Shree Pushkar Chemicals & Fertilisers Ltd. has commissioned a 10.00 MW DC solar power plant at Village Shirur, Umri Solar Park, in Nanded, Maharashtra. The disclosure was made on August 17, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company secured Open Access approval from the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) under the government's "Open Access Working" scheme. This approval facilitates self-captive consumption of the generated power at the company's Units 1, 2, 3, and 5.

Capacity Expansion

This new installation increases Shree Pushkar Chemicals' total solar capacity on a consolidated basis to 20.6 MW DC. The move aligns with the company's stated commitment to driving sustainable and profitable growth through strategic investments in renewable energy infrastructure.

Key Details

Pankaj Manjani, Company Secretary & Compliance Officer, signed the disclosure.

Shree Pushkar Chemicals & Fertilisers reported a consolidated net profit of ₹229 crore for the first quarter ended June 30, 2026, an increase from ₹210 crore in the corresponding period of the previous fiscal year. This represents a year-on-year growth of 9.4%. On a quarter-on-quarter basis, net profit surged 78.2% from ₹129 crore in Q4FY26.

Revenue from operations grew to ₹280.1 crore, up from ₹254.5 crore year-on-year, marking a 10.0% increase. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at ₹319 million, compared to ₹291 million in the prior year period, reflecting a 9.7% rise. Earnings before interest and taxes (EBIT) rose 12.9% to ₹30.5 crore, while profit before tax (PBT) increased 7.8% to ₹27.8 crore.

Financial Performance

The revenue growth outpaced the increase in net profit, indicating a slight compression in bottom-line efficiency despite top-line expansion. EBITDA margin remained relatively flat at 11.4%, compared to 11.4% in the previous year quarter but expanded significantly from 10.1% in Q4FY26. Gross profit margin contracted to 31.9% from 33.0% in Q1FY26 and 38.4% in Q4FY26.

Volume vs Value Dynamics

Despite the revenue growth, total sales volumes declined by 17.0% year-on-year to 75,640 metric tonnes from 91,125 metric tonnes in Q1FY26. The chemical segment saw a sharper volume drop of 38.6% to 9,113 metric tonnes, while fertiliser volumes fell 12.8% to 66,527 metric tonnes. However, improved realizations supported higher sales values. The chemical segment revenue grew 17.1% to ₹137.9 crore, and fertiliser revenue rose 4.0% to ₹142.2 crore. Fertilisers contributed 51% and chemicals 49% to total sales value.

Strategic Expansion & Capex Plan

The company detailed its strategic growth investments, outlining a total planned capex of ₹512 crore to expand capacity across its core businesses. This includes:

• Fertilisers: Unit 8 at Meghnagar (Madhya Pradesh) with a planned capex of ₹350 crore to add 3,00,000 MTPA capacity for complex fertilisers. Unit 6 at Ratnagiri is also expanding with ₹85 crore planned capex for 1,50,000 MTPA additional capacity.
• Chemicals: Unit 5 at Ratnagiri is undergoing expansion with ₹37 crore capex to add 72,000 MTPA capacity. An Acid Complex expansion at Ratnagiri involves ₹37 crore capex for 66,000 MTPA capacity.
• Solar Power: Expansion includes Solar Power Plant 2 at Nanded (₹35 crore capex for 10 MW DC) and Solar Power Plant 3 at Hisar (₹5 crore capex for 1.1 MW DC). The latter was commissioned in Q4FY26.

As of June 30, 2026, the company has incurred ₹209 crore towards these projects, with ₹303 crore outstanding. The growth is funded through internal accruals and a preferential allotment. Additionally, the company acquired approximately 30,000 square metres of land adjacent to its existing Unit 1 at Lote Parshuram for ₹93.3 million to support future expansion plans.

What the Numbers Show

The divergence between declining volumes (-17.0%) and rising revenue (+10.0%) indicates that price realizations or product mix shifts drove the top-line growth rather than volume expansion. The stability in EBITDA margin (11.4% vs 11.4%) alongside this dynamic suggests that cost structures scaled proportionally with the higher-value sales. However, the net profit growth of 9.4% lagged behind both revenue and EBITDA growth (9.7%), implying that non-operating expenses or tax provisions may have absorbed some of the operational gains. With a net debt-to-equity ratio of (0.01)x as of FY26, the company maintains a strong balance sheet to fund its ₹512 crore capex pipeline without significant leverage pressure.