Shree Pushkar FY26 PAT Rises 19.6% to Rs 70.1 Cr
Shree Pushkar Chemicals & Fertilisers Limited announced its audited standalone and consolidated financial results for Q4 and FY26, reporting a 19.6% YoY increase in PAT to Rs 70.1 Cr on revenue of Rs 976.6 Cr. The board recommended a dividend of Rs 2.10 per share and confirmed expansion projects are on track.
*this image is generated using AI for illustrative purposes only.
Shree Pushkar Chemicals & Fertilisers Limited has announced its audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The board of directors, which met on May 18, 2026, approved the results and recommended a dividend for the fiscal year. The company published the financial results in newspapers on May 20, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
Consolidated Financial Performance
For FY26, the company reported consolidated revenue from operations of Rs. 976.6 crores, registering a growth of 21.1% year-on-year from Rs. 806.3 crores in FY25. EBITDA for the year stood at Rs. 99.5 crores, up 18.7% YoY, with an EBITDA margin of 10.2%. Profit after tax (PAT) rose 19.6% to Rs. 70.1 crores from Rs. 58.6 crores in FY25, with a PAT margin of 7.1%. Earnings per share for FY26 stood at Rs. 21.6. During Q4 FY26, revenue from operations was Rs. 218.2 crores, while EBITDA came in at Rs. 22.1 crores with an EBITDA margin of 10.1%, and PAT at Rs. 12.9 crores.
The following table presents the consolidated financial performance for Q4 and FY26:
| Metric: | Q4 FY26 | Q4 FY25 | Y-o-Y | Q3 FY26 | Q-o-Q | FY26 | FY25 | Y-o-Y |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations (Rs. Cr): | 218.2 | 219.4 | (0.6)% | 248.9 | (12.3)% | 976.6 | 806.3 | 21.1% |
| Gross Profit (Rs. Cr): | 83.7 | 85.2 | (1.7)% | 79.3 | 5.6% | 331.5 | 296.9 | 11.7% |
| Gross Margin%: | 38.4% | 38.8% | — | 31.9% | — | 33.9% | 36.8% | — |
| EBITDA (Rs. Cr): | 22.1 | 24.7 | (10.4)% | 22.1 | 0.3% | 99.5 | 83.9 | 18.7% |
| EBITDA Margin%: | 10.1% | 11.3% | — | 8.9% | — | 10.2% | 10.4% | — |
| PBT (Rs. Cr): | 17.4 | 20.4 | (14.4)% | 20.0 | (12.6)% | 85.1 | 69.7 | 22.0% |
| PBT Margin%: | 7.9% | 9.2% | — | 7.9% | — | 8.6% | 8.5% | — |
| PAT (Rs. Cr): | 12.9 | 16.5 | (22.2)% | 18.1 | (28.8)% | 70.1 | 58.6 | 19.6% |
| PAT Margin%: | 5.8% | 7.5% | — | 7.3% | — | 7.1% | 7.2% | — |
Segmental Performance
The Chemicals segment contributed Rs. 531.8 crores to FY26 revenue, a 25.2% YoY increase, while the Fertilisers segment contributed Rs. 444.8 crores, up 16.5% YoY. In terms of volumes, total consolidated volumes for FY26 stood at 3,25,200 MT, up 2.5% YoY, driven by a 27.9% increase in chemical volumes to 72,423 MT, partially offset by a 3.0% decline in fertiliser volumes to 2,52,777 MT.
The segmental revenue and volume details are as follows:
| Segment Revenue (Rs. Cr): | Q4 FY26 | Q4 FY25 | Y-o-Y | FY26 | FY25 | Y-o-Y |
|---|---|---|---|---|---|---|
| Chemicals: | 126.4 | 126.2 | 0.1% | 531.8 | 424.6 | 25.2% |
| Fertilisers: | 91.8 | 93.2 | (1.5)% | 444.8 | 381.7 | 16.5% |
| Total: | 218.2 | 219.4 | (0.6)% | 976.6 | 806.3 | 21.1% |
| Segment Volume (MT): | Q4 FY26 | Q4 FY25 | Y-o-Y | FY26 | FY25 | Y-o-Y |
|---|---|---|---|---|---|---|
| Chemicals: | 13,725 | 10,026 | 36.9% | 72,423 | 56,626 | 27.9% |
| Fertilisers: | 50,514 | 60,026 | (15.8)% | 2,52,777 | 2,60,690 | (3.0)% |
| Total: | 64,239 | 70,052 | (8.3)% | 3,25,200 | 3,17,316 | 2.5% |
Other Financial Highlights
The company reported a non-lien deposit facility available of Rs. 140.7 crores. Return on equity (ROE) improved to 12.2% in FY26 from 11.6% in FY25, while return on capital employed (ROCE) improved to 15.3% from 14.2%. Net Debt/Equity stood at (0.01)x and Net Debt/EBITDA at (0.05)x, reflecting a virtually debt-free balance sheet.
