Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK)
₹503.80 +1.29% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shree Pushkar's revenue was ₹280 Cr (+10.0% year on year, +28.4% on the previous quarter), and net profit ₹22.9 Cr (+9.4% year on year); the operating margin was 11.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹280 | +10.0% | +28.4% |
| Operating profit | ₹31.9 | +9.7% | +44.3% |
| Net profit | ₹22.9 | +9.4% | +78.2% |
| EPS (₹) | 7.09 | +9.4% | +78.1% |
| Operating margin | 11.4% | — | — |
SHREEPUSHK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.97% of the SHREEPUSHK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.5%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 53.8% · 54.2% · 51.1% · 53.8% · 42.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Shree Pushkar Chemicals & Fertilisers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Share Transfer Agent Bigshare Services Private Limited confirms that security certificates received for dematerialization up to 30th September 2026 have been duly processed, mutilated, and cancelled. This is a periodic administrative filing confirming adherence to depository regulations, with no impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the quarter ended 30th September 2026
- Issued by Registrar and Share Transfer Agent Bigshare Services Private Limited on 09/10/2026
- Confirmed that received security certificates were verified, accepted/rejected, and cancelled as required
Shree Pushkar Chemicals & Fertilisers has announced that the NCLT Mumbai Bench has allowed the withdrawal of the Scheme of Amalgamation between its wholly-owned subsidiaries, Madhya Bharat Phosphate Private Limited and Kisan Phosphates Private Limited. The scheme, originally approved on December 20, 2024, was withdrawn due to commercial reasons. The NCLT dismissed the application as withdrawn following a hearing order dated September 21, 2026.
- NCLT Mumbai Bench dismissed the amalgamation application as withdrawn per order dated September 21, 2026
- Proposed merger between wholly-owned subsidiaries Madhya Bharat Phosphate and Kisan Phosphates was withdrawn due to commercial reasons
- Original merger scheme had been initiated on December 20, 2024
- Order became available on the NCLT website on September 30, 2026
Shree Pushkar Chemicals & Fertilisers Limited announced the voting results of its 33rd Annual General Meeting held on September 28, 2026. Shareholders approved all 7 resolutions, including the adoption of FY26 financial statements and a final dividend declaration of Rs 2.10 per share (21% on face value). Additionally, Mr. Punit Gopikishan Makharia was re-appointed as director, and Mr. Raghav Punit Makharia was appointed as a Non-Executive Non-Independent Director with 99.92% approval (promoters abstained). Out of 32,337,691 total shares, 20,212,578 votes were polled on ordinary business, achieving 100% assent.
- Final dividend of Rs 2.10 per share (21% on face value) approved with 100% votes in favour
- All 7 ordinary resolutions passed with requisite majority during the 33rd AGM
- Appointment of Mr. Raghav Punit Makharia approved with 99.9239% assent votes, with promoters abstaining
- Total voting participation stood at 20,212,578 shares polled, representing 62.50% of outstanding equity
Shree Pushkar Chemicals & Fertilisers has commenced commercial production at its Unit-5 facility located at MIDC Lote Parshuram, Ratnagiri. The newly commissioned unit adds 6,000 MTPA to the company's Dyes segment capacity, catering to growing market demand. This operationalization supports the company's long-term plan of scaling total revenues toward Rs 2,500-3,000 Cr by FY29 from its current TTM base of Rs 1,002 Cr.
- Commercial production commenced at Unit-5 (Dyes Segment) on September 10, 2026
- Adds 6,000 MTPA to the company's overall Dyes capacity
- Facility is located at Plot No. D-10, MIDC Lote Parshuram, Ratnagiri, Maharashtra
Shree Pushkar Chemicals & Fertilisers Limited has issued a communication to shareholders whose email addresses are not registered, providing the web-link for its FY 2025-26 Annual Report and 33rd Annual General Meeting (AGM) notice. The AGM is scheduled to take place on Monday, September 28, 2026, at 3:00 PM IST via Video Conferencing. The company also reminded shareholders to update their KYC and bank account details with the RTA to ensure seamless electronic credit of dividends in compliance with SEBI norms.
