Shree Pushkar Chemicals & Fertilisers Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shree Pushkar Chemicals & Fertilisers Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shree Pushkar reported Q1 FY27 revenue from operations of Rs 280.10 crores, up 10% year-on-year, with EBITDA of Rs 31.9 crores and profit after tax of Rs 22.9 crores, even as sales volumes declined in both the fertilizer and chemical segments. Management said improved price realization offset lower volumes, with the fertilizer business posting sales value of Rs 142 crores and the chemical business Rs 138 crores. The company also discussed progress on expansion projects at Ratnagiri Units 5 and 6, the Meghnagar plant, land acquisition near Unit 1, and a solar power project at Nanded.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: Rs. 280.10 crores (Q1 FY27)
p. 3
“The revenue from the operation grew by 10% year-on-year basis to Rs. 280.10 crores during Q1 FY27.”
Punit Makharia, page 3 of the filed PDF · View the filing
Fertilizer business sales volume: 66,527 metric tons (Q1 FY27)
p. 3
“The fertilizer business recorded the sales volume of 66,527 metric tons compared to 76,288 metric tons in Q1 FY26”
Punit Makharia, page 3 of the filed PDF · View the filing
Chemical business sales volume: 9,113 metric tons (Q1 FY27)
p. 3
“while volumes in the chemical business were 9,113 metric tons compared to 14,837 metric tons in the corresponding period”
Punit Makharia, page 3 of the filed PDF · View the filing
Fertilizer business sales value: Rs. 142 crores (Q1 FY27)
p. 3
“The fertilizer business recorded sales value of Rs. 142 crores, representing growth of 4% year-on-year basis”
Punit Makharia, page 3 of the filed PDF · View the filing
Chemical business sales value: Rs. 138 crores (Q1 FY27)
p. 3
“while the chemical business reported sales value of Rs. 138 crores, grown by 17.10% on year-on-year basis”
Punit Makharia, page 3 of the filed PDF · View the filing
EBITDA: Rs. 31.9 crores (Q1 FY27)
p. 3
“EBITDA increased by 9.7% year-on-year to Rs. 31.9 crores with a margin of 11.4%”
Punit Makharia, page 3 of the filed PDF · View the filing
Profit after tax: Rs. 22.9 crores (Q1 FY27)
p. 3
“profit after tax grew by 9.4% to Rs. 22.9 crores with a margin of 8.2%”
Punit Makharia, page 3 of the filed PDF · View the filing
Gross profit: Rs. 89.2 crores (Q1 FY27)
p. 5
“Gross profit was Rs. 89.2 crores, registering a growth of 6.3% year-on-year with the margin of 31.9%.”
Deepak Beriwala, page 5 of the filed PDF · View the filing
Profit before tax: Rs. 27.8 crores (Q1 FY27)
p. 5
“Profit before tax grew by 7.80% to Rs. 27.8 crores.”
Deepak Beriwala, page 5 of the filed PDF · View the filing
Capex incurred in quarter: Rs. 20 crores (Q1 FY27)
p. 5
“we incurred approximately Rs. 20 crores during Q1 FY27 across ongoing expansion initiatives”
Deepak Beriwala, page 5 of the filed PDF · View the filing
Cumulative capex: Rs. 209 crores (as of June 30, 2026)
p. 5
“cumulative capex incurred stands at Rs. 209 crores as of June 30, 2026, against the total planned capex of Rs. 512 crores”
Deepak Beriwala, page 5 of the filed PDF · View the filing
Land acquisition cost near Unit 1: Rs. 9.33 crores (Q1 FY27)
p. 4
“the company acquired approximately 30,000 square meters of additional land at Lote Parshuram for Rs. 9.33 crores, located near the existing Unit 1”
Punit Makharia, page 4 of the filed PDF · View the filing
Non-lien deposits: Rs. 125 crores (as on June 30, 2026)
p. 5
“the company continues to maintain a comfortable position with Rs. 125 crores in non-lien deposits as on June 30, 2026”
Deepak Beriwala, page 5 of the filed PDF · View the filing
Madhya Bharat investment to date: Rs. 60 crores (by June 2026)
p. 8
“By June, the company has also invested Rs. 60 crores there.”
