Shree Pushkar Chemicals & Fertilisers Ltd

Financial Performance

• Q1 FY27 revenue from operations Rs 281.1 crores; up 10% YoY; 28.4% sequential
• Fertilizer volume 66,527 MT; Chemical volume 9,113 MT
• Fertilizer sales Rs 142 crores; Chemical sales Rs 138 crores; 51%/49% split
• Gross profit Rs 89.2 crores; margin 31.9%
• EBITDA Rs 31 crores; margin 11.4%
• PAT Rs 22.9 crores; PAT margin 8.2%
• Capex in Q1 FY27 ~ Rs 20 crores; cumulative capex Rs 209 crores as of 30 Jun 2026; total planned Rs 512 crores
• Land acquisition Adjacent to Unit 1: Rs 9.3 crores for 30,000 sqm at Lote Parshuram
• Liquidity: Rs 125 crores in non‑lien deposits as on 30 Jun 2026
• Renewables: 10 MW DC solar project at Nanded nearing completion; total solar capacity 20.6 MW DC
• Disciplined cost management supports profitability in Q1

Projects & Expansion

• Ratnagiri Units 5 & 6 at advanced completion; Meghnagar expansion progressing
• Capacity additions: 4,50,000 MT fertilizer; 72,000 MT chemical per annum
• Madhya Pradesh plant: capacity double Unit 6; 800 TPD chemical plant for backward integration
• Unit 5 dyes expansion completed; Unit 6 almost complete; capitalization not yet announced
• Unit 6 trials expected by end-August/September 2026; Unit 5 near commissioning
• Internal land near Unit 1 (30,000 sq m) for future expansion; Rs 9.3 crores invested

Guidance & Outlook

• FY27 turnover target around Rs 1,250 crores with PAT near 9%
• Turnover could reach Rs 1,300–1,400 crores; PAT guidance 8.5–9%
• Unit 6 expected to start contributing from the second fertilizer season
• Peak revenue potential around Rs 1,700–1,750 crores next year with full-year Unit 6
• Financing for expansions through internal accruals and preferential issue

Q&A Highlights

• Unit 6 restart timeline: trials by Aug/Sep 2026; 5 & 6 near commissioning
• Peak revenue potential: ~Rs 1,700–1,750 crores after full Unit 6 year; current 1,250 visibility
• Raw-material dynamics: sulfur prices have reset; unlikely to revert to prior levels
• ACID and DAP discussion: inventory held to capture favorable pricing; acid plants run on low load due to working capital
• Dyes utilization: volumes improving gradually; focus remains on value realization

Solar capacity update

• Commencement of 10.00 MW DC solar plant at Shirur, Umri Solar Park, Nanded, Maharashtra.
• Open Access approval obtained from MSEDCL for self-captive consumption at Units 1,2,3 and 5.
• Consolidated solar capacity now 20.6 MW DC.

Meeting Details

• Date: 13 August 2026.
• Event: Investor conference call for Q1 FY2027.
• Mode: Audio conference call; virtual group session.

Purpose

• Purpose: Earnings discussion for Q1 FY2027.
• Quarter ended 30 June 2026 referenced.

Participants

• Key participant: Company Secretary & Compliance Officer.

Additional Notes

• Recording: Audio recording available on company website.

Business Overview

• Zero-waste, integrated manufacturer of fertilisers and chemicals with nine facilities.
• Fertilisers contributed 46% and Chemicals 54% of FY26 revenue.
• Geographic footprint across Maharashtra, MP, and Haryana.
• Renewable energy: 10.6 MW DC solar; expansion to 20.6 MW DC.

Operational Highlights

• Ratnagiri Units 5 and 6 nearing completion; Meghnagar Unit 8 expansion.
• Land acquired at Lote Parshuram for Rs 9.33 Cr.
• Solar capacity 10.6 MW DC; additional 10 MW DC planned.
• Expansions funded via internal accruals and preferential issue.

Financial Performance

• FY26: Revenue 976.6 Cr, EBITDA 99.5 Cr, PAT 70.1 Cr.
• ROE 12.2%, ROCE 15.3% for FY26.
• Q1 FY27 revenue 280.1 Cr, up 10% YoY.
• Q1 FY27 EBITDA 31.9 Cr; margin 11.4%.
• Q1 FY27 PAT 22.9 Cr; margin 8.2%.
• FY26 net debt/equity 0.01x.
• Non-lien deposits Rs 124.91 Cr as of 30 Jun 2026.

