Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q4 2025 Earnings Call dated May. 19, 2025
Corporate Participants:
Unidentified Speaker
Pankaj Manjani — Company Secretary & Compliance Officer
Punit Makharia — Founder Chairman and Managing Director
Deepak Beriwala. — Chief Financial Officer
Analysts:
Unidentified Participant
Prit Dipakbhai Nagarsheth — Analyst
Manan Poladia — Analyst
Ankur Kumar — Analyst
Saket Kapoor — Analyst
Presentation:
operator
SAM. SA Foreign. Ladies and gentlemen, good day and welcome to the Q4FY25 earnings conference call of Shri Pushkar Chemicals and Fertilizers. 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 the financial projections or other statements of the company’s plans, 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 19 of the earnings presentation for a detailed disclaimer.
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 your touchstone phone. Please note that this conference is being recorded. 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. Hello. Sir, please go ahead.
Pankaj Manjani — Company Secretary & Compliance Officer
Hello, can you hear me?
operator
Yes, please go ahead now.
Pankaj Manjani — Company Secretary & Compliance Officer
Good evening everyone and we welcome all the participants to Sri Pushkar Chemicals and Fertilizers Limited’s Q4FY 2025 earnings call. Joining us today from the management side we have Mr. Puneet Makariya, Chairman and Managing Director. Mr. Deepak Beri was as Chief Financial Officer. Now I will hand over the call to Mr. Puneet Makariya for his opening remark. Over to you sir.
Punit Makharia — Founder Chairman and Managing Director
Thank you Pankaj. A very good evening to all and thank you for joining Q4 and FY25 earnings calls of our company Sri Pushkar Chemicals and Fertilizers Limited. Friends, I hope you had an opportunity to go through our financial results and investor presentation which are available on the exchange as well as on our company website. As we bring FY25 to a close, I am pleased to share that the company has delivered consistent performance both financially and operationally. Supported by our focus on execution, internal accrual driven investments and discipline in our cost management.
For Q4FY25, revenue from operations reached to 219.4 crores marking a 15% year on year increase. Segment wise, the Chemical division registered a growth of 19% and fertilizer division advanced by 10.6%. And our EBITDA levels for the quarter. Came in as 24.70 crores reflecting a 32% rise over Q4 FY24 with margins expanding to 11.3% driven by operational efficiencies. Profit after tax increased to 16.5 crores up to 27% on year on year basis. On a full year basis we achieved 806.3 crores in revenues representing 11% increase on FY24. EBITDA improved to 83.90 crores up to 38% and net profit moved up from 58% to 58.60 crores supported by volume growth and the price discipline and a stable cost involvement. Friends From a volume perspective, the Fertilizer segment recorded 24.4% increase on year on year basis closing FY25 at 2.61 lakhs metric ton per for the whole year.
Meanwhile, our chemical segment remained largely steady with volume at 0.57 lakh metric tonnes marginally lower on a year on year basis. We made continued progress on our sustainability and expansion agenda. During the quarter we commissioned an additional 3.8 megawatt DC solar power plant taking the total solar capacity to 9 megawatt DC. In parallel, site development at Unit 6 is also progressing as planned. We have also initiated work on a 10 megawatt DC solar panel plant in Nanded for our captive consumption under the open ex.
operator
Sorry to interrupt sir, you are not audible. Hello sir, are you there? Ladies and gentlemen, there has been the management line has dropped. Would request you to stay online would while I get them reconnected. Thank you. Ladies and gentlemen, the management has been reconnected. Please go ahead sir.
Punit Makharia — Founder Chairman and Managing Director
Sorry gentlemen for the disconnection of the line. Anyway, let’s continue. In terms of capital expenditure, we have. Successfully completed a cumulative capex of 202 crores funded entirely through the internal accruals. These investments were focused on expanding manufacturing capacity, deepening integration across the value chain and enhancing product offerings in both chemicals and fertilizers. A further planned capex of 160 crores is underway out of which 72 crores is already incurred as on 31st March 2025. Totally through the internal accruals we continue to operate with a strong balance sheet.
