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- Q2 FY27 results
Shree Pushkar Chemicals & Fertilisers Q2 FY27 results: net profit up 96.3% to ₹35.72 crore, revenue up 58.2%
Shree Pushkar Chemicals & Fertilisers Limited reported consolidated revenue of ₹403.48 crore and a net profit of ₹35.72 crore for Q2 FY27. Revenue rose 58.2% from Q2 FY26, while EBITDA increased 87.7% and the EBITDA margin expanded 1.9 percentage points to 12.2%.
Key points
- Consolidated Q2 FY27 revenue was ₹403.48 crore, up 58.2% from ₹255.09 crore in Q2 FY26 and 44.1% from ₹280.07 crore in Q1 FY27.
- EBITDA was ₹49.24 crore, up 87.7% year on year and 54.2% sequentially, while the margin rose to 12.2% from 10.3% and 11.4%, respectively.
- Net profit was ₹35.72 crore, up 96.3% from ₹18.20 crore a year earlier and 55.8% from ₹22.93 crore in the previous quarter.
- Basic EPS was ₹11.05, compared with ₹5.63 in Q2 FY26 and ₹7.09 in Q1 FY27.
- H1 FY27 revenue was ₹683.55 crore and net profit was ₹58.64 crore, with revenue up 34.1% and net profit up 49.7% year on year.
How did Shree Pushkar Chemicals & Fertilisers perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹403.48 crore, up 58.2% from ₹255.09 crore in Q2 FY26 and 44.1% from ₹280.07 crore in Q1 FY27. Total income was ₹406.69 crore, rising 57.4% year on year and 42.7% sequentially. On the standalone basis, revenue was ₹229.54 crore and profit after tax was ₹23.44 crore, against profit before tax of ₹10.58 crore.
EBITDA was ₹49.24 crore, up 87.7% from ₹26.24 crore a year earlier and 54.2% from ₹31.93 crore in the previous quarter. The EBITDA margin increased to 12.2% from 10.3% in Q2 FY26 and 11.4% in Q1 FY27.
Profit before tax was ₹42.97 crore, up 96.4% from ₹21.88 crore in Q2 FY26 and 54.5% from ₹27.82 crore in Q1 FY27. Net profit was ₹35.72 crore, compared with ₹18.20 crore a year earlier and ₹22.93 crore in the previous quarter, while basic EPS was ₹11.05 versus ₹5.63 and ₹7.09, respectively.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 403.48 | 280.07 | 255.09 | +58.2% | +44.1% |
| Other income | 3.20 | 4.87 | 3.28 | −2.4% | −34.3% |
| Total expenses | 363.71 | 257.11 | 236.49 | +53.8% | +41.5% |
| EBITDA | 49.24 | 31.93 | 26.24 | +87.7% | +54.2% |
| EBITDA margin | 12.2% | 11.4% | 10.3% | +1.9 pp | +0.8 pp |
| Profit before tax | 42.97 | 27.82 | 21.88 | +96.4% | +54.5% |
| Tax | 7.25 | 4.90 | 3.68 | +97.0% | +48.0% |
| Net profit | 35.72 | 22.93 | 18.20 | +96.3% | +55.8% |
| EPS (₹) | 11.05 | 7.09 | 5.63 | +96.3% | +55.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Shree Pushkar Chemicals & Fertilisers' costs and profit?
Total expenses rose 53.8% year on year to ₹363.71 crore, compared with a 58.2% increase in revenue. Cost of materials was the largest increase, rising ₹114.87 crore to ₹266.83 crore. Employee cost rose ₹1.76 crore to ₹15.01 crore, finance costs increased ₹0.91 crore to ₹2.65 crore, depreciation rose ₹0.93 crore to ₹6.82 crore, and other expenses increased ₹11.36 crore to ₹56.46 crore.
Other income fell ₹0.08 crore to ₹3.20 crore from ₹3.28 crore in Q2 FY26, while there was no exceptional item. Tax expense increased ₹3.57 crore to ₹7.25 crore from ₹3.68 crore. Profit before tax rose ₹21.09 crore to ₹42.97 crore, and net profit increased ₹17.52 crore to ₹35.72 crore.
