Shree Pushkar chemical sales rose 85.6% despite volume fall

Shree Pushkar Chemicals & Fertilisers Limited reported Rs 245 crore of chemical sales in Q2 FY27, up 85.6% year on year, even as chemical sales volume declined 16.8% to 14,368 metric tonnes (MT). Shree Pushkar’s chemicals segment accounted for 61% of quarterly segment sales value, compared with 39% for fertilisers.

How did Shree Pushkar chemical sales rise while volume fell?

Shree Pushkar’s reported chemical sales value increased despite lower chemical volume in Q2 FY27. Chemical sales rose from Rs 132 crore in Q2 FY26 to Rs 245 crore in Q2 FY27, while volume declined from 17,266 MT to 14,368 MT. Sales value was therefore Rs 113 crore higher and volume was 2,898 MT lower than a year earlier.

The reported figures indicate higher sales value per reported tonne in Q2 FY27 than in Q2 FY26, but the presentation does not identify the cause. Shree Pushkar does not disclose chemical product-level sales, price realisation, product mix or segment margins, so the respective effects of these factors cannot be calculated from the Rs 245 crore sales figure.

What was chemicals' share of Shree Pushkar sales in Q2 FY27?

Chemicals were Shree Pushkar’s larger segment by sales value in Q2 FY27, contributing 61%, while fertilisers contributed 39%. Chemical sales were Rs 245 crore against fertiliser sales of Rs 158 crore, a difference of Rs 87 crore. The two segment figures total Rs 403 crore, close to consolidated revenue from operations of Rs 403.5 crore.

The mix was different by volume. Fertilisers represented 85% of Q2 FY27 volume and chemicals represented 15%, with fertiliser sales volume at 79,277 MT and chemical volume at 14,368 MT. The contrast between chemicals’ 61% share of sales value and 15% share of volume is the key feature of the quarterly segment data.

How did Q2 chemicals compare with fertilisers and Q1 FY27?

Chemicals recorded faster year-on-year sales growth than fertilisers in Q2 FY27, at 85.6% versus 27.4%. Chemical sales increased from Rs 132 crore in Q2 FY26 to Rs 245 crore, while fertiliser sales increased from Rs 124 crore to Rs 158 crore. Fertiliser volume, unlike chemical volume, rose 9.3% year on year to 79,277 MT.

Against Q1 FY27, chemical sales rose from Rs 138 crore to Rs 245 crore and chemical volume increased from 9,113 MT to 14,368 MT. Fertiliser sales also increased sequentially, from Rs 142 crore to Rs 158 crore, while fertiliser volume rose from 66,527 MT to 79,277 MT. Both segments therefore reported higher sequential volumes, although chemical volume remained below the 17,266 MT reported in Q2 FY26.

What does Shree Pushkar's first-half segment data show?

For H1 FY27, Shree Pushkar reported chemical sales of Rs 383 crore, up 53.8% from Rs 249 crore in H1 FY26, while fertiliser sales rose 15.4% to Rs 300 crore. Chemicals contributed 44% of first-half segment sales value and fertilisers contributed 56%, making the H1 mix less weighted to chemicals than Q2 FY27’s 61% chemical contribution.

Chemical volume was 23,481 MT in H1 FY27, compared with 32,103 MT in H1 FY26, a decline of 8,622 MT based on the reported figures. The presentation displays a 26.9% change for chemicals without a negative sign despite the lower H1 FY27 volume. Fertiliser volume declined 2.0% to 145,804 MT from 148,815 MT, leaving chemicals at 14% and fertilisers at 86% of first-half volume.

What do Shree Pushkar's profit, cash flow and expansion plans show?

Shree Pushkar reported higher Q2 FY27 profit, negative H1 FY27 operating cash flow and a planned Rs 70 crore chemical expansion. Consolidated revenue from operations increased 58.2% year on year to Rs 403.5 crore in Q2 FY27, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 87.7% to Rs 49.2 crore. EBITDA margin increased to 12.2% from 10.3%, and profit after tax rose 96.1% to Rs 35.7 crore from Rs 18.2 crore.

Gross profit increased 42.7% to Rs 120.7 crore, although gross profit margin declined to 30.0% from 33.2% in Q2 FY26. The presentation lists employee benefits expense of Rs 15 crore and other expenses of Rs 56.5 crore for Q2 FY27. It does not provide separate chemicals and fertilisers profitability, so it does not allocate the consolidated margin movements between the two segments.

For H1 FY27, net cash from operating activities was negative Rs 53.35 crore, compared with positive Rs 32.9 crore in H1 FY26. Shree Pushkar reported a negative Rs 136.75 crore change in working capital, while trade receivables rose to Rs 332.1 crore at September 2026 from Rs 179.2 crore at March 2026. Inventories decreased to Rs 93.9 crore from Rs 136.2 crore over the same period.

Shree Pushkar’s board has approved a Rs 70 crore capital expenditure plan for a new chemical plant at Ratnagiri Unit 5 with annual capacity of 3,000 MT. Management expects the project to be commissioned by March 2028 and says it is intended to meet customer demand. The company also identifies 69,000 MT per annum of additional chemical capacity in its broader expansion roadmap.

The proposed plant is to be funded through internal accruals and a preferential issue of fully convertible warrants, subject to approvals. The board approved up to 854,060 warrants for Chairman and Managing Director Punit Gopikshan Makharia at 526.90 rupees per warrant, aggregating up to Rs 45 crore. Management links the proposed funding to expansion and capital-base strengthening.

Conclusion

The Q2 FY27 data show a pronounced shift in Shree Pushkar’s sales composition: chemicals generated Rs 245 crore and 61% of segment sales value despite a 16.8% year-on-year decline in chemical volume to 14,368 MT. Fertilisers remained the dominant segment by tonnes at 85% of volume, while consolidated revenue rose 58.2% and profit after tax increased 96.1%.

The next disclosed milestone is the planned March 2028 commissioning of the 3,000 MT annual-capacity Ratnagiri Unit 5 chemical plant, supported by a Rs 70 crore capital expenditure plan. Investors can also watch the proposed Rs 45 crore warrant issue, which remains subject to shareholder and other applicable approvals, alongside receivables of Rs 332.1 crore and negative operating cash flow of Rs 53.35 crore in H1 FY27.