BSE: 522237
SHIVAGRICO IMPLEMENTS LTD.
Manufactures rolled sections, forgings, hand tools and agricultural implements from its Indian operations. Raw materials account for 79.8% of revenue, employees 12.4%, and depreciation 3.3%, with EBITDA margin at 6.98%. Net profit for FY26 was Rs 0.386 crore on total assets of Rs 28.23 crore. The company is leveraged, with borrowings of Rs 1,569.15 lakhs against a net worth of Rs 785.69 lakhs at FY26 end. Operating cash flow for H1 FY26 was Rs 94.36 lakhs. The board is seeking re-appointment of Vimalchand Jain as Managing Director without pay for three years, and added two new independent directors in February 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Rolled sections, Forgings, Hand tools, Agricultural implements. Small-scale, asset-light industrial manufacturer with a leveraged balance sheet
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 48 | 42 | 43 | 43 | 47 |
| EBITDA (ex other income) | 3 | 2 | 2 | 3 | 3 |
| margin % | 5.8 | 5.2 | 5.2 | 6.6 | 6.2 |
| Owners' profit | 1 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 1.53 | 0.20 | 0.14 | 0.75 | 0.77 |
| ROE % · ROCE % | 10.8 · 17.1 | 1.4 · 10.7 | 1.0 · 11.3 | 4.8 · 14.8 | 4.7 · 15.1 |
| Debt / equity (x) | 2.58 | 2.33 | 2.59 | 2.01 | 2.12 |
| Cash from operations | 3 | 5 | 1 | 4 | 1 |
| Capex | (1) | (2) | (2) | (1) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 12 | 12 | 12 | 11 | 12 | 12 | 12 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.13 | 0.10 | 0.46 | 0.00 | 0.28 | 0.21 | 0.28 | 0.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.8 | 26.7 | 55 of 130 | 58% |
| P/B | 1.2 | 3.1 | 22 of 112 | 80% |
| ROCE | 6.1 | 11.3 | 102 of 142 | 28% |
| ROE | 4.7 | 9.8 | 81 of 113 | 29% |
| Debt / Equity | 2.1 | 0.2 | 109 of 113 | 4% |
| EBITDA margin | 7.0 | 12.4 | 86 of 110 | 22% |
| Revenue growth | (0.8) | 20.6 | 82 of 114 | 28% |
| Profit growth | 20200.0 | 17.1 | 2 of 109 | 99% |
| Market cap | 10 | 273 | 136 of 141 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting on Nov 4 to consider Q2 and H1 FY26 results | results | low | — | — |
| 14 Oct 2026 · Routine compliance certificate for half-year at September 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 FY27 results announcement | compliance | minimal | — | — |
| 20 Aug 2026 · 47th AGM: All 6 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 47th AGM held; 6 resolutions including director appointments tabled | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27 results filed with BSE; profit rises from near zero year-on-year | compliance | minimal | — | — |
| 12 Aug 2026 · Q1 FY27 results - net profit up to Rs 6.09 lakh from Rs 0.03 lakh | results | high | — | — |
| 3 Aug 2026 · Board Meeting on Aug 12 to consider Q1 FY27 unaudited results | results | low | — | — |
| 29 Jul 2026 · Shivagrico Implements 47th AGM notice published in newspapers | compliance | minimal | — | — |
| 28 Jul 2026 · Book closure for 47th AGM from 17 to 20 August 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.