{"id":181038,"date":"2026-02-16T10:25:33","date_gmt":"2026-02-16T15:25:33","guid":{"rendered":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-shreepushk-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-16T10:25:33","modified_gmt":"2026-02-16T15:25:33","slug":"shree-pushkar-chemicals-fertilisers-limited-shreepushk-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-shreepushk-q3-2026-earnings-call-transcript\/","title":{"rendered":"Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q3 2026 Earnings Call dated Feb. 12, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Pankaj Manjani<\/strong> \u2014 Company Secretary & Compliance Officer<\/em><\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Deepak Beriwala.<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Foreign. Ladies and gentlemen, good day and welcome to Q3 and 9 month FY26 earnings conference call of Sri Pushkar Chemicals and Fertilizers Limited. 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 has been recorded. I would now hand the conference over to Mr. Pankaj Mandrani. Company Secretary of Sri Puskar Chemicals and Fertilizers. Thank you.<\/p>\n

And over to you, sir.<\/p>\n

Pankaj Manjani<\/strong> \u2014 Company Secretary & Compliance Officer<\/em><\/p>\n

Good afternoon everyone. And we welcome all the participants to Sri Pushkar Chemicals and Fertilizer Limited’s Q3 and 9 month FY 2026 earnings call. Joining us today from the management side we have Mr. Puneet Makaria, Chairman and Managing Director. Mr. Deepak Bedewaya, Chief Financial Officer. Now I’ll hand over the call to Mr. Puneet Makariya for his opening remarks. Over to you, sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you, Pankaj. A very good afternoon to everyone and a very warm welcome to Shri Pushkar chemicals and Fertilizers Ltd. Q3FY26 earning call. I hope you all had an opportunity to review our financial results and earnings presentation which are available on the stock exchange and the company side. Joining me today from this management side is Mr. Deepak Beriwala, our Chief Financial Officer. In continuation of the growth momentum witnessed in the previous quarter. I am pleased to share that Shri Pushkar Chemicals has delivered a strong performance during Q3 FY26. Revenue from operations was at 249 crores reflecting a growth of 14.6% on year on year basis.<\/p>\n

Driven by an increase in volume sold and sales in the chemical business. On the profitability front, EBITDA was at 22 crores with a margin of 8.9%. While profit after tax was at 18 crores with a margin of 7.3%. On the operational friends, in addition to the ongoing capacity expansions plant at Ratnagiri Unit 5 and Unit 6 and at McNagar Unit 8. The company has completed the land acquisition, commenced civil work and is in the process of placement of the orders for the critical plant and machinery. In line with the progress, 25% of the proceeds from the preferential issue has been directed towards the Magnazar Unit 8 project.<\/p>\n

Shri Pushkar is also committed to driving sustainable growth alongside its expansion plans. In lines with its commitment, the company currently operates 9.8 megawatt DC solar plant with the capacity being expanded through two additional installations. Upon completion, the total solar will reach to 20.6 megawatt DC under open access scheme. These initiatives is a part of the key strategy to enhance energy self reliance, reduce carbon emission and ensure long term sustainability. The Company has also incorporated a subsidiary in Bangladesh that is Daikol Bangladesh Limited. This subsidiary will serve as a representative and marketing office for the company and will carry out related business activities in Bangladesh.<\/p>\n

During this quarter, Company carried out a preferential allotment to the promoter for rupees 30 crores. This makes a third preferential allotment by the company underscoring the promoter continuation confidence in Shri Pushkar’s future prospect and its ongoing strategic growth plans. With these strategy initiatives backed by strong integration and sustainability focused operation, Shiripushkar remains well positioned to sustain growth momentum and enhance profitability and create long term value for all the stakeholders. Friends, I will now hand over the call to Mr. Deepak Beriwala, our CFO to take you through the detailed financial performance of the quarter. Over to you Deepak.<\/p>\n