Against Q1 FY27, total expenses were ₹106.60 crore higher, including a ₹73.46 crore rise in cost of materials, a ₹11.90 crore rise in other expenses and a ₹2.28 crore rise in employee cost. Other income fell ₹1.67 crore to ₹3.20 crore, while tax rose ₹2.35 crore to ₹7.25 crore. The filings did not state reasons for the quarter’s expense movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 266.83 | 151.96 | +114.87 | +75.6% |
| Employee cost | 15.01 | 13.25 | +1.76 | +13.3% |
| Finance costs | 2.65 | 1.74 | +0.91 | +52.3% |
| Depreciation | 6.82 | 5.89 | +0.93 | +15.8% |
| Other expenses | 56.46 | 45.10 | +11.36 | +25.2% |
| Total expenses | 363.71 | 236.49 | +127.22 | +53.8% |
| Other income | 3.20 | 3.28 | −0.08 | −2.4% |
| Tax | 7.25 | 3.68 | +3.57 | +97.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹683.55 crore, up 34.1% from ₹509.59 crore in H1 FY26. Total income rose 33.9% to ₹691.62 crore from ₹516.60 crore. Profit before tax increased 48.4% to ₹70.80 crore from ₹47.70 crore.
Net profit for H1 FY27 was ₹58.64 crore, up 49.7% from ₹39.16 crore in H1 FY26. Basic EPS rose to ₹18.13 from ₹12.11, an increase of ₹6.02, while the profit margin increased 1.8 percentage points to 8.9% from 7.1%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 683.55 | 509.59 | +34.1% |
| Profit before tax | 70.80 | 47.70 | +48.4% |
| Net profit | 58.64 | 39.16 | +49.7% |
| EPS (₹) | 18.13 | 12.11 | +49.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹1,146.40 crore on 30 September 2026 from ₹970.32 crore on 31 March 2026, and total equity rose to ₹662.01 crore from ₹610.06 crore. Borrowings increased to ₹230.21 crore from ₹127.02 crore, while cash was ₹0.66 crore compared with ₹0.67 crore. Inventories fell to ₹93.87 crore from ₹136.25 crore, trade receivables rose to ₹332.11 crore from ₹179.23 crore, and trade payables eased to ₹158.75 crore from ₹160.27 crore.
H1 FY27 operating cash flow was negative ₹53.33 crore, compared with positive ₹30.61 crore in H1 FY26. Investing cash flow was negative ₹40.47 crore against negative ₹75.15 crore, financing cash flow was positive ₹93.79 crore against positive ₹48.46 crore, and capital expenditure was ₹46.27 crore compared with ₹34.84 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,146 | 970.32 |
| Total equity | 662.01 | 610.06 |
| Borrowings | 230.21 | 127.02 |
| Cash and equivalents | 0.66 | 0.67 |
| Inventories | 93.87 | 136.25 |
| Trade receivables | 332.11 | 179.23 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −53.33 | 30.61 |
| Cash from investing | −40.47 | −75.15 |
| Cash from financing | 93.79 | 48.46 |
| Capital expenditure | 46.27 | 34.84 |
Source: Company's results filing (XBRL).
How has Shree Pushkar Chemicals & Fertilisers done over the last 8 quarters?
Revenue reached a period high of ₹403.48 crore in Q2 FY27 after rising from ₹280.07 crore in Q1 FY27; the earlier low was ₹217.06 crore in Q3 FY25. Net profit also reached a period high of ₹35.72 crore, compared with a low of ₹12.87 crore in Q4 FY26. The EBITDA margin rose to 12.2% in Q2 FY27 from its earlier low of 8.9% in Q3 FY26.
Revenue and profit each increased year on year in each of the last two quarters. The current direction was upward: Q2 FY27 revenue of ₹403.48 crore was above Q1 FY27’s ₹280.07 crore, while net profit of ₹35.72 crore was above ₹22.93 crore and the EBITDA margin of 12.2% was above 11.4%.
What else did the company announce?
The board approved a ₹70 crore capital expenditure for a new chemical plant at Unit-5 in Lote Parshuram, within the available parcel of land. It also approved an increase in authorised share capital from ₹33,50,00,000 divided into 3,35,00,000 equity shares of ₹10 each to ₹34,00,00,000 divided into 3,40,00,000 equity shares, creating an additional 5,00,000 shares.
The board approved up to 8,54,060 fully convertible warrants to promoter and Chairman and Managing Director Punit Gopikishan Makharia on a preferential basis. The issue price was ₹526.90 per warrant or the minimum price determined under the applicable SEBI regulations. An extraordinary general meeting to consider the proposals is scheduled for 2 December 2026, with 25 November 2026 as the cut-off date, and Sanam Umbargikar of DSM & Associates was appointed scrutiniser.
