Shree Pushkar Chemicals & Fertilisers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shree Pushkar Chemicals & Fertilisers Ltd filed with BSE on 25 May 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 FY26 revenue from operations of Rs. 976.60 crores, up 21.1% year-on-year, with EBITDA of Rs. 99.5 crores at a 10.2% margin and PAT of Rs. 70.1 crores at a 7.1% margin. Management said Q4 performance was affected by supply chain disruptions and raw material availability issues, and that the company deliberately stopped dispatches in the second week of March due to sharp increases in ammonia and sulphur prices. Management also said commissioning of Ratnagiri Unit 5 and 6 has been delayed due to raw material pricing volatility and that the company does not expect revenue from these units during the Kharif season.
Numbers mentioned
Revenue from operations: Rs. 976.60 crores (FY26)
p. 3
“For the full year, revenue from operations reached at Rs. 976.60 crores, representing a 21.1% increase compared to FY25.”
Punit Makharia, page 3 of the filed PDF · View the filing
EBITDA: Rs. 99.5 crores (FY26)
p. 3
“On the profitability front, EBITDA for the year stood at Rs. 99.5 crores with a margin of 10.2%, while PAT comes Rs. 70.1crores translating to a 7.1% margins.”
Punit Makharia, page 3 of the filed PDF · View the filing
Return on equity: 12.2% (FY26)
p. 3
“the return on equity increased to 12.2% and return on capital employed rising to 15.3%, reflecting on company's disciplined approach to the capital deployment.”
Punit Makharia, page 3 of the filed PDF · View the filing
Revenue from operations: Rs. 218.2 crores (Q4 FY26)
p. 3
“During FY26, the company has reported revenue from operations of Rs. 218.2 crores.”
Punit Makharia, page 3 of the filed PDF · View the filing
EBITDA: Rs. 22.1 crores (Q4 FY26)
p. 3
“EBITDA stood at Rs. 22.1 crores, reflecting a margin of 10.1%, while PAT was Rs. 12.9 crores with a margin of 5.8%.”
Punit Makharia, page 3 of the filed PDF · View the filing
Chemical segment sales volume: 13,725 metric tons (Q4 FY26)
p. 4
“In the chemical segment, the company reported sales of 13,725 metric tons reflecting a 36% year-on-year increase, generating revenue from operation of Rs. 126.4 crores.”
Deepak Beriwala, page 4 of the filed PDF · View the filing
Fertiliser segment sales volume: 50,500 metric tons (Q4 FY26)
p. 4
“The fertiliser segment recorded sales of 50,500 metric tons, contributed to Rs. 91.8 crores in the revenue from the quarter.”
Deepak Beriwala, page 4 of the filed PDF · View the filing
Chemical segment sales volume: 72,423 metric tons (FY26)
p. 4
“The chemical segment recorded sales of 72,423 metric tons up by 27.9%, generating revenue of Rs. 531.8 crores.”
Deepak Beriwala, page 4 of the filed PDF · View the filing
Fertiliser segment sales volume: 2,52,777 metric tons (FY26)
p. 4
“The fertiliser segment achieved sales of 2,52,777 metric tons contributing Rs. 444.8 crores in the revenue.”
Deepak Beriwala, page 4 of the filed PDF · View the filing
Net debt-to-equity ratio: -0.01x (as of March 31, 2026)
p. 4
“The company leverages remain minimal with the net debt-to-equity ratio of -0.01x and a net debt-toEBITDA ratio of -0.05x reflecting disciplined financial management and conservative capital structure.”
Deepak Beriwala, page 4 of the filed PDF · View the filing
Total planned capex: Rs. 512 crores
p. 3
“The company has a total planned capital expenditure of Rs. 512 crores.”
Punit Makharia, page 3 of the filed PDF · View the filing
Capex incurred: Rs. 189 crores (as of March 31, 2026)
p. 3
“As of March 31, 2026, Rs. 189 crores has been incurred on the ongoing projects and manufacturing facilities.”
