Shivalik Rasayan reported FY26 consolidated revenue of Rs 368 crore, up from Rs 311.77 crore last year, though net profit declined to Rs 17.97 crore. The company declared a 10% final dividend of Rs 0.50 per share. Key highlights include the commissioning of a new Dahej-III agrochemical plant and initial success in its research-driven CDMO vertical. Investors should monitor how the new facility impacts future margin recovery.
Shivalik Rasayan FY26 Results: Revenue Growth Meets Margin Pressure
Revenue rose to Rs 368.00 crore in FY26 compared to Rs 311.77 crore in FY25, while Net Profit stood at Rs 17.97 crore versus Rs 22.13 crore.
Reader Takeaway: Revenue growth highlights scaling, but margin compression and regulatory compliance issues remain key areas for investor oversight.
What just happened
Shivalik Rasayan Limited has released its consolidated financial results for FY 2025-26. Alongside the financial report, the company declared a final dividend of 10%, or Rs 0.50 per share (face value Rs 5/-). The Board has set September 21, 2026, as the record date for the payout, with funds expected to be credited by October 15, 2026.
Why this matters
The company’s financial performance shows a clear trend of top-line expansion, driven largely by operational capacity additions. However, the drop in bottom-line profitability reflects mounting operational or input cost pressures. The successful launch of the Dahej-III facility, with a 2,500 MT capacity, is expected to generate Rs 200 crore in additional revenue over the next two years.
Operational Highlights
Shivalik is transitioning toward a research-heavy business model. In April 2026, it delivered its first New Chemical Entity (NCE-1) project under its CDMO vertical. Additionally, the company is deepening its footprint in international API markets, with active development programs involving partners in the US, Japan, and South Korea.
Governance and Compliance
Auditors flagged two minor compliance hurdles: the CSR budget was previously calculated using Profit After Tax instead of Profit Before Tax, and there was a administrative delay in forming the Internal Committee under the POSH Act. Management has confirmed these issues are being rectified and processes are being updated to ensure statutory adherence.
What to track next
Investors should closely watch the ramp-up utilization of the new Dahej-III plant. The primary focus for the market will be whether this new capacity can improve margins in the coming quarters and if the CDMO segment can scale sufficiently to offset current profitability declines.