Shivalik Rasayan Limited (SHIVALIK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-444.0%

-₹977.84

vs ₹284.25 price

Levered DCF

-₹2,598.38

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.57×	61.65×	68.2×	46.65×	51.25×	74.78×	93.99×	80.79×
P/B	0.58×	2.45×	2.23×	3.12×	4.57×	7.35×	7.46×	6.65×
P/S	0.94×	3.26×	3.19×	4.13×	6.34×	6.73×	7.06×	6.45×
EV / EBITDA	8.55×	22.31×	24.87×	22.79×	25.42×	34.48×	41.03×	42.44×
Gross margin	27.3%	25.8%	48.5%	51.1%	54.5%	45.4%	29.0%	27.0%
Operating margin	7.3%	7.8%	10.6%	13.8%	17.8%	15.5%	13.9%	12.2%
Net margin	3.3%	5.4%	4.7%	9.1%	12.4%	9.0%	7.5%	8.0%
Current ratio	2.01×	1.78×	1.85×	1.82×	2.12×	1.44×	2.11×	3.44×
Debt / equity	0.19×	0.23×	0.22×	0.21×	0.14×	0.17×	0.07×	0.12×
Interest coverage	2.81×	2.62×	3.79×	6.69×	12.06×	14.88×	13.45×	7.97×
Dividend yield	0.6%	0.2%	0.2%	0.2%	0.1%	0.1%	0.2%	0.0%
Payout ratio	17.7%	12.3%	15.8%	9.4%	2.7%	5.3%	16.4%	3.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.0%	4.0%	3.3%	6.8%	8.9%	9.8%	7.9%	8.2%
Return on invested capital	3.2%	3.4%	3.8%	6.3%	8.4%	8.9%	8.1%	6.9%
Return on assets	1.5%	2.3%	1.8%	3.7%	5.2%	4.8%	4.3%	4.7%
Free cash flow yield	-16.8%	-2.9%	-8.7%	-8.5%	-1.1%	-0.5%	-6.4%	-3.3%
Earnings yield	3.5%	1.6%	1.5%	2.2%	2.0%	1.3%	1.1%	1.2%
Enterprise value	₹4.3B	₹10.8B	₹9.2B	₹10B	₹12.8B	₹13.4B	₹13.2B	₹10.2B
Net debt / EBITDA	1.59×	1.36×	1.31×	0.79×	-0.59×	0.65×	0.08×	-3.09×
Cash conversion cycle (days)	206	194	215	186	159	128	70	100