Shiv TexchemShare price, financial results, shareholding and management
- Market cap
- ₹249 cr
- Stock P/E
- 3.2peers 24.5
- Book value
- ₹177
- Price to book
- 0.61
- EV / operating profit
- -
- Market cap to sales
- 0.09
- ROCE · FY26
- 15.3%
- ROE · FY26
- 20.9%
- ROE, 3-year average
- 19.4%
- Operating margin · FY26
- 4.9%peers 5.1%
- Sales growth, 3 years
- 35.4%
- Profit growth, 3 years
- 69.4%
- Debt to equity
- 1.71peers 0.37
- Borrowings
- ₹701 cr
- Interest cover
- 4.1×
- Cash from business / op. profit
- -240%
- Debtor days
- 74
- Pledged
- 0.00%
- Promoter holding
- 73.65%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,715
- 52-week high / low
- ₹199 / ₹95
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Shiv Texchem share price chart
Close on 5 Nov 2026 · +7.88% on the day · Vol 5,200
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -8.9%
- 3 months
- -6.6%
- 6 months
- -28.3%
- 1 year
- -38.8%
- Traded a day, 20 days
- ₹0.08 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +26% | +62% |
| 3 years, a year | +35% | +69% |
| Latest half, H2 FY26 | +9% | +27% |
About Shiv Texchem: business, products and customers
Shiv Texchem imports chemicals made from oil and gas and sells them on to factories across India that make paints, inks, farm chemicals, plastics and medicines. Its shares trade on BSE SME.
Shiv Texchem, founded in Mumbai in 2005, imports and distributes hydrocarbon based chemicals such as acetyls, alcohols, aromatic solvents, monomers, glycols, ketones, phenol and isocyanates. Its buyers make paints and coatings, printing inks, agrochemicals, specialty polymers, pharmaceuticals and industrial chemicals. It owns no plant: it keeps stock under storage and handling agreements at port terminals in Kandla, Mundra, JNPT, Mumbai and Hazira and delivers from there, and its shares listed on BSE SME on 15 October 2024.
As a trader it earns a thin spread between landed cost and selling price, so revenue is very large against profit. The managing director says customers come to it for the long tail of their purchases, the many smaller items that are not their core raw material, rather than for price. Because it gathers orders from many customers, imports by the shipload and gives customers 45 to 90 days of credit, most of its money sits in stock and customer dues, funded by bank working capital lines and loans from its promoters and their companies; Crisil says most of the stock is backed by customer orders.
Read more about the business
On 9 October 2025 the US State Department added the company to the Specially Designated Nationals list of the US Office of Foreign Assets Control for the transshipment, sale and purchase of petrochemicals from Iran. Crisil says this restricts its dealings in US dollars and with US citizens and is likely to disrupt supply from US based suppliers, from whom it buys a significant share of its products. The FY26 annual report says the company has engaged US legal counsel and is pursuing removal of its name from the list.
The offer document says there are no listed companies with similar operations or of comparable size, so it gives no peer comparison.
From the October 2024 offer document, the FY26 and FY25 annual reports, the June 2025 earnings call and the Crisil rating notes of 5 August and 20 October 2025.
Read the deeper study ↓In its favour
- Sales have grown fast: 35% a year over three years.
- The promoters own a large part of the company: 73.65%.
To watch
- Whether the OFAC listing is lifted and how Crisil resolves its rating watch; the FY26 auditor noted frozen US linked banking channels and balances not confirmed directly by Citibank (Annual report FY26, p.49).
- The statutory auditor changed: the FY25 accounts were audited by Sundarlal, Desai & Kanodia and the FY26 accounts by Yatin Kumar Shah, a sole proprietor (Annual report FY25, p.57; Annual report FY26, p.15 and p.59).
- Independent director Rajen Hemchand Gada resigned on 11 February 2026; the company secretary left on 14 October 2025 and a successor joined on 13 March 2026 (Annual report FY26, p.11 and p.34).
