Shree Pushkar Q2 profit nearly doubles as chemicals revenue rises

Shree Pushkar Chemicals & Fertilisers Limited reported consolidated profit after tax of Rs 35.7 crore for Q2 FY27, up 96.1% year on year, as revenue from operations rose 58.2% to Rs 403.5 crore and chemicals segment revenue increased 85.6% to Rs 245 crore.

How did Shree Pushkar perform in Q2 FY27?

Shree Pushkar delivered higher revenue and profit in Q2 FY27, with consolidated revenue from operations reaching Rs 403.5 crore, compared with Rs 255.1 crore in Q2 FY26 and Rs 280.1 crore in Q1 FY27. The year-on-year increase was 58.2%, while the sequential increase was 44.1%, for the quarter ended September 30, 2026.

Profit after tax, or PAT, rose to Rs 35.7 crore from Rs 18.2 crore a year earlier, an increase of 96.1%. PAT was also 55.7% above Rs 22.9 crore in Q1 FY27. Earnings per share for Q2 FY27 were Rs 11.05, according to the November 2, 2026 results release.

Shree Pushkar’s EBITDA rose 87.7% year on year to Rs 49.2 crore in Q2 FY27, from Rs 26.2 crore, and increased 54.2% from Rs 31.9 crore in Q1 FY27. EBITDA margin was 12.2%, compared with 10.3% in Q2 FY26 and 11.4% in Q1 FY27, while PBT margin rose to 10.7% from 8.6% a year earlier.

Gross profit grew 42.7% to Rs 120.7 crore, but gross margin declined to 30.0% from 33.2% in Q2 FY26 and 31.9% in Q1 FY27. In contrast, PAT margin increased to 8.9% from 7.1% a year earlier and 8.2% sequentially, alongside the Rs 403.5 crore quarterly revenue base.

What drove Shree Pushkar’s revenue growth?

Shree Pushkar’s chemicals segment was the larger contributor to the Q2 FY27 revenue increase, reporting Rs 245 crore of revenue against Rs 132 crore in Q2 FY26. That represented 85.6% year-on-year growth and Rs 107 crore more revenue than the Rs 138 crore recorded by the segment in Q1 FY27.

Fertilisers revenue rose 27.5% year on year to Rs 158 crore in Q2 FY27 from Rs 124 crore, and increased 11.2% from Rs 142 crore in Q1 FY27. Chemicals therefore accounted for Rs 245 crore of the Rs 403 crore segmental total for the quarter, compared with Rs 132 crore of Rs 255 crore a year earlier.

Chemicals revenue increased despite chemicals volume declining 16.8% year on year to 14,368 metric tonnes in Q2 FY27 from 17,266 metric tonnes. Chemicals volume nevertheless rose 57.7% from 9,113 metric tonnes in Q1 FY27, alongside the segment’s 78.0% sequential revenue growth to Rs 245 crore.

Fertiliser volume increased 9.31% year on year to 79,277 metric tonnes from 72,527 metric tonnes, and rose 19.7% from 66,527 metric tonnes in Q1 FY27. Total volume was 93,645 metric tonnes, up 4.3% from Q2 FY26 and 23.8% from Q1 FY27, although the half-year total remained 6.43% lower year on year at 169,285 metric tonnes.

What did Shree Pushkar report for the first half?

Shree Pushkar reported Rs 683.6 crore in consolidated revenue from operations for H1 FY27, up 34.1% from Rs 509.6 crore in H1 FY26. H1 FY27 PAT was Rs 58.6 crore, compared with Rs 39.2 crore a year earlier, representing growth of 49.7% across the six months ended September 30, 2026.

EBITDA for H1 FY27 was Rs 81.2 crore, up 46.7% from Rs 55.4 crore in H1 FY26, while EBITDA margin improved to 11.9% from 10.9%. PBT rose 48.4% to Rs 70.8 crore and PAT margin increased to 8.6% from 7.7%, even as gross margin moved down to 30.7% from 33.1%.

The chemicals business generated Rs 383 crore in H1 FY27 revenue, 53.8% above Rs 249 crore in H1 FY26. Fertilisers generated Rs 300 crore, up 15.4% from Rs 260 crore, making chemicals the larger source of the Rs 683 crore reported segmental revenue total for the half year.

Half-year chemicals volume declined 26.9% to 23,481 metric tonnes from 32,103 metric tonnes, while fertiliser volume declined 2.0% to 145,804 metric tonnes from 148,815 metric tonnes. The reported half-year revenue increase therefore occurred while total volume fell to 169,285 metric tonnes from 180,918 metric tonnes in H1 FY26.

What expansion and funding plans has Shree Pushkar disclosed?

Shree Pushkar’s board approved a Rs 70 crore capital expenditure plan for a new chemical plant at Ratnagiri Unit 5 with annual capacity of 3,000 metric tonnes per annum, or MTPA. Management said the project is expected to be commissioned by March 2028 and funded through internal accruals and a proposed preferential issue of fully convertible warrants.

The board approved issuance of up to 854,060 fully convertible warrants to Chairman and Managing Director Punit Gopikishan Makharia at Rs 526.90 per warrant, aggregating up to Rs 45 crore. The warrant issue remains subject to shareholder and other applicable approvals, according to the November 2 release.

During Q2 FY27, commercial production commenced at Unit 5, increasing dyes capacity by 6,000 MTPA, and a 10 megawatt direct-current, or MW DC, solar project at Nanded commenced. Shree Pushkar said total consolidated solar capacity reached 20.6 MW DC following that commissioning.

The disclosed investment programme totals Rs 582 crore of planned capital expenditure, of which Rs 248 crore had been incurred and Rs 334 crore remained outstanding. The Meghnagar fertiliser project has Rs 350 crore planned capex and a March 2028 target, while Ratnagiri Unit 6 fertiliser and chemicals projects each have December 2026 target completion dates.

Conclusion

Shree Pushkar’s Q2 FY27 result combined 58.2% revenue growth with a 96.1% increase in PAT, led by an 85.6% rise in chemicals revenue to Rs 245 crore and a 27.5% increase in fertilisers revenue to Rs 158 crore. The figures also show a contrast between revenue and volume trends: total quarterly volume increased 4.3%, but chemicals volume was 16.8% below Q2 FY26 while chemicals revenue was higher.

The next disclosed milestones are the December 2026 target dates for Ratnagiri Unit 6 fertiliser and chemicals projects, followed by the March 2028 targets for the Meghnagar fertiliser expansion and the proposed 3,000 MTPA Unit 5 chemical plant. Shree Pushkar also scheduled its Q2 and H1 FY2027 earnings conference call for November 3, 2026 at 4:00 PM IST, when management may address project progress and the proposed Rs 45 crore warrant issue.