Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Pankaj Manjani — Company Secretary & Compliance Officer
Punit Makharia — Founder Chairman and Managing Director
Punit Makharia — Founder Chairman and Managing Director
Deepak Beriwala. — Chief Financial Officer
Analysts:
Unidentified Participant
Aditya Sen — Analyst
Harshil Solanki. — Analyst
Riddhesh Gandhi — Analyst
Saket Kapoor — Analyst
Presentation:
operator
The conference is now being recorded. Foreign Ladies and gentlemen, welcome to Shri Pushkar Chemicals and Fertilizers Ltd. Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touch tone phone. Please note that this conference is being recorded. Before we begin, I would like to remind all participants that some of the statements or comments made on today’s call may be forward looking in nature.
These may include, but are not necessarily limited to financial projection or other statements of the company’s plan, objectives, expectations or intentions. The company disclaims any obligation to update these forward looking statements to reflect future events or developments. Kindly refer to slide number 15 of the earnings presentation for a detailed disclaimer. I now hand the conference over to Mr. Pankaj Manjani, Co. Secretary and Compliance Officer of Shri Pushkar Chemicals and Fertilizers Limited. Thank you. And over to you, sir.
Pankaj Manjani — Company Secretary & Compliance Officer
Good afternoon everyone and we welcome all the participants to Sripushkar chemicals and Fertilizers. Limited Q1 FY 2026 earnings call. Joining us today from the management side we have Mr. Puneet Makariya, Chairman and Managing Director. Mr. Deepak Beriwaga, Chief Financial Officer. Now I will hand over the call to Mr. Puneet Makariya for his opening remarks. Over to you, sir.
Punit Makharia — Founder Chairman and Managing Director
Thank you, Pankaj. A very good afternoon to all the friends and I. Welcome to Shri Pushkar chemicals and Fertilizers. Limited Q1 FY26 earning call. I hope you had an opportunity to. Go through our financial results and investor presentation which are available on the stock on the exchange as well as on our company’s website. Friends, joining me today from the management. Side is Mr. Deepak Bhairiwala, our CFO. As we begin FY26. I am pleased to report Shirpushkar Chemicals had a strong start for the year in Q1 FY26. The company delivered strong performance across both chemical as well as fertilizer segments. Revenue from operations were 254.5 crores in Q1FY26 reflecting strong growth of 31.1% year on year on sequential increase of 16%. This performance was primarily driven by fertilizer segment which has been benefited from strong demand in the agriculture sector despite some volatility in the chemical market. Our continued focus on cost optimization and improved realization has helped to mitigate challenges and and maintain strong financial results.
Friends, Looking at the industry trend, the demand for the fertiliser has remained positive with agriculture output in key market continuing to show growth. Fertilizer being an essential part of the farming ecosystem, continue to benefit from favorable government policies and initiatives aimed at improving agriculture productivity. Our fertilizer segment has been particularly strong and volume growth is by 9.4% year on year basis and 27.1% on quarter on quarter basis. As we capitalize on rising demand. This has resulted a 33.4% year on year and 46.8% quarter on quarter increase in revenue for the fertilizer segment. On the other hand, the chemical segment faced some pressure due to fluctuating raw materials prices and demands volatility.
Punit Makharia — Founder Chairman and Managing Director
We saw a decline in sales volume in this segment by 6.9% year on year basis. However, we did experience a significant recovery of 48% on sequential basis. This results our ability to manage short term market fluctuation effectively and continue to optimize our operations. The recovery in the volume was mainly driven by a favorable shift in product mix and a better realization in this quarter. One of the key operational highlights this quarter was our continued focus on capital expenditure. We have been consistently investing in expanding our manufacturing capacities and improving the overall operational efficiencies across both our business segments.
