Shivalik Rasayan Q1 FY27 Results (NSE: SHIVALIK)
Signal: Growth decelerated
The read
The quarter marks a PAT recovery rather than a clean operating acceleration: consolidated revenue grew 7.9% YoY and EBITDA only 4.9% with margin at 12.6%, while attributable PAT rose 112.5% mainly against a weak base, lower depreciation and finance cost; the persistent API loss and falling depreciation despite higher assets remain the key thesis risks.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹96.34 Cr | 7.9% | -6.3% |
| EBIT | ₹7.74 Cr | 14.5% | |
| Net profit | ₹3.4 Cr | 112.5% | |
| EPS | ₹2.16 | 111.8% | |
| EBIT margin | 12.6% |
P&L walk
Consolidated revenue rose 7.9% YoY to ₹9,633.85 lakh, gross margin expanded 260bps to 49.0%, EBITDA increased 4.9% to ₹1,215 lakh with margin at 12.6%, and attributable PAT grew 112.5% to ₹340.23 lakh, helped by lower depreciation and a favourable tax comparison.
Segments
Pharma Formulation was the key consolidated support, contributing ₹4,789.69 lakh revenue and ₹340.05 lakh segment result, while API remained loss-making at a ₹197.56 lakh loss; Agrochemicals stayed profitable with ₹631.34 lakh result but revenue declined 1.2% YoY.
Key positives
- Consolidated attributable PAT reached ₹340.23 lakh, up 112.5% YoY, while EPS rose 111.8% to ₹2.16 and tracked earnings without dilution.
- Pharma Formulation contributed ₹4,789.69 lakh revenue and ₹340.05 lakh segment result, making it the largest disclosed consolidated earnings contributor.
- Consolidated finance cost fell 20.6% YoY to ₹207.97 lakh, and gross margin expanded 260bps YoY to approximately 49.0%.
Key concerns
- API remained loss-making at a ₹197.56 lakh segment loss despite revenue of ₹217.91 lakh, keeping the diversification story dependent on a turnaround.
- Consolidated EBITDA grew only 4.9% YoY to ₹1,215 lakh against 7.9% revenue growth, with EBITDA margin expanding just 30bps to 12.6%.
- The consolidated business is materially larger than standalone: consolidated revenue was ₹9,633.85 lakh versus standalone ₹4,844.16 lakh, reflecting significant associate contribution and reducing visibility from the parent-only P&L.
- The board approved a preferential issue of equity shares and convertible warrants aggregating up to Rs 33 crore in July 2026; potential dilution and use of proceeds require monitoring.
Research and educational content only. Not investment advice.