- BSE penalties for the late FY25 annual report, with a waiver still awaited, and for a delay in appointing a company secretary, which was waived (Annual report FY26, p.45 and p.46).
- Its borrowings rose a lot last year: ₹701 cr, from ₹409 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Shiv Texchem revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Shiv Texchem half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 613 | 922 | 1,031 | 1,171 | 1,503 | 1,273 |
| Expenses | 590 | 887 | 995.50 | 1,120 | 1,430 | 1,210 |
| Operating profit | 23 | 35 | 35.13 | 50.99 | 73.08 | 62.97 |
| OPM | 3.8% | 3.8% | 3.4% | 4.3% | 4.9% | 5.0% |
| Interest | 8 | 11 | 9.10 | 14.35 | 17.91 | 17.07 |
| Depreciation | 0 | 0 | 0.12 | 0.11 | 0.12 | 0.13 |
| Profit before tax | 15 | 25 | 27.95 | 37.67 | 57.84 | 49.01 |
| Net profit | 11 | 19 | 20.63 | 27.49 | 42.95 | 34.87 |
Shiv Texchem profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 334 | 859 | 1,118 | 1,535 | 2,202 | 2,776 |
| Expenses | 317 | 843 | 1,082 | 1,477 | 2,116 | 2,640 |
| Operating profit | 17 | 16 | 36 | 58 | 86.11 | 136.05 |
| OPM | 5.0% | 1.9% | 3.2% | 3.8% | 3.9% | 4.9% |
| Other income | 1 | 7 | 1 | 2 | 3.19 | 6.02 |
| Interest | 6 | 4 | 15 | 19 | 23.45 | 34.98 |
| Depreciation | 0 | 0 | 0 | 0 | 0.23 | 0.25 |
| Profit before tax | 12 | 19 | 22 | 41 | 65.62 | 106.84 |
| Tax rate | 25.0% | 26.3% | 27.3% | 26.8% | 26.7% | 27.2% |
| Net profit | 9 | 14 | 16 | 30 | 48.11 | 77.82 |
| EPS ₹ | 13.50 | 10.83 | 12.52 | 17.57 | 30.67 | 49.61 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Shiv Texchem profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 5.0% | 1.9% | 3.2% | 3.8% | 3.9% | 4.9% |
| Tax rate | 25.0% | 26.3% | 27.3% | 26.8% | 26.7% | 27.2% |
| ROCE | · | 12.2% | 10.9% | 12.7% | 14.5% | 15.3% |
| ROE | · | 20.8% | 13.9% | 19.0% | 18.3% | 20.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Shiv Texchem debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money. Last year the business used more cash than it brought in. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Shiv Texchem balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.80 | 2 | 2 | 2 | 23 | 23 |
| Reserves | 27 | 105 | 121 | 191 | 310 | 387 |
| Net worth | 27.80 | 107 | 123 | 193 | 333 | 410 |
| Borrowings | 122 | 120 | 329 | 297 | 409 | 701 |
| Other liabilities | 9.20 | 198 | 150 | 309 | 512 | 372 |
| Total liabilities | 159 | 425 | 602 | 799 | 1,254 | 1,483 |
| Fixed assets | 0 | 0 | 1 | 1 | 1 | 1 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 1 | 2 |
| Other assets | 159 | 425 | 601 | 798 | 1,252 | 1,480 |
Shiv Texchem cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -81 | 28 | -162 | 58 | -116 | -327 |
| Cash from investing | 0 | 0 | -1 | 0 | 0 | 0 |
| Cash from financing | 95 | 61 | 193 | -11 | 181 | 256 |
| Net cash flow | 14 | 89 | 30 | 47 | 65 | -71 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 151 | 76 | 41 | 43 | 74 | 74 |
| Inventory days | 0 | 59 | 111 | 104 | 91 | 96 |
| Days payable | 1 | 88 | 41 | 72 | 77 | 47 |
| Cash conversion cycle | 150 | 47 | 112 | 74 | 87 | 123 |
| Working capital days | 17 | 26 | 15 | 18 | 30 | 63 |
Shiv Texchem peers and competitors
Listed SME companies in the same industryBy sales, Shiv Texchem is number 1 of the 44 listed SME companies in chemicals & petrochemicals.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shiv Texchem | 249 | 3.2 | 2,776 | 77.8 | 4.9% | 1.71 |
| Indian Phosphate | 189 | 8.6 | 1,072 | 21.9 | 4.1% | 0.37 |
| Neptune Petrochemicals | 401 | 13.2 | 1,052 | 30.3 | 3.0% | 0.11 |