Dividend Declaration
The board has recommended a dividend of ₹2.10 per equity share of the face value of ₹10 each (21%) for the financial year ended March 31, 2026. This dividend payout is subject to the approval of shareholders at the ensuing 33rd Annual General Meeting.
Capital Expenditure and Business Developments
As of March 31, 2026, the company had incurred capital expenditure of Rs. 189 crores across its ongoing expansion projects and manufacturing facilities, funded through a combination of internal accruals and preferential allotment. Total capex planned stands at Rs. 512 crores, with Rs. 323 crores outstanding. The ongoing expansion programme will add 4,50,000 MTPA of additional fertiliser capacity, 72,000 MTPA of additional chemical capacity, and 10.0 MW DC of additional solar capacity. The company commissioned a 1.1 MW DC Solar Power Plant at Hisar, Haryana during Q4 FY26, taking total installed solar power capacity to 10.6 MW DC. Post completion of all expansion projects, total solar capacity will reach 20.6 MW DC. The expansion of Madhya Bharat Phosphate Private Limited, a wholly owned subsidiary, at Meghnagar, Jhabua, Madhya Pradesh is progressing as planned, with civil work underway and 25% of proceeds from the preferential issue directed towards the Meghnagar Unit 8 project.
The key details of ongoing expansion projects are as follows:
| Parameter: | Fertiliser Unit 8 | Fertiliser Unit 6 | Chemical Unit 5 | Solar Power Plant 2 | Solar Power Plant 3 |
|---|---|---|---|---|---|
| Location: | Meghnagar, MP | Ratnagiri, MH | Ratnagiri, MH | Nanded, MH | Hisar, Haryana |
| Capex Planned (Rs. Cr): | 350 | 85 | 37 | 35 | 5 |
| Capex Incurred (Rs. Cr): | 46 | 66 | 37 | 35 | 5 |
| Capex Outstanding (Rs. Cr): | 304 | 19 | 0 | 0 | 0 |
| Upcoming Capacity: | 3,00,000 MTPA | 1,50,000 MTPA | 6,000 MTPA | 10 MW DC | 1.1 MW DC |
| Target Completion: | March 2028 | June 2026 | April 2026 | April 2026 | Commissioned Q4 FY26 |
Management Commentary
Commenting on the performance, Mr. Punit Makharia, Chairman and Managing Director, said: "Shree Pushkar concluded FY26 with a steady financial and operational performance across both the Chemical and Fertiliser segments. The performance during the year was supported by improved realizations across both segments and higher volumes in the Chemical segment. ROE improved to 12.2% in FY26 from 11.6% in FY25, while ROCE improved to 15.3% from 14.2%. During Q4 FY26, the Company reported Revenue from Operations of Rs. 218.2 Cr, impacted by ongoing global supply chain disruptions. While the commissioning of Ratnagiri Unit 5 and Unit 6 has experienced some delay due to external headwinds, the overall project execution remains on track. With continued emphasis on operational execution, capacity expansion, integration, and renewable energy initiatives, the Company remains focused on strengthening its manufacturing capabilities across both the Chemical and Fertiliser businesses."
Historical Stock Returns for Shree Pushkar Chemicals
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.28% | -1.60% | -7.10% | -10.60% | +9.42% | +86.68% |
How will the commissioning of Fertiliser Unit 6 at Ratnagiri and the 450,000 MTPA capacity addition impact Shree Pushkar's fertiliser segment volumes and margins once fully operational?
Given the ongoing global supply chain disruptions cited by management, what is the risk of further delays to the Meghnagar Fertiliser Unit 8 project, and how might that affect the company's FY28 revenue targets?
With a virtually debt-free balance sheet and Rs. 323 crores in outstanding capex, will Shree Pushkar need to raise additional capital beyond internal accruals to fund the remaining expansion, and could that dilute shareholder returns?
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