Our net cash positive is backed with 116.55 crores on a no lean deposits giving us the financial ability to support our growth roadmap. Looking ahead, our focus remains on operational optimization, capacity enhancement and expanding our reach across high demand regions. We are optimistic about the long term fundamentals of the sectors we operate in and are confident of our ability to deliver consistent performance backed by our integrated business model and disciplined execution. With this I would like to invite Mr. Deepak Veriwala, our CFO, to share detailed insight into the financial and operational performance for the quarter on full year. Over to you Deepak.
Deepak Beriwala. — Chief Financial Officer
Thank you sir. Good evening everyone and thank you for joining us today. I will now take you through the detailed financial and operational performance of the company for the quarter and full year ended 31st March 2025. Starting with the quarterly performance in Q4FY25, we achieved revenue from operation of rupees 219 crore marking a growth of 15% on a year on year basis. This growth was largely supported by a combination of volume gain in fertilizer and pricing results. In the chemical segment. Our gross profit during the quarter was 85.2 crores reflecting a 34.9% increase with the gross margin expanding to 38.8% compared to 33.1% in Q4 FY24.
This margin improvement reflects favorable cost dynamics, improved capacity utilization and a better product mix. EBITDA for the quarter reached to 24.7 crore, an increase of 31.9% over the same period last year. The EBITDA margin was 11.3% indicating a continuous focus on operational efficiency. Profit before tax improved to 20.4 crore up 28.4% while net profit for the quarter amounted to 16.5 crore up by 26.5% year on year basis, resulting in a pet margin of 7.5%. The quarter reflects consistent execution and financial discipline across the business. Turning to the volume performance in Q4, the fertilizer dividend recorded sales of 60,000 metric tons reflecting a 5% increase over Q4 FY24.
The chemical division delivered 10,000 metric tons reflecting a decline of 11% on year end basis. The overall consolidated volume during the quarter was 70,000 metric tons, marking a modest increase of 2% for the full year 2025. Revenue from operation reached 806 crore representing a growth of 11% over FY24. Gross profit increased by 21.1% to 296 crore and gross margin improved to 36.8%. EBITDA for the year coming 83.9 crore high bar 38% with the margin of 10.4% up from 8.4% in the previous year. Profit before tax rose to 69.7 crore, growth of 44.5% while the net profit advanced to 58.6 crore, an increase over FY24 resulting in a PET margin of 7.2%.
The annual volume in the fertilizer segment is 2.61 lakhs metric tank marking a 24% growth over FY24. Chemical volumes remained relatively stable, a 56,000 metric ton margin lower by 1% year on year basis. On a consolidated basis, total volume for the year was 3.17 lakhs metric ton reflecting an overall increase of 18%. Segmental revenue for FY25 reflects a 424 crores revenue from chemical division and increased by 7% and 381 crores from the fertilizer division. A 15.8% year on year basis. The performance was supported by the sustained demand in the core agriculture markets and consistent output across our manufacturing facility.
On the core side, material consumption for the year was 557 crore. We maintained discipline across working capital components including inventories and receivables. Total employee Benefit expenses was 51.3 crore. Other operating expenses total 161 crore. Finance cost for the year was limited to 2.3 crore reflecting our low leverages position. From a balance sheet perspective, our equity base increased to 538 crores backed by the improved earnings. We closed the year with the 196 crore investment and cash balance. Net cash from the operating improved significant to the 37.5 crore from 16.2 crores in FY24 driven by the improved profitability and efficient capital management.
In summary, FY24 reflect consistent financial progress driven by the operational fund focus, disciplined cost structures and a scalable business model. We remain focused on delivery, sustained volume growth, performance and product finance stabilizes. With this, I now open the floor for questions. Thank you, sir.
Questions and Answers:
operator
Thank you, sir. We will now begin with 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 remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Preet Nagarshet from Wealth Finvisor. Please go ahead.
