{"id":183491,"date":"2026-05-19T07:32:36","date_gmt":"2026-05-19T11:32:36","guid":{"rendered":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-shreepushk-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-19T07:34:59","modified_gmt":"2026-05-19T11:34:59","slug":"shree-pushkar-chemicals-fertilisers-limited-shreepushk-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-shreepushk-q4-2026-earnings-call-transcript\/","title":{"rendered":"Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q4 2026 Earnings Call dated May. 19, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\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

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

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

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Shri Pushkar Chemicals and Fertilizers Ltd. Q4 and FY2600 conference call. As a reminder, all PI Spin 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.<\/p>\n

Pankaj Bhanjani, Company Secretary and Compliance Officer for his opening remarks. Thank you. 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 Bhushkar chemicals and Fertilizers Limited Q4 and FY 2026 earnings call. Joining us today from the management side we have Mr. Puneet Makaria, Chairman and Managing Director. Mr. Deepak Biriwala, Chief Financial Officer. Now I will hand over the call to Mr. Puneet Makaria 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 welcome to Shri Pushkar chemicals and Fertilizers Ltd. Q4 and FY26 earning call. I hope you had opportunity to review our financial results and earnings presentation which are available on the stock exchange and the company website. Also joining me today from management team is Mr. Deepak Bhairiwal, our CFO. As we close financial year 2026, I’m pleased to share that Shri Pushkar has delivered a strong and balanced performance reflecting steady growth, effective options and progress on key expansion initiatives.<\/p>\n

Both our chemical as well as fertilizer business. Highlighting the business results of our operational focus on strategic initiatives over the year. I would like to walk you through the key financial and operational outcomes as follows. For the full year, revenue from operations reached at 976.60 crores representing a 21.1% increase compared to FY25. Growth was supported by higher volumes in the chemical segment and improved realization in the fertilizer segment. Over the full year, the chemical segment grew by 25.2% while the fertilizer segment grew by 16.5%.<\/p>\n

Demonstrating the effectiveness of our operational executions and portfolio strategies. On the profitability front, EBITDA for the year stood at 99.5 crores with a margin of 10.2% while PAT comes 70.1% translating to a 7.1% margin margins. The improvement in the profitability has also translated into strong return ratios. The return on Equity increased to 12.2% and return on capital employed rising to 15.3% reflecting on company’s discipline approach to the capital deployment. During FY26 the company has reported revenue from operations of 218.2 crores.<\/p>\n

The performance in the quarter was affected by ongoing supply chain disturbations and impacted raw material availability EBITDA to 22.1 crores reflecting a margin of 10.1% while PAT was 12.9% with a margin of 5.8%. During the year the Company continued to invest in expansion and integration initiatives across both segments aimed at enhancing production capacity, strengthening our operational efficiencies and supporting long term growth. The Company has a total planned expenses of 512crores as of March 31, 2026 and 189crores has been incurred on the ongoing projects and manufacturing facilities.<\/p>\n

It is funded through combination of internal accruals and preferential allotment. These investments reflect the Company’s commitment to to scaling its operations on a disciplined and strategical aligned approach. As of these initiatives, the Company has made a steady progress on its ongoing expansion projects in both chemical and fertilizer segments. While the commission of Ratnagiri unit 5 and 6 experienced some delays due to external factors, all preparatory work and project milestone remain on that track.<\/p>\n

Contemplating these operational developments and our focus on sustainability, I’m pleased to share that during FY26 the company has commissioned 1.1 megawatt DC solar power plant at Haryana Hisar, bringing total installed capacity of solar to 10.6 megawatt DC and enhancing our renewable energy capabilities. Along with this side, the Previous announcement of 10 megawatt solar plant at Nandir, Maharashtra remains on track which will ultimately take solar capacity to 20.6 megawatt DC further emphasizing the Company’s commitment to renewable energy and sustainable operations.<\/p>\n

In summary, FY26 has been a year of steady growth and focused execution for Sripushkara. The Company has strengthened its operational performance, advanced key expansion initiatives and conducted to invest in sustainability, all while maintaining disciplined financial management. Looking ahead, we remain committed to delivering values for our stakeholders by leveraging our expanding capacities, optimizing of the operation across both the segments and further enhancing our renewable energy initiatives.<\/p>\n