Deepak Beriwala.<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you sir. Good afternoon everyone and thank you for joining us today. I will now take you through the financial performance of the Silkhouse chemicals and fertilizers limited for the third quarter of FY26. Starting with the top line, revenue from operation for Q3 FY26 was rupees 249 crore reflecting a growth of 14.6% on year on year basis and remaining broadly stable subsequently. This strong performance was driven by an increase in volume sold and sales in the chemical business. In the Cabingal segment, revenue was rupees 156 crore, a growth of 38.1% year on year basis and 18.2% quarter on quarter driven by the improved volumes and strong demand.<\/p>\n

Demand. Sales volume for the segment was 26,595 metric tons marking an increase of 75.6% year on year and 54% sequentially reflecting continued stability in the chemical markets. In the fertilizer segment, revenue declined by the 10.6% year on year to rupees 93 crore due to steady demand from the agriculture sector. On a sequential basis, revenue declined by the 25% due to the seasonal moderation in the December quarter. In terms of the volume, the segment achieved sales of 53,444 metric tons lowered by 23.7% year on year and 26.3% sequentially moving to the profitability. Gross profit for the quarter was rupees 79 crore, a growth of 2.4% year on year with the gross margin of 31.9%.<\/p>\n

EBITDA coming at 22 crore, a decline of 1.7% year on year with the margin at 8.9%. Profit before tax was rupees 20 crore up by 8.8% year on year while profit after tax was rupees 18 crore up by 13.5% year on year basis. The paid margin for the quarter was 7.3%. For the nine months FY26. Revenue from operation was recorded in 759 crore at 29.2% increase year on year, EBITDA was rupees 77 crore up 13.8% and PET was rupees 57 crore up by 36% compared to the nine months FY25. Reflecting sustained momentum across both business segments.<\/p>\n

The company continued to maintain a strong financial position supported by the strong internal afforders and professional allotment. As of 31st December 2025, nonlinear projects of amount of Rupees 176.75 crore providing ample equity to fund ongoing and upcoming expansion plan. Without relying on the external bruins. To summarize Q3, FY26 reflects steady performance for the Sri Pushkar marked by the consistent revenue growth supported by the operation of ncmc, disciplined financial management and a strong balance sheet. We remain confident of sustaining our growth momentum while continuing to strengthen our integrated and sustainable business model. With that, I will now open the floor for questions.<\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star N1 on the touchdown telephone. If you wish to remove yourself from 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 assembled. The first question is from the line of Preet Naganshet from Wealth Find Advisors. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, so my question is that I wanted to basically understand why the gross margin declined from 35.7% in Q3 of FY25 to 31.9% for this quarter.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Just a second please. Your question is, can you come again. In terms of percentage? 35.7. Percentage. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

31.2%, 31.9% and overall overall 32.7.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

And in terms of value, because I’m not in the office so you know the exact data are not in front of me. So my apologies.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So the gross profit has come to 79.3 crores absolute terms maybe from quarter last year. 77.4. Or gross profit. Because cost of materials.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Based upon your question and the data you gave to me is that margin. This is mainly in terms of the increase into the. You know this raw material prices. That too also specifically because of. Due to the sulfurous. Due to the sulfur. Sulfur is a. You know is a very important ingredient in our whole chain of the raw materials. I’m just saying, you know we have got our various plants of sulfuric acid wherein we use sulfur as a basic raw material. And in turn between the sulfuric acid Oleum 23, Oleum 65 thymyl chloride and like chlorosulfonic acid these are.<\/p>\n

These all are the derivatives of the sulfur or is key, you know whatever the acid we produce almost 70, 75% you know of this total acid we consume in house balance beast purchase percent. And if you look at the sulfur, sulfur has started going up, you know from mid of the second quarter till today from you know traveling from $283 $84. As of now $560.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Oh wow.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

