Shree Pushkar Chemicals & Fertilisers Q2FY26 Concall Decoded: From Monsoons to Megawatts – The Dye is Cast (and Profitable)
1. Opening Hook
While most chemical companies are busy blaming China and the weather, Shree Pushkar is doing both—but still posting record growth. Punit Makharia kicked off the call sounding like a man who’s been dodging rainclouds, transformers, and tariffs yet still managed a 45% topline jump. As always, he mixed discipline with a dash of dad energy: no loans, no drama, just solid chemistry. From zero-waste bragging to new solar power bragging, he made even fertilisers sound fashionable. But as you’ll see later — between investor roasts and electric frustrations — this call had elements of comedy and conviction. Read on, it only gets more reactive. ