BSE: 544165
SHIVAM CHEMICALS LIMITED
Manufactures Hydrated Lime (Calcium Hydroxide) and distributes animal feed ingredients to Indian feed manufacturers. A newly leased Quick Lime manufacturing unit at Khimsar, Rajasthan is running at full capacity and supplies over 50% of the raw material needs of the company's wholly-owned subsidiary at Dahej, Gujarat, which has a 60,000 MT capacity for feed products. The feed ingredients portfolio covers Amino Acids and Feed Phosphates (sourced through supply partnerships in China and Morocco) and a customised Vitamin Premix product called 'Shivamin' sourced from Sri Lanka, with full launch in March 2026 after a June 2025 trial. The Khimsar unit and Dahej subsidiary together form a backward-integration push into the animal nutrition and feed ingredients space. FY26 consolidated revenue stood at Rs. 284.23 crore and standalone revenue at Rs. 269.56 crore. The company is listed on the BSE SME platform (Scrip Code 544165) since April 2024 following an Rs. 2,018 lakh IPO, and operates with a wholly-owned subsidiary called Shivam Chemicals and Minerals Pvt Ltd. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hydrated Lime manufacturing, Animal feed ingredients distribution. Small-cap animal nutrition and lime manufacturer-distributor on BSE SME platform
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 147 | 224 | 284 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 0.97 | 1.26 | 3.64 |
| ROE % · ROCE % | — · 13.8 | — · 11.9 | — · 21.7 |
| Debt / equity (x) | — | — | — |
| Cash from operations | 5 | (15) | (6) |
| Capex | — | (1) | (1) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 82 | 94 | 130 | 132 | 153 |
| Profit before tax | 1 | 1 | 2 | 3 | 5 |
| Net profit | — | — | — | — | — |
| EPS (₹) | 0.58 | 0.34 | 0.91 | 1.16 | 2.49 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ AGROVET LIMITED | 11,224 | 25.1 | 5.19 | 13.2 | 20.6 | 17.6 | 10.3 | 8.9 |
| AVANTI FEEDS LIMITED | 9,169 | 17.3 | 2.47 | 9.7 | 17.7 | 23.5 | 8.1 | 9.0 |
| MUKKA PROTEINS LIMITED | 747 | 10.8 | 1.41 | 10.5 | 10.8 | 12.8 | — | 10.1 |
| KSE LTD. | 563 | 0.8 | 1.61 | — | 24.0 | 30.5 | — | (0.5) |
| SHIVAM CHEMICALS LIMITED ◆ | 247 | 29.6 | — | — | — | 17.8 | — | — |
| Mayank Cattle Food Limited | 63 | 8.3 | — | — | — | — | — | — |
| AJOONI BIOTECH LIMITED | 50 | 12.1 | 0.55 | — | 4.7 | 6.2 | — | 3.1 |
| NARMADA AGROBASE LIMITED | 44 | 57.5 | — | — | — | — | — | 5.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.6 | 14.7 | 7 of 8 | 14% |
| ROCE | 17.8 | 17.7 | 3 of 6 | 60% |
| Revenue growth | 85.4 | 51.8 | 3 of 6 | 60% |
| Market cap | 247 | 405 | 5 of 8 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Quarterly RTA certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · Shivam Chemicals begins Feed-Grade DCP production at Dahej facility | business updates | medium | — | — |
| 28 Sept 2026 · Shivam Chemicals closes trading window from Oct 1 ahead of H1 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · 16th AGM: Both Resolutions Passed Unanimously by Shivam Chemicals | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Proceedings of 16th AGM held on 21 September 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Shivam Chemicals restarts US biofuel feedstock exports, secures repeat orders | business updates | medium | — | — |
| 31 Aug 2026 · Book Closure Sept 14 to 21, 2026 for 16th AGM | board shareholder meetings | low | — | — |
| 30 Aug 2026 · 16th AGM notice filed; meeting on 21 Sept 2026 | board shareholder meetings | low | — | — |
| 30 Aug 2026 · Annual Report FY 2025-26 and 16th AGM Notice submitted to BSE | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Board meeting outcome: AGM set for Sept 21, director up for rotation | 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.