Shivalik Rasayan: Pharma Formulation Led H1 Revenue Mix

Shivalik Rasayan Limited reported Rs 197.77 crore of consolidated pharma formulation revenue for the half year ended September 30, 2026, making formulation its largest segment ahead of agrochemicals at Rs 151.26 crore. The two businesses together supplied Rs 349.03 crore of the group’s Rs 368.00 crore revenue.

Which Shivalik Rasayan segment generated the most H1 revenue?

Pharma formulation generated the most consolidated revenue for Shivalik Rasayan in the half year ended September 30, 2026, at Rs 197.77 crore. Agrochemicals ranked second with Rs 151.26 crore, while Active Pharmaceutical Ingredient, or API, generated Rs 9.05 crore. Unallocated other operating revenue was Rs 9.93 crore.

The formulation segment exceeded agrochemicals by Rs 46.51 crore during the six-month period. Based on the disclosed revenue figures, formulation was about 30.8% larger than agrochemicals. This establishes the revenue ranking, rather than a ranking of profitability, because the filing presents revenue separately from segment results and unallocated costs.

Formulation represented about 53.7% of Rs 368.00 crore consolidated revenue for the half year. Agrochemicals represented about 41.1%, API about 2.5%, and unallocated other operating revenue about 2.7%. The four disclosed lines reconcile to the reported consolidated revenue total, subject to rounding after conversion from lakh-denominated figures.

How was Shivalik Rasayan’s H1 revenue mix split between businesses?

Pharma formulation was Shivalik Rasayan’s largest business by H1 revenue, while agrochemicals remained the other major contributor. The Rs 197.77 crore formulation line was Rs 27.53 crore higher than the combined Rs 160.31 crore revenue from agrochemicals and API, excluding unallocated other operating revenue.

The company identifies agrochemicals, API and pharma formulation as its operating segments in the consolidated segment disclosure. The Rs 9.93 crore unallocated other operating revenue line is reported outside those three segments, taking revenue from Rs 358.08 crore across the operating businesses to Rs 368.00 crore in total.

Revenue concentration was therefore principally in formulation and agrochemicals: together they accounted for Rs 349.03 crore, or about 94.8%, of consolidated revenue. API contributed Rs 9.05 crore, which was Rs 188.72 crore below formulation revenue and Rs 142.21 crore below agrochemicals revenue.

The filing does not support assigning the group’s consolidated profit after tax directly to individual revenue segments. Finance costs, taxes, unallocable expenditure and other consolidated items are reported separately from the Rs 197.77 crore formulation revenue line.

What were Shivalik Rasayan’s consolidated H1 results?

Shivalik Rasayan reported consolidated revenue of Rs 368.00 crore and consolidated profit after tax of Rs 9.90 crore for the half year ended September 30, 2026. The Rs 197.77 crore formulation business was the largest contributor to revenue, followed by Rs 151.26 crore from agrochemicals.

The Board of Directors approved the unaudited standalone and consolidated results on November 13, 2026. The filing covers both the quarter and half year ended September 30, 2026, and states that the board meeting began at 4:30 p.m. and concluded at 6:00 p.m.

Rahul Chaudhary & Associates issued a limited review report dated November 13, 2026. The reviewer stated that nothing had come to its attention to indicate that the accompanying statement had not disclosed the required information or contained a material misstatement, while also noting that a review is narrower in scope than an audit.

The Rs 9.90 crore consolidated profit after tax equals about 2.7% of the Rs 368.00 crore H1 revenue total. That calculation describes the reported consolidated outcome only; the filing does not disclose a profit-after-tax figure attributable solely to pharma formulation, agrochemicals or API.

What changed in Shivalik Rasayan’s financial position by September 2026?

Shivalik Rasayan’s consolidated total assets rose to Rs 820.70 crore at September 30, 2026, from Rs 818.87 crore at March 31, 2026. Consolidated equity increased to Rs 621.19 crore from Rs 599.10 crore over the same dates, while total assets increased by Rs 1.83 crore.

Consolidated trade receivables declined to Rs 141.06 crore at September 30, 2026 from Rs 146.87 crore at March 31, 2026. Consolidated inventories fell to Rs 99.19 crore from Rs 115.14 crore, a reduction of Rs 15.95 crore during the six-month reporting period.

Cash and cash equivalents increased to Rs 54.25 crore at September 30, 2026 from Rs 34.37 crore at March 31, 2026. The cash-flow statement covers April 1, 2026 to September 30, 2026, the same period in which pharma formulation recorded Rs 197.77 crore of consolidated revenue.

Conclusion

Shivalik Rasayan’s H1 consolidated revenue mix was led by pharma formulation rather than agrochemicals. Formulation generated Rs 197.77 crore of the Rs 368.00 crore total, compared with Rs 151.26 crore from agrochemicals and Rs 9.05 crore from API, while the group reported Rs 9.90 crore of consolidated profit after tax.

The filing does not disclose a forward revenue target, segment plan or scheduled subsequent result date. The next disclosed reference points are the September 30, 2026 balances of Rs 141.06 crore in receivables, Rs 99.19 crore in inventories and Rs 54.25 crore in cash and cash equivalents, alongside the relative revenue contribution of formulation and agrochemicals.