As of now $560 price check it is 520 fob. So I think further I will go in more details about this your input and I will again come back to you. But as of now apparently this might be one of a major reason that the cost of the sulfur has gone up tremendously which has resulted into the increase in the raw material cost.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Acid which was earlier prevailing at no Hajar, the Sajar Rupia ton now is at close to 18,000 rupees.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

That could be the major impact to answer your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Immediately impact. You know, it takes bit time. Because what. You know what we import sulfur we import in the bulk. But counter effect. I believe quarter four.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Fertilizer volumes may have decreased for this but 10%. What led to that?<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Sir, mainly. Same story of sulfuric acid and sulfur. You know to. To produce 1 ton of SSP you require 0.35 times of sulfuric acid. And you can imagine when the sulfur price goes almost double what kind of impact it would have on the ssp.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

This will go for the next season. Because let me very honest with you. Generally we used to take the sulfur cost, you know the sulfuric acid cost of around three and a half thousand rupees to four thousand rupees. Sir. Today has gone. Increment immediately fertilizer difficult. It’s a. It’s a. It’s a bit painful transition phase. But then to also looking at the whole business model of the company, you know Zero waste hair. Debt free hair. We have been able to, you know, this perform much better than our, you know, than our other competitors. So we have behaved much betterly than others.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Perfect. Sir, this is a question for unit five opening commissioning. You are waiting for the electricity line.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Still we are waiting the same sir. Abitak, you know as I mentioned last time that Ms. ADL has promised us that by the month of the February they will, you know, they would install an additional, you know, this transformer. This is the beginning of the February. We hope for Kiba February. Then we should be able to, you know, proceed further. Otherwise if you talk about the plant and machinery, almost the entire plant is completely, you know, ready. And we just need to announce the commencement of the trial production for which we are waiting for the electricity connection to be resumed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Sir. February, May and We are in 12th of February. Still there is a time to go. We still await and we are still quite hopeful that we should get in February or honestly speaking, let us wait for the best. We hope in next few, you know, next few one or two weeks. We should have more clarity on this subject. First April onwards.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Last june, july. Last june, july. This is the whole turning of the industry wherein you will see that earlier these products were being imported from China. Now these products are being exported to China. So this you, you can easily visualize the kind of a change and just imagine once the, you know, this happens like you know, this reduction or this removal of the VAT refund, ultimately China has become non competitive.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right sir. Okay sir. Great. Thank you sir. Thank you for the updates.\u00a0Thank you sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harshal Solanki from Equatory Capital. Please go ahead.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Good afternoon.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Hi Hershelji. Good afternoon.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Bangladesh news articles. So does this affect our business negatively? Because if Bangladesh.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Or Mera interpretation, you know, you know, I’m just sharing my views with you on a very open platform, right? Because you know, Mira Uska Interpretation association has. They put up certain of their demands. If their demands are not met to, you know, to the required levels, they will shut the whole textile industry off. This is what I have understood from that news article and from the various inputs and this various intelligences what the people and connections we have in Dhaka. Number one. Number two sir. Bangladesh economy. Bangladesh economy. You know, without this textile, Bangladesh economy is difficult to run.<\/p>\n

Though there is a political instability in Bangladesh. I can understand whatever the news articles we are, you know, reading in the various print media or the digital media is a bit scary. We have Stopped going to Dhaka. For the past few weeks our people had traveled to Dhaka almost Team Manipalai after that we have not traveled to even Dhaka also. But as far as the business is concerned, let me tell you very loud and clear, there is still business coming from Dhaka. Yes, volumes have reduced. But we also believe strongly and the kind of inputs we get from our customers there that this is a very temporary phenomenon which will, you know, this subsidize post elections.<\/p>\n

Election. I’m not too sure about that. Once the election is completed and the proper government established in the in Bangladesh, I’m sure you know, the things will come back to the track. The kind of, you know, uncertainties going in Dhaka is in my opinion it is just in temporary. It is not a permanently. We also need to believe economy. Textile industry, their employment generation, their government revenue generation, their tax generation is mainly from, you know, this textile industry time gap. You know, some make uncertainty. I don’t think that it is going to remain for a longer time.<\/p>\n

