1. At a Glance
Picture this: a ₹1,272 crore company blending acids, dyes, and fertilizers — and somehow ending the quarter with ₹255 crore in sales and ₹18.2 crore profit, while also announcing a ₹350 crore expansion. That’s Shree Pushkar Chemicals & Fertilisers Ltd (SPCFL) for you — part chemist, part farmer, and full-time corporate multitasker.
At ₹393 a share (as of 7th Nov 2025), the stock has already flexed with a 57.5% six-month rally and a 45% annual return. With an ROE of 11.4%, ROCE of 11.6%, and debt-to-equity ratio at a peaceful 0.27, the company isn’t exactly a stress case. But with ₹350 crore new capex for a 3,00,000 MTPA expansion and another round of preferential warrants at ₹407.50 apiece — someone’s clearly betting big on more colorful times ahead.
Their quarterly sales grew 45% YoY, profits up 36.6% YoY — not a bad day for a company selling sulphuric acid and cattle feed with equal enthusiasm. And yes, this is the same management that just casually announced: “EGM on Dec 10. Also, 7.36 lakh warrants for the promoter. Because why not?”
Welcome to the story of a smallcap chemical company that somehow manufactures both fertilizer and optimism.
2. Introduction
The Indian smallcap world is a zoo of overambitious capex announcements — but every now and then, one creature manages to stand out. Shree Pushkar Chemicals & Fertilisers Ltd is that colorful parrot that refuses to sit quietly.
From textile dyes to cattle feed supplements, SPCFL’s product range sounds like an FMCG-meets-farmer fantasy. It’s like watching a company that manufactures both Holi colorsandthe fertilizer for the crops that grow the colors.
But here’s what makes them fascinating — they actually make money. FY25 revenue stood at ₹806 crore, now trailing twelve months (TTM) revenue ₹946 crore, with PAT touching ₹72 crore. And if you thought that was stable, this quarter’s ₹255 crore revenue and ₹18.2 crore profit are their loudest “we’re scaling up” signal yet.
Still, there’s always that one question: can a chemical company that’s also into fertilizers really master both chemistry and agriculture? Or will it become the kind of story analysts love before realizing the inventory is growing faster than profits?
Well, that’s what we’re here to decode — with data, sarcasm, and some industrial-grade humour.
3. Business Model – WTF Do They Even Do?
SPCFL is the buffet of the chemical world. You name it, they probably manufacture it — dyes, dye intermediates, acids, fertilizers, and even cattle feed supplements.
Let’s simplify:
- TheirChemical Divisionmakes sulphuric acid, oleum, chloro sulphonic acid, and all the scary stuff that’s actually useful in textile dyeing.
- TheirDye Intermediateslike H-Acid, K-Acid, and R-Salt are the backbone of India’s colorful textile exports.
- Then, as if chemistry wasn’t messy enough, they also makefertilizers— SSP, NPK, soil conditioners, sulphate of potash — feeding both farmers and balance sheets.
- Oh, and they even producecattle feed supplementsbecause apparently, the cows deserve some chemistry too.
The company
operates facilities across Maharashtra, Madhya Pradesh, and Haryana — with combined capacity of ~21,460 MTPA of chemicals, 1.06 lakh MTPA of acids, and 5.9 lakh MTPA of fertilizers.
This multi-vertical play is cleverly designed for integration — acids feed into dyes, waste gets reused in fertilizers, and the entire system creates circular efficiency. Basically, it’s like recycling profits instead of plastic.
4. Financials Overview
Quarterly Financials (₹ Cr)
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 255 | 176 | 255 | 45.2% | 0.0% |
| EBITDA | 26 | 19 | 29 | 36.8% | -10.3% |
| PAT | 18.2 | 13 | 21 | 36.6% | -13.3% |
| EPS (₹) | 5.63 | 4.12 | 6.48 | 36.6% | -13.1% |
Commentary:Revenue jumped 45% YoY — proof that demand for dyes and fertilizers didn’t fade like cheap fabric. EBITDA margins around 10% show that while input costs bite, the company’s integrated model cushions impact. EPS at ₹5.63 annualizes to ₹22.5 — which means a P/E of roughly 17.4x, pretty much in line with the sector.
So yes, they’re growing faster than Sudarshan Chemical’s jokes in analyst meets — and doing it without massive debt.
5. Valuation Discussion – Fair Value Range
Let’s run a sanity check using three angles:
1. P/E MethodAnnualized EPS: ₹22.5Industry P/E: ~22xCompany P/E: 17.8xFair Value Range (₹): ₹22.5 × (17x to 22x) = ₹382 – ₹495
2. EV/EBITDA MethodEV = ₹1,407 Cr; EBITDA (TTM) = ₹102 Cr → EV/EBITDA = 13.8xIf we apply 11–14x range (chemical midcap peers), fair EV = ₹1,120 – ₹1,430 Cr → Implied equity value = ₹1,000 – ₹1,310 Cr → Per share ₹310 – ₹405
3. Simplified DCFAssume FCF yield of ~6.5% (earnings yield), and moderate 8–10% growth → Implied fair value ₹380 – ₹450
Fair Value Range (Educational Only): ₹380 – ₹480 per share.
This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Oh, there’s plenty cooking in this lab.
InNovember 2025, SPCFL’s board approved a₹350 crore expansionfor a new 3,00,000 MTPA unit at Meghnagar — that’s nearly half their existing fertilizer capacity. The announcement also