- 33rd Annual General Meeting scheduled for Monday, September 28, 2026, at 3:00 PM IST via VC/OAVM
- Issued FY 2025-26 Annual Report access web-link under Regulation 36(1)(b) for shareholders without registered emails
- Shareholders reminded to update KYC and bank details to avoid dividend withholding pursuant to SEBI regulations
Shree Pushkar Chemicals & Fertilisers Limited has issued a communication to shareholders whose email addresses are not registered with the company or depositories. The letter provides web-links to access the Annual Report for FY 2025-26 and the Notice for the 33rd Annual General Meeting (AGM). The AGM is scheduled to take place on Monday, September 28, 2026, at 3:00 PM IST via Video Conferencing. The filing also reminds physical and demat shareholders to complete mandatory KYC updates to avoid withholding of dividends.
- 33rd Annual General Meeting scheduled for Monday, 28th September, 2026 at 3:00 P.M. IST via VC/OAVM
- Web-link provided to members without registered emails for accessing the FY26 Annual Report and AGM Notice
- Mandatory reminder to update KYC details pursuant to SEBI circular dated 6th February, 2026
- Non-updated physical folios will face dividend withholding until KYC completion, per SEBI rules
Shree Pushkar Chemicals & Fertilisers has issued the notice for its 33rd Annual General Meeting scheduled for September 28, 2026. The agenda includes shareholder approval for a final dividend of ₹2.10 per share (21% on face value) for FY26. Other resolutions include adopting the FY26 standalone and consolidated financial statements and appointing Mr. Raghav Punit Makharia as a Non-Executive Non-Independent Director. The cut-off date for dispatching the AGM notice and Annual Report was August 28, 2026.
- 33rd Annual General Meeting scheduled for September 28, 2026 via video conferencing
- Final dividend of ₹2.10 per share (21% on face value) proposed for FY26 approval
- Cut-off date for sending Annual Report and notice was August 28, 2026
- Director appointment proposed for Mr. Raghav Punit Makharia as Non-Executive Director
- Auditors report notes ₹1,950.00 Lakhs in loans/advances granted to subsidiaries during FY26 with ₹10,900.00 Lakhs in outstanding guarantees
Shree Pushkar Chemicals reported Q1 FY27 revenue growth of 10% YoY to ₹280.10 Cr and PAT growth of 9.4% YoY to ₹22.9 Cr, supported by strong realizations despite lower volumes. Chemical sales value grew 17.1% YoY to ₹138 Cr while fertilizer sales value rose 4% YoY to ₹142 Cr. Management raised its FY27 revenue expectation to ₹1,350–1,400 Cr (vs previous ₹1,200–1,250 Cr) on higher dye intermediate realizations, with K-acid prices surging from ₹550 to ₹700+/kg. Unit 5 and Unit 6 expansions are complete and expected to commence trials by August-September 2026, contributing 4-5 months of operations in FY27.
- Q1 FY27 revenue rose 10% YoY to ₹280.10 Cr, with EBITDA at ₹31.9 Cr (11.4% margin) and PAT at ₹22.9 Cr (8.2% margin)
- Management raised annual revenue target to ₹1,350–1,400 Cr from the earlier guidance of ₹1,200–1,250 Cr
- Unit 6 and Unit 5 dye plants are complete and slated for trial runs by end-August/September 2026, targeting 4-5 months of operational contribution in FY27
- Overall pipeline includes 4,50,000 MTPA fertilizer and 72,000 MTPA chemical capacity additions, alongside a 10 MW DC solar project expanding total solar to 20.6 MW DC
- Acquired ~30,000 sq meters of land at Lote Parshuram for ₹9.33 Cr for future brownfield expansion
Shree Pushkar Chemicals & Fertilisers has commissioned a 10.00 MW DC solar plant at Shirur, Umri Solar Park in Nanded, Maharashtra. The company also secured Open Access approval from MSEDCL for captive power consumption across Units 1, 2, 3, and 5. With this commissioning, the company's total consolidated solar capacity stands doubled at 20.6 MW DC, which will help optimize power and fuel costs across its core manufacturing facilities.