Secondly, as far as Shiri Pushkar is concerned, we have around, you know, 50 crores of business or maybe 60, 70 crores of business annually with Dhaka, which is hard to, you know, which is around, you can say 7 or 8% of the total revenue of the company. In the meantime we also started exploring other markets also like Egypt and other countries, Vietnam and Indonesia. So Bangladesh is definitely we are not going to leave. As far as our new company establishment is concerned, I call Bangladesh Ltd. That company we have made with, you know, this entire platform has been established by us.<\/p>\n

But we are yet to start some business or some marketing into this company. We are only waiting for the stability to come which I believe in next. You know, with this post, this election, it should be there.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

The next question. Chemical realizations are drop away 21% volumes. But realizations come sulfur prices have gone up. So realization.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Sir, ultimately and you know this is a completely integrated business vertical. Sir, you know, the main important fact, what I believe is that you know, Various quarters can there be. But the very important is to maintain the stability and sustainability and keep your volumes, keep your customers intact with you. Whether you make some money where more some, you know, some less money, some at some other products. In my opinion that’s not an important criteria. The important criteria is the growth into the business, growth into the volume addition of the new, you know, few more customers, managing your inventories and your book debts.<\/p>\n

That is more important. Sir, there are various factors which I explained just now on this con call.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

If we can quantify that which labor.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

But Deepak, this is which labor court he’s talking about.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Labor code announced.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Okay, I, I, I got it, I got it. That is new code of conduct of the labor which has been announced by the government recently.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Yes, yes.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Okay.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Guidance. Please say if you can give us some guidance for this year as well as next year.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

We have been always maintaining that we should be around 950 or so. In my opinion we should be close to you know, four digit.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay. And next year sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

But next year sir, I still maintain my earlier statement of 1500 which I believe should not be any problem.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay. And base case 8% margin improvement.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Top line revenue and we should be at a pat margin of around 8% or so. Approximately. I’m talking about pat margin of around 8% for this financial year. Next financial year I believe there would be improvement in the profitability also. Since the whole scenario is also improving. The kind of a political instability and this global what we see is you know, you know America, Iran, Israel, Russia, you know I believe these things would also come to some kind of a lower down, mellow down. And in that situation I believe there would be improvement in the bottom line also.<\/p>\n

Harshal Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you for answering my questions.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Next year. Facilities and product streamlined.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Which are waiting for you know additional electricity requirement by the company. And in that there is one one additional of the this complex unit which is mpks and phosphoric acid and sulfuric acid and one more unit at unit 5 which is a DICE plant. Both these plants are almost completely ready to start with electricity. Because you know honestly speaking we also thought. Working. So we you know it’s a continuous process. So we need a permanent regular electricity supply. So because of that we are just awaiting rest. Everything is completed. So the what I’m talking is that the addition of these two facilities of NPKs and this additional DICE unit.<\/p>\n

These two units will get us more business. But then to also on a conservative basis. I’m only talking about 1500.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Utilization levels.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

60, 65% utilization he assumed because honestly speaking because you know I’m a bit conservative and a bit this practical person or electricity connection Mars maybe worst case scenario may to sir plant code trial establish Karna teething troubles balancing karna. So it may take another one or two months more also sir so taking in all these accounts in factor I believe 60% efficiency is a bit practical and conservative. On the basis of the same I am projecting at least 1500 crores this additional 500 crores is not only going to be generated from these two expansions. There is an you know additional utilization of the existing capacities also in my opinion.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Existing facilities utilization levels.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Do you have that figure.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Working capital limits. May 20.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

I think it is a plus.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

A plus. Website chemical sector utilizers 65% fertilizers may have 55 to 60% in nine months.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Sulfuric acid pass on lag effect.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Exactly.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

