Shivagrico Implements Limited (**CIN: L28910MH1979PLC021212**) is an established Indian manufacturer specializing in the production of **Agricultural Implements, Hand Tools, and Industrial Forged Components**. Headquartered in **Mumbai** with primary manufacturing operations in **Rajasthan**, the company serves as a critical link in the agricultural and industrial engineering supply chains, catering to both domestic and international markets. --- ### **Integrated Manufacturing & Operational Infrastructure** The company’s competitive advantage is rooted in its integrated manufacturing facility located at **A-38, Rana Pratap Marg, H.M. Nagar, Falna - 306116, Rajasthan**. While the company produces a diverse range of end-products, it operates as a single reportable segment—**Rolling and Forging**—under **Ind AS 108**, as all outputs originate from these two core processes. * **Rolling Division:** This unit produces specialized steel sections and profiles. In FY 2024-25, production reached **12,363.490 M. Tons**, representing a robust growth of **27.62%** year-on-year. * **Forging Division:** This unit focuses on precision-forged agricultural implements and hand tools. Production in this division grew by **9.59%** in the most recent fiscal year. * **Energy Management:** To combat rising industrial power costs, the company utilizes a **Captive Roof Top Solar Power Plant**. In FY 2024-25, the plant generated **8,76,979 Units**. Despite this green energy contribution, a slight decrease from the previous year’s **9,54,034 Units** led to an increase in power consumption costs for rolling (**8.20%**) and forging (**12.31%**). --- ### **Core Product Verticals & Market Segments** Shivagrico maintains a diversified portfolio designed to serve the agrarian sector, construction, and heavy engineering industries. | Segment | Primary Products | Target Markets | | :--- | :--- | :--- | | **Agricultural Implements** | Hoes, Pickaxes, Shovels, Spades | **Farming & Rural Infrastructure** | | **Industrial Forgings** | Custom forged parts, specialized profiles | **Automotive, Defense & Engineering** | | **Steel Rolling** | **Rolled Sections** and semi-finished steel | **Construction & Manufacturing** | | **Hand Tools** | Hammers, Wrenches, Pliers | **Hardware & DIY** | --- ### **Revenue Dynamics & Strategic Pivot** The company is currently navigating a transition from an export-heavy model to a more balanced domestic-international mix, driven by global geopolitical volatility. * **Service Income Surge:** A significant driver of recent profitability has been **conversion and job work**. Service income grew by **93.27%** to **Rs. 896.33 lacs** in FY 2024-25, offsetting dips in direct product sales. * **Geographical Performance:** While domestic revenue remains stable, exports have faced headwinds due to conflicts in **Ukraine** and the **Middle East**. **Geographical Revenue Distribution (Rs. in Lacs):** | Region | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **India (Domestic)** | **3,610.34** | **3,420.25** | **3,528.84** | | **Overseas (Exports)** | **699.93** | **902.19** | **622.54** | | **Total Revenue** | **4,310.27** | **4,322.45** | **4,151.38** | --- ### **Strategic Growth Initiatives** Under the leadership of **Mr. Vimalchand Jain** (Managing Director, appointed through **August 2026**), the company is pursuing several high-value avenues: * **Defense Sector Entry:** Actively collaborating with third-party partners to develop **Defense-related profiles**. * **Market Diversification:** Exploring new export frontiers in **Latin America and Indonesia** to mitigate losses in traditional markets like **Sri Lanka, Nepal, and South Africa**. * **Niche Customization:** Increasing the production of **Customized Forging and Rolling products** to capture higher margins in specialized industrial applications. --- ### **Financial Position & Capital Structure** The company maintains a focus on economic viability, though it is currently working to bring its leverage back within internal target parameters. * **Leverage:** The management aims for a **Debt-to-Equity ratio below 2.00**. However, recent years have seen this exceed the target due to fluctuating debt levels. * **Liquidity:** As of **March 31, 2025**, the company reports it can meet all liabilities falling due within **one year**. **Capital Structure Trends (Rs. in Lacs):** | Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Debt** | **1,585.29** | **1,919.64** | **1,700.37** | | **Total Equity** | **762.09** | **724.31** | **717.26** | | **Debt/Equity Ratio** | **2.08** | **2.65** | **2.37** | --- ### **Risk Profile & Mitigation Strategies** Shivagrico operates under a formal risk management policy to address both macro and micro-economic pressures. * **Logistics & Geopolitics:** Substantial hikes in **overseas freight rates** and financial crunches among international customers (due to global conflicts) remain the primary threats to export margins. * **Market & Interest Rate Risk:** The company is sensitive to interest rate fluctuations; a **50 basis point** change impacts profit by approximately **Rs. 7.03 Lacs**. * **Credit Risk Management:** The company extends **zero credit** to walk-in customers. For credit-period clients, receivables are flagged if they exceed **1 year past due**. * **Operational Constraints:** Potential shortages of **skilled and semi-skilled labor** and volatility in **raw material prices** are identified as ongoing operational risks. --- ### **Governance & Regulatory Compliance** * **Audit Status:** The **Statutory Auditor** issued an **unmodified opinion** for FY 2024-25. **Cost Audit** provisions are not applicable. * **Legal Contingencies:** The company has a pending dispute regarding **Excise Duty** amounting to **₹1,09,378** at **CESTAT, New Delhi**. * **Secretarial Compliance:** A minor administrative delay in filing one e-form with the ROC was noted in FY 2024-25, which was resolved with no adverse financial impact. * **Subsidiaries:** Shivagrico operates as a standalone entity with **no subsidiaries, associates, or joint ventures**.