| Sudarshan Pharma Industries | 917 | 39.9 | 703 | 23 | 7.0% | 1.84 |
| Bhavik Enterprises | 296 | 21.2 | 628 | 14 | 2.7% | 0.00 |
| SK Minerals & Additives | 524 | 29.1 | 318 | 18 | 10.0% | 1.25 |
| Nexxus Petro Industries | 45 | 7.5 | 262 | 6 | 4.6% | 0.54 |
| AMBANI ORGOCHEM | 137 | 102.9 | 241 | 1.3 | 5.6% | 1.35 |
| Dhariwalcorp | 240 | 27.9 | 236 | 8.6 | 2.6% | 0.12 |
| Beezaasan Explotech | 1,117 | 85.9 | 212 | 13 | 10.0% | 0.24 |
| Indian Emulsifiers | 72 | 4.4 | 160 | 16.3 | 16.2% | 0.37 |
| Median of the 10 others | 268 | 24.5 | 290 | 15.1 | 5.1% | 0.37 |
Shiv Texchem shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Shiv Texchem shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.65% | 73.65% | 73.65% | 73.65% | 73.65% | 73.65% | 73.65% | 73.65% |
| Foreign investors (FIIs) | 1.63% | 1.14% | 0.95% | 0.71% | 0.50% | 0.28% | - | - |
| Indian institutions (DIIs) | 8.02% | 7.91% | 7.75% | 7.93% | 7.18% | 6.98% | - | - |
| Number of shareholders | 1,415 | 1,425 | 1,398 | 1,371 | 1,619 | 1,688 | 1,714 | 1,715 |
Shiv Texchem study: the business from its own documents
Read from 6 of the company's own documentsShiv Texchem key facts from the filings
Each figure with the document it comes from
- US sanctions
- Since 9 Oct 2025
- Named on the US OFAC Specially Designated Nationals list over petrochemicals from Iran; the company says it is pursuing removal.Crisil rating note, 20 October 2025, p.1; Annual report FY26, p.12
- Credit rating
- Crisil BBB+
- Placed on watch with negative implications on 20 October 2025, on ₹1,150 cr of bank facilities, after the sanctions.Crisil rating note, 20 October 2025, p.1
- Imports
- ₹1,474.7 cr
- Value of goods imported in FY26, a little over half of revenue of ₹2,776.1 cr (our arithmetic).Annual report FY26, p.15 and p.64
- Stock held
- ₹653.6 cr
- Chemicals in stock at March 2026, against ₹495.1 cr a year earlier; the annual report says the stock was valued and certified by a director.Annual report FY26, p.63 and p.69
- Customer dues
- ₹561.3 cr
- Owed by customers at March 2026, of which ₹30.9 cr was more than six months old, against ₹6.9 cr a year earlier.Annual report FY26, p.70
Show 5 more facts
- Cash from operations
- ₹327.2 cr outflow
- In FY26, after a ₹116.0 cr outflow in FY25, as stock and customer dues grew and amounts owed to suppliers fell.Annual report FY26, p.65
- Loans from related parties
- ₹145.2 cr
- Owed at March 2026, ₹109.1 cr of it to shareholders, up from ₹31.8 cr a year earlier.Annual report FY26, p.68
- Letters of credit
- Nil
- Bills payable to banks under letters of credit and buyer's credit at March 2026, against ₹333.6 cr a year earlier.Annual report FY26, p.81
- Largest customers
- Under 10%
- Share of FY25 revenue from the top five customers, out of more than 600 customers.Crisil rating note, 5 August 2025, p.1
- Claim against the company
- USD 1.64 million
- Sought by Junan Resources (Hong Kong) in an arbitration petition in the Bombay High Court over a letter of credit not opened; pending at the time of the offer document.Offer document, p.221 and p.222
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no order book. On the June 2025 earnings call the CFO said the company would look to sustain revenue growth of 40% to 45% a year going forward and expected margins to rise steadily; that call came before the sanctions, and FY26 revenue grew 26.1%. The FY26 annual report says the company intends to widen its product basket and geographic reach and to explore downstream value addition, without dates.
