Shiva Global Agro Industries Limited

Basic Materials — Agricultural Inputs · NSE

₹38.41−₹0.89 (−2.26%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Shiva Global Agro Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Shiva Global Agro Industries Limited, together with its subsidiaries, engages in the manufacture and marketing of fertilizers, soil and crop health products, oils, and de-oiled cakes primarily in India.

IndustryAgricultural Inputs

SectorBasic Materials

Employees101

Annual revenue₹245 Cr

How does it make money?

Turns over ₹245 Cr a year. Of every ₹100 of sales, about ₹-0 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 101 employees supports ₹2.42 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.42 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 5.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE22.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -49% while net margin moved -100% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-49%

Margin effect-100%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 20.0% a year
✗ Profit fell 15.2% in the latest year

Quality vs. Valuation

Company Quality

33/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

54/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

7.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 82% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Very low debt
Debt/Equity of 0.21x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 4.9% to -0.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 10.5% to 5.0% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 82% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹27 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 4.9% to -0.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 1%✓ 3.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✗ 2.3x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹27 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 5.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

4 good · 2 neutral · 5 weak

Market Cap

₹38 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.43x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.39

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.0%

Weak

Weak capital efficiency

ROCE

5.0%

Weak

Low return on total capital employed

Debt/Equity

0.21x

Low

Conservative leverage

Revenue Growth (YoY)

17.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-15.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹27 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

4.0%

Weak

Thin margins leave little room for error

Net Margin

-0.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.76

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.78

Defensive

Steadier than the market

52W Range Position

24%

Mid-range

Technical Snapshot

RSI (14)

43.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹478 Cr	₹341 Cr	₹353 Cr	₹245 Cr	-20.0%
EBITDA	₹21 Cr	-₹19 Cr	₹4 Cr	₹8 Cr	-26.7%
EBITDA Margin	4.3%	-5.4%	1.1%	3.3%	—
PAT (Net Profit)	₹5 Cr	-₹18 Cr	₹3 Cr	-₹0 Cr	—
EPS	₹5.47	₹-17.7	₹3.29	₹-0.01	—
ROE	4.9%	-18.9%	3.7%	-0.0%	—
ROCE	10.5%	-15.4%	8.2%	5.0%	—
Total Debt	₹129 Cr	₹109 Cr	₹48 Cr	₹24 Cr	-43.1%
Free Cash Flow	-₹20 Cr	₹33 Cr	-₹0 Cr	₹27 Cr	—

🔴 Revenue has shrunk at 20.0% a year over 3 years.

🔴 EBITDA has shrunk at 26.7% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 3.3% over 3 years.

🔴 PAT (Net Profit) has turned negative, from ₹5 Cr to -₹0 Cr.

🔴 EPS has turned negative, from ₹5.47 to ₹-0.01.

🔴 ROE has fallen from 4.9% to -0.0% over 3 years (-4.9 pts).

🔴 ROCE has fallen from 10.5% to 5.0% over 3 years (-5.5 pts).

🟢 Total Debt has shrunk at 43.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹20 Cr to ₹27 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹149 Cr

Total Liabilities

₹37 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹28 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.7%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 mixed5 general

SHIVAAGRO Stock Price and Chart — NSE:SHIVAAGRO

TradingView, 17 Aug

Shiva Global Agro AGM voting results: All resolutions pass with majority

scanx.trade, 30 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Shiva Global Agro Industries Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Top 15 Low-Price Stocks In India To Buy In October 2026

Samco, 17 Oct

Shiva Global Agro (NSE:SHIVAAGRO): Fertiliser Sector Basics

Kalkine India, 13 Sept

Shiva Global Agro Industries Ltd

Stocktwits, 19 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