We are confident that these efforts will position our company for continued growth in the coming years. I will now hand over the call to Mr. Deepak Veriwala, our Chief Financial Officer to take you through the detailed financial and operational performance for Q4 and FY26. 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 detailed financial and operational performance of the company for the quarter and full year ended 31st March 2026. In Q4 26 the company reported revenue from operation of rupees 218 crore reflecting a steady performance. Our gross profit during the quarter was rupees 83.7 crores with the margin of 38.4%. EBITDA for the quarter was rupees 22.1 crore with the margin of 10.1% while PAT was rupees 12.9 crore with the margin of 5.8%.<\/p>\n

In the chemical segment, the company reported sales of thirteen thousand seven hundred and twenty five metric ton reflecting a 36% year on year eight increase generating revenue from operation of rupees 126.4 crore. The fertilizer segment recorded sales of fifty thousand five hundred metric tons contributed to 91.8 crores in the revenue from the quarter. Overall Consolidated volume for Q4FY26 reached 64,239 metric tons. The quarter performance was affected by ongoing supply chain challenges which impacted the availability of the raw materials.<\/p>\n

For the full financial year the company reported revenue from operation of rupees 976 crore circulating a 21% growth over FY 25%. 25. Gross profit for the year was rupees 331.5 crore up by 11.7% with the margin of 33.9%. EBITDA stood at 99.5 crores representing an 18.7% growth with the margin of 10.2% while PAT increased 19.6% year on year to 70 crores translating to margin of 7.1%. The year’s growth was supported by higher volumes in the chemical segment and improved realizations in the fertilizer segment.<\/p>\n

The chemical segment recorded sales of 17 2,423 metric tons up by 27.9% generating revenue of Rupees 531.8 crore. The fertilizer segment achieved sales of 2 lakhs 52,772. 7 metric tons contributing Rupees 444.8 crores in the revenue. Overall consolidated volume for FY26 reached 3 lakhs 25,000 metric tons reflecting a growth of 2.5%. This performance also contributed to improved return with the return on equity rising to 12.2% and return on capital employed increasing to 15.3%. Reflecting the company’s disciplined approach to capital deployment and financial management the company continued to maintain a strong financial position undetermined by internal accruals and preferential allotment.<\/p>\n

As of the 31st March 2026 non link deposit amounting to rupees 140.68 crore ensuring adequate liquidity to support ongoing and planned expansion initiatives. The company leverages remains minimal with the net debt to equity ratio of minus 0.1x and a net debt to EBITDA ratio of minus 0.05x reflecting disciplined finance management and conservative capital structure. In conclusion, the company continues to maintain a disciplined financial position unified by internal accruals and prudent capital management.<\/p>\n

With the strong liquidity and minimum dividend the company is well positioned to support ongoing and planned CAPEX expansion initiatives. Coupled with the sustained profitability and distant return ratio this project positions the company to effectively pursue the strategic growth and deliver long term value to the stockholders shareholders. With that I will now open the floor for questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much sir. Ladies and gentlemen, we will now begin with a question. We will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on the touchstone. If you wish to withdraw yourself from the question queue you may press star and 2. Participants are requested to use only handsets while asking our questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press Star and one to ask questions.<\/p>\n

The first question is from the line of Harshit Khatka from Robocapital. Please go ahead.<\/p>\n

Harshal Solanki<\/strong><\/p>\n

Yes, thank you for the opportunity. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes sir. Please Rishi.<\/p>\n

Harshal Solanki<\/strong><\/p>\n

Yes sir. My first question is regarding the Capex. I understand that we have some 320 odd crores of Capex that we will enter and mostly it will be from internal accruals only and we are not going to take any major debt. So sir can you please you know like explain the match behind it. How exactly are we going to fund it?<\/p>\n

