NSE: SHREEPUSHK · BSE: 539334
SHRE PUSH CHEM & FERT LTD
Manufactures speciality textile dyes, dyes intermediates, acids, fertilisers, and animal health & nutrition products, and operates captive solar power. The business operates 9 manufacturing facilities spread across Maharashtra, Madhya Pradesh, and Haryana, and is recognised as an export house with a branch in Iraq. Chemicals (textile dyes, dyes intermediates, acids) contributed 54% of FY26 revenue and fertilisers 46%; chemical segment volumes grew 27.9% in FY26 while fertiliser volumes fell 3%. Animals health & nutrition and captive power are smaller contributors. Raw materials (mainly sulphur and ammonia) are the largest input cost, accounting for 64% of revenue, and have become a major swing factor: sulphur prices roughly tripled to Rs. 100/kg and ammonia more than doubled to Rs. 100+/kg during FY26, partially offset by 30-40% hikes in finished-goods prices. Planned expansions include 4,50,000 MTPA of additional fertiliser capacity, 72,000 MTPA of additional chemical capacity, and 10 MW DC of additional solar capacity (taking the solar base to 20.6 MW DC), against total planned capex of Rs. 512 cr of which Rs. 189 cr has been spent. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemicals (54%), Fertilisers (46%), Animal health & nutrition, Power. Vertically integrated, multi-segment speciality chemicals and fertiliser manufacturer with captive power and minimal leverage
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 584 | 684 | 726 | 806 | 977 |
| EBITDA (ex other income) | 80 | 68 | 61 | 84 | 100 |
| margin % | 13.6 | 10.0 | 8.4 | 10.4 | 10.2 |
| Owners' profit | 0 | 0 | 37 | 59 | 0 |
| EPS, as reported (₹) | 18.01 | 11.83 | 11.72 | 18.25 | 21.68 |
| ROE % · ROCE % | 14.0 · 16.8 | 8.5 · 12.2 | 7.8 · 9.7 | 10.9 · 12.3 | 11.5 · 13.1 |
| Debt / equity (x) | 0.22 | 0.15 | 0.23 | 0.18 | 0.21 |
| Cash from operations | 42 | 50 | 16 | 38 | 102 |
| Capex | (58) | (26) | (47) | (47) | (116) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 176 | 217 | 219 | 255 | 255 | 249 | 218 | 280 |
| Profit before tax | 16 | 18 | 20 | 26 | 22 | 20 | 17 | 28 |
| Net profit | 13 | 16 | 17 | 21 | 18 | 18 | 13 | 23 |
| EPS (₹) | 4.14 | 4.93 | 5.12 | 6.48 | 5.63 | 5.59 | 3.98 | 7.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUDARSHAN CHEMICAL INDS L | 8,481 | 117.2 | 2.20 | 15.1 | 1.1 | 1.9 | 39.3 | 10.5 |
| KIRI INDUSTRIES LIMITED | 3,200 | 0.5 | 0.50 | 0.5 | 86.4 | 86.1 | (2.6) | 96.6 |
| SHRE PUSH CHEM & FERT LTD ◆ | 1,769 | 24.5 | 2.90 | 16.8 | 11.5 | 12.5 | 22.4 | 13.1 |
| BHAGERIA INDUSTRIES LTD | 1,462 | 21.2 | 2.46 | 15.9 | 7.5 | 8.6 | 16.8 | 20.1 |
| ULTRAMARINE & PIGMENTS L | 1,050 | 13.0 | 1.21 | 8.1 | 9.3 | 11.1 | 20.2 | 13.8 |
| SUDARSHAN COLORNT IND LTD | 1,003 | 21.0 | 1.76 | — | 7.8 | 9.6 | — | 14.8 |
| ASAHI SONGWON COLOR LTD | 434 | 12.5 | 1.46 | 10.1 | 6.0 | 7.0 | 13.6 | 17.3 |
| AKSHARCHEM INDIA LIMITED | 308 | 21.9 | 1.18 | — | (0.2) | (1.5) | — | 16.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 21.1 | 8 of 10 | 22% |
| P/B | 2.9 | 1.6 | 10 of 10 | 0% |
| ROCE | 12.5 | 7.8 | 2 of 10 | 89% |
| ROE | 11.5 | 6.7 | 2 of 10 | 89% |
| Debt / Equity | 0.2 | 0.2 | 6 of 10 | 44% |
| EBITDA margin | 13.1 | 14.3 | 7 of 10 | 33% |
| Revenue growth | 10.0 | 7.8 | 5 of 10 | 56% |
| Profit growth | 9.4 | 53.6 | 8 of 10 | 22% |
| Market cap | 1769 | 1026 | 3 of 10 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY2027 earnings call set for 3 November 2026 | general | minimal | — | — |
| 27 Oct 2026 · Board to review Q2 results and consider preferential fundraising | results | low | — | — |
| 13 Oct 2026 · Reg 74(5) certificate from RTA for quarter ended Sep 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · NCLT allows withdrawal of subsidiary merger scheme | general | low | — | — |
| 29 Sept 2026 · 33rd AGM: All 7 Resolutions Passed, Rs 2.10 Dividend Approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 33rd AGM concluded; final dividend of Rs 2.10 per share declared | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window closed from Oct 1 till Q2 results declaration | compliance | minimal | — | — |
| 10 Sept 2026 · Commercial Production Begins at Unit-5 Dyes Segment | general | minimal | — | — |
| 5 Sept 2026 · Newspaper publication of 33rd AGM notice and e-voting information | general | minimal | — | — |
| 4 Sept 2026 · Letter to shareholders with web link for FY26 Annual Report and AGM Notice | general | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.