Prit Dipakbhai Nagarsheth
Yes, sure sir. Congratulations on a good set of numbers. My question is related to the kind of volumes that I’m seeing from the chemical division from Q3 to Q4 which has a drop and it corresponds with a very high inventory buildup also of I think 160 crores or so. So sir, can you explain what is happening? Because on one side the Q4 revenues in chemicals have gone up by 10 11% over Q3. But volumes have dropped their inventory has increased. So what has really happened here?
Punit Makharia
I understand your question, Preet. Let us take this, you know, let us divide this question in two different parts. A, that the chemical business has gone down tremendously. The, you know, chemical business includes our acid complex also. And let me tell you Preet, you know, especially this particular time, this particular year, unfortunately our shutdown continued for almost two to two and a half months. In our acid complex. Generally this shutdown is always kept up to a level of 30 to 35 days. But because of some unseen circumstances, there was some major work which came up suddenly beyond our expectation which took bit longer time for restarting the plant.
And generally in the acid complex it has been seen that every year the plant is under shutdown for the annual maintenance for 30 to 35 days. But now this time it continued for almost 52 to 53 days. Almost. So A, that’s a major issue in dropping, you know, our volumes into the asset business. Rather, let me also, you know, add one more point here is that since this plant continued for a longer shutdown period, we had to buy the assets from outside because we want to keep our other operations operating because of non availability of acid.
We cannot shut our other plants also. Other plants started well on time, but particularly this acid plant, you know, went on for shutdown for almost 50 to 53 days. So during additional almost, you know, 25, 27 days, we had to buy even the raw material from outside also. So A, this is the reason now B. Coming to your inventory levels, we have bought sufficient rock phosphate, particularly for coming season of fertilizers in the month of February and March. We generally don’t buy this much of quantity. But we thought and we saw that the right now the rock phosphate which is our major raw material is at the bottom of, you know, level in the last one or two years or so.
Therefore we bought excessive of rock phosphate for our future requirement also for the fertilizer season. Otherwise this inventory we generally don’t buy, you know, at this point of time we generally buy this inventory somewhere in April and May. But we, you know, but we pre ponded our buying for almost two months because we, you know, we were getting a good deal in rock phosphate business. So mainly because of that, you know, you can see, you know that yes. There is inventory built up in this particular year.
Prit Dipakbhai Nagarsheth
So Puneetji, the question is that in spite of this, you reported 10, 11% increase in top line in the chemical side over Q3 instead of a drop.
Punit Makharia
In volumes have improved. If you remember in my last con Call. You know I had mentioned that I see this improvement into the whole business cycle. And mainly because of that the prices have improved. And if you see in comparison with Q3, FY25 and Q4FY24 almost 10 crore rupees of dyes intermediates we have sold wherein the quantity increment in comparison with Q3 and Q4, you know there is increment of around 300 tons. Almost 10 to 11% of more intermediates has been sold at a much better pricing.
Prit Dipakbhai Nagarsheth
Right. So sir, can we then say.
Punit Makharia
Normalcy.
Prit Dipakbhai Nagarsheth
Right. So sir, can we now say Moving forward to Q1 that this problem of the shutdown has been solved. So we should see our chemical volumes back on track with much better price.
Punit Makharia
Sure, sure, sure. Generally the shutdown is always, you know, this once in a year, you know, it’s not regular until and unless something major comes up.
Prit Dipakbhai Nagarsheth
So is the shutdown. So you are saying it is completed and now working properly. So we should see the full benefit of this pricing in this quarter.
Punit Makharia
Yeah. Now that impact will be in Q1 of this current financial year.
Prit Dipakbhai Nagarsheth
Okay. So you will see that increase in top line. Okay. So the other question I had was regarding the bis. There has been a deferment of two products to August and one product to next year. So how does that impact you? Sir?
Punit Makharia
As it is, you know, doesn’t impact much, Preet. Because let me tell you as far as the two products which you are mentioning here is the KC and vinyl cell phone. You know, if you look at the current Chinese import price and current Indian price. Hardly anybody imports from China for the last couple of months. We are, you know having a close watch on that. And secondly, you know three months extension is not a major extension.