Punit Makharia<\/strong><\/p>\n

See Ashid, if I take you bit before we completed one CAPEX of 174 crores in the year of 2024 that CAPEX was 175 crores that CAPEX was including the takeover of the Madibarat from NCLT as well as building up a unit 5 that CapEx was entirely funded by again this our internal sources. Second line of capex was of 155 crores. And that entire capex of 155 crores is an additional facility of building up a dice unit in unit 5 that was around 37 crores. Then building up a solar project of 35 crores and another capex of unit 6 of around 110 crores or so.<\/p>\n

Deepak, since I’m away from you I do not have the exact data in front of me.<\/p>\n

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

I would request you to please correct<\/p>\n

Punit Makharia<\/strong><\/p>\n

Me. I would request you to please correct me if I spell out any wrong data. You know this kindly this, you know just intervene and correct me immediately.<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

The unit 685 crores.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Okay. Unit 685 crores. So this total capex is of around 155 crores.<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

For this 155<\/p>\n

Punit Makharia<\/strong><\/p>\n

Crore Sarshit we have taken you know this term loan from HDFC for our solar unit of 25 crores. So the balance of 130 crores we are doing from our internal accruals. Out of that we have done a majority of the capex that is also mentioned into over PPT as well as in the balance sheet also in the you know in the financial results also those figures are not you know right now in front of me because you know this con call I am attending from my plant though my office, my cfo, my compliance office are sitting in the registered office but I’m away from them at the plant.<\/p>\n

So please forgive me because I do not have the exact data in front of me. Right. So accordingly you know I requested Deepak to correct, you know if I see anything wrong. Now thirdly cap is what we are Planning is of 350 crores. That is of an additional facility built up at Madhya Bharat Phosphorus Limited at site that 350 crores of the capex. What we are planning initially that you know as of now company holds around 140 crores of the initial investments into the AAA rated bonds. And we believe that plus you know just 30 crores of the preferential allotment to the promoter.<\/p>\n

This makes around 170 crores. Now the balance left out with us is around you know this 180 crores we are proposing though we are not finalized either to use our two years revenue for this Capex either or either we go for some part term loan in order to keep some cash in the company. So that part we have not yet decided at the max if we go for some term loan also we will be going, you know, maybe 25 or 30% of the term loan of the this capex side and balance will be funded by the company itself from its internal.<\/p>\n

Address your question.<\/p>\n

Harshal Solanki<\/strong><\/p>\n

Yes, very clearly. Thank you. And my second question is regarding given that we were expecting a unit 5 and 6 to come live in March but there were obviously some delays regarding the electricity issues. So what kind of outlook do we have for FY27 and 28 regarding top line and EBITDA?<\/p>\n

Punit Makharia<\/strong><\/p>\n

Honestly, if I share with you that electricity issue has been resolved. That issue got resolved in the March first week of, you know, March first week of 2026 or around second week of March 2026. Unfortunately due to this ongoing situation in the world there is acute shortage and acute unstability in the pricing of the certain key raw materials like ammonia, like sulfur. You got my point?<\/p>\n

Harshal Solanki<\/strong><\/p>\n

Yes.<\/p>\n

Punit Makharia<\/strong><\/p>\n

So because of these two major issues, you know, we have bit delayed our plant though the plant is almost ready. If we wish we can start the commencement of the trial production within, you know, within less than any month. But still there are certain hiccups into the raw material sourcing. The perfect pricing of the raw material sourcing. We are still exploring the situation harshit. We have not yet decided how and when we are going to start the trial production. We are expecting some kind of a resolution or maybe some global supply chain restoring and some decent pricing availability of the raw materials.<\/p>\n

To give you a short idea, the prices of the ammonia and sulfur which are the key raw materials in the this segment is almost three times to give you a proper more figures. Ammonia used to be 40, 42 rupees a kg. Now it is 100 plus. Sulfur used to be 30 rupees a kg. Now hundred rupees a kg. So the whole raw material chemistry and the pricing structure has gone haywire, you know. So we are still holding and waiting and looking and you know, deeply thinking when and how we should do. We haven’t come to a closure on that.<\/p>\n

