Key Financial Performance (Standalone)

FY 2025-26 vs FY 2024-25 (Amount in ₹ Lakhs):

  • Revenue from Operations: ₹26,955.64 (vs ₹20,736.55) - 30% increase
  • Other Income: ₹167.63 (vs ₹73.86)
  • Total Income: ₹27,123.27 (vs ₹20,810.41)
  • Profit Before Tax: ₹673.84 (vs ₹346.04) - 95% increase
  • Profit After Tax: ₹504.72 (vs ₹257.14) - 96% increase
  • Current Tax: ₹169.40 (vs ₹87.73)
  • Deferred Tax: ₹1.42 liability (vs ₹0.54 asset)
  • Basic EPS: ₹2.97 (vs ₹1.55)

Key Financial Performance (Consolidated)

FY 2025-26 vs FY 2024-25 (Amount in ₹ Lakhs):

  • Revenue from Operations: ₹28,422.58 (vs ₹22,413.34) - 27% increase
  • Other Income: ₹169.82 (vs ₹88.47)
  • Total Income: ₹28,592.40 (vs ₹22,501.81)
  • Profit Before Tax: ₹794.72 (vs ₹303.35) - 162% increase
  • Profit After Tax: ₹618.93 (vs ₹209.30) - 196% increase
  • Basic EPS: ₹3.64 (vs ₹1.26)

Capital Structure

  • Authorized Share Capital: ₹18,00,00,000 (1,80,00,000 equity shares of ₹10 each)
  • Paid-up Share Capital: ₹16,98,70,000 (1,69,87,000 equity shares of ₹10 each) - unchanged during FY26
  • Reserves & Surplus (Standalone): ₹2,476.34 lakh (vs ₹1,971.62 lakh)
  • Reserves & Surplus (Consolidated): ₹2,463.56 lakh (vs ₹1,844.63 lakh)

Key Business Developments

Product Portfolio Expansion:

  • Introduced Amino Acids and Feed Phosphate products sourced from China and Morocco
  • Launched customized Vitamin Premix Formulations under brand "Shivamin" sourced from Sri Lanka

Manufacturing Expansion:

  • Commenced commercial production at Quick Lime manufacturing unit at Khimsar, Rajasthan (taken on lease)
  • The unit supplies over 50% of raw material requirements to subsidiary's Dahej, Gujarat operations
  • Subsidiary (Shivam Chemicals and Minerals Private Limited) manufactures Hydrated Lime with 60,000 MT capacity

Dividend & Reserves

  • No dividend recommended for FY 2025-26
  • Profits retained in business to support financial position and future requirements
  • No amount transferred to reserves

Corporate Governance & Board Matters

Board Composition:

  • Mr. Sanjiv Girdharlal Vasant (Managing Director, DIN:03036854)
  • Mr. Soham Sanjiv Vasant (CFO & Whole Time Director, DIN:03036861)
  • Mr. Shivam Sanjiv Vasant (Whole Time Director, DIN:08512942) - retiring by rotation, seeking re-appointment
  • Ms. Himani Bhootra (Independent Director, DIN:09811030)
  • Mr. Kunal Bharat Shingala (Independent Director, DIN:09838502)

Changes During FY26:

  • Mr. Manish Tarachand Pande resigned as Independent Director on 9th April 2025
  • Ms. Rishita Taparia resigned as Company Secretary and Compliance Officer on 20th August 2025
  • Ms. Ashima Chhatwal appointed as Company Secretary and Compliance Officer on 30th January 2026

Board Meetings:

  • 6 Board meetings held during FY25-26
  • All directors attended all meetings

16th Annual General Meeting

  • Date: Monday, 21st September 2026
  • Time: 11:00 AM
  • Venue: Registered Office at Office No.108, 1st Floor, Hubtown Solaris, Off N.S. Phadke Marg, Saiwadi, Andheri (E), Mumbai - 400 069
  • Business:

1. Adoption of Audited Standalone and Consolidated Financial Statements for FY 2025-26

2. Re-appointment of Mr. Shivam Sanjiv Vasant as Director retiring by rotation

Record Date & Closure:

  • Register of Members & Share Transfer Books closed: 14th September to 21st September 2026 (both days inclusive)
  • Cut-off date for voting rights: 11th September 2026

Regulatory Compliance & Penalties

  • SEBI imposed penalty of ₹83,780 for delay in appointing qualified Company Secretary as Compliance Officer
  • Non-compliance with Regulation 6(1) of SEBI LODR Regulations for 71 days
  • Compliance rectified with appointment of Ms. Ashima Chhatwal on 30th January 2026

Subsidiary Information

  • Shivam Chemicals and Minerals Private Limited: 100% subsidiary
  • Financials (FY26): Share capital: ₹712.00 lakh, Reserves: (₹12.91) lakh, Total assets: ₹2,122.20 lakh, PBT: ₹120.88 lakh, PAT: ₹114.22 lakh

Auditors & Reports

  • Statutory Auditors: M/s. PSRD & Co., Chartered Accountants (appointed for 5 years until 19th AGM)
  • Internal Auditors: M/s. Bharat Kanakia & Associates, Chartered Accountants
  • Secretarial Auditors: M/s. DSM & Associates, Company Secretaries
  • All audit reports are unqualified without any adverse remarks

Related Party Transactions

All transactions were at arm's length and in ordinary course of business, including:

  • Interest payments on loans to related parties: ₹58.15 lakh
  • Rent payments: ₹48.03 lakh
  • Sales to subsidiary: ₹667.28 lakh
  • Corporate guarantee fees from subsidiary: ₹0.50 lakh
  • Loans outstanding to related parties: ₹750.00 lakh

Key Ratios (Standalone)

  • Current Ratio: 2.41 (vs 2.74)
  • Debt-Equity Ratio: 0.42 (vs 0.28)
  • Inventory Turnover Ratio: 57.01 (vs 100.52)
  • Trade Receivables Turnover Ratio: 11.08 (vs 10.77)
  • Net Profit Ratio: 1.87% (vs 1.24%)
  • Return on Net Worth: 12.87% (vs 7.01%)

Employee Benefits

  • Gratuity Liability: ₹41.10 lakh (actuarial valuation)
  • Provision for Gratuity: Long-term ₹24.51 lakh, Short-term ₹16.59 lakh
  • Total Employees: 14 permanent employees (excluding directors and KMPs)
  • No sexual harassment complaints received during FY26

Other Significant Information

  • IPO Proceeds: Fully utilized, no unutilized amounts as of 31st March 2026
  • Deposits: No deposits accepted or renewed during FY26
  • Internal Financial Controls: Adequate and operating effectively
  • Whistleblower Policy: No complaints received during FY26
  • Foreign Exchange Earnings: Nil (vs ₹311.18 lakh in FY25)
  • Foreign Exchange Expenditure: ₹10,245.04 lakh (vs ₹2,323.71 lakh)

Forward-looking Statements

The Management Discussion & Analysis contains cautionary statements about forward-looking statements being subject to risks and uncertainties including economic conditions, government policies, market conditions, raw material prices, foreign exchange fluctuations, and competitive conditions.