Shree Pushkar Q2 profit rose 96.1% as EBITDA margin hit 12.2%

Shree Pushkar Chemicals & Fertilisers Limited reported Q2 FY27 profit after tax of Rs 35.7 crore, up 96.1% year on year, while earnings before interest, tax, depreciation and amortisation margin increased to 12.2% from 10.3%. Revenue from operations rose 58.2% to Rs 403.5 crore in the quarter ended September 30, 2026.

How did Shree Pushkar’s Q2 FY27 earnings change?

Shree Pushkar’s Q2 FY27 profit after tax, or PAT, nearly doubled to Rs 35.7 crore from Rs 18.2 crore in Q2 FY26, while revenue from operations rose to Rs 403.5 crore from Rs 255.1 crore. PAT increased 96.1%, exceeding the 58.2% growth in revenue, and PAT margin rose to 8.9% from 7.1%.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 87.7% to Rs 49.2 crore from Rs 26.2 crore. Earnings before interest and tax, or EBIT, rose 93.1% to Rs 45.6 crore, while profit before tax rose 96.3% to Rs 42.97 crore from Rs 21.9 crore.

The Q2 FY27 result was also higher than the preceding quarter on profit measures, with EBITDA rising from Rs 29.1 crore in Q1 FY27 and PAT from Rs 21 crore. Finance costs were Rs 2.7 crore in Q2 FY27 versus Rs 1.7 crore a year earlier, while total tax expense increased to Rs 7.3 crore from Rs 3.7 crore.

Why did Shree Pushkar’s EBITDA margin rise despite a lower gross margin?

Shree Pushkar reported an EBITDA margin of 12.2% in Q2 FY27, up 1.9 percentage points from 10.3% in Q2 FY26, despite gross-profit margin declining to 30.0% from 33.2%. The presentation does not assign a specific reason for the differing gross-margin and EBITDA-margin movements.

Gross profit rose 42.7% to Rs 120.7 crore from Rs 84.6 crore, which was below the 58.2% increase in revenue. Cost of materials consumed increased to Rs 266.8 crore from Rs 152 crore, while changes in inventories were Rs 16 crore in Q2 FY27 compared with Rs 18.5 crore in Q2 FY26.

Employee-benefit expense rose to Rs 15 crore from Rs 13.3 crore and other expenses increased to Rs 56.5 crore from Rs 45.1 crore. Even so, EBITDA grew by Rs 23 crore year on year, compared with a Rs 36.1 crore increase in gross profit, and the reported EBITDA margin moved higher.

The sequential data show a different gross-margin pattern. Gross-profit margin was 33.0% in Q1 FY27 before falling to 30.0% in Q2 FY27, whereas EBITDA margin increased from 11.4% to 12.2% and PAT margin rose from 8.2% to 8.9% over the same quarters.

Which segment drove Shree Pushkar’s Q2 FY27 sales growth?

Shree Pushkar’s chemicals segment delivered the larger increase in Q2 FY27 sales value, with sales rising 85.6% year on year to Rs 245 crore, compared with a 27.4% increase in fertiliser sales to Rs 158 crore. Chemicals represented 61% of reported segment sales value in the quarter, while fertilisers accounted for 39%.

Fertiliser sales volume reached 79,277 metric tonnes in Q2 FY27, compared with 72,527 metric tonnes in Q2 FY26 and 66,527 metric tonnes in Q1 FY27. Chemical sales volume was 14,368 metric tonnes, below 17,266 metric tonnes a year earlier but above 9,113 metric tonnes in Q1 FY27.

The segment data therefore show that chemicals recorded higher sales value even as its Q2 sales volume was lower than a year earlier. Fertilisers added Rs 34 crore of sales value year on year, while chemicals added Rs 113 crore, based on the reported Q2 segment figures.

What did Shree Pushkar report for H1 FY27?

Shree Pushkar reported H1 FY27 revenue from operations of Rs 683.6 crore, up 34.1% from Rs 509.6 crore in H1 FY26, and PAT of Rs 58.6 crore, up 49.7% from Rs 39.2 crore. EBITDA increased 46.6% to Rs 81.2 crore from Rs 55.3 crore.

H1 FY27 EBITDA margin increased to 11.9% from 10.8%, while EBIT margin rose to 11.1% from 9.8%. PAT margin increased to 8.6% from 7.7%, although gross-profit margin declined to 30.7% from 33.1%.

Chemicals sales rose 53.8% to Rs 383 crore in H1 FY27 from Rs 249 crore in H1 FY26, exceeding the 15.4% increase in fertiliser sales to Rs 300 crore. The reported half-year sales mix was 56% fertilisers and 44% chemicals, compared with the Q2 FY27 mix of 39% and 61%, respectively.

Q2 FY27 accounted for Rs 403.5 crore of H1 revenue and Rs 35.7 crore of H1 PAT, against the H1 totals of Rs 683.6 crore and Rs 58.6 crore. This places the second quarter’s reported revenue and PAT above the Q1 FY27 amounts of Rs 254.5 crore and Rs 21 crore shown in the consolidated profit and loss statement.

Conclusion

Shree Pushkar reported Q2 FY27 revenue growth of 58.2% and PAT growth of 96.1%, with EBITDA margin rising 1.9 percentage points to 12.2% and PAT margin rising 1.8 percentage points to 8.9%. Chemicals generated Rs 245 crore of Q2 segment sales, or 61% of reported segment sales value, compared with Rs 158 crore for fertilisers.

The next disclosed development to watch is the Board-approved Rs 70 crore chemical plant at Ratnagiri Unit 5, with planned annual capacity of 3,000 metric tonnes and expected commissioning by March 2028. Management said the project is to be funded through internal accruals and a proposed preferential issue of up to 8,54,060 fully convertible warrants at Rs 526.90 each, subject to shareholder and other applicable approvals.