But to give you a more clarity on the matter, we believe that this Kharish season we will not be performing as expected before and you know, during our con call of Q3 so at that time we were expecting something else. But suddenly on 28th of February, the day we saw that these issues are going up and suddenly the prices have gone haywire. We are still exploring that how and when we can come into the commercial production as well as into the trial production. But to give you more clarity, practically this Kharif Season we do not expect any revenues from our unit 6 as well as new expansion of unit 5.<\/p>\n

You will see in our financials we have not done even a capitalization of unit 6 and unit 5 also. So we are still looking for a better opportunity and better right time to start it. But for your thing I think you know being we are losing this season of Kharif in FY26 27 as earlier, you know the visibility what was given by me is the was that that somewhere we will be able to touch a business of around 1500 crores in the financial year 2026-27. In my opinion I think being we are losing the first season of the Kharif we should be closing somewhere around 1250 or maybe 1300 crores rupees or so.<\/p>\n

This is my visibility, what I can see and what I can share with you at presently.<\/p>\n

Harshal Solanki<\/strong><\/p>\n

Okay sir. And that was very helpful. Thank you.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. In order to ensure that the management will be able to address questions from all the participants in the conference kindly limit your questions to only two per participant. Should you have a follow up question, please rejoin the queue. We’ll take the next question from the line of Preet Nagar Seth from Wealth Fenwiser. Please go ahead.<\/p>\n

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

Yes, good afternoon. Fantastic performance Given the huge uncertainty. And Pushkar continues to manage such global uncertainty so well. So great. Great management and kudos to us. Could you please explain a little bit on what’s happening? Sulfur. The rates have gone up. Go back to Sayeto. Are you making. Are you producing less? Are your production units running low? How are you? What are you doing on the ground to manage these things? If you could just explain to us.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Limited visibility. Up to the best of my capacity and capability. There is no one who can predict what is going to be the next or Sir Yejo work situation here. This is impacting each and every individual across the globe. You know, opportunity. I believe in one particular concept that sometimes one wrong decision may keep you out of the business forever. To avoid any such kind of a taking wrong decision. You know sometimes I believe. Thanks to the government. The government has supported the industry.<\/p>\n

But honestly it is not up to the required level. Still there is a 10% cap put up by the government of India onto that subsidy price increase support is required. Much more more. Sir, looking at my personal there is going to be a tight supply into the fertilizer as well as into the raw materials. Fertilizer. Except water test time, Existing ssp business. So what we did is that in the Second week of March we practically stopped our sales. We deliberately intentionally. Or visibility q3 q2k results maybe source theme.<\/p>\n

Immediately. Second week of March dispatches completely knowingly that the prices of raw material are going haywire. For me the prime responsibility is to make money for my investors it was better, You know, a global logistics normalcy. Demand suppresses. Demand suppresses. You know, it is not always growth, growth, growth, profit, profit. That is the bottom line. We do all understand but sometimes you have to take a as per the prevailing conditions also. So accordingly up to our best of our wisdom we decided to go bit slow.<\/p>\n

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

Right? Sir, what is the current utilization of your plants?<\/p>\n

Punit Makharia<\/strong><\/p>\n

The current utilization of the plant is in my opinion would be the similar range as it has been in the earlier quarters.<\/p>\n

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

Though I am not.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Pardon.<\/p>\n

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

So up 60% average utilization<\/p>\n

Punit Makharia<\/strong><\/p>\n

65 70.<\/p>\n

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

But given for the 2\/4 quarter 1 and quarter 2. We will continue to see utilization the way we saw them last year for these units.<\/p>\n

Punit Makharia<\/strong><\/p>\n

So you know, at least we are able to sustain.<\/p>\n

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

Right sir. Okay. Sir,<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt you. There is a long queue. Sure, sure ma’. Am. I’ll come back<\/p>\n

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

Into the queue.<\/p>\n

Operator<\/strong><\/p>\n

Sure, sir. Thank you so much. We’ll take the next question from the line of Saket Kapoor from Kapoor company Please go ahead.<\/p>\n