Capital Structure & Liquidity

• Total capex planned Rs 512 Cr; incurred Rs 209 Cr; outstanding Rs 303 Cr.
• Funding via internal accruals and preferential allotment.
• Solar expansion: 10.6 MW DC now; 10 MW DC additional planned.

Strategic Priorities & Outlook

• Zero-waste, integrated model driving efficiency and sustainability.
• Expansion focus on Meghnagar Unit 8 and Ratnagiri Units 5–6.
• Growth funded via internal accruals and preferential issue.
• FY27 opening positive; improved realizations despite raw material volatility.
• Renewable energy emphasis with solar plants near end-use markets.

Risks & Mitigation

• Raw material price volatility and supply chain challenges.
• Management evaluating timing of start-ups to preserve profitability.

Governance & Leadership

• Board comprises six directors.

Financial highlights

• Revenue from operations Rs. 280.1 Cr, up 10.0% YoY.
• EBITDA Rs. 31.9 Cr, up 9.7% YoY.
• PAT Rs. 22.9 Cr, up 9.4% YoY.
• Gross margin 31.9% (down from 33.0% YoY).
• EBITDA margin 11.4%.
• PBT Rs. 27.8 Cr, up 7.8% YoY.
• PAT margin 8.2%.

Consolidated volumes

• Total volume 75,640 MT, down 17.0% YoY.
• Fertilisers 66,527 MT, down 12.8% YoY.
• Chemicals 9,113 MT, down 38.6% YoY.

Segment revenue

• Chemicals revenue Rs. 137.9 Cr, up 17.1% YoY.
• Fertilisers revenue Rs. 142.2 Cr, up 4.0% YoY.

Key developments

• Acquired ~30,000 sq m land adjacent to Unit 1 at Lote Parshuram for Rs 9.33 Cr.
• Meghnagar expansion progressing; 25% of preferential issue proceeds directed to Unit 8.

Operational updates

• Ratnagiri Unit 5 and Unit 6 nearing completion.

Liquidity / financing

• Non-Lien Deposit facility available of Rs. 124.9 Cr.

Investor call

• Q1 FY27 earnings conference call on Aug 13, 2026, 4:00 PM IST.

Fundraising and utilisation details

• Mode of fund raising: Preferential issue of Fully Convertible Warrants.
• Date of raising funds: 27 December 2025.
• Total issue size: Rs 29,99,99,870.
• As of 30 Jun 2026, 25% received.
• Balance 75% to be received on conversion (18 months).
• Monitoring agency: Not Applicable.
• Deviation in use of funds: No.
• Utilisation till 30 Jun 2026: Rs 7,49,99,968.
• Original object: Investment in Madhya Bharat Phosphate Private Limited; NIL deviation.
• Shareholders' approval: Not applicable.

Resignation of Non-Executive Director

• Ramakant Madhav Nayak resigns as Non-Executive Director effective 13 August 2026 due to age.

Appointment of Additional Director

• Raghav Punit Makharia appointed Additional Non-Executive and Non-Independent Director w.e.f. 13 August 2026.
• Term to hold office until the ensuing AGM or earlier date.

AGM Appointment Recommendation; Related Parties; Compliance

• Board recommended appointing Makharia as Non-Executive and Non-Independent Director at the ensuing AGM.
• Raghav Punit Makharia is son of CMD and nephew of JMD.
• Not debarred from holding director office by SEBI or other authorities.

Dividend and books closure

• Record date for final dividend: 18 September 2026; books close 19–28 September 2026.

Director changes

• Resignation of Ramakant Madhav Nayak as Non-Executive and Non-Independent director, effective 13 August 2026.
• Appointment of Raghav Punit Makharia as Additional Non-Executive and Non-Independent director from 13 August 2026.

Auditors changes

• Retirement of S. K. Patodia & Associates as Statutory Auditors.
• Appointment of JASS & CO LLP as Statutory Auditors for five years from AGM 2026.

Cost Auditor

• Appointment of Dilip M. Bathija as Cost Auditor for FY 2026-27.

Meeting schedule

• 33rd Annual General Meeting scheduled for 28 September 2026 via video conferencing.