This quarter our capital expenditure focused on increasing the capacity of both fertilizer as well as chemical division. As we look to position ourselves to meet growing market demands more effectively. Our financial discipline remains strong and we continue to operate with net cash positive position backed by no lean deposits which provides us with the flexibility to execute our growth strategy without relying on external debt. As we continue to expand our capacity and and product offering, we are confident to deliver consistent and sustainable growth across both fertilizer as well as chemical sectors. In addition to our financial performance, I would like to share an important strategic development for the company during this quarter.
The Board of Directors have approved the incorporation of a wholly owned subsidiary that is Daikol Color Technologies Private Limited. This subsidiary will act as a marketing arm of Shiripushkar Dyes and Dies Intermediates by business. This move is expected to provide several strategic benefits for the company aligning with our broader business goals and growth strategy. The incorporation of Dye Color technologies allow us to focus more intently on our Dyes Intermediate business and dye stuffs by separating the marketing function from the manufacturing. This will not only enhance our market reach but but will also allow us to tailor our marketing strategies specifically for this segment.
With a dedicated subsidiary, we will be able to improve operational synergies, better streamline our marketing efforts and respond with greater flexibility and agility to the dynamic needs of the market. Furthermore, we remain focused on sustainability and energy self reliance.
Punit Makharia — Founder Chairman and Managing Director
We are scaling up our solar capacity. With a planned 10 megawatt DC solar project in Namded complementing with the existing 9.52 megawatt DC solar project at our Atnagiri plant in Q1FY26. We also initiate to set up 1.1 additional megawatt DC solar plant at our Kisan Phosphates private limited facility in Haryana for the captic consumption. On the capital expenditure front, we have invested 202 crores on a consolidated basis in FY26 fully funded through internal accruals preliminary towards expanding our chemical and fertilizer business. Rupees 13 crores of this was incurred in Q1FY26 alone. Going forward, CAPEX will be directed towards backward and forward integration in the chemical business and diversification into complementary products in the fertilizer segment.
This initiative will scale up our production capacities, improve our operational efficiencies and strengthen our cost competitiveness. With these developments I continue to maintain a disciplined financial approach while positioning our long term growth friends. Now I hand over this call to Mr. Deepak Veriwala, our CFO who will take you through the detailed financial performance for this quarter. Over to you Deepak.
Deepak Beriwala. — Chief Financial Officer
Thank you sir. Good afternoon everyone and thank you for joining us today. I will now take you through the financial performance of the company for Q1 FY26. Starting with the top line, we reported a revenue from operation of rupees 254.5 crore which represents a growth of 31.1% on year on year basis and 16% on quarter on quarter basis. This increase was driven primarily by the fertilizer segment which show a strong volume growth of 9.4% year on year and 27.1% on quarter on quarter basis. This further resulted in a revenue growth of 33.4% year on year and 46.8% on quarter on quarter in the fertilizer segment.
On the chemical side, while volumes declined by 6.9% year on year, there was a notable recovery of 48% on the quarter on quarter basis. This performance highlights the seasonal fluctuation in the chemical markets and our ability to navigate those fluctuations. Despite the decline in the volume, revenue from the chemical segment increased by 28.4% year on year basis driven by the better realization of Although it saw a 6.8% decline on the quarter on quarter basis. Moving to the margins, the gross profit for the quarter stood was rupees 83.9 crore marking a 25.7% increase from Q1FY25. The gross profit was 33.0% in Q1FY26 compared to 34.4% in Q1FY25 and 38.8% in Q4FY25.
Deepak Beriwala. — Chief Financial Officer
EBITDA for the quarter grew by 64% year on year 17.9% quarter on quarter to rupees 29.1 crore with the EBITDA margin expanded to 11.4% up from 9.1% in the Q1FY25. This growth was driven by the favorable product mix, particularly in the fertilizer segment as well as our focus on improving operation efficiency. Profit after tax for Q1FY26 came into rupees 21 crore. Making margin is 63.2% increase year on year and 26.7% sequential increase. The paid margin for the quarter was 8.2% up from 7.5% in the Q1FY25. In terms of the volume, the total sales volume for the quarter was 91,125 metric ton which represents a 6.4% increase year on year and a 30.1% improvement on sequential basis.
