Shivchem Agro IPO

GMP History

Financial Performance

As disclosed by Shivchem Agro in its offer document.

Strengths and risks

Taken from Shivchem Agro's own offer document — not Arthneeti's assessment.

• ✓The company claims to offer a diversified portfolio of agrochemical products, with licenses under the Insecticides Act, 1968, for 176 products, comprising 88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators, and 3 rodenticides. It also holds a license under the Fertiliser Control Order, 1985, for manufacturing 82 fertilisers, enabling it to cater to varied agricultural requirements.
• !The company’s net cost of materials consumed stood at Rs 18.67 crore in FY26, Rs 15.24 crore in FY25 and Rs 5.64 crore in FY24, representing 63.41%, 63.54% and 61.14% of total expenses, respectively. The company typically procures raw materials through purchase orders without long-term supply contracts, exposing it to price volatility arising from commodity prices, currency movements, climatic conditions, production and transportation costs, and regulatory or trade changes. Any increase in raw material costs that cannot be passed on through higher product prices could adversely affect margins, profitability, and financial condition.
• ✓The company claims to have developed relationships with distributors across multiple states, supporting its product reach and sales. As of March 31, 2026, it had 685 distributors supported by a 39-member sales and marketing team.
• !The company depends on a limited number of suppliers for its raw materials. Its top 10 suppliers accounted for 71.29% of purchases in FY26, 83.81% in FY25, and 77.35% in FY24. Any failure or disruption in procuring raw materials from these suppliers could affect manufacturing operations, product availability, and results of operations.

About Shivchem Agro

Shivchem Agro is an agrochemical company engaged in the manufacturing, stocking, distribution, and sale of agricultural formulations in India. Its product portfolio comprises insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilisers, offered in solid and liquid formulations for crop protection and agricultural applications. The company is licensed to sell, stock, exhibit, and distribute its products across eight states: Andhra Pradesh, Telangana, Odisha, Assam, Bihar, West Bengal, Uttar Pradesh, and Madhya Pradesh. As of March 31, 2026, it had 685 distributors and operated five godowns across these states. Its manufacturing facility is located in Jhajjar, Haryana, and is equipped with an effluent treatment plant and wet scrubber unit. The company is ISO 9001:2015, ISO 22000:2018, and ISO 31000:2018 certified and has obtained the required pollution control consents for its manufacturing operations.