That has built in pressure on the profitability. That was my submission.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Question. Because the first question was that that the this margins have slided from 35% to 31%. All the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. A reminder to all the participants. You may press star and one to ask question. The next question is from the line of Varun Sharma, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for the opportunity sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I wanted to know that A2 deals have been cracked by India. One is the mother of all deals. The European Union deal and the American deal. Sir, do we see any positive impact from the European deal on our company? Because we can export to Europe also?<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Yes sir, we do export to Europe. And yes obviously we believe that there would be a you know this part of PI which we would be enjoying in that because we have a big customer of our. One of a vertical based in Europe. And in my opinion we should be more competitive to him other than the China and But the same competition is also there with the. You know with the other competitors based in India also. So we believe yes, it would be on a positive note thanks to the honorable prime Minister that he has taken a very positive view and you know did this lot for the this entire industry in in India.<\/p>\n

In my opinion that should be a positive outlook, sir. But you know in times we need to see that how it is reflected into the performance.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My second question is that as there is a lot of geopolitical tension between America and Iran. I hope we don’t expose anything to Iran.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

We don’t have any business to any sanctioned countries. Whether it is Iran or Russia or any other country, whatever it is. We don’t have any business interest in business. These things with this, you know, with the sanctioned countries.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My last question is that as we go forward out of the two businesses fertilizer and chemicals which in which business more pressure is expected in. In this profitability.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

You know. Hey, you can’t say that pressure. You know both the businesses have their individual, you know feature and being the whole business model is completely integrated on a based on a zero waste business model. And Financially company is, you know this quite healthy and strong. Though it’s not a very large company. It’s a mid sized company. And looking at the. This kind of financial performance of the company we see that both the businesses are equally important for the company because the whole. You know this. Both the businesses are integrated with this one another. So.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Sir. Yes.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I wanted to. Yes. One more question sir. What is the minimum margin we should expect that the company will know will not go below that level. In the. In the.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

We went down till five and a half percent but that was a difference global situation. And today we have reached to a level of 8%. In my opinion we still have a capacity and capability of going it to around 10 to 11% in times to come.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And what is the lower end?<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

I can’t predict. How can I say what could be the lower end when this. What could be the higher end? We are doing our level. Profit margin. Let us have a positive view sir. We look there is a, you know this great opportunity lying ahead. We have excellent business model. We have fc, you know this. We have excellent track record. We are a financial stable company. And you know, being we are the financial stable company. Therefore we have completed, you know this expansion of 175 crores from internal accruals. We have, you know, you know this.<\/p>\n

We are on the verge of completing this additional expansion of 155 crores also. Or. And about. We have also announced the third expansion also to. Of 347 crores. In that too also promoter is also doing it the. You know, this third preferential allotment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you. Thank you sir for the opportunity and all the best.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Neeraj from Pranch group. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. Thank you for the opportunity and congratulations on great set of number. My question is I’m on the slide number 14 of your presentation. Sorry, I understand I’m on the slide number 14 of your presentation.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

So can you open slide number 14? Okay, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So unit number 5 and 6, you are saying that it’s expected to get started in Feb. 2026. But when I’m seeing the capex.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Wait, wait, wait. No, no, no. You know I have not said like that. I have said, you know as follows.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That we’re expected to the electricity connection. You can get started the unit 5 and 6 in 2020.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

But the trials somewhere by the March. If we get electricity connection by February.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, yes, but I’m seeing that unit 6, the CapEx outstanding is close to 60 crore. So I don’t know if these numbers are as of 31st December or as of current number. But with such a large Capex is the. Is the plant almost complete?<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