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

Yeah. Current environment first 2\/4 at least Johamari generalize your trend Market revenue and all range. Sales committee paper Kia. In terms of benefit.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Performance. We are in the middle of the first quarter of this current financial year. And we have hold it back our inventories for the Q4 2526 that we are in the process of liquidation in this first quarter of this financial year. So acceptability demand. But yes, we are you know able to move our goods in the market at our. You know this our desired prices. So in my opinion being in. We are into the first. You know this. This middle of the first quarter. So. But I believe in my opinion this would be better than the last quarters.<\/p>\n

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

Most important point streamlining process regular business. Definitely because of clearly higher prices say acceptability plus inventory, your pipeline and all me.<\/p>\n

Punit Makharia<\/strong><\/p>\n

That we are blessed. Ongoing Capexes children which are on the verge of the Closure Unit 5 Plant Salon. Completion. You know this will involve lot of working capital for me that too also at the 3 times price what I had projected earlier or sir, market. Immediately demand maybe impact. Let the market be matured. Let the market be accepting these new prices which are almost three times of the raw material prices of our earlier. And being. It’s a. You know this we are debt Free entire capex has been done by our internal accruals.<\/p>\n

We do not have any such financial pressure and any such financial commitments so we can hold on to it. And I see that there is going to be a good opportunity or numbers of reset like sulfur which has gone to 100 rupees almost a kilogram and earlier which was around 3035 rupees a kg. That is not going to be there. It is not going to remain at 100 rupees also probably when the situation settles down it may come down to around 70, 75, you know in this range. But accordingly let the you know finished product market be also matured to accept these kind of levels.<\/p>\n

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

Selling prices. But additional volume impact as of now.<\/p>\n

Punit Makharia<\/strong><\/p>\n

I’m expecting those volumes 65, 70% utilization as well as starting of unit 5 and unit 6 somewhere by quarter one or maybe quarter two. I am not sure whether we will be able to start in quarter one or quarter two practically. You know let’s see how we get a visibility. Let’s see. You know because it is very uncertain sir to comment anything on that.<\/p>\n

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

Sir point after clear.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Last time expected Karangay formula. Second decision Johan Hajar grow or Daiso Grodejo<\/p>\n

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

Market major improve prices.<\/p>\n

Punit Makharia<\/strong><\/p>\n

You know practical or egg Joe conservative call Jo Mesamastahu.<\/p>\n

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

Let’s see how Cassie CJ plan out Best of the times ahead.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take the next question from the line of Raghav Bhutoria from Lenses Securities. Please go ahead.<\/p>\n

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

Hello sir. Am I audible?<\/p>\n

Punit Makharia<\/strong><\/p>\n

Yeah, yeah sure Raghav, you’re audible. Please go ahead.<\/p>\n

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

This quarter four press release that we had we have said that our chemical volumes are up more than 30% but our revenues are flat from last year quarter four to this year quarter four. So can you explain that sir?<\/p>\n

Punit Makharia<\/strong><\/p>\n

Because I’m not hearing the data in front of me. Can you address this question please?<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

One<\/p>\n

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

Second sir<\/p>\n

Punit Makharia<\/strong><\/p>\n

Because rather I am attending this concord from my factory not from the office. If I would have been in the office then all the details would have been in front of us.<\/p>\n

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

Understood.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Would be able to answer this query. Anyway, any next question you have rather in. In case if people doesn’t have the data in front of him we will answer this question to you through our.<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

Okay.<\/p>\n

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

Okay sir, just a sense on margins for the next year because you know finished product prices have not kept in line with the raw material prices.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Like in art percentage sense 7.1% is almost 100 crores. A little less than 100 crores. And PBT is also around 85 crores and. Otherwise. But because of, you know, defer tax or certain provisions people will be able to answer on that subject better than me. Because of that I’m 7%. I still have that same attitude that you know making 8 to 10% is not a. You know something rocket science.<\/p>\n

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

Even in the increase like product prices would we will have to double kind of finished product prices with the kind of raw material. But even then.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Because we are just in the beginning of this new financial year. But in my opinion there should not be any major issue into that.<\/p>\n

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

Okay.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir. You. Do you have any further questions? Ragha?<\/p>\n

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

No, no. That’s good.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take the next question from the line of Hershel Solangi from Equity Capital. Please go ahead.<\/p>\n

