Shree Pushkar Chemicals & Fertilizers Ltd(SHREEPUSHK)

NSE: SHREEPUSHKBSE: 539334

₹ 467.55+0.27%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,512 crWebsite: www.shreepushkar.comUpdated: 24 Oct 2026

About

Shree Pushkar Chemicals & Fertilizers Ltd manufactures dyes intermediates (H-acid, K-acid, Vinyl Sulphone) and complex fertilisers (SSP, NPK) across multiple plants in Maharashtra, Madhya Pradesh and Haryana. The company reported revenue of ₹976.6 Cr in FY26, growing 21.1% year-on-year, and generated ₹280.1 Cr in Q1 FY27. It is the largest manufacturer of K-acid in India and operates as a vertically integrated producer with captive sulphuric acid capacity.^[1][2]

Business segments

Fertiliser segment: ₹142 Cr sales value in Q1 FY27 (+4.0% YoY), 51% of total sales; manufactures SSP and complex fertilisers.^[3]
Chemical segment: ₹138 Cr sales value in Q1 FY27 (+17.1% YoY), 49% of total sales; manufactures dyes intermediates and sulphuric acid.^[3]
In FY26, chemical segment generated ₹531.8 Cr revenue with volume of 72,423 MT (+27.9% YoY); fertiliser segment grew 16.5% YoY.^[1]

Products

Key dyes intermediates: H-acid, K-acid and Vinyl Sulphone; the company is the largest manufacturer of K-acid in India.^[3]
K-acid price rose from Rs. 550/kg to over Rs. 700/kg in Q1 FY27 as China redirected orders to India for K-acid, H-acid and Vinyl Sulphone.^[3]
By Q4 FY26, H-acid selling price rose from ~₹525-530/kg to ₹750/kg and Vinyl Sulphone from ₹240/kg to ₹350/kg, reflecting sulphur cost pass-through.^[1]
Unit 5 dyes plant substantially complete as of Q1 FY27; capitalisation pending, with 4-5 months of FY27 contribution expected.^[3]

Operations

Manufacturing hub Unit 1 is at Lote Parshuram, Maharashtra; ~30,000 sq. m of adjacent land acquired for ₹9.33 Cr in Q1 FY27.^[3]
Existing plants ran at 65-70% utilisation in Q4 FY26; chemical segment at 65% and fertiliser segment at 55-60% in 9M FY26.^[1]
Captive solar: 10.6 MW DC operational as of Q1 FY27, including 1.1 MW DC at Hisar, Haryana commissioned in FY26; 9.52 MW solar was commissioned at Ahilyanagar in FY25.^[3][4]
Sulphur-based acid plants put on low load in Q1 FY27 as sulphur rose from historical USD 250-300 to USD 1,100, cutting chemical volumes from ~14,000 MT to ~9,000 MT.^[3]
The company employed 570 people at 31 March 2025.^[4]
Dyecol Color Technologies Pvt Ltd incorporated 3 September 2025 as a wholly-owned subsidiary and marketing arm for dyes and dye intermediates.^[5]

Key operating numbers

Fertiliser sales volume: 66,527 MT in Q1 FY27 vs 76,288 MT in Q1 FY26; FY26 volume 2,52,777 MT (-3.0% YoY).^[3]
Chemical sales volume: 9,113 MT in Q1 FY27 vs 14,837 MT in Q1 FY26; FY26 volume 72,423 MT (+27.9% YoY).^[3]

Markets

Bangladesh (Dyecol Bangladesh Limited subsidiary) represents about ₹50-70 Cr (~7-8% of revenue) annually; business paused pending political stability (Q3 FY26).^[6]
FY25 annual report states plans to expand in Asia-Pacific and African markets.^[4]

Expansion and capex

Total planned capex programme ₹512 Cr; cumulative spend ₹209 Cr as of 30 June 2026, with ₹20 Cr in Q1 FY27.^[3]
Unit 6 (NPK fertiliser): commissioning trials targeted by end of August or September 2026; 4-5 months of FY27 production expected.^[3]
Unit 8 Meghnagar, Madhya Pradesh: greenfield complex fertiliser plant, 3 lakh MTPA, ₹350 Cr capex; civil work commenced, commissioning targeted March 2028.^[5]
10 MW DC solar plant at Nanded, Maharashtra nearing commissioning as of Q1 FY27; would take total solar to 20.6 MW DC from 10.6 MW DC.^[3]
₹125 Cr in non-lien deposits as of Q1 FY27 to fund remaining ₹303 Cr capex via internal accruals and preferential allotment proceeds.^[3]

Recent developments

October 2026: NCLT dismissed the proposed amalgamation of Madhya Bharat Phosphate Pvt Ltd and Kisan Phosphates Pvt Ltd; withdrawal effective 21 September 2026.^[7]
Q1 FY27: ~30,000 sq. m land adjacent to Unit 1 at Lote Parshuram acquired by auction for ₹9.33 Cr.^[3]
Q1 FY27: FY27 revenue guidance revised to ₹1,350 - 1,400 Cr from ₹1,250 Cr.^[3]

Market Cap

₹1,512 Cr

High / Low

₹545 / 273

Stock P/E

21.7

Price / Book

2.6

Book Value

₹189

EPS

₹21.7

No. of Shares

3.23 Cr

ROCE

13.0%

ROE

12.2%

OPM

9.0%

Debt / Equity

0.21

Sales

₹977 Cr

Net Profit

₹70 Cr

Promoter holding

69.5%

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