Shree Pushkar Chemicals & Fertilisers Reports Steady Q1 Performance

Revenue: Rs. 280.10 crore (up 10% YoY)
PAT: Rs. 22.9 crore (up 9.4% YoY)

Reader Takeaway: Improved realisations offset volume dips; expansion projects drive positive outlook.

What just happened

Shree Pushkar Chemicals & Fertilisers reported its first-quarter results for FY27. Revenue from operations stood at Rs. 280.10 crore, marking a 10% increase year-on-year and a significant 28.4% rise sequentially. Profit After Tax (PAT) grew by 9.4% year-on-year to Rs. 22.9 crore. Fertilizer sales contributed Rs. 142 crore (51% of total sales), up 4% YoY, while chemical sales were Rs. 138 crore (49% of total sales), up 17.10% YoY.

Why this matters

The company has raised its revenue guidance for FY27 to Rs. 1,350–1,400 crore from a previous Rs. 1,250 crore. This revision, coupled with the nearing completion of key expansion projects like Ratnagiri Units 5 & 6, indicates a positive growth trajectory for the company. Improved margin visibility also supports the optimistic outlook.

The backstory

While overall revenue and profit show growth, the company faced challenges with sales volumes in Q1 FY27. Fertilizer volumes were 66,527 MT and chemical volumes were 9,113 MT, both lower than the previous year. This was attributed to global supply chain issues and a conscious decision to hold inventory amidst sharp spikes in raw material prices, particularly sulfur, which saw costs surge from USD 250-300 to USD 1,100 per tonne. Acid plants were operated at low load to manage working capital and raw material costs.

What changes now

With the acid plants expected to ramp up as demand normalizes and margins improve, and the Ratnagiri units nearing operational trials, the company anticipates a recovery in volumes and enhanced capacity utilization. The acquisition of 30,000 sqm of land for future expansion at Lote Parshuram further solidifies its long-term growth plans.

Risks to watch

The upwardly revised revenue guidance is heavily dependent on the timely commissioning and successful stabilization of Ratnagiri Units 5 and 6. Volatility in raw material prices, especially sulfur, could continue to impact working capital requirements and operational efficiency if not managed effectively.

Peer comparison

(No specific peer comparison data available in the filing)

Context metrics (time-bound)

• Q1 FY27 Revenue: Rs. 280.10 crore (up 10% YoY)
• Q1 FY27 EBITDA: Rs. 31.9 crore (up 9.7% YoY)
• Q1 FY27 PAT: Rs. 22.9 crore (up 9.4% YoY)
• FY27 Revenue Guidance: Rs. 1,350 – Rs. 1,400 crore (revised upwards)
• Fertilizer Volume: 66,527 MT (vs 76,288 MT in Q1 FY26)
• Chemical Volume: 9,113 MT (vs 14,837 MT in Q1 FY26)
• Land Acquired: ~30,000 sqm for Rs. 9.33 crore

What to track next

Investors will be keen to monitor the commissioning timelines and operational ramp-up of Ratnagiri Units 5 and 6. Tracking raw material price trends and the company's ability to pass on costs will also be crucial. The company's progress towards its revised FY27 revenue targets will be a key indicator.