Punit Makharia, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — Rs. 1,250 crores · FY27
stated as an aspiration by Punit Makharia
p. 6
“the kind of visibility I gave in my last concall that in this particular financial year, the company would be achieving close to Rs. 1,250 crores turnover with the PAT levels of around near to the 9% or so”
Punit Makharia, page 6 of the filed PDF · View the filing
PAT margin — around 9% · FY27
stated as an aspiration by Punit Makharia
p. 6
“the kind of visibility I gave in my last concall that in this particular financial year, the company would be achieving close to Rs. 1,250 crores turnover with the PAT levels of around near to the 9% or so”
Punit Makharia, page 6 of the filed PDF · View the filing
Revenue — Rs. 1,350 crores or Rs. 1,400 crores · FY27
stated as an aspiration by Punit Makharia
p. 7
“I wouldn't be surprised if that figure moves toward Rs. 1,350 crores or Rs. 1,400 crores.”
Punit Makharia, page 7 of the filed PDF · View the filing
Unit 6 commencement — trial runs on Unit 6 · end of August or September 2026
stated conditionally by Punit Makharia
p. 12
“Everything is done and the expected date is either by the end of August or by September.”
Punit Makharia, page 12 of the filed PDF · View the filing
Revenue — crossing 1,700 to 1,750 crores · next year (FY28)
stated as an aspiration by Punit Makharia
p. 11
“So with a full 12 months, I see the possibility of crossing 1,700 to 1,750.”
Punit Makharia, page 11 of the filed PDF · View the filing
Peak revenue for all units — 1,700 crores
stated as an aspiration by Punit Makharia
p. 11
“But I believe once Unit 6 comes into operation, then 1,700 or so will not be a difficult task for us.”
Punit Makharia, page 11 of the filed PDF · View the filing
Revenue — Rs. 1,350 crores to Rs. 1,400 crores
stated as an aspiration by Punit Makharia
p. 13
“today I am talking about Rs. 1,350 crores to Rs. 1,400 crores.”
Punit Makharia, page 13 of the filed PDF · View the filing
Q2 revenue — Q2 FY27
stated firmly by Punit Makharia
p. 12
“Better than Q2 of last year. Better than Q2 of last year.”
Punit Makharia, page 12 of the filed PDF · View the filing
Sales volumes — Q2 FY27 / next three quarters
stated as an aspiration by Punit Makharia
p. 6
“I personally believe looking at the next three quarters, I think we should be back to the original volumes and profitability what we saw.”
Punit Makharia, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said value realization improved despite lower volumes, expressed optimism for the year, and reiterated turnover and margin expectations.
Answered by Punit Makharia
Asked by Saket Kapoor: How is the current business environment given lower tonnage in fertilizer and chemicals, and what is the outlook for the year?
p. 6
“I believe this year will be much better than the last two or three financial years for the company.”
Punit Makharia, page 6 of the filed PDF · View the filing
Management expects volumes to be met while prioritizing value realization.
Answered by Punit Makharia
Asked by Saket Kapoor: Are volume declines expected to mitigate?
p. 7
“I believe volumes should 100% be met, but along with that, getting the right value is very important.”
Punit Makharia, page 7 of the filed PDF · View the filing
Management said the Rs 1,250 crore figure already included Units 5 and 6, and could move higher due to better realizations.
Answered by Punit Makharia
Asked by Saket Kapoor: Is revenue from Units 5 and 6 factored into this season's guidance?
p. 7
“Sir still now, If I look at my visibility of Rs. 1,250 crores, that was in account with Units 5 and 6.”
Punit Makharia, page 7 of the filed PDF · View the filing
Management said raw material availability has normalized somewhat though prices reset permanently higher, citing sulphur price increases.
Answered by Punit Makharia
Asked by Varun Sharma: Has the raw material shortage problem in fertilizers eased despite high crude prices?
p. 8
“sulphur, which used to be in the range of USD250-USD300, in today's date, only sulphur is in the range of USD1,100.”
Punit Makharia, page 8 of the filed PDF · View the filing
Management defended proceeding with expansion given available capital, completed plants, and confidence in strategy.
Answered by Punit Makharia
Asked by Varun Sharma: Should the company focus on utilizing existing capacity before expanding further?
p. 8
“When we are fully confident of our business strategy, we have full faith in our business, then sir, why should we wait for this?”
