Company Overview
Shivalik Rasayan Limited (BSE: 539148, NSE: SHIVALIK) reported mixed financial results for FY26, with standalone revenue growing 14% to ₹170.23 crore but PAT declining 41% to ₹8.17 crore due to increased operational costs. Consolidated performance showed revenue of ₹368 crore with net profit of ₹17.97 crore.
Annual General Meeting Details
The 48th AGM is scheduled for September 28, 2026, at Hotel Saffron Leaf, Dehradun. Key agenda items include adoption of financial statements, declaration of final dividend of ₹0.50 per share (10%), re-appointment of directors, and approval to increase borrowing limits to ₹200 crore. Record date for dividend entitlement is September 21, 2026, with payment expected by October 15, 2026.
Financial Performance
Standalone FY26: Revenue ₹170.23 crore (+14%), EBITDA ₹27.14 crore (-4.4%), PAT ₹8.17 crore (-41%), EPS ₹5.19
Consolidated FY26: Revenue ₹368 crore (+18%), PAT ₹17.97 crore (-19%), EPS ₹7.87
Balance Sheet: Total assets ₹818.87 crore, borrowings ₹113.64 crore, equity ₹599.10 crore
Operational Highlights
The company maintained its position as India's largest producer of Dimethoate Technical and second-largest of Malathion Technical. Strategic initiatives included expanding CDMO capabilities with two NCE-1 API programs for US customers, operationalizing a new agrochemical plant at Dahej with 2,500 MTPA capacity, and transforming R&D from cost center to profit center.
Auditor Report and Compliance
Auditors Rahul Chaudhary & Associates issued an unmodified opinion, confirming adequate internal financial controls and compliance with accounting standards. The secretarial audit report noted minor compliance issues including CSR budget calculation methodology and POSH Act requirements, along with warning letters from exchanges for Audit Committee meeting quorum violation.
Corporate Governance and Structure
The board comprises 11 directors including 6 independent directors. Promoter holding stands at 47.37% through Growel Remedies Limited. The company has manufacturing facilities in Dehradun, Dahej, and a DSIR-recognized R&D centre in Bhiwadi.
Forward Outlook and Initiatives
The company is advancing API opportunities in Japan and South Korea markets and has two additional API programs with a US-based company. Shareholders will vote on critical resolutions including increased borrowing limits and asset security creation at the upcoming AGM.