| What management said | When | What happened |
|---|---|---|
| Revenue growth of 40% to 45% a year going forward | June 2025 call | FY26 revenue up 26.1% |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Shiv Texchem buys chemicals by the shipload and sells them on in smaller lots to hundreds of factories, earning a thin margin on very large sales.
Its weak spots are the US sanctions on the company, the large stock and customer dues it has to finance, and heavy borrowing.
WatchCan it set its own prices?Not much. It earns a thin spread on traded chemicals, and its pitch to customers is service on small, scattered purchases rather than price.
WatchHow strong is it against rivals?It has a long record and port storage, but competition is intense, and the sanctions now limit which suppliers and banks it can deal with.
StrongWho are its customers?Hundreds of manufacturers across many industries, with no single one large, though none is tied in by a long term contract.
WatchDoes it need a lot of money?Yes. It needs no factories, but stock and customer dues take far more money than its profits bring in, so it borrows heavily.
AverageCan it keep finding new work?It has added products and customers year after year, but the sanctions put part of its supply at risk.
AverageDo good and bad years swing a lot?Sales have risen every year so far and margins have stayed in a narrow band, but chemical prices, the rupee and the sanctions can move results quickly.
Who runs Shiv Texchem?
Promoters, directors and officers; tap a name for the background
VPVikas PavankumarPromoter, Chairman and Managing Director · holds 0.03%
Holds a bachelor's degree in Industrial Engineering from Purdue University (2009) and completed a management programme at the Indian School of Business (2014); was a Senior Associate at the Boston Consulting Group in India. With the company since 14 April 2021 and Managing Director since 8 July 2024 for five years; runs sales and marketing, business development and human resources. Also a director of Pavankumar Sanwaria Realty, a promoter company holding 27.58%, and of Mack Trading Company, Mahal Plastics and Fibres and Murarka Investrade. Paid ₹0.24 cr in FY26.
Offer document, p.146, p.148 and p.160; Annual report FY26, p.26 and p.67HSHemanshu S. ChokhaniPromoter, Whole-time Director and Chief Financial Officer · holds 0.03%
A chartered accountant (2009, all India rank 36) with a post graduate diploma in management from IIM Ahmedabad (2011); earlier a Senior Consultant at Booz & Co. India. With the company for about 19 years at the time of the offer document; handles procurement, trade finance, accounts and tax. The offer document states Hemanshu S. Chokhani is the husband of Neha Hemanshu Chokhani and the son of Shyamsundar Chokhani. Paid ₹0.24 cr in FY26.
Offer document, p.148 and p.149; Annual report FY26, p.26 and p.67SCShyamsundar ChokhaniPromoter and Whole-time Director · holds 5.18%
Holds an M.Tech in Mechanical Engineering from IIT Bombay (1973); co-founder, handling logistics, vessel chartering and domestic banking. A director of Hemanshu Syntex, a promoter company holding 12.05% that guarantees the company's bank lines. Paid ₹0.24 cr in FY26.