155 crores. K capex. May it is not only unit 6, it is unit 6 plus unit 5 made DICE plant plus our solar of 10 megawatt. Am I right? Deeper. Correct me if you found me wrong. Okay, Unit 6 may be purchased this crude Rupeka capex or Bacha Hua hair which is ongoing. We haven’t, you know that is under process which I believe should be completed before March.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Before March. Okay, the second question, the second question is with regards to the job unit 8 here where you are saying it is by March 2028. Now since the land acquisition and everything is completed, can’t it be completed in.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

18 months like Nice, you know, it’s a greenfield project. Pardon?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is this a conservative estimate of March 2028 to keep?<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Sir, it is a practical estimate because you know there are three plants in unit 8 also it is not only one plant, these are three plants. And the capacity is also quite decent. Capacities almost the double the capacity of our existing unit six. You know, this is at least going to take two years or so.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. And. And is there any chance, any thought process in the promoter mind that we create two separate companies, demerge the chemical and fertilizer business or it’s going to be staying as an integrated operation forever.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

So we are open to the, you know, various views and ideas for the benefit of the shareholders and the company as of you know, in future if any such, you know, things come, we will keep you updated.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But thank you.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

We are open to the benefit of, you know, this wealth of the shareholders.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. All the best.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, you may press star in one to ask question. The next question is from the line of Praveen Agarwal, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. Puniji question Plant Feb March April Kabibi. But let’s say. Pohjanajar. So Yapna sale key company upna 1 second. Server double conservative will mislead us. And sir, would it be fair estimate. Expectation, Minimum revenue or you know. Thank you sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

System. We always prefer to sell our product, you know, the overseas, not in local or sir market, you know, low cassette, You know, at least you know when we export these products. So there is a surety of the payment because this is against and confirmed instrument of the banking. You got My point.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

West India active. South India active. Calcutta market. Because we have already burnt our, you know, this oil of midnight in recovering our money from this east market. Same level, inferior number of colors options. How do we against the business question? Hey, a business question upon his platform pay discuss. Since you are into the similar industry, you can speak to me in a different call and I can, you know, competitors. I’m not, you know, I will not like to discuss the plus point of mine and negative point of theirs or this plus point of their. Though both the companies you named are respected companies.<\/p>\n

Are my good friends, my close friends and my customers also. Business subject discuss.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All the best for the future. We are looking forward to FY29.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you, sir. Thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. A reminder to all the participants. You may press Star in one to ask question. Foreign. Is from the line of Yash Junjunwala. An individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Capacity utilization in both the industries. Chemicals. 65% and fertilizers may 55%.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Expansion. Though the segment would be the similar or the same, but the products are different. Okay, number eight. Number do cheese. As far as my experience is concerned, there are very less companies who I believe that are able to achieve, you know, 100% capacity. Or, you know, if we have a different gambit of certain different products, then we have a better scalability in the market also. And whatever the expansion we are doing and which is under process is not of us, you know, same products. It’s of a different product, but with a similar segment. So I think that will give us more edge in penetration with our customer base also.<\/p>\n

And since we have a similar kind of a sailing platform, our sales team, our dealer network is the same. And dealers sell various kind of different products. In fertilizer, we only supply him one or two these products in case if we can, you know, offer him other multiple products also of a similar segment, that would be a better scalability into the market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you, Meena. Second question. Q3 May. In the fertilizer segment, I can see volume 70,000 tons. So what was the reason behind this. Decline.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Increase in the raw material input cost? Whereas we have not been able to pass on the entire cost of the increased raw material to our customers. Therefore, we preferred to sell less. Because I would not like to, you know, do the business and until unless there is a profit of margin the business, it is not in my opinion, you know, we should be slowing down at that time. Otherwise, let’s wait and watch. Secondly, this third quarter, Johan, generally, you know, fertilizer season because being it’s a winter season going on. So generally fertilizer business volume slow.<\/p>\n

