17.25	14.31	17.27	15.47
EBITDA, 5 Yr. CAGR %	30.94	21.35	12.44	6.49	6.9
EBITA, 5 Yr. CAGR %	31.12	18.3	7.92	5.73	-0.65
EBIT, 5 Yr. CAGR %	31.12	18.3	7.92	5.73	-0.65
Earnings From Cont. Operations, 5 Yr. CAGR %	50.92	32.27	14.37	-2.84	-1.52
Net Income, 5 Yr. CAGR %	41.07	36.19	18.51	-1.35	3.58
Normalized Net Income, 5 Yr. CAGR %	30.26	28.85	11.44	0.23	4.66
Diluted EPS Before Extra, 5 Yr. CAGR %	28.23	23.16	8.78	-6.71	0.85
Accounts Receivable, 5 Yr. CAGR %	24.24	17.72	12.96	10.75	10.56
Inventory, 5 Yr. CAGR %	-4.12	20.26	34.82	36.5	42.37
Net Property, Plant and Equip., 5 Yr. CAGR %	50.35	51.6	46.78	37.88	17.03
Total Assets, 5 Yr. CAGR %	35.04	38.98	30.66	19.15	17.47
Tangible Book Value, 5 Yr. CAGR %	65.61	92.8	49.22	25.17	24.92
Common Equity, 5 Yr. CAGR %	65.57	92.77	49.1	25.16	24.92
Cash From Operations, 5 Yr. CAGR %	36.48	6.6	21.97	0.96	9.97
Capital Expenditures, 5 Yr. CAGR %	87.12	53.78	33.17	18.55	-24.18
Levered Free Cash Flow, 5 Yr. CAGR %	-5.4	53.71	28.23	11.57	-16.51
Unlevered Free Cash Flow, 5 Yr. CAGR %	-3.31	212.87	29.94	10.73	-19.37
Dividend Per Share, 5 Yr. CAGR %	-	4.56	0	0	14.87