Shivalik Rasayan Ltd Q1 FY27 Results

Shivalik Rasayan's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue was ₹96.34 Cr, up 7.9% YoY from ₹89.31 Cr but down 6.3% QoQ from ₹102.82 Cr — the sequential dip reflects agrochemical seasonality (Q4 is the stronger pre-kharif dispatch quarter) rather than demand weakness. Consolidated PAT (including minority interest) was ₹4.50 Cr, up 59.6% YoY though down 37.3% QoQ off the seasonally strong Q4 base. Standalone (agrochemicals + API only) revenue was ₹48.44 Cr (+4.7% YoY) and standalone PAT ₹2.66 Cr (+117.5% YoY) — the standalone and consolidated growth stories diverge because the consolidated book folds in the Pharma Formulation business via associate Medicamen Biotech Limited, whose segment revenue grew 11.3% YoY to ₹47.90 Cr.

The headline PAT/EPS growth significantly outpaces core operating performance. Consolidated EBITDA (PBT before exceptional items + finance cost + depreciation − other income) was ₹11.18 Cr, up just 1.8% YoY from ₹10.98 Cr, and EBITDA margin slipped to 11.61% of operating revenue from 12.30% a year ago and 12.09% last quarter — a genuine, if modest, operating-margin compression. The 36.5% YoY jump in PBT (₹5.66 Cr vs ₹4.15 Cr) and the larger PAT/EPS gains were driven below the operating line: finance cost fell 20.6% YoY to ₹2.08 Cr and depreciation fell 8.4% YoY to ₹4.41 Cr, while reported EPS of ₹2.16 (vs ₹1.02 a year ago, +112% YoY) was boosted further by the shift in the minority-interest split — non-controlling interest absorbed only 24% of total consolidated PAT this quarter (₹1.10 Cr of ₹4.50 Cr) versus 43% a year ago (₹1.22 Cr of ₹2.82 Cr). On the standalone book, the API segment loss narrowed to ₹1.98 Cr from ₹2.96 Cr YoY, aiding overall PBT, while the Agrochemicals segment result was roughly flat YoY at ₹6.31 Cr.

No exceptional items in either period — reported growth equals adjusted growth

There is no formal management guidance on record for this quarter, and no analyst/street consensus estimate could be found for this print — Shivalik Rasayan carries limited institutional coverage, so vsStreet is marked unknown rather than assumed. No management press release accompanied the filing beyond the standard board-outcome letter, so there is no fresh commentary to reconcile against the numbers. Results are un-audited, subject only to a limited review by the statutory auditor (Rahul Chaudhary & Associates). Alongside the results, the board approved the FY26 annual report and set a September 28, 2026 AGM with a final dividend of ₹0.50/share (10%); separately, the company called an EGM (July 27, 2026) to approve raising ₹33 Cr via 3.72 lakh equity shares and 9.48 lakh warrants (announced July 24, 2026) — a capital raise that will add dilution once the warrants convert, alongside two rounds of open-market selling by a former director (50,000 and 60,000 shares in late July/early August).