The strong growth in the fertilizer segment both on a year on year and sequential basis was the key driver of the overall volume growth. Turning to the ROI financial position, the company remains in a strong liquidity position with 112 crores in the no lean deposits. These deposits continue to provide us with the financial flexibility required to fund our growth initiatives without relying on the external debt. To summarize, Q1 FY26 was a strong quarter for the ship busker with the strong growth in both revenue and profitability. Our strategic focus on energic operational efficiency, expanding capacities and maintaining discipline.
Financial management continues to support our growth trajectory. We are confident that we will continue to deliver sustained and profitable growth in the coming quarters. With that, I will now open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press STAR and two participants are requested to use handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. First question is from the line of Aditya Sen from Findock. Please go Ahead.
Aditya Sen
Hi, thank you for the opportunity and congratulations on great set of numbers. So my first question is that we see there is a minor dip in the volume of chemicals business yoy but the revenue has increased by 28%. So is it because of the change in the product mix and is that the number sustainable, the realization growth? Is that sustainable?
Punit Makharia
Because this is mainly because you know the volumes have dipped but the value has gone up. As I mentioned in my last this con call also that we have started looking at improvement into the volumes of. The, you know, this chemical business also. And slowly and gradually business has started. Pumping in now recently, you know after. Even this America tariff also, you know we see that our this overseas market. Will generate a better business than before. So in my opinion in future the chemical business is going to get more. Better, you know results in this operational efficiencies.
Aditya Sen
Okay, that’s great to hear. And the second question is what is the commission status of unit 6 and unit 5? When are we expecting to commission both of them?
Punit Makharia
Unit 5. We have already completed the CAPEX almost and we have already started the trial runs for Unit five. And hopefully we will be announcing the commercial production of Unit five in one. Or two months or so. We are only waiting for our electricity. This connection load enhancement which we are. Expected to get somewhere by the end. Of August or maybe latest by September. As soon as we get our electricity enhancement sanction we will immediately start the. Commercial production of our Unit 5. And then we will announce the completion.
Punit Makharia
Of Unit 5 expansion. As of now we are in the trial mode of unit 5. Now as far as unit 6 is concerned, Aditya, we hopefully we plan to start our trials by December and we think that by December 25th we should be in a situation to start the dry trials and January, February, March of this financial year we are giving it as a trial and you know the stabilization of the plant and the quality and we are quite hopeful that for the next financial year, starting from the season, first season of the next financial year we should be able to penetrate into the market.
Aditya Sen
Okay, perfect. And just the last question for the time being can you please share the capacity utilization of KPPL and MPPL if possible?
Punit Makharia
You’re talking about this particular quarter 1 70. Yeah, it’s almost 70%.
Aditya Sen
Both the subsidiaries.
Punit Makharia
Yes, both the subsidiaries.
Aditya Sen
Okay, all right, perfect. I just fall back in the queue. Thank you.
operator
Thank you. Next question is from the line of Hershel Solanki from Equity Capital. Please go ahead.
Harshil Solanki.
Hi sir.
Punit Makharia
Good afternoon. Sir. Please repeat your question. Supply. Okay. Deal. Particularly BHAT Karah question code Dhance Address Karnaki Koshish Karunga Fertilizer Eastern India, Southern India. They already had their two plants operating. One in Sagar, another in Meghnagar. Thirdly they are coming out in Maharashtra Simultaneously consumption JO pattern import base products. Those will lose their focus wherein the domestic supply will increase their focus. Import of the fertilizers is reducing every month by month. There is a huge space for all the players in the market. Still you know there is a big gap into the demand and supply only the issue is that the supply will be shifted from the international market to the domestic market.
Harshil Solanki.
Understood. To get more volume. Yeah.
Punit Makharia
Okay. Whatever we are working upon, we are. We already have our water soluble plant.