Offer document, p.147 and p.149; Annual report FY26, p.6, p.26, p.67 and p.68NHNeha Hemanshu ChokhaniPromoter and Whole-time Director
A commerce graduate from the University of Mumbai (2012) who passed the Integrated Professional Competence Examination of the Institute of Chartered Accountants of India (2012); with the company since 14 April 2021, handling inventory, warehousing and customs clearance. Paid ₹0.24 cr in FY26.
Offer document, p.149 and p.160; Annual report FY26, p.26MSManjudevi Shyamsundar ChokhaniPromoter · holds 6.90%
Named as a promoter in the offer document and listed in the annual report as a relative of key managerial personnel. Lends money to the company, earning ₹0.29 cr of interest in FY26, and was paid ₹0.13 cr of rent.
Offer document, p.160; Annual report FY26, p.26, p.27, p.67 and p.80SKSushil Kumar RelanIndependent Director
Holds a master's degree in economics from Meerut University and worked at State Bank of India from 1982 to 2022, retiring as Deputy General Manager, then in internal audit at Nido Home Finance; on the board since July 2024 and chair of the audit committee.
Offer document, p.149; Annual report FY26, p.19GLGirdhari Lal KundalwalIndependent Director
Holds master's degrees in commerce and business administration and worked at Union Bank of India for 38 years, retiring as Deputy General Manager; on the board since July 2024.
Offer document, p.149Shiv Texchem latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹1,273 cr (+9%), net profit ₹34.9 cr (+27%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 73.65%.
Shiv Texchem announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdatePlease find attached herewith certificate under Regulation 74(5)Sebi DP Regulations 2018 for quarter ended 30th September 2026PDF ↗
- AGM/EGMPlease find herewith Scrutinizer Report on remote evoting conducted on 28th September 2026PDF ↗
- Company UpdateDisclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015PDF ↗
- AGM/EGMGist of Proceedings of the 21st Annual General Meeting of Shiv Texchem Limited held today, i.e. 28th September, 2026PDF ↗
- Insider Trading / SASTClosure of TRading WindowPDF ↗
Shiv Texchem annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2025 ↗read
Shiv Texchem share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Shiv Texchem's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,31,72,272 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Shiv Texchem
What does Shiv Texchem do?
Shiv Texchem imports chemicals made from oil and gas and sells them on to factories across India that make paints, inks, farm chemicals, plastics and medicines. Its shares trade on BSE SME.
What is the share price of Shiv Texchem?
₹108 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Shiv Texchem?
₹249 cr at the close on 5 Nov 2026, on 2,31,72,272 shares.
What is the P/E of Shiv Texchem?
3.2 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Shiv Texchem's revenue and profit?
Revenue ₹2,776 cr and profit after tax ₹78 cr in FY26.
Who are the promoters of Shiv Texchem?
Vikas Pavankumar, Hemanshu S. Chokhani, Shyamsundar Chokhani, Neha Hemanshu Chokhani, Manjudevi Shyamsundar Chokhani; promoters held 73.65% at 30 Sept 2026.
What is Shiv Texchem's website?
www.shivtexchem.com
More SME companies like Shiv Texchem
Other listed SME companies in chemicals & petrochemicals, the closest in size first, each read from its own documents.
- Ushanti Colour ChemUCL · NSE Emerge · Chemicals & Petrochemicals · listed 2018Market cap ₹246 cr
- DhariwalcorpDHARIWAL · NSE Emerge · Chemicals & Petrochemicals · listed 2024Market cap ₹217 cr
- Ducol Organics And ColoursDUCOL · NSE Emerge · Chemicals & Petrochemicals · listed 2023Market cap ₹217 cr
- Mahickra ChemicalsMAHICKRA · NSE Emerge · Chemicals & Petrochemicals · listed 2018Market cap ₹297 cr
- Patel Chem SpecialitiesPATELCHEM · BSE SME · Chemicals & PetrochemicalsMarket cap ₹308 cr
- Bhavik EnterprisesBHAVIK · BSE SME · Chemicals & PetrochemicalsMarket cap ₹309 cr
Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 earnings call transcript, 5 exchange announcements, 8 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.