Punit Makharia, page 8 of the filed PDF · View the filing
Management questioned the premise, noting DAP availability constraints affect the shift and that consumers buy based on availability and price.
Answered by Punit Makharia
Asked by Harshil Solanki: Are farmers shifting to DAP due to fixed prices, hurting NPK/SSP demand, and how long will this persist?
p. 9
“But check the data on DAP import prices, sale prices, and availability. If a product is available, a consumer will shift.”
Punit Makharia, page 9 of the filed PDF · View the filing
Management confirmed the inventory-holding strategy continues.
Answered by Punit Makharia
Asked by Harshil Solanki: Is the company holding inventory in anticipation of higher prices?
p. 9
“Obviously. Why would we sell? You can see the inventory levels.”
Punit Makharia, page 9 of the filed PDF · View the filing
Management said this is not currently on the agenda, with focus remaining on ongoing expansions.
Answered by Punit Makharia
Asked by Harshil Solanki: Is the company considering entering battery-grade phosphoric acid?
p. 10
“So regarding the battery-grade and other things are not on our agenda as of now.”
Punit Makharia, page 10 of the filed PDF · View the filing
Management said utilization has decreased due to global conditions but volumes are gradually building up as focus remains on value.
Answered by Punit Makharia
Asked by Saket Kapoor: What are current dye utilization levels?
p. 10
“Look, utilization levels have definitely decreased a bit because of the global scenario and atmosphere.”
Punit Makharia, page 10 of the filed PDF · View the filing
Management gave a theoretical peak figure and a more realistic near-term expectation.
Answered by Punit Makharia
Asked by Amit: What is the peak revenue potential once Unit 6 is on stream?
p. 11
“If you look at a theoretical calculation, it would go somewhere to 2,000.”
Punit Makharia, page 11 of the filed PDF · View the filing
Management said Q1 revenue and profitability were about 10% higher year-on-year despite lower volumes, attributing the improvement to price realization.
Answered by Punit Makharia
Asked by Riddhesh Ram Gandhi: Why don't Q1 results reflect the upside expected from orders that slipped from Q4 into Q1 amid rising prices?
p. 12
“We are almost 10% above than what we did in Q1 FY26.”
Punit Makharia, page 12 of the filed PDF · View the filing
Management said Unit 5 dyes plant and solar project are complete and awaiting capitalization announcement, while Unit 6 trials are expected soon.
Answered by Punit Makharia
Asked by Prit Nagersheth: What is the plan to restart Unit 5 and Unit 6?
p. 13
“Both plants are complete. Unit 6 is also complete. I expect that in the next month or month and a half, we should go on trials.”
Punit Makharia, page 13 of the filed PDF · View the filing
Management said acid plants were put on low load due to working capital stress from the sulfur-acid payment mismatch.
Answered by Punit Makharia
Asked by Prit Nagersheth: How is the company managing high sulfur and sulfuric acid prices?
p. 13
“Today, sulfur requires advance payment, while acid is sold entirely on credit.”
Punit Makharia, page 13 of the filed PDF · View the filing
Risks flagged
Global supply chain challenges and elevated raw material prices affecting the business
p. 3
“The performance was achieved despite continued challenges around global supply chain and elevated raw material prices.”
Punit Makharia, page 3 of the filed PDF · View the filing
Lower sales volumes across both fertilizer and chemical businesses
p. 3
“Against the backdrop, sales volume across both the business were lower during the quarter.”
Punit Makharia, page 3 of the filed PDF · View the filing
Sharp rise in sulphur prices affecting acid production economics
p. 8
“sulphur, which used to be in the range of USD250-USD300, in today's date, only sulphur is in the range of USD1,100.”
Punit Makharia, page 8 of the filed PDF · View the filing
Shortage of ammonia and sulphur due to closure of the Strait of Hormuz
p. 8
“suddenly there was acute shortage of these two raw materials because of the closure of the Hormuz.”
Punit Makharia, page 8 of the filed PDF · View the filing
Working capital stress from sulfur requiring advance payment while acid is sold on credit
p. 13
“There are two or three reasons for this. One is working capital stress.”
Punit Makharia, page 13 of the filed PDF · View the filing
Decline in dye utilization levels due to global scenario
p. 10
“Look, utilization levels have definitely decreased a bit because of the global scenario and atmosphere.”
Punit Makharia, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.