Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₹233, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 69% over the past three years. New Risk • Jun 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (₹4.27b market cap, or US$45.0m). Reported Earnings • May 28
Full year 2026 earnings released: EPS: ₹7.71 (vs ₹10.60 in FY 2025) Full year 2026 results: EPS: ₹7.71 (down from ₹10.60 in FY 2025). Revenue: ₹3.72b (up 20% from FY 2025). Net income: ₹121.4m (down 27% from FY 2025). Profit margin: 3.3% (down from 5.4% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • May 20
Shivalik Rasayan Limited to Report Q4, 2026 Results on May 27, 2026 Shivalik Rasayan Limited announced that they will report Q4, 2026 results on May 27, 2026 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹273, the stock trades at a trailing P/E ratio of 36.7x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹210, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 68% over the past three years. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹1.71 (vs ₹3.39 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.71 (down from ₹3.39 in 3Q 2025). Revenue: ₹832.1m (down 2.5% from 3Q 2025). Net income: ₹27.0m (down 49% from 3Q 2025). Profit margin: 3.2% (down from 6.2% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. New Risk • Feb 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.5% Last year net profit margin: 5.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (₹4.38b market cap, or US$48.4m). Announcement • Feb 04
Shivalik Rasayan Limited to Report Q3, 2026 Results on Feb 13, 2026 Shivalik Rasayan Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Feb 13, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹1.93 (vs ₹2.58 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.93 (down from ₹2.58 in 2Q 2025). Revenue: ₹942.3m (up 14% from 2Q 2025). Net income: ₹30.5m (down 31% from 2Q 2025). Profit margin: 3.2% (down from 5.4% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 19% per year. Announcement • Nov 05
Shivalik Rasayan Limited to Report Q2, 2026 Results on Nov 14, 2025 Shivalik Rasayan Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Upcoming Dividend • Sep 12
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 27 October 2025. Payout ratio is a comfortable 4.7% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Declared Dividend • Aug 14
Dividend of ₹0.50 announced Dividend of ₹0.50 is the same as last year. Ex-date: 19th September 2025 Payment date: 27th October 2025 Dividend yield will be 0.1%, which is lower than the industry average of 0.8%. Announcement • Aug 13
Shivalik Rasayan Limited, Annual General Meeting, Sep 27, 2025 Shivalik Rasayan Limited, Annual General Meeting, Sep 27, 2025, at 12:00 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹1.02 (vs ₹2.27 in 1Q 2025) First quarter 2026 results: EPS: ₹1.02 (down from ₹2.27 in 1Q 2025). Revenue: ₹899.1m (up 21% from 1Q 2025). Net income: ₹16.0m (down 55% from 1Q 2025). Profit margin: 1.8% (down from 4.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Aug 09
Shivalik Rasayan Limited to Report Q1, 2026 Results on Aug 12, 2025 Shivalik Rasayan Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: ₹10.60 (vs ₹8.35 in FY 2024) Full year 2025 results: EPS: ₹10.60 (up from ₹8.35 in FY 2024). Revenue: ₹3.12b (up 15% from FY 2024). Net income: ₹167.0m (up 31% from FY 2024). Profit margin: 5.4% (up from 4.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • May 21
Shivalik Rasayan Limited to Report Q4, 2025 Results on May 30, 2025 Shivalik Rasayan Limited announced that they will report Q4, 2025 results on May 30, 2025 New Risk • May 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.53b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹8.53b market cap, or US$99.9m). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹585, the stock trades at a trailing P/E ratio of 56.3x. Average trailing P/E is 24x in the Chemicals industry in India. Total loss to shareholders of 38% over the past three years. Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: ₹3.39 (vs ₹2.03 in 3Q 2024) Third quarter 2025 results: EPS: ₹3.39 (up from ₹2.03 in 3Q 2024). Revenue: ₹853.1m (up 22% from 3Q 2024). Net income: ₹52.7m (up 72% from 3Q 2024). Profit margin: 6.2% (up from 4.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Feb 04
Shivalik Rasayan Limited to Report Q3, 2025 Results on Feb 11, 2025 Shivalik Rasayan Limited announced that they will report Q3, 2025 results on Feb 11, 2025 New Risk • Dec 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). New Risk • Nov 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 6.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Announcement • Nov 08
Shivalik Rasayan Limited to Report Q2, 2025 Results on Nov 14, 2024 Shivalik Rasayan Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Upcoming Dividend • Sep 14