- Commissioned 10.00 MW DC solar power plant at Umri Solar Park, Nanded, Maharashtra
- Obtained Open Access approval from MSEDCL for self-captive consumption at Units 1, 2, 3, and 5
- Consolidated solar generation capacity increased to 20.6 MW DC
Shree Pushkar Chemicals & Fertilisers has released the audio recording of its Q1 FY2027 earnings conference call held on August 13, 2026. The company is currently operating with a TTM revenue of ₹977 Cr and a PAT of ₹70 Cr. Management is focusing on a massive capacity expansion across Units 5, 6, and 8 to reach an ambitious revenue target of ₹2,500-3,000 Cr by FY29. This recording provides insights into the progress of these expansions and the performance of the newly incorporated marketing arm, Dyecol Color Technologies.
- Audio recording of the Q1 FY2027 earnings call held on August 13, 2026, is now available for public access.
- Company maintains a long-term revenue target of ₹2,500-3,000 Cr by FY29, compared to FY26 revenue of ₹976.6 Cr.
- Planned expansion at Meghnagar Unit 8 aims to add 3,00,000 MTPA of fertilizer capacity by FY28.
- Chemical segment capacity utilization stood at 65% while Fertilizers stood at 70% as per recent operational data.
- Company holds a cash surplus of ₹162 Cr to support self-funded growth initiatives.
Shree Pushkar reported a 10% YoY revenue growth to ₹280.1 cr in Q1 FY27, driven by improved realizations despite a 38.6% YoY drop in chemical sales volumes. EBITDA margins remained stable at 11.4%, with PAT rising 9.4% to ₹22.9 cr. The company is executing a massive capacity expansion, including 4,50,000 MTPA in fertilizers and 72,000 MTPA in chemicals, largely funded through internal accruals and preferential issues. Liquidity remains strong with ₹124.91 cr in non-lien deposits as of June 2026.
- Q1 FY27 Revenue increased 10% YoY to ₹280.1 cr, with PAT growing 9.4% to ₹22.9 cr.
- Chemical segment sales value rose 17.1% YoY to ₹138 cr despite a 38.6% volume decline to 9,113 MT.
- Fertilizer segment contributed 51% of total sales value, reaching ₹142 cr in Q1 FY27.
- Planned capacity expansion will add 4,50,000 MTPA in fertilizers and 72,000 MTPA in chemicals.
- Acquired 30,000 sq. meters of land at Lote Parshuram for ₹9.33 cr for future development.
Shree Pushkar reported a 10% YoY revenue growth to Rs 280.1 Cr for Q1 FY27, driven by improved realizations despite a significant drop in sales volumes (Chemicals down 38.6%, Fertilisers down 12.8%). EBITDA grew 9.7% YoY to Rs 31.9 Cr, maintaining a steady margin of 11.4%. The company acquired 30,000 sq. meters of land for Rs 9.33 Cr (approx. 0.7% of market cap) to support future expansion. Management noted that Unit 5 and 6 are nearing completion, though commencement timing is being optimized for raw material price stability.
- Revenue from operations increased 10.0% YoY to Rs 280.1 Cr, representing ~28.7% of TTM revenue.
- PAT grew 9.4% YoY to Rs 22.9 Cr with a stable PAT margin of 8.2%.
- Chemical segment revenue rose 17.1% YoY to Rs 137.9 Cr despite a 38.6% volume decline in MT.
- Acquired 30,000 sq. meters of land adjacent to Unit 1 for Rs 9.33 Cr for future development.
- Non-Lien Deposit facility of Rs 124.9 Cr available, supporting a strong liquidity position.
Shree Pushkar Chemicals & Fertilisers has announced a board transition effective August 13, 2026. Mr. Ramakant Madhav Nayak is resigning as a Non-Executive Director due to advancing age, while Mr. Raghav Punit Makharia (30) is being appointed as an Additional Non-Executive Director. Mr. Makharia, the son of the current CMD, has been leading operations at the company's subsidiary, Madhya Bharat Phosphate Private Limited (MBPPL), since 2020. This move reflects a generational transition within the promoter group, which maintains a significant 69.4% stake in the company.
