1. At a Glance
₹364 per share. Market cap ₹1,179 crore. Stock P/E 16. ROCE 11.6%. ROE 11.4%. Debt-to-equity just 0.27. Promoters holding a solid 69.36% with zero pledge.
Latest Q3 FY26 numbers? Revenue ₹249 crore. PAT ₹18.1 crore. Quarterly sales growth 14.6%. Profit growth 13.5%.
Annualised EPS (based on Q3 average method, because yes, we follow rules) works out to roughly ₹22.8–23 range. That neatly matches trailing numbers. No accounting gymnastics required.
Three-month return? Negative 11.7%. One-year return? Positive 18.4%.
So what do we have here?
A mid-sized chemical and fertilizer manufacturer growing steadily… not explosively. Expanding capacity. Raising warrants. Increasing authorised capital. And quietly building solar power infrastructure.
This is not a meme stock. This is not a rocketship.
This is a steady, chemical-flavoured, agriculture-linked compounder trying to behave like a responsible adult.
But the question is — does steady mean boring… or stable?
Let’s put on the lab coat.
2. Introduction – The Chemical Farmer of the Stock Market
Incorporated in 1993, Shree Pushkar Chemicals & Fertilisers Ltd decided to mix two worlds: chemicals and agriculture. Because why choose one volatile industry when you can operate in two?
They manufacture dyes, dye intermediates, fertilizers, soil conditioners, reactive dyes, textile chemicals, and even cattle feed supplements.
Basically, if it touches fabric, soil, or livestock — they probably have a product for it.
Revenue split FY23:
- Chemicals & Dyes ~45%
- Fertilizers & Allied ~48%
- Cattle Feed ~7%
Geographical split:
- Domestic: 89%
- Exports: 11%
This is largely a domestic story. Not overly dependent on exports. Not overly dependent on one segment.
Now here’s the interesting bit — they’ve been expanding aggressively:
- New 32,000 MTPA capacity added in FY23 (KPPL, Hissar)
- ₹215 crore capex underway
- ₹350 crore Meghnagar expansion approved (300,000 MTPA via subsidiary)
- Solar power capacity going from 5.2 MW_DC to 9 MW_DC
Expansion + backward integration + energy cost control.
Sounds disciplined, right?
But chemical businesses are cyclical beasts. One bad pricing cycle and margins evaporate like sulphuric acid fumes.
So the real question is:
Are they building for long-term margin resilience… or just chasing volume?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine this:
A textile factory wants to dye cotton fabric. They need sulphuric acid, oleum, chloro sulphonic acid.
A dye manufacturer needs K-Acid, Gamma Acid, R-Salt, Vinyl Sulphone.
A farmer wants Single Super Phosphate or NPK fertilizer.
A poultry feed manufacturer wants cattle feed supplement.
Shree Pushkar supplies all of them.
They operate manufacturing facilities in Maharashtra,