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 21 September 2024. Payment date: 28 October 2024. Payout ratio is a comfortable 6.0% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (0.6%). Declared Dividend • Aug 15
Dividend of ₹0.50 announced Dividend of ₹0.50 is the same as last year. Ex-date: 21st September 2024 Payment date: 28th October 2024 Dividend yield will be 0.09%, which is lower than the industry average of 0.8%. New Risk • Aug 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.35b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (4.9% net profit margin). Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Significant insider selling over the past 3 months (₹68m sold). Market cap is less than US$100m (₹8.35b market cap, or US$99.5m). Announcement • Aug 14
Shivalik Rasayan Limited, Annual General Meeting, Sep 28, 2024 Shivalik Rasayan Limited, Annual General Meeting, Sep 28, 2024, at 11:00 Indian Standard Time. Location: hotel saffron leaf, gms road dehradun., uttarakhand - 248146., dehradun India Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹2.27 (vs ₹2.88 in 1Q 2024) First quarter 2025 results: EPS: ₹2.27 (down from ₹2.88 in 1Q 2024). Revenue: ₹752.7m (up 17% from 1Q 2024). Net income: ₹38.7m (down 7.4% from 1Q 2024). Profit margin: 5.1% (down from 6.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Announcement • Aug 07
Shivalik Rasayan Limited to Report Q1, 2025 Results on Aug 13, 2024 Shivalik Rasayan Limited announced that they will report Q1, 2025 results at 3:30 PM, Indian Standard Time on Aug 13, 2024 Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹756, the stock trades at a trailing P/E ratio of 71.9x. Average trailing P/E is 34x in the Chemicals industry in India. Total loss to shareholders of 2.5% over the past three years. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹10.75 (vs ₹14.66 in FY 2023) Full year 2024 results: EPS: ₹10.75 (down from ₹14.66 in FY 2023). Revenue: ₹2.77b (up 18% from FY 2023). Net income: ₹163.6m (down 23% from FY 2023). Profit margin: 5.9% (down from 9.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 10% per year. Announcement • May 30
Shivalik Rasayan Limited Recommends Final Dividend for the Financial Year 2023-2024 Shivalik Rasayan Limited Recommended a final dividend @ 10% on Equity Shares of INR 5/- each i.e. 50 paise per Equity Share for the Financial Year 2023-2024. Announcement • May 23
Shivalik Rasayan Limited to Report Q4, 2024 Results on May 29, 2024 Shivalik Rasayan Limited announced that they will report Q4, 2024 results on May 29, 2024 New Risk • Apr 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (5.3% net profit margin). Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹691, the stock trades at a trailing P/E ratio of 76.8x. Average trailing P/E is 31x in the Chemicals industry in India. Total returns to shareholders of 3.5% over the past three years. New Risk • Mar 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹7.90b (US$95.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (5.3% net profit margin). Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Market cap is less than US$100m (₹7.90b market cap, or US$95.4m). Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹2.03 (vs ₹3.27 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.03 (down from ₹3.27 in 3Q 2023). Revenue: ₹717.4m (up 25% from 3Q 2023). Net income: ₹30.6m (down 35% from 3Q 2023). Profit margin: 4.3% (down from 8.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 06
Shivalik Rasayan Limited to Report Q3, 2024 Results on Feb 12, 2024 Shivalik Rasayan Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹737, the stock trades at a trailing P/E ratio of 74.5x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 51% over the past three years. Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: ₹1.26 (vs ₹3.81 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.26 (down from ₹3.81 in 2Q 2023). Revenue: ₹676.1m (up 20% from 2Q 2023). Net income: ₹18.8m (down 66% from 2Q 2023). Profit margin: 2.8% (down from 9.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 03
Shivalik Rasayan Limited to Report Q2, 2024 Results on Nov 10, 2023 Shivalik Rasayan Limited announced that they will report Q2, 2024 results on Nov 10, 2023 Announcement • Oct 01
Shivalik Rasayan Limited Declares Final Dividend on Equity Shares for the Financial Year 2022-23 Shivalik Rasayan Limited at its AGM held on September 29, 2023 declared 10% Final Dividend on Equity Shares for the Financial Year 2022-23. Announcement • Sep 19
Shivalik Rasayan Limited Announces Resignation of Akshay Kant Chaturvedi as Executive Director Shivalik Rasayan Limited informed that Dr. Akshay Kant Chaturvedi, an Executive Director of the Company, has resigned due to his personal reasons, which has been accepted by the Management from the close of business hour September 18, 2023. Upcoming Dividend • Sep 15