- Appointment of Mr. Raghav Punit Makharia (30 years old) as Additional Director effective August 13, 2026
- Resignation of Mr. Ramakant Madhav Nayak effective close of business hours on August 13, 2026
- Mr. Makharia holds an M.Sc. in Global Operations from Hong Kong University of Science and Technology
- The appointee has led the revival and re-commissioning of subsidiary MBPPL since 2020
- Promoter holding remains high and stable at 69.36% as per March 2026 records
Shree Pushkar Chemicals & Fertilisers has announced a board transition effective August 13, 2026. Mr. Ramakant Madhav Nayak has resigned as a Non-Executive Director due to advancing age. In his place, the board has appointed Mr. Raghav Punit Makharia, aged 30, as an Additional Non-Executive Director. Mr. Raghav is the son of the current Chairman and Managing Director, signaling a generational transition within the promoter family which holds a 69.4% stake in the company.
- Resignation of Mr. Ramakant Madhav Nayak as Non-Executive Director effective August 13, 2026
- Appointment of Mr. Raghav Punit Makharia, aged 30, as an Additional Non-Executive Director
- Mr. Raghav has been leading operations at Madhya Bharat Phosphate Private Limited (MBPPL) since 2020
- The new appointee is the son of CMD Punit Gopikishan Makharia and nephew of Joint MD Gautam Gopikishan Makharia
- Board meeting for these changes concluded at 6:00 p.m. on August 12, 2026
Shree Pushkar Chemicals & Fertilisers has announced a transition in its Board and audit functions following its August 12, 2026, board meeting. Mr. Raghav Punit Makharia has been appointed as an Additional Non-Executive Director, replacing Mr. Ramakant Madhav Nayak, who resigned due to age. The company is also rotating its Statutory Auditors to M/s JASS & Co LLP for a five-year term (2026-2031) as the previous auditors completed their 10-year tenure. Additionally, the Board fixed September 18, 2026, as the record date for the final dividend for FY 2025-26.
- Appointment of Mr. Raghav Punit Makharia as Additional Non-Executive Director effective August 13, 2026
- Mandatory rotation of Statutory Auditors to M/s JASS & Co LLP for a 5-year term until 2031
- Record date for FY26 final dividend set for September 18, 2026
- 33rd Annual General Meeting (AGM) scheduled for September 28, 2026
- Appointment of Mr. Dilip M. Bathija as Cost Auditor for the financial year 2026-27
Financial Performance
Revenue Growth by Segment
In FY25, total revenue reached INR 806.3 Cr, an 11.0% YoY increase. The Chemical segment contributed INR 422.51 Cr (52.4% of revenue) and the Fertilizer segment INR 383.77 Cr (47.6% of revenue). In Q2 FY26, revenue grew 45.2% YoY to INR 255 Cr, with Fertilizers growing 50.6% YoY to INR 124 Cr and Chemicals growing 40% YoY to INR 132 Cr.
Geographic Revenue Split
The company is expanding into the Asia-Pacific and African regions to capture rising demand for specialty chemicals and fertilizers. While specific regional percentages are not disclosed, management noted that the majority of Dye Stuff sales are directed toward export markets rather than domestic consumption.
Profitability Margins
Gross Profit Margin for FY25 was 36.8% (up from 33.8% in FY24). Net Profit Margin improved to 7.27% in FY25 from 5.10% in FY24. For Q2 FY26, the PAT margin stood at 7.1%, reflecting stable profitability despite seasonal moderation in the fertilizer segment.
EBITDA Margin
EBITDA for FY25 was INR 83.9 Cr, a 38.2% YoY increase, with margins improving to 10.4% from 8.4% in FY24. In Q2 FY26, EBITDA was INR 26.2 Cr with a margin of 10.3%, driven by operational efficiency and a favorable product mix.
Capital Expenditure
The company has historically deployed approximately INR 400 Cr into capex. It has announced a new expansion project at Meghnagar (Unit 8) with an investment outlay of INR 350 Cr to add 3 lakh MTPA fertilizer capacity by FY28. Ongoing projects include Unit 5 and Unit 6 at Ratnagiri and 11.1 MW DC of solar capacity.