Punit Makharia
Which we have already started recently, right? If you see in our earlier to earlier PPT there we already had a water soluble plant that we’ve already started. That’s a specialty fertilizer. We are working upon that. And as far as China, right. That will create a future opportunities for. The players like Sri Pushkar in future. Okay. Once this picks up and we need to complete these two Capexes and we will go in a proper sustainable manner doing it one by one in our platter to you know handle these two new expansions. Let us have some consolidation after completing. These two new facilities.
Harshil Solanki.
Thank you for.
operator
Thank you. Next question is from the line of Ritesh Gandhi from Discover capital. Please proceed. Mr. Gandhi, your line is unmuted. Please go ahead with your question. As there is no response from the current questioner. We’ll move to the next question from the line of Kush Bafna from Bafna Brothers financial and property agent. Please go ahead.
Riddhesh Gandhi
Yeah. Am I audible?
Punit Makharia
Yeah, yeah, yeah please.
Riddhesh Gandhi
Yeah. Good afternoon sir and congratulations on a great set of numbers. I just had a couple of questions. First was that there’s a lot of talk about the USA increased tariffs and the effects on the textile sector. And considering the dyes segment, I wanted to know how you are thinking it’s going to mitigate. Sir. First of all volume company in terms of the total sales revenue of the. Company DICE is not a major this contributor, right?
Punit Makharia
Secondly, in India they have increased the duty. Whereas in other markets where the company supplies like in Bangladesh, in Vietnam, in Turkey, the duty is much reduced in India as well as you know we. Don’T have a major market share of dye stuffs. So I don’t think that there is going to be any significant impact on. These duty structures input by America. Right. Because majority business we already have in Dhaka. You Know in Bangladesh and Vietnam.
Punit Makharia
And we do have some long term contracts with certain multinationals that those multinationals have nothing to do with. You know, India market versus US market.
Riddhesh Gandhi
Right, right. Right. Thank you. And one more thing was if you see the public shareholding of a company, there’s not much of FIA or DIA investment. Are you planning any investor meet in the possible future to get some institutions on board as well?
Punit Makharia
Definitely. We are working upon that. Before we started off this con call, you know we were discussing with our ir let us make a firm plan for some more visibility and you know.
Punit Makharia
Getting some big investors into this thing.
Riddhesh Gandhi
Okay. Okay. Thank you. Thank you.
Punit Makharia
We are working upon the same. We have a similar thought process.
Riddhesh Gandhi
Right, right. Thank you. Thank you sir. All of it. Thank you.
operator
Thank you. Next question is from the line of Saket Kapoor from Kapoor and Co. Please go ahead.
Saket Kapoor
Firstly as the earlier speaker was mentioning about institutional interest in the organization. Although it is not worthy to mention. But today the market cap of the our listed company Sri Pushka was down closer to 1617%. Even after posting a good set of numbers for this quarter. So the lack of institutional support or some this has what spread to date. This was only just to. Just to add to what the earlier participant was speaking to.
Saket Kapoor
I agree with this opinion and that is what we are we were discussing before the starting of this con call. And surely we will be working upon. That direction in jointly with our IR also.
Punit Makharia
We understand you know this. In spite of giving a good set of numbers the company achieved still. You know I think this is the first time I have seen that it is down by 15%. I never seen. So I really myself don’t know. It’s you know the surprise for me rather. Rather I see it as a good opportunity. Let me put it like this. Rather I will see it as you know this is in. You know this is an opportunity. Correct. Correct and definitely Adikhila Battaya Joji. Current. Consistency at least with words. So taking into account your current first.
Punit Makharia
Quarter. Business environment unit 5 contribution. I always remember 254 crores result company achieve KIA also generally quarter one quarter one is always the lean period. If you go on a year on year, quarter 124 25. In that. That year it was 191 crores purchase percent increment hair. But still sir up investor profitability improve over a year. You know we started from 5 and a half percent journey to 7.26% journey. Now again an improvement of almost 1%. Let us hope for the better improvement.
