Shivalik Rasayan Limited, incorporated in 1979, is a prominent manufacturer of Agrochemicals and Active Pharmaceutical Ingredients (APIs), establishing itself as a significant player in India's chemical manufacturing sector. The company was founded with a mission to produce effective and environmentally friendly chemicals for plant protection, positioning itself as a responsible manufacturer in the agrochemical industry.
SRL holds the distinction of being the largest Indian producer of Dimethoate Technical and the second-largest Indian producer of Malathion Technical, making it a dominant force in organophosphorus-based insecticides manufacturing. Beyond agrochemicals, Shivalik Rasayan Limited (SRL) has also established a state-of-the-art manufacturing facility for Oncology and General APIs, demonstrating its successful diversification into pharmaceutical ingredient manufacturing.
The company operates across multiple business verticals, offering a comprehensive product portfolio. Its key business units include API, Formulation, Research and Development, Agrochemical, Specialty Chemicals, and Intellectual Property.
In the agrochemical segment, the company offers:
- Dimethoate Technical: Used in the preparation of formulations for controlling various insects and mites.
- Malathion Technical: An organophosphorus-based contact insecticide used in the agricultural production of various food/feed crops.
The pharmaceutical division has shown remarkable growth. The company develops and manufactures Active Pharmaceutical Ingredients (APIs) across multiple therapeutic areas, including:
- Oncology
- Antiretroviral (ARVs)
- Cardiovascular
- Metabolic Disorders
- Immunology
The oncology portfolio features specialized products such as Azacitidine, Busulfan, and Bortezomib, among others. The non-oncology segment includes products like Fingolimod, Pirfenidone, and Ambroxol HCL.
Shivalik Rasayan has made significant investments in world-class manufacturing infrastructure designed to meet international quality standards. Its facilities are built in accordance with the requirements of USFDA, EDQM, and other global regulatory agencies, ensuring strict compliance with international pharmaceutical manufacturing standards. This commitment to quality and regulatory compliance positions the company favorably for both domestic and international markets.
The company also offers custom manufacturing of chemicals, generating additional revenue streams through contract manufacturing services. This diversification strategy allows SRL to serve a broader customer base while leveraging its manufacturing capabilities across various chemical segments.
As of June 17, 2025, Shivalik Rasayan Limited holds a market capitalization of ₹850 Cr, positioning it as a significant player within the small-cap segment of the Indian stock market.
For the Financial Year 2024-25 (ended March 2025), the company demonstrated positive growth trends:
- Revenue: Increased by 14.21% to ₹311.77 crore, compared to ₹272.98 crore in FY2023-24.
- Net Profit: Saw a marginal rise of 2.08% to ₹16.70 crore, compared to ₹16.36 crore in FY2023-24.
Despite this growth, the company has faced challenges in maintaining consistent overall sales growth, with a reported sales growth of 10.8% over the past five years.
- Revenue: ₹311.77 crores (14.21% growth YoY)
- Net Profit: ₹16.70 crores (2.08% growth YoY)
- Market Capitalization: ₹850 crores (as of June 17, 2025)
- Return on Equity: 3.75% (3-year average)
- Dividend Yield: 0.09%
Shivalik Rasayan Limited is a subsidiary of Growel Remedies Limited, which acts as the promoter. As of March 2025, Growel Remedies Limited holds 47.37% of the total equity. The promoter holding has seen minor fluctuations, decreasing slightly from 47.95% as of September 2024.
The company's management team comprises experienced professionals, including Rahul Bishnoi as Chairman and Vimal Kumar Shrawat as Managing Director. Notably, there is no promoter pledging in Shivalik Rasayan Ltd, which is an indicator of a healthy financial position for the promoter group.
The company's quarterly performance has presented mixed results, reflecting seasonal variations common in the agrochemical industry.
- Q4 FY25 (Quarter ended March 2025):
- Net Profit rose 20.06% to ₹4.13 crore, compared to ₹3.44 crore in Q4 FY24.
- Sales declined 2.58% to ₹69.39 crore, compared to ₹71.23 crore in Q4 FY24.
- Q3 FY25 (Quarter ended December 2024):
- Net Profit increased by 72.22% to ₹5.27 crore, compared to ₹3.06 crore in Q3 FY24.
- Sales grew by 21.47% to ₹85.31 crore, compared to ₹70.23 crore in Q3 FY24.
According to Value Research classification, Shivalik Rasayan Ltd is a Small Cap company operating in the highly competitive agrochemicals and pharmaceutical sectors.
Valuation Metrics (as of June 17, 2025):
- P/B Ratio: 1.76 times, which represents a 67% discount to its peers' median range of 5.41 times.
- P/E Ratio: 50.88 times, a 38% premium to its peers' median range of 36.92 times.
Key peers in the Agri and Agri Inputs sector include Punjab Chemicals, Heranba Industries, Dharmaj Crop Guard, Best Agrolife, Daikaffil Chem, and Aimco Pesticides, highlighting the industry's competitive intensity.
The company's strategic positioning as a leading manufacturer of technical-grade agrochemicals, coupled with its expansion into high-value pharmaceutical APIs, provides it with multiple avenues for growth. This combination of an established market presence in agrochemicals and developing pharmaceutical capabilities positions Shivalik Rasayan for sustained growth within India's expanding chemical manufacturing sector.