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

Good afternoon.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Very good afternoon.<\/p>\n

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

Fertilizer. Situation<\/p>\n

Punit Makharia<\/strong><\/p>\n

Sulfur AC product Benzene AC production Joki. You know derivative impact or sulfur sulfur sulfuric oleum 65 chloro thyme so 3. You know sulfur derivative chemistry. You know in the February we used to or in the March first week or second week we used to sell HSA1 of our product at around 525 to 530 rupees a kilogram. We used to sell at. So you can use your wisdom and gauge the kind of price reflection is my team times. Because sulfur is not the only raw material what we use here. There are the other raw materials also There is not much impact on the cost of those raw materials.<\/p>\n

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

Okay.<\/p>\n

Punit Makharia<\/strong><\/p>\n

It is not everywhere opportunity. It is building a stable and sustainable business. There is a market share of each and every production<\/p>\n

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

Long term debt increase.<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

Total capex. Classify<\/p>\n

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

Okay.<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

Employee 1 to 1 from 5 years to 1 year Second impact less than 50% Basic salary already CTC 50 Employee have a direct employee contact your employee basis 1 to 1 Employer It’s a permanent employee.<\/p>\n

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

This was it. Thank you so much for answering.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Purushottam Padmanabhan from Wise old Bridge. Sorry, Wise old bird Private limited. Please go ahead.<\/p>\n

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

Hello sir. So raw material prices have abnormally raised but impact so final product selling margin compared to last couple of years.<\/p>\n

Punit Makharia<\/strong><\/p>\n

I think I’ve already addressed the these questions in my earlier replies.<\/p>\n

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

I wanted to know for next two quarters or it is difficult for<\/p>\n

Punit Makharia<\/strong><\/p>\n

Me to predict for next two quarters. But in my opinion making a margin of around 8 to 10% will not be a great fight for us. Right? This is just a visibility I am giving as per my wisdom. But the rest the you know scenario will teach us better. But in my opinion around 8 to 10. But you know, on the conservative side making 8% margin should not be a great fight for us.<\/p>\n

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

Okay. And even on the utilization side sir, we have been constantly utilizing 65 to 70% and we can maintain for next couple of quarters until this raw material.<\/p>\n

Punit Makharia<\/strong><\/p>\n

We really hope sir to maintain at least whatever we have been doing and performing in the past to at least maintain that much and try to do and achieve better than what we did in the past.<\/p>\n

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

Okay sir, that’s all I had. Thanks. Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of murtaza from Pinpoint X Capital. Please go ahead.<\/p>\n

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

Hi sir, good evening. Really appreciate you attending the call from the plant and giving such a honest commentary. So just wanted to understand. After the elections are now done.<\/p>\n

Punit Makharia<\/strong><\/p>\n

There is a stable government in Bangladesh we believe. But let me tell you, as of now entire globe is, you know, fighting against the crisis of the energy. You got my point. And energy is now the most precious rather than the even the gold also. And sir, impact subject, you know it is not like Bangladesh or India. It is the whole globe and which is resulting into the suppression of demand. And you know this is which is also resulting into the decrease of the production as well as the consumption also it is a, you know, the whole circle of the economy.<\/p>\n

Or visibility because we need to see, you know we are just the beginning of this financial year or. Or you know this is what I can reply as of now to the best of my wisdom. But still we need to you know complete this remaining, you know around 11 months of this financial year. So let’s see how this settle down. And in my opinion we should try not to go down from our existing capacity utilization. Not to go down from our existing market share. Not to go down from, you know, the kind of the profits we are making.<\/p>\n

And how do we go forward in future. We need to figure it out.<\/p>\n

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

Right? Right sir, thank you. Answer Just to clarify, unit 5 and unit 6 they are readily ready to almost get commercialized. It’s just that we have as of now put on hold. Otherwise. Otherwise it’s complete in that sense. Okay sir, understood. Thank you very much for the future. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of creep Nagar Seth from wealth Senvisa. Please go ahead.<\/p>\n

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

So can this is maybe for the cfo. What is the taxation that we should consider in our calculations going ahead?<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

