BSE: 538520
SHIVAMSHREE BUSINESSES LIMITED
Manufactures industrial bags as its primary business, alongside a smaller trading operation in solar power generating systems and ancillaries. In the quarter ended March 31, 2026, manufacturing of industrial bags generated ₹4.4905 crore of revenue and ₹0.7014 crore of EBIT, while the solar trading segment brought in ₹0.0754 crore of revenue and ₹0.1547 crore of EBIT. Full-year FY26 revenue totalled ₹15.1124 crore against a net profit of ₹0.1506 crore and EBITDA margin of 8.92%, with total assets of ₹21.7404 crore. Employee costs at 21.4% of revenue are the largest disclosed operating expense, followed by other operating expenses at 19.4% and depreciation at 5.8%. Capital expenditure was 53.2% of revenue in FY26, and ₹4.5 crore was raised via a preferential issue of 3 crore equity shares at ₹1.50 during the year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing of Industrial bags, Trading of Solar Power Generating System and ancillaries. Small-cap, asset-heavy manufacturer with high capex intensity in FY26
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 0 | 12 | 4 | 15 |
| EBITDA (ex other income) | 0 | (0) | (0) | (1) | 1 |
| margin % | 44.0 | (71.9) | (0.2) | (20.8) | 8.1 |
| Owners' profit | 0 | (0) | 0 | (1) | 0 |
| EPS, as reported (₹) | 0.06 | (0.01) | 0.00 | (0.16) | 0.02 |
| ROE % · ROCE % | 6.1 · 9.0 | (1.2) · (0.7) | 0.2 · 1.1 | (20.4) · (22.2) | 1.8 · 3.0 |
| Debt / equity (x) | 0.00 | 0.14 | 0.00 | 0.18 | 0.84 |
| Cash from operations | 0 | (0) | (0) | 2 | (3) |
| Capex | 0 | 0 | (0) | (4) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 0 | 1 | 2 | 3 | 4 | 4 | 5 |
| Profit before tax | (0) | (0) | (0) | (1) | (0) | (0) | 0 | 1 |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | 0 | 1 |
| EPS (₹) | (0.01) | (0.03) | (0.03) | (0.09) | (0.06) | 0.00 | 0.00 | 0.08 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading of Solar Power Generating System and ancillaries | 0 | 0.6 |
| Manufacturing of Industrial bags | 15 | 99.4 |
| Total, before eliminations | 15 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Newspaper publication of Q2 FY26-27 financial results | compliance | minimal | — | — |
| 22 Oct 2026 · Director Arunaben Bavishiya resigns; Q2 FY26-27 results approved | management changes | medium | — | — |
| 22 Oct 2026 · Q2 FY27 results: losses persist; director resigns | results | high | — | — |
| 22 Oct 2026 · Board clears Q2 FY26 results, director resigns | results | high | — | — |
| 17 Oct 2026 · Board meeting on 22 Oct 2026 to approve Q2 FY26 results | results | low | — | — |
| 15 Oct 2026 · Non-Applicability of Related Party Transaction Disclosure Regulation | compliance | minimal | — | — |
| 12 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closure from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 29 Sept 2026 · Appointment of Ms. Kavita Kothari as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 29 Sept 2026 · Shivamshree appoints Kavita Kothari as Company Secretary | management changes | medium | — | — |
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.