Prit Dipakbhai Nagarsheth
You know, I think the KIC is next year. Right?
Punit Makharia
KIC has gone till next year. Till 13th of May 2026. We are doing necessary presentation representation to the Ministry. Let’s see how the ministry, you know decides on this part.
Prit Dipakbhai Nagarsheth
But you don’t see any change in business fundamentals for your this year because of this change?
Punit Makharia
Let me tell you bis, we were expecting some betterment. You know, at the worst. At the worst, you know, KS betterment will come after a year or so. Nothing so great impact because of extension.
Prit Dipakbhai Nagarsheth
Correct. So then Puliji, what is your guidance for FY26 and FY26
Prit Dipakbhai Nagarsheth
2526. I am projecting total revenue somewhere close to nine hundred and fifty two thousand crore rupees or so.
Prit Dipakbhai Nagarsheth
Okay.
Punit Makharia
Because mainly two, three reasons. Because you know, mainly two, three reasons. And you know that I’m bit conservative always in giving numbers from my side. Mainly because of two, three reasons. A. We are starting our dye unit in units 5 very shortly. By the end of May we are taking a trial batch. You know, it may take around three months for the, you know, the steering troubles, bottlenecks, you know, establish of the plant and quality and other operational issues. So you know, at least for the last six months we will have a, you know this operational efficiency of dice unit also in unit 6.
Unit 5. Sorry. And we also see trial production of unit 6 also somewhere near Diwali maybe bit maybe October NAG 2025. So we might get some revenues from that also. Thirdly, we are expecting better realization. Better volumes in chemicals as well as in fertilizers. So if I put up all put together I think we should be easily able to achieve at least 1000 crore. Rupees of the business in 2526. As well as the margins are also improving slowly and gradually. You know, 2425 we improved around 33% of the margins. You know we came to around 7.25 to 7.5% on the PAT levels. I believe in this current financial year company should be, you know, you know this company should be able to achieve at least again, you know, 20% growth levels as we did last time, 58% growth levels. And in this current financial year in comparison with 2425 I believe that we should be having at least, you know 8.25 to 8.5% of the margin. This is my, you know this outlook. On this current financial year,
Prit Dipakbhai Nagarsheth
right? Sir, one question I had is, was on the tax rate. So the tax that we are applying is for this financial year was 19%. Generally the tax rate is 25% for corporate. So what kind of tax, why is it so low?
Punit Makharia
In Madhya Bharat we are having a carry forward losses. Because we bought this unit through nclt. It was having a carry forward losses and Pushkar is having under Mat because you are away, you know, you are aware that we are continuously on expansion Mode. We completed 175 crores of CAPEX through internal accruals. Now again we are building up new capacities also so that depreciation is also accumulated. So we are under Mat. In Pushkar and and in Kisan we are having 25%. So if you put all together this is the final impact of the taxation.
Prit Dipakbhai Nagarsheth
So for next year we should still continue to see similar percentage. 16, 17%.
Punit Makharia
Almost. Hello.
Prit Dipakbhai Nagarsheth
Yes. Yes, I got it. Sir, I got It.
Punit Makharia
Okay, thank you.
Prit Dipakbhai Nagarsheth
I got it, sir. Thank you sir.
operator
Thank you. Thank you. The next question comes from the line of Manan MKP securities. Please go ahead.
Punit Makharia
Hello. Hello. Can we have the next question please? Can we have the next question please?
operator
Yes. Am I audible? The next question comes from the line. Of Manan Poladia from MKB security in the background.
Punit Makharia
Can you please, you know, arrest this noise?
Manan Poladia
Hello sir, am I audible?
Punit Makharia
Please go ahead with the next question.
Manan Poladia
Yeah, sure. So first of all congratulations on the good side. So my question is with. Hello.
Punit Makharia
Yeah, yeah please.