So according to India. 22% plus extra charges Education 25.<\/p>\n

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

Should we assume 1820 taxation on the overall amount.<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

Solar capitalized Karanga Puskarme unit 5B capitalization. Unit 6B capitalization. So defer tax next year maybe half tax rate 20 to 25%. On an average.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Right sir.<\/p>\n

Deepak Beriwala<\/strong><\/p>\n

Only Texas and defer.<\/p>\n

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

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

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Varun Sharma from Korpal Investments. Please go ahead.<\/p>\n

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

Hello. Congratulations for the good setup numbers for the years. Thank you,<\/p>\n

Punit Makharia<\/strong><\/p>\n

Sir. Ammonia natural gas product or refinery? Because that will not be correct on my my part. Average may abhi nikaloge last dohtunkito salami. We have achieved that much accordingly Daisogrodi. In the just middle of the first quarter.<\/p>\n

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

Thank you, sir. Best of luck for the for the whole year, sir.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Thank<\/p>\n

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

You, sir.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Thank<\/p>\n

Operator<\/strong><\/p>\n

You. Ladies and gentlemen. We’ll take that as the last question for today. I now hand the conference over back to Mr. Pankaj Manjani for closing comments. Thank you. And over to you sir.<\/p>\n

Pankaj Manjani<\/strong><\/p>\n

Thank you everyone for joining for NFY 26 earnings call. If you have any further questions please free to connect with our investor relations advisor partners and we will be happy to address your queries. Thank you.<\/p>\n

Punit Makharia<\/strong><\/p>\n

Thank you very much. Thank<\/p>\n

Operator<\/strong><\/p>\n

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

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q4 2026 Earnings Call dated May. 19, 2026 Corporate Participants: Pankaj Manjani \u2014 Company Secretary & Compliance Officer Punit Makharia \u2014 Founder Chairman and Managing Director Deepak […]<\/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":[10169,9175,9104,9092,14492,10089],"class_list":["post-183491","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-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":183491,"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":183491,"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":183491,"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, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-636.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":173530,"url":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-shreepushk-q2-2025-earnings-call-transcript\/","url_meta":{"origin":183491,"position":3},"title":"Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q2 2025 Earnings Call dated Nov. 13, 2024 Corporate Participants: Pankaj Manjani \u2014 Company Secretary & Compliance Officer Punit Makharia \u2014 Founder, Chairman and Managing Director Deepak Beriwala \u2014 Chief Financial Officer Analysts: Prit Nagersheth \u2014 Analyst Harshil Solanki \u2014 Analyst Saumil\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 1.5x"},"classes":[]},{"id":173529,"url":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-shreepushk-q3-2025-earnings-call-transcript\/","url_meta":{"origin":183491,"position":4},"title":"Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Shree Pushkar Chemicals & Fertilisers Limited (NSE: SHREEPUSHK) Q3 2025 Earnings Call dated Feb. 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 1.5x"},"classes":[]},{"id":146866,"url":"https:\/\/alphastreet.com\/india\/shree-pushkar-chemicals-fertilisers-limited-shreepushk-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":183491,"position":5},"title":"Shree Pushkar Chemicals & Fertilisers Limited (SHREEPUSHK) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 21, 2023","format":false,"excerpt":"Shree Pushkar Chemicals & Fertilisers Limited (NSE:SHREEPUSHK) Q4 FY23 Earnings Concall dated May. 17, 2023. Corporate Participants: Rasika Sawant\u00a0--\u00a0Investor Relations Manager Punit Makharia\u00a0--\u00a0Founder, Chairman and Managing Director Deepak Beriwala\u00a0--\u00a0Chief Financial Officer Analysts: Unidentified Participant\u00a0--\u00a0-- Analyst Harshil Solanki\u00a0--\u00a0Equitree Capital Advisors -- Analyst Samarth Singh\u00a0--\u00a0TPF Capital -- Analyst Ankur Agrawal\u00a0--\u00a0RC Wealth Solutions\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=183491"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183491\/revisions"}],"predecessor-version":[{"id":183493,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183491\/revisions\/183493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=183491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=183491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=183491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}