Upcoming dividend of ₹0.50 per share at 0.1% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 29 October 2023. Payout ratio is a comfortable 3.4% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.8%). Announcement • Sep 05
Shivalik Rasayan Limited, Annual General Meeting, Sep 29, 2023 Shivalik Rasayan Limited, Annual General Meeting, Sep 29, 2023, at 12:00 Indian Standard Time. Agenda: To consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended on March 31, 2023 and the reports of the Board of Directors and Auditors thereon; to declare Final Dividend on Equity Shares for the financial year 2022-23; to appoint a Director in place of Mr. Sanjay Bansal who retires by rotation and being eligible offers himself for re-appointment; to appoint a Director in place of Dr. Akshay Kant Chaturvedi who retires by rotation and being eligible offers himself for re-appointment; to appoint M/s Rahul Chaudhary & Associates, Chartered Accountants as Statutory Auditor of the Company; to re-appoint Dr. Vimal Kumar Shrawat as Managing Director of the Company; and to consider other matters. New Risk • Aug 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.9% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.9% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: ₹2.88 (vs ₹4.40 in 1Q 2023) First quarter 2024 results: EPS: ₹2.88 (down from ₹4.40 in 1Q 2023). Revenue: ₹648.9m (up 12% from 1Q 2023). Net income: ₹41.8m (down 35% from 1Q 2023). Profit margin: 6.4% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. Announcement • Aug 03
Shivalik Rasayan Limited to Report Q1, 2024 Results on Aug 08, 2023 Shivalik Rasayan Limited announced that they will report Q1, 2024 results on Aug 08, 2023 Reported Earnings • May 31
Full year 2023 earnings released: EPS: ₹15.02 (vs ₹18.12 in FY 2022) Full year 2023 results: EPS: ₹15.02 (down from ₹18.12 in FY 2022). Revenue: ₹2.39b (up 11% from FY 2022). Net income: ₹212.4m (down 17% from FY 2022). Profit margin: 8.9% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 23
Shivalik Rasayan Limited to Report Q4, 2023 Results on May 29, 2023 Shivalik Rasayan Limited announced that they will report Q4, 2023 results at 3:30 PM, Indian Standard Time on May 29, 2023 Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹3.27 (vs ₹4.28 in 3Q 2022) Third quarter 2023 results: EPS: ₹3.27 (down from ₹4.28 in 3Q 2022). Revenue: ₹588.2m (down 1.2% from 3Q 2022). Net income: ₹47.4m (down 23% from 3Q 2022). Profit margin: 8.1% (down from 10% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 01
Shivalik Rasayan Limited to Report Q3, 2023 Results on Feb 10, 2023 Shivalik Rasayan Limited announced that they will report Q3, 2023 results on Feb 10, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹3.81 (vs ₹4.44 in 2Q 2022) Second quarter 2023 results: EPS: ₹3.81 (down from ₹4.44 in 2Q 2022). Revenue: ₹571.9m (flat on 2Q 2022). Net income: ₹55.3m (down 9.7% from 2Q 2022). Profit margin: 9.7% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Independent Director Ravi Bansal was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹3.81 (vs ₹4.44 in 2Q 2022) Second quarter 2023 results: EPS: ₹3.81 (down from ₹4.44 in 2Q 2022). Revenue: ₹571.9m (flat on 2Q 2022). Net income: ₹55.3m (down 9.7% from 2Q 2022). Profit margin: 9.7% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 05
Shivalik Rasayan Limited to Report First Half, 2023 Results on Nov 11, 2022 Shivalik Rasayan Limited announced that they will report first half, 2023 results on Nov 11, 2022 Announcement • Sep 30
Shivalik Rasayan Limited Approves Final Dividend for the Financial Year 2021-22 Shivalik Rasayan Limited announced that at its AGM held on 29th September, 2022, approved the declaration of Final dividend @ 10% that is INR 0.50 per equity share of the face value INR 5/- each for the financial year 2021-22. Upcoming Dividend • Sep 14
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 29 October 2022. Payout ratio is a comfortable 2.8% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.7%). Announcement • Sep 04
Shivalik Rasayan Limited Proposes Final Dividend, Payable or Before October 29, 2022 Shivalik Rasayan Limited proposed Final Dividend of INR 0.50/- (10%) per Equity Share of INR 5/- each as recommended by the Board of Directors, if declared at the AGM will be paid on or before October 29, 2022 to those shareholders whose name appear in the Register of Members/List of Beneficial Owners maintained by Depositories as on September 22, 2022. Board Change • Sep 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Independent Director Ravi Bansal was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 15% share price gain to ₹915, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 372% over the past three years. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: ₹4.40 (vs ₹4.88 in 1Q 2022) First quarter 2023 results: EPS: ₹4.40 (down from ₹4.88 in 1Q 2022). Revenue: ₹592.8m (up 18% from 1Q 2022). Net income: ₹63.8m (down 5.0% from 1Q 2022). Profit margin: 11% (down from 13% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 12
