Shree Pushkar has Rs 334 crore capex left for expansion

Shree Pushkar Chemicals & Fertilisers Ltd. has Rs 334 crore of capital expenditure outstanding from its Rs 582 crore programme, principally Rs 257 crore for a 300,000 metric tonnes per annum (MTPA) Meghnagar fertiliser unit targeted for March 2028. The programme identifies 450,000 MTPA of additional fertiliser capacity and 69,000 MTPA of chemical capacity.

How much capex does Shree Pushkar still need to spend?

Shree Pushkar has Rs 334 crore of outstanding capex against Rs 582 crore planned and Rs 248 crore incurred. The disclosed programme covers two fertiliser investments, two chemical investments and Solar Power Plant 2, with internal accruals and a preferential issue identified as funding sources.

Unit 8 at Meghnagar, Madhya Pradesh, accounts for Rs 257 crore, or most of the remaining programme. The other unfinished allocations are Rs 70 crore for Unit 5 chemical capacity expansion at Ratnagiri, Maharashtra, and Rs 7 crore for the upcoming Unit 6 fertiliser project at Ratnagiri.

The listed project budgets add to Rs 577 crore, versus the stated aggregate of Rs 582 crore. Similarly, listed incurred spending totals Rs 243 crore, versus Rs 248 crore stated in the summary, while the individual outstanding amounts total the disclosed Rs 334 crore; the presentation does not explain the Rs 5 crore differences in planned and incurred capex.

Which projects account for Shree Pushkar's unfinished spending?

Shree Pushkar's unfinished spending is led by the new Unit 8 complex-fertiliser plant at Meghnagar, where Rs 93 crore has been incurred from a Rs 350 crore plan. The project has 300,000 MTPA of upcoming capacity and a March 2028 completion target.

Unit 6 at Ratnagiri is the nearer-term project, with Rs 78 crore incurred from Rs 85 crore planned and a December 2026 target. This complex-fertiliser unit has 150,000 MTPA of upcoming capacity, and the presentation notes that Unit 6 serves both the chemicals and fertilisers divisions.

The remaining Rs 70 crore relates to a separate Unit 5 capacity-expansion project at Ratnagiri, with 3,000 MTPA of disclosed capacity and a March 2028 target. Unit 5 also includes an acid-complex project with Rs 37 crore of planned and incurred spending, 6,000 MTPA of capacity and an August 2026 commencement date.

How much capacity is Shree Pushkar adding?

Shree Pushkar states that its programme adds 450,000 MTPA of fertiliser capacity and 69,000 MTPA of chemical capacity. The fertiliser figure is matched by the 300,000 MTPA Meghnagar Unit 8 project and the 150,000 MTPA Ratnagiri Unit 6 project.

The presentation shows manufacturing capacity rising from 590,200 MTPA to 1,040,200 MTPA in the fertiliser category, a 450,000 MTPA increase. It shows chemical capacity rising from 133,460 MTPA to 202,460 MTPA, a 69,000 MTPA increase, alongside 20.6 megawatts of direct-current solar capacity.

The two itemised Unit 5 chemical projects total 9,000 MTPA, comprising 6,000 MTPA for the acid complex and 3,000 MTPA for capacity expansion. The presentation does not allocate the remaining 60,000 MTPA within its stated 69,000 MTPA chemical-capacity addition on a project-by-project basis.

What projects have commenced or been fully funded?

Shree Pushkar lists the Rs 37 crore Unit 5 acid complex and Rs 35 crore Solar Power Plant 2 at Nanded as having commenced in August 2026. Both entries show their full planned capex as incurred and zero outstanding spending.

Solar Power Plant 2 has 10 megawatts of direct-current capacity and is identified as an open-access-scheme project. Its Rs 35 crore expenditure is fully incurred, in contrast to the separate Rs 70 crore Unit 5 chemical-expansion project, where no expenditure is recorded and completion is targeted for March 2028.

The portfolio comprises nine facilities and three solar plants across Maharashtra, Madhya Pradesh and Haryana. Its disclosed facilities include fertiliser units at Ratnagiri, Deewanganj, Meghnagar and Hisar, chemical units at Ratnagiri, and solar plants at Ahilyanagar, Nanded and Hisar.

How do cash flows relate to Shree Pushkar's expansion plan?

Shree Pushkar identifies internal accruals and a preferential issue as funding sources for the Rs 582 crore programme. In Sep 26, net cash from operating activities was negative Rs 53.35 crore, compared with positive Rs 32.9 crore in Sep 25, after working-capital changes of negative Rs 136.75 crore versus negative Rs 21 crore.

Cash used in investing activities was Rs 40.4 crore in Sep 26, lower than Rs 75.1 crore in Sep 25. Financing cash flow was Rs 93.80 crore versus Rs 46.2 crore, while cash and cash equivalents at the end of the period were Rs 0.66 crore compared with Rs 6.7 crore.

For FY26, revenue from operations rose to Rs 976.6 crore from Rs 806.3 crore in FY25, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased to Rs 99.5 crore from Rs 83.9 crore. EBITDA margin moved to 10.2% from 10.4%, and profit for the year increased to Rs 70.1 crore from Rs 58.6 crore.

Conclusion

Shree Pushkar's disclosed investment programme combines near-complete projects at Ratnagiri and Nanded with a larger unfinished commitment at Meghnagar. The capacity plan is weighted toward fertilisers, where the stated 450,000 MTPA addition is directly represented by the two upcoming projects, while the presentation gives less project-level detail for the 69,000 MTPA chemical increase.

The next stated milestone is Unit 6 at Ratnagiri, targeted for December 2026, followed by Unit 8 at Meghnagar and the Unit 5 chemical expansion in March 2028. Future disclosures can also clarify the Rs 5 crore differences between the project-line totals and the aggregate planned and incurred capex figures.