Punit Makharia, page 3 of the filed PDF · View the filing
Non-lien deposit: Rs. 140.68 crores (as of 31st March 2026)
p. 4
“As of 31st March 2026, non-lien deposit amounting to Rs. 140.68 crores ensuring adequate liquidity to support ongoing and planned expansion initiatives.”
Deepak Beriwala, page 4 of the filed PDF · View the filing
H Acid price: Rs. 750 a kilo (current)
p. 10
“Today, sir, we are easily able to sell this at Rs. 750 a kilo.”
Punit Makharia, page 10 of the filed PDF · View the filing
Sulphur price: Rs. 100 a kg (current)
p. 6
“Sulphur used to be Rs. 30 a kg, now Rs. 100 a kg.”
Punit Makharia, page 6 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 or maybe Rs. 1,300 crores · FY 2026-27
stated conditionally by Punit Makharia
p. 6
“But for your thing, I think being we are losing this season of Kharif in FY '26-'27, as earlier, the visibility what was given by me is was that, that somewhere we'll be able to touch a business of around Rs. 1,500 crores in the financial year 2026-'27, in my opinion I think being we are losing the first season of the Kharif, we should be closing somewhere around Rs. 1,250 or maybe Rs. 1,300 crores of so.”
Punit Makharia, page 6 of the filed PDF · View the filing
PAT margin — 8% to 10% · next two quarters
stated as an aspiration by Punit Makharia
p. 11
“It is difficult for me to predict for next two quarters but in my opinion making a margin of around 8% to 10% will not be a great fight for us, right?”
Punit Makharia, page 11 of the filed PDF · View the filing
Unit 5 and Unit 6 commercial production — quarter 1 or quarter 2
stated conditionally by Punit Makharia
p. 9
“Sir, simple thing is that, I am expecting those volumes, 65%-70% utilisation, as well as starting of unit 5 and unit 6, somewhere by quarter 1 or maybe quarter 2.”
Punit Makharia, page 9 of the filed PDF · View the filing
Plant utilization — 65%-70%
stated as an aspiration by Punit Makharia
p. 11
“We really hope sir to maintain at least whatever we have been doing and performing in the past to at least maintain that much and try to do and achieve better than what we did in the past.”
Punit Makharia, page 11 of the filed PDF · View the filing
Tax rate — 22-25% · FY27 and beyond
stated firmly by Deepak Beriwala
p. 12
“Yes, the normal taxation that will come will be 22-25% because next year also deferred tax is going to come quite a lot, the reason for that is that we will capitalize solar in Pushkar, Unit 5 will also go for capitalization, Unit 6 will also go for capitalization.”
Deepak Beriwala, page 12 of the filed PDF · View the filing
Q1 FY27 revenue — more than Rs. 250 crores · Q1 FY27
stated conditionally by Punit Makharia
p. 13
“It should come, sir, there is hope, as for the rest, look, it's difficult, currently we are in the just middle of the first quarter.”
Punit Makharia, page 13 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 detailed prior capex funded through internal accruals and a term loan, and said the new Rs. 350 crore capex would be funded mainly via internal accruals plus possibly a small term loan.
Answered by Punit Makharia
Asked by Harshit Khadka: How will the planned capex be funded without major debt?
p. 5
“At the max if we go for some term loan also, we would be going maybe 25% or 30% of the term loan of this capex side and balance would be funded by the company itself from its internal accruals.”
Punit Makharia, page 5 of the filed PDF · View the filing
Management said raw material price spikes for ammonia and sulphur delayed the unit launch and lowered the FY27 revenue outlook.
Answered by Punit Makharia
Asked by Harshit Khadka: What is the outlook for FY27 and FY28 topline and EBITDA given Unit 5/6 delays?
p. 6
“To give you a proper more figures, ammonia used to be Rs. 40- Rs. 42 a kg, now it is Rs. 100 plus.”
Punit Makharia, page 6 of the filed PDF · View the filing
Management said utilization was in the 65-70% range, consistent with prior quarters.