Credit Rating & Borrowing
The company maintains a strong credit profile with an Interest Coverage Ratio of 41.09x as of March 2025 (up from 10.64x YoY). The Debt-Equity ratio remains low at 0.19, indicating minimal reliance on external debt for its expansion plans.
Operational Drivers
Raw Materials
Key raw materials include Rock Phosphate for the fertilizer division and various chemical intermediates for the dyes division. Rock Phosphate procurement is managed through long-term contracts and supplier diversification to mitigate price volatility.
Capacity Expansion
Current expansion includes Unit 5 and Unit 6 at Ratnagiri. Planned expansion at Meghnagar Unit 8 will add 3,00,000 MTPA of fertilizer capacity by FY28. Additionally, 72,000 MTPA of chemical capacity and 11.1 MW DC of solar power are being added to enhance integration and reduce energy costs.
Raw Material Costs
Cost of Materials Consumed was INR 557.4 Cr in FY25, representing approximately 69% of revenue. The company uses proactive procurement and supplier diversification to manage global supply chain disruptions and price volatility.
Manufacturing Efficiency
In Q2 FY26, capacity utilization stood at 65% for the Chemicals segment and 70% for the Fertilizer segment. Operational efficiency is further supported by a motivated workforce of 570 employees.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth will be achieved through a massive capacity expansion (Unit 5, 6, and 8), targeting a revenue of INR 2,500-3,000 Cr by FY29. The company also incorporated Dyecol Color Technologies Private Limited in September 2025 as a marketing arm to enhance market reach for its Dyes and Dye Intermediates business.
Products & Services
The company sells Dyes, Dye Intermediates, and Fertilizers (including Single Super Phosphate/SSP).
New Products/Services
The company is focusing on specialty chemicals and green fertilizers to align with global sustainability shifts, though specific revenue contribution percentages for new products are not yet detailed.
Market Expansion
Expansion plans target the Asia-Pacific and African regions, where demand for fertilizers and specialty chemicals is projected to rise significantly.
External Factors
Industry Trends
The industry is shifting toward green agriculture and sustainable manufacturing. Shree Pushkar is positioning itself by investing in solar power and sustainable practices to enhance long-term value.
Competitive Landscape
The company faces competition in the dyes and intermediates market, which can lead to price undercutting and margin compression in export markets.
Competitive Moat
The company's moat is built on 'full integration' (producing intermediates for its own dyes) and a strong balance sheet with high liquidity (INR 162 Cr cash surplus), allowing for self-funded growth without high interest burdens.
Macro Economic Sensitivity
The fertilizer business is highly sensitive to the health of the rural economy and monsoon performance, which directly dictates seasonal demand cycles.
Consumer Behavior
Agricultural demand is shifting toward more sustainable and efficient fertilizer use, prompting the company to focus on green agriculture initiatives.
Geopolitical Risks
Geopolitical conditions are cited as a primary factor for export headwinds in the dye stuff business, which are managed through a stable and integrated business model.
Regulatory & Governance
Industry Regulations
Operations are subject to government policies regarding fertilizer subsidies and nutrient-based pricing structures, which can significantly influence market dynamics and realization levels.
Environmental Compliance
The company is committed to green energy and sustainable practices, including solar investments, to align with global sustainability priorities and regulatory expectations.
Taxation Policy Impact
Total tax expense for FY25 was INR 11.1 Cr on a PBT of INR 69.7 Cr, implying an effective tax rate of approximately 15.9%.
Risk Analysis
Key Uncertainties
Key risks include unpredictable rainfall (monsoon) impacting fertilizer demand and changes in government subsidy policies which could affect segment profitability by 10-15% depending on the scale of policy shift.
Geographic Concentration Risk
While expanding, the company currently has a significant concentration of manufacturing facilities in India (Ratnagiri and Meghnagar).
Third Party Dependencies
Dependency exists on suppliers for Rock Phosphate; however, this is mitigated through long-term contracts and diversification.
Technology Obsolescence Risk
The company is mitigating technology risks by leveraging ERP systems for operational oversight and investing in modern, integrated manufacturing units.
Credit & Counterparty Risk
Debtors turnover ratio of 4.84 times suggests healthy collections, though the company monitors credit exposure through regular internal audits.