Impact. This is a degrowth into the this fertilizer volumes. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And lastly sir. Export. From raw material perspective as well as. From finished goods perspective what can be. The impact on pricing and how is. This a net net going to be. Positive or negative for us?<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Sir, it is going to be net net positive because since the China is reducing its exposure in the international market for the dice intermediates as well as the dyestuffs so living apart China there’s only one country left which is India which has the. You know the whole chemistry technology for these intermediates and die stuffs in the globe and China itself has got a huge conjunction of the dice the within house and where in the India they export most of their products. As I told before also if you pick up the import and export data you will see that on net, on net there is an export from India to China of these dice intermediates.<\/p>\n

So I look forward that these are the good signs for getting more you know this recognizing for the Indian dye stuffs industry. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. As that was the last question for the day I would now hand the conference over to the management for closing comments. Over to you sir.<\/p>\n

Punit Makharia<\/strong> \u2014 Founder Chairman and Managing Director<\/em><\/p>\n

Thank you everyone for joining us on Q3 and 9 months FY26 earning call. If you have any further questions please feel free to contact us or our investor relations advisor Chargegate Partner and we will be happy to address all your queries. Thank you very much and have a good day.<\/p>\n

operator<\/strong><\/p>\n

Thank you. On behalf of Sri Pushkar chemicals and Fertilizers Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q3 2026 Earnings Call dated Feb. 12, 2026 Corporate Participants: Unidentified Speaker Pankaj Manjani \u2014 Company Secretary & Compliance Officer Punit Makharia \u2014 Founder Chairman and Managing Director Deepak Beriwala. \u2014 Chief Financial Officer Analysts: Unidentified Participant Harshal Solanki \u2014 Analyst Presentation: operator Foreign. Ladies and gentlemen, […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-181038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128189,"url":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-q3-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181038,"position":0},"title":"Shree Pushkar Chemicals & Fertilisers Limited Q3 FY22 Earnings Conference Call Insights","author":"Praveen","date":"March 9, 2022","format":false,"excerpt":"https:\/\/youtu.be\/I07QEBECBrw Key highlights from Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Q3 FY22 Earnings Concall Q&A Highlights: Shubham Agarwal from Aequitas India asked about the reason for a 33% QonQ volume drop in the dye and dye intermediary division. Punit Makharia MD answered that as far as dye, the company\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130411,"url":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181038,"position":1},"title":"Shree Pushkar Chemicals & Fertilisers Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 1, 2022","format":false,"excerpt":"Key highlights from Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Q4 FY22 Earnings Concall Q&A Highlights: Subham Agarwal from Aequitas Investment asked about the fertilizer division and what kind of volumes the company can do in FY23. Punit Makharia MD replied that the company expects to achieve around 3.75-4 lakh\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":152580,"url":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-45-fall-in-profits\/","url_meta":{"origin":181038,"position":2},"title":"Shree Pushkar Chemicals & Fertilizers Ltd Q1FY24; 45% fall in Profits","author":"Chirag Gupta","date":"August 10, 2023","format":false,"excerpt":"Shree Pushkar Chemicals & Fertilisers Ltd is engaged in the business of manufacturing and trading of chemicals, dyes and dyes intermediate, cattle feeds, fertilizers and soil conditioner. Financial Results: Shree Pushkar Chemicals & Fertilizers Ltd reported Revenues for Q1FY24 of \u20b9175.53 Crores up from \u20b9168.76 Crore year on year, a\u2026","rel":"","context":"In "Agricultural Products"","block_context":{"text":"Agricultural Products","link":"https:\/\/alphastreet.com\/india\/category\/agricultural-products\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-636.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-636.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-636.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-636.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-636.png?resize=1050%2C600&ssl=1 3x, 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12, 2025 Corporate Participants: Pankaj Manjani \u2014 Company Secretary & Compliance Officer Punit Makharia \u2014 Founder Chairman and Managing Director Deepak Beriwala \u2014 Chief Financial Officer Analysts: Unidentified Participant Harshil Solanki \u2014 Analyst Sauresh Pal \u2014\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 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