Shree Pushkar reports Rs 53.35 crore H1 operating cash outflow

Shree Pushkar Chemicals & Fertilisers Ltd. reported a Rs 53.35 crore net cash outflow from operating activities in H1 FY27, against a Rs 32.9 crore inflow a year earlier, after working-capital changes used Rs 136.75 crore. Shree Pushkar’s trade receivables rose to Rs 332.1 crore at 30 September 2026 from Rs 179.2 crore at 31 March 2026.

Why did Shree Pushkar report negative operating cash flow in H1 FY27?

Shree Pushkar reported negative operating cash flow because Rs 136.75 crore of working-capital changes exceeded its Rs 84.2 crore operating profit before working-capital changes in H1 FY27. The working-capital use was substantially higher than the Rs 21 crore use in H1 FY26, taking cash generated from operations to negative Rs 52.60 crore from a positive Rs 36.9 crore a year earlier.

Direct taxes paid were Rs 75 lakh in H1 FY27, compared with Rs 4 crore in H1 FY26. After taxes, net cash from operating activities was negative Rs 53.35 crore, compared with a positive Rs 32.9 crore in the prior-year half. The cash-flow statement reports working-capital changes as one aggregate amount and does not allocate the movement among receivables, inventory, payables or other balance-sheet accounts.

How much did Shree Pushkar’s receivables increase?

Shree Pushkar’s trade receivables increased by Rs 152.9 crore to Rs 332.1 crore at 30 September 2026 from Rs 179.2 crore at 31 March 2026. This increase was larger than the Rs 121.1 crore rise in total current assets, which reached Rs 603.5 crore from Rs 482.4 crore during the same six-month period.

Receivables represented about 55% of current assets at September 2026, while inventories fell by Rs 42.3 crore to Rs 93.9 crore from Rs 136.2 crore. Other current assets increased to Rs 45.3 crore from Rs 34.5 crore, and current investments were Rs 132.7 crore compared with Rs 131.1 crore. The presentation does not disclose customer categories, ageing, collection terms or expected recovery timing for the receivables balance.

Did Shree Pushkar’s profit rise while cash flow declined?

Yes, Shree Pushkar’s reported H1 FY27 profit increased while operating cash flow moved into an outflow. Revenue from operations rose 34.1% year on year to Rs 683.6 crore, earnings before interest, tax, depreciation and amortisation rose 46.6% to Rs 81.2 crore, and profit after tax increased 49.7% to Rs 58.6 crore.

Profit before tax increased to Rs 70.8 crore from Rs 47.7 crore, and non-operating adjustments of Rs 13.4 crore brought operating profit before working-capital changes to Rs 84.2 crore. This was Rs 26.5 crore above the Rs 57.7 crore reported in H1 FY26. The move to negative operating cash flow therefore followed the larger reported working-capital use rather than a decline in reported profit.

Gross profit increased to Rs 209.9 crore from Rs 168.5 crore, although gross profit margin declined to 30.7% from 33.1%. In contrast, earnings before interest, tax, depreciation and amortisation margin increased to 11.9% from 10.8%, and profit-after-tax margin rose to 8.6% from 7.7%.

Which segments increased Shree Pushkar’s H1 FY27 sales?

Shree Pushkar’s chemicals segment recorded the faster H1 FY27 sales-value growth, with sales rising 53.8% to Rs 383 crore from Rs 249 crore. Fertilisers sales increased 15.4% to Rs 300 crore from Rs 260 crore, leaving chemicals with 56% of segment sales value and fertilisers with 44%.

The volume mix was different from the sales-value mix. Fertilisers accounted for 86% of H1 FY27 sales volume at 145,804 metric tonnes, compared with 148,815 metric tonnes in H1 FY26. Chemicals accounted for 14% at 23,481 metric tonnes, compared with 32,103 metric tonnes a year earlier; the presentation nevertheless displays a 26.9% change beside the chemicals volume comparison.

In Q2 FY27, chemicals sales were Rs 245 crore versus Rs 132 crore in Q2 FY26, while fertilisers sales were Rs 158 crore versus Rs 124 crore. Consolidated Q2 revenue was Rs 403.5 crore, up 58.2% year on year. The presentation provides no segment-level receivables or cash-flow figures, so it does not attribute the receivables increase to either segment.

How did Shree Pushkar fund its cash requirements in H1 FY27?

Shree Pushkar reported Rs 93.80 crore of cash inflow from financing activities in H1 FY27, compared with Rs 46.2 crore in H1 FY26. That inflow exceeded the Rs 53.35 crore operating outflow and Rs 40.4 crore investing outflow, resulting in a Rs 1 lakh net decrease in cash and cash equivalents for the period.

Current borrowings rose to Rs 210.6 crore at September 2026 from Rs 103.6 crore at March 2026, while non-current borrowings declined to Rs 19.6 crore from Rs 23.5 crore. Trade payables were broadly unchanged at Rs 158.8 crore from Rs 160.3 crore. Cash and cash equivalents ended the period at Rs 66 lakh, compared with Rs 67 lakh at the beginning of the financial year.

Investing cash outflow was Rs 40.4 crore in H1 FY27, lower than Rs 75.1 crore in H1 FY26. Property, plant and equipment increased to Rs 356.5 crore from Rs 300.5 crore, while capital work in progress declined to Rs 126.8 crore from Rs 149.4 crore. The presentation reports nine facilities, three solar plants and capacities described as post-expansion, but does not identify the specific projects financed during the half year.

Conclusion

Shree Pushkar’s H1 FY27 figures show higher reported earnings alongside lower cash conversion. Revenue rose to Rs 683.6 crore and profit after tax rose to Rs 58.6 crore, but a Rs 136.75 crore working-capital outflow resulted in negative Rs 53.35 crore of operating cash flow. The Rs 152.9 crore increase in trade receivables was the most significant stated change within current assets over the six months to September 2026.

The next reported results will show whether trade receivables move from Rs 332.1 crore and whether operating cash flow recovers from the H1 FY27 outflow. Management’s presentation does not provide a receivables-collection target, working-capital plan or timing for cash conversion, while current borrowings stood at Rs 210.6 crore at 30 September 2026.