Shivalik Rasayan Limited, Annual General Meeting, Sep 29, 2022 Shivalik Rasayan Limited, Annual General Meeting, Sep 29, 2022, at 11:00 Indian Standard Time. Location: Hotel Saffron Leaf GMS Road Dehradun India Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₹842, the stock trades at a trailing P/E ratio of 47.7x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 320% over the past three years. Reported Earnings • May 28
Full year 2022 earnings released: EPS: ₹18.12 (vs ₹12.77 in FY 2021) Full year 2022 results: EPS: ₹18.12 (up from ₹12.77 in FY 2021). Revenue: ₹2.15b (up 8.7% from FY 2021). Net income: ₹256.1m (up 46% from FY 2021). Profit margin: 12% (up from 8.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 26
Shivalik Rasayan Limited Recommends Final Dividend for the Fiscal Year 2022 Shivalik Rasayan Limited at its board meeting held on May 25, 2022, recommended a final dividend @ 10% on equity shares of INR 5 each, that is INR 0.50 per equity share for the fiscal year 2022. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₹1,008, the stock trades at a trailing P/E ratio of 57.4x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 248% over the past three years. Reported Earnings • Feb 10
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: ₹4.28 (up from ₹3.91 in 3Q 2021). Revenue: ₹608.2m (up 8.9% from 3Q 2021). Net income: ₹62.0m (up 15% from 3Q 2021). Profit margin: 10% (in line with 3Q 2021). Revenue missed analyst estimates by 10%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 03
Shivalik Rasayan Limited to Report Q3, 2022 Results on Feb 08, 2022 Shivalik Rasayan Limited announced that they will report Q3, 2022 results on Feb 08, 2022 Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 21% share price gain to ₹1,101, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 293% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 20% share price gain to ₹973, the stock trades at a trailing P/E ratio of 57.3x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 237% over the past three years. Reported Earnings • Nov 07
Second quarter 2022 earnings released: EPS ₹4.44 (vs ₹2.44 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹571.7m (up 9.1% from 2Q 2021). Net income: ₹61.2m (up 82% from 2Q 2021). Profit margin: 11% (up from 6.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 10
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 17 September 2021. Payment date: 27 October 2021. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 18% share price gain to ₹907, the stock trades at a trailing P/E ratio of 70.4x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 193% over the past three years. Reported Earnings • Jun 30
Full year 2021 earnings released: EPS ₹12.88 (vs ₹10.16 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹1.99b (up 6.7% from FY 2020). Net income: ₹177.4m (up 27% from FY 2020). Profit margin: 8.9% (up from 7.5% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 23
Insider recently bought ₹6.6m worth of stock On the 18th of March, Ayan Sharma bought around 9k shares on-market at roughly ₹753 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 18% share price gain to ₹776, the stock is trading at a trailing P/E ratio of 71.2x, up from the previous P/E ratio of 60.4x. This compares to an average P/E of 16x in the Chemicals industry in India. Total returns to shareholders over the past three years are 141%. Is New 90 Day High Low • Feb 25
New 90-day high: ₹704 The company is up 59% from its price of ₹444 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹3.91 (vs ₹2.50 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹558.5m (up 8.9% from 3Q 2020). Net income: ₹53.8m (up 56% from 3Q 2020). Profit margin: 9.6% (up from 6.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 18% share price gain to ₹592, the stock is trading at a trailing P/E ratio of 62x, up from the previous P/E ratio of 52.5x. This compares to an average P/E of 18x in the Chemicals industry in India. Total returns to shareholders over the past three years are 96%. Announcement • Feb 05
Shivalik Rasayan Limited to Report Q3, 2021 Results on Feb 12, 2021 Shivalik Rasayan Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Feb 01
New 90-day high: ₹492 The company is up 16% from its price of ₹423 on 03 November 2020. The Indian market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 14% over the same period. Announcement • Aug 07
Shivalik Rasayan Limited to Report Q1, 2021 Results on Aug 13, 2020 Shivalik Rasayan Limited announced that they will report Q1, 2021 results on Aug 13, 2020 