Punit Makharia
In coming futures also. Because 950 crore conservative outlook margins 10 to 11%. Bad. Conservative figure Mary Agarapta. No percent PET levels or Kahina Kani Hajar Karodi Sale. Nikli. Margin of 8.5 to 9%. The thick battle you need 5k which operational hoagie next quarter contribution or care.
Punit Makharia
Contribution of expert revenue maybe electricity department Capasma additional electricity load Nanihe they are changing the transformer Transformer additional load Hamlog Let us say to September let us say October November so at least teens HR Maneka additional business unit 5 Milega additional business or Agarma Aglay Salki Bhatkaru business opportunity expansion unit 5 may complete KIA part expansion plus unit compared to 2526 for an example because these two plants will be fully operative. You know just a unit 5 almost complete unit 6 BM December complete trials. In my opinion in I am giving three more months to unit 6 also for the stabilization phase I am taking from April 26 onwards to March 27.
Punit Makharia
We should be having unit 6 also fully operational and unit 5 part expansion also fully operational. All the availability of required infrastructure will be fully available to us. Margins chemical segment that is the product profile and these are. These are not one off in the segment.
Punit Makharia
You know, buying pattern of the people. Have a bit changed. Has been delayed because of the geopolitical situations which are quite unstable. As you all see the global market better than us. You guys have a better visibility and clarity of the global situation. Demand slack. Otherwise I don’t see that there is. A major issue business model failure. This is only a. You know, maybe basically simple thought process model. We should be stable and sustainable. Let us believe in the business. Whatever we do. This is what I’m saying.
Punit Makharia
We are reporting the the volumes. We are reporting the revenue mix. So profitability increased significantly. But revenue contribution. Being an integrated business model. Practically, you know, theoretically yeah. There are ways and means of doing so. But practically if you go there are no proper system chemical key profitability, fertilizer.
Punit Makharia
Profitability. Because you know it’s a completely integrated business. But that is not. You know, we ourselves are not satisfied with that kind of a formula and we don’t want to present any misleading or any wrong kind of statements or.
Punit Makharia
Data to the investors. But. Significant. So why don’t you explain him whatever. You are talking to me about this. Volume comparison current quantity terms of chemicals full three months or Q1 acid plant means operational Q4 May or Q1 May comparison May 6 to 7,000 quantity impact or acid business. And we do sell acids.
Punit Makharia
An acid being a low value item. Right. So when you see the quantity jump from 10 to 15, 15 to 10. And when you see the value, your value is not that large because it’s a low price product.
Punit Makharia
But I think the sulfuric acid prices have moved up significantly. Sir, can you repeat your statement once again I was telling that religious to significantly high on hiv prices have moved.
Punit Makharia
Up. On the higher side. Because you know we have a number of. You. Mentioned sulfuric acid at 10 rupees or some some numbers you shared. So I was just alluding to the fact that prices have moved up significantly over the last few quarters. So their contribution to the top line and bottom line should. Should be greater. That is what my understanding was. We know we’ll have a one to.
Saket Kapoor
One discussion for a better clarity. All.
Saket Kapoor
All the best to the team sir. I will join the queue for my follow up. Thank you sir. Thank you very much.
operator
Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one next question is from the line of Preet Nagashit from Wealth Financial Advisors. Please proceed.
Unidentified Participant
Yes, good afternoon and some great numbers. I just joined in and traveling actually. So Mira, I couldn’t follow up on some of the earlier questions or things you may have said. Sir, first thing I wanted to understand is fertilizer. Fertilizer. Sustainable. Issues.
Punit Makharia
If I you know for better understanding so that I can address your question to the.
Punit Makharia
So sir, ABHI basically says fertilizer in terms of volume and value. Last quarter was because China had stopped supporting urea imports exports. So overall so there are these. All the various companies reported extra volume just because of this element. That came in. To the best of. My capacity and capability. You know China. Short time ban later.
