| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 10.94 | 27.46 | 33.82 |
| Expenses | 9.22 | 23.98 | 29.44 |
| Other Income | 0.01 | 0.04 | 0.02 |
| Total Revenue | 10.95 | 27.50 | 33.84 |
| Profit Before Tax | 1.73 | 3.52 | 4.40 |
| Net Profit | 1.29 | 2.60 | 3.25 |
Shivchem Agro
Shivchem Agro IPO
₹2,36,000
0.09 xOver-subscribedBidding Dates 28 Sept, 26 -30 Sept, 26
Min Investment ₹2,36,000
Lot Size2,000
Price Range ₹59 – ₹62
Issue Size ₹14.01 Cr.
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IPO Subscription Details
Retail Subscription Details
0.07 x
Non-Institutional Buyers (sHNI)
0.02 x
Non-Institutional Buyers (bHNI)
0.17 x
Qualified Institutional Buyers (QIB)
0 x
Total0.09 x
0.09 x IPO Timeline
IPO Offer Start
28 Sept,26
IPO Offer Ends
30 Sept,26
Allotment Finalisation
01 Oct,26
Refund Initiation
05 Oct,26
Listing of Shares
06 Oct,26
IPO Analysis
Strengths
The company holds licenses for 176 agrochemical products (88 insecticides, 40 fungicides, 37 herbicides, 8 PGRs, 3 rodenticides) and 82 fertilizers, generating total revenue of Rs. 3,381.59 lakhs in FY 2025-26 across all product categories.
The company has expanded its distributor network from 185 in FY 2023-24 to 685 as of March 31, 2026, supported by a Sales & Marketing team of 39 members, with top 10 customers contributing only 28.71% of revenue, reflecting low customer concentration.
The company provides farmers with practical on-field product demonstrations led by a dedicated team of 6 employees, and also offers digital access to demonstration videos via its website and YouTube channel '@shivchemagro', building trust-based customer relationships.
Risks
The company requires various statutory and regulatory approvals, including licenses under the Insecticides Act, 1968 and the Fertilizer Control Order, 1985, for its 176 agrochemical products and 82 fertilizers. Any failure to obtain, renew, or maintain these approvals could result in suspension of manufacturing or sales, regulatory non-compliance, and material adverse effects on financial condition and operations.
Net cost of materials consumed represented approximately 63% of total expenses in FY2026, FY2025, and FY2024, with the top single supplier accounting for up to 44.16% of purchases. The absence of long-term supply contracts exposes the company to price volatility, supply disruptions, and inability to pass increased costs to customers, adversely impacting profitability.
The company relies heavily on 685 distributors across five states for revenue generation, with no direct sales to end customers. Any distributor exit, operational difficulties, or competitive poaching by rivals could lead to loss of market share, cash flow issues, and adverse impact on overall financial performance.
Objectives
The company intends to utilize a portion of the Net Proceeds to fund its working capital requirements, covering trade receivables, inventories, payment to trade payables, and day-to-day operations across multiple godowns in several states in India.
The company proposes to utilize a portion of the Net Proceeds towards full or partial repayment or pre-payment of certain borrowings (including business loans, vehicle loans, and working capital facilities) availed from various lenders, to reduce outstanding indebtedness and debt servicing costs.
The company intends to deploy the balance of the Fresh Issue proceeds towards general corporate purposes, including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting unforeseen exigencies, subject to a cap of 15% of the amount raised or Rs. lakhs, whichever is lower.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 16.41 | 36.29 | 45.04 |
| Current Assets | 14.87 | 31.91 | 41.35 |
| Fixed Assets | 1.55 | 4.38 | 3.69 |
| Total Equity & Liabilities | 16.41 | 36.29 | 45.04 |
| Total Liabilities | 14.91 | 26.62 | 32.12 |
| Current Liabilities | 13.08 | 23.80 | 29.19 |
| Non Current Liabilities | 1.84 | 2.82 | 2.93 |
| Total Equity | 1.50 | 9.67 | 12.92 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.06 | 0.17 | -0.11 |
| Investing Activities | -1.32 | -2.91 | 0.42 |
| Operating Activities | -4.34 | -3.00 | 1.79 |
| Financing Activities | 5.72 | 6.08 | -2.33 |
About Shivchem Agro
Shivchem Agro Limited is an ISO 9001:2015, ISO 22000:2018, and ISO 31000:2018 certified agrochemical company incorporated in 2021, engaged in the manufacturing, distribution, and sale of agricultural formulations including insecticides, fungicides, herbicides, plant growth regulators, rodenticides, and fertilizers. The company operates a manufacturing facility in Jhajjar, Haryana, and holds licenses...more
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Managing DirectorRohit Agarwal
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