What did Shree Pushkar Chemicals & Fertilisers' management say?
Management said Q3 FY27 fertiliser performance was expected to remain subdued because of poor seasonal conditions, although it expected the combined chemicals and fertiliser quarter to be good. H2 FY27 fertiliser sales volume was targeted to be better than H2 FY26. The company said Unit 5 was commercial with about 6,000 MTPA added, while Unit 6 trials were targeted for November–December 2026.
Management said H-Acid pricing was unsustainable and expected temporary price spikes to normalise as supply returned. It identified poor rains and drought in Maharashtra and Madhya Pradesh, delayed fertiliser subsidy, weak global demand, high sulphur prices and unfavourable advance terms as risks. Unit 6 may not generate revenue in Q4, management said, while the new ₹70 crore, 3,000 MTPA chemical plant was targeted for March 2028.
How did Shree Pushkar Chemicals & Fertilisers shares react?
After the after-market filing, the stock rose 6.2% within five minutes, 10.0% within 15 minutes and 9.8% within 30 minutes from the price when the filing appeared. It closed the reaction day up 7.8% from the previous close of ₹578, and by the next day’s close it was up 2.5% from that pre-results close.
The Dyes And Pigments industry median fell 0.6% on the reaction day and 1.0% by the next day’s close. Shree Pushkar Chemicals & Fertilisers therefore exceeded the industry median by 8.4 percentage points on the reaction day and 3.5 percentage points by the next day’s close. The Nifty Microcap 250 rose 0.3% on the reaction day and 2.4% by the next day’s close.
Earlier reaction-day moves were mixed: the stock fell 8.7% on 12 August 2026, 5.4% on 18 May 2026 and 14.8% on 12 August 2025, while it rose 0.9% on 11 February 2026 and 4.8% on 11 February 2025.
| After the filing | Stock | Dyes And Pigments median |
|---|---|---|
| 5 minutes | +6.2% | |
| 15 minutes | +10.0% | |
| 30 minutes | +9.8% | |
| Reaction day | +7.8% | −0.6% |
| Next day | +2.5% | −1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 12 August 2026 | −8.7% |
| 18 May 2026 | −5.4% |
| 11 February 2026 | +0.9% |
| 8 November 2025 | −3.4% |
| 12 August 2025 | −14.8% |
| 16 May 2025 | −1.6% |
| 11 February 2025 | +4.8% |
| 13 November 2024 | −5.5% |
Source: MarketPing price-reaction measurement.
How did other Dyes And Pigments companies do?
Five other Dyes And Pigments companies that had filed for the quarter were compared. Their median revenue growth was 47.3%; three grew more slowly than Shree Pushkar Chemicals & Fertilisers and two grew faster. Of the five peers whose profit was compared, three reported higher profit.
| Shree Pushkar Chemicals & Fertilisers revenue growth (YoY) | +58.2% |
|---|---|
| Median of 5 other Dyes And Pigments companies | +47.3% |
| Companies with slower revenue growth than Shree Pushkar Chemicals & Fertilisers | 3 of 5 |
| Companies with faster revenue growth than Shree Pushkar Chemicals & Fertilisers | 2 of 5 |
| Companies whose net profit rose | 3 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Shree Pushkar Chemicals & Fertilisers' revenue in Q2 FY27?
Revenue from operations was ₹403.48 crore, up 58.2% from ₹255.09 crore in Q2 FY26 (consolidated).
Did Shree Pushkar Chemicals & Fertilisers make a profit in Q2 FY27?
Yes. Net profit was ₹35.72 crore, against a net profit of ₹18.20 crore in Q2 FY26.
What was Shree Pushkar Chemicals & Fertilisers' EPS in Q2 FY27?
Basic earnings per share were ₹11.05, against ₹5.63 in Q2 FY26.
How did Shree Pushkar Chemicals & Fertilisers shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.8% from the previous close; the median Dyes And Pigments stock moved −0.6%.
When did Shree Pushkar Chemicals & Fertilisers announce its Q2 FY27 results?
On 2 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for The Board Meeting Of Shree Pushkar Chemicals & Fertilisers Limited To Be Held On Monday, 2Nd November, 2026 (BSE, 27 October 2026) · PDF
- Outcome of Board Meeting (NSE, 2 November 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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