Manan Poladia
So my question is with respect to the Capex, you said we have about 160. We’ve done 72. So we have another 88 or so crores of Capex left. Right? After that our cash balance, right? If we net off from our current cash balance we’ll have about 30 or 40 crore left. Am I right in that assumption? Hello.
operator
Sam. Hello. Sa. Ladies and gentlemen, the management has been connected. Please go ahead, sir.
Manan Poladia
Hello. So my question was. My question was with respect to the cash balance post the capex my understanding is we have what 116 crore of cash and 88 crores of capex, right? So apart from the cash flow that we will get this year our net of Capex plan cash balance will be about 38 crores.
Punit Makharia
That’s right. Plus the addition during the coming year.
Manan Poladia
Right, sir. And so my second question was with respect to SSP prices and pickup have we been seeing a larger adoption of SSP right now like since the government has raised the subsidy? I believe about 40% or so. So are we seeing that impact our demand?
Punit Makharia
Definitely, Manoj. Because of the DAP is extremely shortage. And let me tell you, the phosphate fertilisers across the globe is in deep shortage. And the prices of like phosphoric acid and DAP has gone up tremendously. So I believe it’s a good opportunity, you know, especially for the SSP business. Because of the increase in subsidy there would be an increased demand also because of the shortage of other phosphatic fertilizer. So I believe that there would be a good time in coming this season.
Manan Poladia
Right. And just one follow up on the acid side, sulfur prices have gone up significantly, right. And are we seeing that we are getting better spreads overall in the market for sulfuric acid?
Punit Makharia
We are having our own plants of sulfuric acid. Definitely sulphur has gone up, you know. And you know this has behaved unexpectedly on the upward side.
operator
Ladies and gentlemen, the management has been disconnected. Would request you all to stay online while I Get them reconnected. Thank you. IT. Ladies and gentlemen, the management has been reconnected. Please go ahead sir.
Punit Makharia
Yeah please Mananji.
operator
Manan please.
Manan Poladia
I can hear you have any.
Punit Makharia
Sorry Mananji. Please go ahead.
Manan Poladia
No, no sir, I’m done with my questions. You’ve answered all of them. Thank you.
Punit Makharia
Thank you.
operator
Thank you. The next question comes from the line of Aditya Sen from Fin Dock. Finwest. Please go ahead. Aditya. Please speak a little louder. Thank you.
Unidentified Participant
Is it any better now?
Punit Makharia
Yeah. Yeah, better now.
Unidentified Participant
Revenue potential of Unit 5 and Unit 6 combined.
Punit Makharia
Unit 6 is not yet operational. It is under implementation. And as far as the you know sales of Unit 5 is concerned we don’t maintain separate records for unit wise. We maintain the separate details for the, you know, vertical wise. So I don’t think it is, you know we have readily available sales volume of unit five.
Unidentified Participant
I’m not asking for the existing volumes. I’m asking about the revenue potential that these two units can generate.
Punit Makharia
Unit five can generate. This is what. This is what your question is.
Unidentified Participant
Yeah. Both unit five and unit six.
Punit Makharia
Unit five. I need to calculate and give it to you right now. I’m not handy with me. Right. And as far as unit 6 is concerned this is a total capacity of 500 tons per day of NPC complex. And I believe that you know if we take a hardly 70%, 75% capacity also then I think this unit should. Should give somewhere close to 450 crores revenue for the whole year once it is you know this operational.
Unidentified Participant
And it should be optimally utilized in FY27. Because by the end of this year as you said we’ll commission should be.
Punit Makharia
Utilizable in 26, 27. Yes.
Unidentified Participant
Yeah. Okay. So we are looking for that.
Punit Makharia
Yes.
Unidentified Participant
And also I see that’s a minute question. Finance costs 5 to 1 crore this quarter. So is this going to sustain going forward or was this, was it a one off?