Answered by Punit Makharia
Asked by Prit Nagersheth: What is the current plant utilization?
p. 7
“I think it should be 65%, 70%, I don't have the figure in front of me.”
Punit Makharia, page 7 of the filed PDF · View the filing
Management said the benefit should come in Q1 FY27 but declined to quantify it precisely.
Answered by Punit Makharia
Asked by Saket Kapoor: Will the withheld March inventory sales benefit Q1 FY27?
p. 8
“Sir, the thing is that sir, it will be better than the performance of the past quarters because if you want to take any visibility from me exactly on the numbers.”
Punit Makharia, page 8 of the filed PDF · View the filing
Management could not answer directly, citing lack of data while attending from the plant, and offered to follow up via IR.
Answered by Punit Makharia
Asked by Raghav Bhutodia: Why were chemical revenues flat despite volumes up 30%+?
p. 9
“In case if Deepak doesn't have the data in front of him, we will answer this question to you through our IR.”
Punit Makharia, page 9 of the filed PDF · View the filing
CFO explained that since all employees are permanent and basic salary already exceeds 50% of CTC, the gratuity change under the new labour code had minimal impact.
Answered by Deepak Beriwala
Asked by Harshil Solanki: What was the impact of the new Labour Code on the books?
p. 11
“So therefore, there was not much impact of gratuity on our company.”
Deepak Beriwala, page 11 of the filed PDF · View the filing
CFO indicated an average tax rate of 22-25% due to continued deferred tax impacts from capitalization of new units.
Answered by Deepak Beriwala
Asked by Prit Nagersheth: What tax rate should be assumed going forward?
p. 12
“On an average it will come between 22 and 25 sir.. Only taxation.”
Deepak Beriwala, page 12 of the filed PDF · View the filing
Management said global energy crisis effects were widespread and it was too early to give detailed visibility.
Answered by Punit Makharia
Asked by Murtaza: What is the status of Bangladesh demand post-elections?
p. 11
“And right now it's difficult for me too to give full visibility or any detailed comment on this because we need to see, you know we are just the beginning of this financial year, and that is yet, you know yet to be seen and understood sir.”
Punit Makharia, page 11 of the filed PDF · View the filing
Management confirmed a sulphuric acid plant shutdown at Unit 1 during the quarter.
Answered by Punit Makharia
Asked by Varun Sharma: Did the company take a plant shutdown in Q4?
p. 13
“In quarter 4? Sulphuric plant. Yes, there was a Sulphuric plant in unit 1 in shutdown.”
Punit Makharia, page 13 of the filed PDF · View the filing
Risks flagged
Sharp increase in ammonia and sulphur raw material prices disrupting production and pricing
p. 5
“So, because of these two major issues we have bit delayed our plant, though the plant is almost ready.”
Punit Makharia, page 5 of the filed PDF · View the filing
Supply chain disruptions affecting raw material availability in the quarter
p. 3
“The performance in the quarter was affected by ongoing supply chain disruptions and impacted raw material availability.”
Punit Makharia, page 3 of the filed PDF · View the filing
Uncertainty over farmer acceptance of fertiliser at higher raw material-driven prices
p. 7
“Today, sir, whether the farmer will be able to accept fertiliser at today's raw material prices or not, this is a water test time, that will be understood later.”
Punit Makharia, page 7 of the filed PDF · View the filing
Global energy crisis suppressing demand and production across geographies
p. 11
“And which is resulting into the suppression of demand and, you know which is also resulting into the decrease of the production as well as the consumption also.”
Punit Makharia, page 11 of the filed PDF · View the filing
Government subsidy increase insufficient to offset raw material price increases
p. 7
“Now, however much the subsidy has been increased, that subsidy does not support today's price increase; support is required much more.”
Punit Makharia, page 7 of the filed PDF · View the filing
Loss of the Kharif season for new capacity due to raw material sourcing issues
p. 6
“But to give you a more clarity, practically this Kharif season we do not expect any revenues from our Unit 6 as well as new expansion of Unit 5.”
Punit Makharia, page 6 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.