Punit Makharia
On they started, you know they lifted. The ban also for few products. Now let me tell you as of. Now, you know there’s a global issue. In the phosphatic fertilizer sector. Globally, you know globally there is a. Heavy shortage of nitrogen based phosphates or. You know of the nitrogen based fertilizers. As well as on the phosphatic based fertilizers. Also if you look at the volumes.
Punit Makharia
Of the import in India, whether it is from China or other countries, it has reduced to a great level. Therefore the government of India is giving. More focus on this Atma river, this formula. Therefore domestic production. They are trying to increase the domestic.
Punit Makharia
Capability of the production. Recently news Kendar India has started you know its initiative on a green hydrogen based Ammonia. And let us understand one thing clearly. That you know the fertilizer requirement cannot be reduced. We have to have our self reliance. Self dependency on this fertilizer.
Punit Makharia
On these kind of thought processes, on these kind of formulas. We cannot run our business. I always say again and again that you know in our stable and sustainable import base this is a total of going in a. You know this domestic disavailability. So I personally don’t see consumption pattern all over India in the media also.
Punit Makharia
There is a huge shortage going on. It clearly says, you know tells that there is a huge opportunity also lying. Right. So sir, basically in other words so that itself will further increase our fertilizer effect volumes much ahead. Yeah, that’s right. Unit 5 or unit 6%.
Punit Makharia
This will grow as and how the volumes and the values will grow. When next year you will be having a volume of close to 1500 crores. Then you can multiply the PET levels onto that. So you don’t expect particular product same set of infrastructure production. You are building a new facility, new capacity. So. So you are having your expenses also.
Punit Makharia
Accordingly of a new infrastructure. See listen. You are not optimizing your production facility balancing equipment or balancing equipment Hojaga or balancing just addition of A1 balancing equipment. It is not like that
Unidentified Participant
. I think sir, it should be around. Approximately.
Punit Makharia
Perfect. But sorry for repeating the question. Especially textile oriented chemistry.
Unidentified Participant
That is a very minuscule amount, you know which we have. So quarter two or agash. Should we expect them each one of them to be better than at least quarter one? Is that a fair assessment on our part?
Punit Makharia
Or let us see. Formula, major business formula. Okay. Because of some reasons. Now the. The question that like most investors would would want to understand is the sustainability of it. Right? 254crore top line 25cr.
Punit Makharia
I think you answered the question.
Unidentified Participant
All right. Wishing you and the team all the best. Thank you so much as always.
operator
Thank you. Next question is from the line of Surat Deora from Paladin. Please go ahead.
Unidentified Participant
Good evening Puneeji and congrats the quarter. Absolutely excellent. And I want to congratulate you and the team for it.
Punit Makharia
Thank you.
Unidentified Participant
Sir. I wanted one follow up question to something somebody asked earlier. And you were talking about a global shortage in nitrogen as well as phosphoric fertilizers. Could you please help me understand the reason behind this shortage? Because my understanding is that certain countries had reduced their exports for political reasons. So is that incorrect? Like you know China has reduced their exports for political reasons. Is that incorrect or is there some Other reason why there’s been a global shortage of these products shreed. If you ask me very honestly this is a mixture of everything, right? It’s a political scenario also. And you know this lot of, you.
Unidentified Participant
Know this turbulence going, you know just. Politically in between few countries. So you know things are quite disturbed. And very honestly what I personally feel is that I can share my opinion. But honestly I also don’t have that much of data or that much of. In depth correct knowledge.
Punit Makharia
You know, whatever we hear, whatever we see, whatever we talk, whatever we read based upon all our, you know this intelligence we form our thoughts, our views not necessary that that thoughts and Those views are 100% correct and you know to the reality, right? First of all I believe you will agree with me on this point, right? But in looking at in all this you know scenario I see that now India is you know this trying to help to have self dependency on these fertilizer sector and which is you know the government is discouraging dap.