Punit Makharia
Yeah, it is. There is no long term borrowings for our new capexes only there will be an incremental. Then there may be an incremental borrowing for our working capital requirements. And you know like you know you can take like this, that as of now out of total, you know this 800 crores of the sales. The total finance cost is around 2 crores. So this is hardly 0.25% of the total revenue volumes. I think it should be in a similar range. Let us see. You know, once we start the new plant probably our requirement would be more in terms of working capital. But I Think it should not be, you know, this should be around 1% of the total revenue which will not be major impact.
Unidentified Participant
All right. All right. That was my question. Thanks a lot.
Punit Makharia
Thanks.
operator
Thank you. The next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead.
Ankur Kumar
Hello sir. Congrats for a good set of numbers. So my question. Yeah my question sir is on the fertilizer side we saw 24% type of volume growth this year. So given increased improvement in the SSPs, how are we thinking about this current season first half of this FY26.
Punit Makharia
Very honestly let me share with you. We had planned a you know much better targets in fertilizer. As far as 2425 is concerned. We had planned for total sales of 300,000 tons. Where you know, wherein we couldn’t achieve 300,000 tons. We were left at 2 60,000 tons only in this particular year. We believe looking at the present situation of the phosphatic fertilizers globally in my opinion we should be able to achieve at least this target what we had. What we had planned for the last year.
So I still see that there would be 20% increase in the fertilizer business as far as this particular season is concerned. We already started doing our best this cornering each and every corner of our volumes, our dealers and our marketing strategies. So I believe that this season we should be able to do around 150,000 tons of fertilizer in this particular season.
Ankur Kumar
Got it sir. And sir, you talked about scope of margin improvement in chemicals because the selling price have gone up. So what is our thought on the fertilizer side?
Punit Makharia
Things would be better in both the sector. As I mentioned in my this con call itself that. You know, this current financial year we would be doing at least 20% better in terms of the pet levels what we did in 2425.
Ankur Kumar
Yes.
Punit Makharia
And you can even my outlook we should be able to achieve at least 8.5 to you know near to the percentage in the pat levels and the total revenue levels. We are expecting around thousand crores.
Ankur Kumar
Got it. Sir, even in last call I think you said about 60 crore pad for this year which which we were able to do. So congrats on that. And yeah, 80 Gar is what what you are saying for this? Yes. Thank you. And all the rest.
Punit Makharia
Thank you.
operator
Thank you. A reminder to all participants. Please press star and one to ask a question. The next question comes from the line of Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoor
Namaskar Puniji and thank you. For this opportunity. Sir, firstly. Yeah. Yes sir, firstly when you mentioned about the rock phosphate prices and being at rock bottom and how have the price trends being post February when we have purchased and if you could give some more color and second question was if you could give us some more brief understanding how the current market dynamics are for our chemical segment. In particular you spoke about fertilizer. So if you could just outline more because our line got disrupted many times. So kindly repeat the same sir. Yes.
Punit Makharia
[Foreign Speech] So globally coffee shortage and maybe because of some year end target, you know might be the sellers of the rock phosphate they have to complete certain yearly targets. So you know they might have sold it at a better price. And now the prices have improved to some extent, right? But still I consider that the prices are the cheapest one as of now also now as far as your chemical margins are concerned, you know right now volume or pricing. [Foreign Speech]
Now the prices have come to a level. You know the other consumers are fighting away for BIS introduction which government has already postponed for next three months. [Foreign Speech] China, you know if you ask to the Chinese for giving a price of Hsed and Paradise even to India, they even don’t want to offer the products to India also because they know very well. [Foreign Speech] things are improving in our favor in coming times. So situation is going to be better. As I mentioned earlier I gave outlook as far as the revenue and profitability is concerned.
This is slowly and gradually building up our confidences that we will be able to achieve what we are saying on this call. And you have seen earlier also that I am a bit conservative person or Jobi.
Saket Kapoor
Yes sir. Koibi Purani calls it confidence.
Punit Makharia
Open and transparent. And in the most ethical mode. To share my views, to share my experiences, to share my learnings with you all guys, you know that I shared with you know you all guys. Let us see.
