Shree Pushkar Chemicals & Fertilisers LimitedChemicalsSHREEPUSHK
Q1 FY27 concall · earnings callShree Pushkar Chemicals & Fertilisers Limited
The company started the year with higher realizations offsetting lower volumes, setting a positive tone for profitability recovery while expansion projects near completion.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹280.1 Cr | 10% | |
| EBITDA | ₹31.9 Cr | 9.7% | |
| EBITDA Margin | 11.4% | — | |
| PAT | ₹22.9 Cr | 9.4% | |
| PAT Margin | 8.2% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹217.06 Cr+24.3% YoY+23.6% QoQ | ₹15.92 Cr+108.7% YoY+19.5% QoQ | ₹4.93+104.6% YoY+19.1% QoQ |
| Q2 FY25 | ₹175.62 Cr-5.2% YoY-9.6% QoQ | ₹13.32 Cr+57.6% YoY+3.7% QoQ | ₹4.14+54.5% YoY+2% QoQ |
| Q1 FY25 | ₹194.20 Cr+10.6% YoY+1.8% QoQ | ₹12.84 Cr+62.7% YoY-1.9% QoQ | ₹4.06+63.1% YoY-1.9% QoQ |
| Q4 FY24 | ₹190.77 Cr+5.8% YoY+9.2% QoQ | ₹13.09 Cr+2.2% YoY+71.6% QoQ | ₹4.14+2% YoY+71.8% QoQ |
| Q3 FY24 | ₹174.64 Cr+13.6% YoY-5.7% QoQ | ₹7.63 Cr+49% YoY-9.7% QoQ | ₹2.41+49.7% YoY-10.1% QoQ |
TL;DR
- Revenue grew 10% YoY to Rs 280.10 crores despite lower sales volumes.
- EBITDA increased 9.7% YoY to Rs. 31.9 crores with a margin of 11.4%.
- Fertilizer volume was 66,527 metric tons and chemical volume was 9,113 metric tons, both lower YoY.
- Capex of ~Rs 20 crores incurred in Q1; total cumulative capex stands at Rs 209 crores against a planned Rs 512 crores.
- Ratnagiri Units 5 & 6 are at an advanced stage of completion, with Unit 6 trials expected by end of August or September.
- Management is optimistic about FY27, expecting revenue of Rs 1,250 crores with potential to reach Rs 1,350-1,400 crores and PAT margins around 9%.
Said on the call
“I personally believe looking at the next three quarters, I think we should be back to the original volumes and profitability what we saw.”
From the Q&A
| Topic | What management said |
|---|---|
| Business Environment & Outlook | Management is optimistic about FY27, expecting a return to original volumes and profitability, with revenue visibility of Rs 1,250 crores potentially reaching Rs 1,350-1,400 crores, and PAT margins around 9%. |
| Volume Decline & Recovery | Lower volumes in Q1 were due to customers pausing purchases amid price spikes; demand is returning in Q2, and management believes volumes 'should 100% be met' alongside better realizations. |
| Raw Material Situation | Raw material availability has improved compared to 2-3 months ago; prices have reset (e.g., sulphur at ~USD 1,100 vs. USD 250-300 previously), and the company is planning to restart Unit 6. |
| Capacity Expansion & Revenue Potential | Unit 6 trials are expected by end of August or September; with its full-year operation next year, revenue could cross Rs 1,700-1,750 crores. |
| Fertilizer Market Dynamics | Management countered concerns about farmers shifting to DAP, questioning its availability, and stated that the company is holding inventory in anticipation of higher prices, which should reflect in Q2 volumes. |
| Capex & Land Acquisition | The Rs 9.33 crore land purchase adjacent to Unit 1 was for future expansion, as it made strategic sense given land scarcity and available cash reserves. |
| Chemical Business Strategy | The company intentionally ran acid plants on low load due to high sulfur prices and working capital stress, prioritizing value over volume; recent price increases for K-acid and Vinyl Sulphone present opportunities. |
Guidance
- FY27 revenue visibility is around Rs 1,250 crores, with potential to reach Rs 1,350-1,400 crores.
- PAT margin expectation is around 9% for FY27.
- Unit 6 (Ratnagiri) trials expected by end of August or September 2026.
- With Unit 6's full-year operation next year, revenue could cross Rs 1,700-1,750 crores.
- Focus remains on disciplined execution of expansion projects and translating new capacities into sustainable performance.
Source
Summary written from the transcript filed by Shree Pushkar Chemicals & Fertilisers Limited for the call held on 13 Aug 2026; published 18 Aug 2026, 21:15 IST.
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