Government is encouraging now other available phosphatic fertilizers. The substitute of DAP is SSP only like the government has introduced now SSP urea also which is a low grade dap. You can call in this another way like dependency on ammonia on external side like this. Now Solar Energy Corporation of India is also floating a tender for production of in house ammonia which will help and support you know this urea production in India which will support NPK and this complex and DAP production in India. So this is a long term strategy. And government what they are looking in future plus the kind of fertilizer bill government of India is having they are also trying to reduce this fertilizer bill.
So this is a long term strategy. So in my opinion, you know whatever is going is good for Indian industries who have a large home consumption. And in future if you will ask me that, you know still in spite of $870 or so the DAP price government is not buying DAP. Government is not allowing anyone to you know easily get DAP because DAP will it solve miss 31350 rupees one bag and the subsidy is close to 2021 rupees or so.
Unidentified Participant
Still it is not why. In my opinion if you ask me, I see a long term good future for the integrated manufacturers of these products in India, right? So is it likely that the realization that we are benefiting from because of the shortage in the global market that realization has been end elevated. Is that correct?
Punit Makharia
No, no, no. See it is not like shortage or something like this. It is rather, you know that import market is. You know this import products are slowly and gradually substituted by the domestic production.
Punit Makharia
I would rather put it like this. Okay, so I guess where I’m going to go this is that I’m just trying to understand what what could change at a global level politically or if any relations open within India, China or other countries would that change anything? Obviously your business, when you devise your business plan up MPA npk I’m sure you did not plan thinking China. You must have planned it based on your own assumptions about the the long term.
Punit Makharia
Right. Marketing strength also I don’t see any big issues into that sir. And we are fully confident to you know achieving these numbers, you know that we are bit. You know.
Unidentified Participant
I fully understand this point. My only question is that if any of these global factors change would that change the realization that we would achieve or the margins that we would achieve if supplies start to improve from other parts of the world?
Punit Makharia
Basic raw material importer of sulfur. China is a net importer of phosphates. China is a net importer of sulfuri. Same like India. So same like India.
Unidentified Participant
Right. Okay. Thank you sir. Thank you for your charity. Appreciate it.
operator
Thank you. Next question is from the line of Prushatham from Wise Old Bird limited. Please go ahead.
Unidentified Participant
Hello sir. Congrats on. On the good set of numbers. So I think I basically had the same question so which you already answered about China’s. China got approval to start the fertilizer also they have started importing again to India now. Yesterday I was reading that news about China has opened the fertilizers for India. So I was seeing what is the impact. You already answered that there would be not much impact due to that because we have. The demand is very high.
Punit Makharia
Yeah, yeah, yeah. There’s a huge gap in the demand. And supply as of now. Okay sir. And one more question I have sir, how is the Bangladesh? So you have last quarter also you told that things are if Bangladesh is having trouble we have other pumpkin markets like Vietnam and all. So now how is the situation?
Unidentified Participant
So what is the problem in Bangladesha?
Punit Makharia
No see the business got affected because of the India and Bangladesh relationship. Who says business got affected? No, we were anticipating so. Yes. Media anticipation. So it is the media anticipation. So. But there’s no issues in Bangladesh problem. You know, they were having a disturbance. It doesn’t mean that they will always remain in disturbance. Okay, so now things are back to very normal. Right Sir.
Unidentified Participant
I’m back sir. Yeah, that’s all I had. Thank you.
operator
Thank you. Ladies and gentlemen. We will take this as the last question for the day. I would now like to hand the conference over to the management for the closing comments.
Punit Makharia
Thank you everyone for joining us. Q1FY26 earning calls. If you have any further questions please feel free to contact with our investor relation advisor, Chargegate Partners and we will be happy to address your queries. Thank you very much.
operator
Thank you sir. On behalf of Shri Pushkar chemicals and Fertilizers Ltd. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.