Saket Kapoor
As you mentioned that we have purchased acid from external sources. So other expenses have also gone up sequentially although the volume was lower. So what will you attribute this 4,5 crore change? Q1Q basis when we look at the other expenses, it was 41 crore for December quarter and it moved up to 46 point. It has increased from 41 to 46. It has gone up by 5 crore.
Punit Makharia
Laker SSP Betajata.
Saket Kapoor
Secondly sir, percentage of sales your business we are doing with. With the country of Bangladesh and how. How are we aligned to it? Sir, am I there? Hello.
operator
Ladies and gentlemen, the management line has dropped. Would request you to stay online until I get them connected. Thank you. Yes sir. Please. Sam Foreign. Ladies and gentlemen, the management is reconnected. Please go ahead.
Saket Kapoor
Sir, shall I repeat my question?
Punit Makharia
Yeah, please.
Saket Kapoor
Yes sir, we are looking at strained relationship with. With Bangladesh. And the commentary which we heard today already in the newspaper states that there may be some disruption in terms of the trade relations. So total sales. What. What are. How are we as a. As a customer? We have relations with the state, with the country and what could be the impact going ahead?
Punit Makharia
Sir, I have mentioned in my last calls also when initially you know this dispense in Bangladesh internally started our total volume with Bangladesh is hardly 30, 35. Crore rupees of annually. Right?
Saket Kapoor
Okay.
Punit Makharia
Which is hardly 4% of the total business. Even after there is internal distribution also. We haven’t seen much impact on the business. And still my confidence level has that it has got no, this will not have major impact on our relationships with Bangladesh. And I believe that on a longer term I don’t see any major disturbance. Also in case if there is also incoming future which I personally don’t foresee then you know we have other the markets also to look into those and build up our sales volume there Also in case our government comes in a future in such kind of a strategy where the total where the trade with Bangladesh is totally banned then obviously we will respect the government policy decision and we are with that.
But as far as the business is concerned, I don’t think in case Bangladesh gets closed, let us take it at worst part level the Bangladesh gets totally closed. Right. Then we have other areas also for the marketing development. Like you know we are looking at Vietnam market, we are looking at Indonesia market, we are looking at Sri Lankan market. You know, we are slowly and gradually we are developing this, you know, this Egyptian market. So we are, you know our team is going in those markets also and getting more opportunities in our customer levels. So I don’t think that Bangladesh or Turkey is going to affect very majorly for us. It could be very on short term basis but nothing I see on a longer term basis.
Saket Kapoor
And another point was about the caustic soda for plant investment. I think so we were on the.
Punit Makharia
[Foreign Speech] Verge of last time we actually mentioned because you know it is always better to review your decisions. And very importantly we need to take very, you know, this conscious decisions. Any such decisions which is good for the company on a longer term basis. I personally believe that, you know, we can always review our decisions. And you know, after reviewing the decisions we found that Caustic is not so great. So we got some other opportunities also and we went into that direction.
Saket Kapoor
And lastly sir, although it may not be of that important in terms of the financial or operational performance, but we also saw some promoter inter transfer of equity from you and I think so Gautamji to one another entity. Madam Banu.
Punit Makharia
Yeah, she is my mother. We are in the process of making a family trust. So you know the equity transfer to my mother is a part of the process for you know, our entire equity. We are transferring to the family trust. For a long time succession plan for a better stability and this long term sustainability.
Saket Kapoor
Okay, all the best to you sir. For your endeavor, sir. And thank you for for guiding us in the best possible way. Thank you.
operator
Thank you. Ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. Puneet Makariya, chairman and Managing Director for the closing remarks.
Punit Makharia
Thank you everyone for joining our Q4 and FY25 earning calls. If you have any further questions, please. Feel free to connect us with our investor relation advisor, Churchgate Partners and we. Will be happy to address all your queries. Thank you friends and stay safe. Thank you very much.
operator
Thank you, sir. Ladies and gentlemen, on behalf of Sri Pushkar Chemicals and Fertilizers, that concludes this conference. Thank you for joining us and you may now disconnect your lines.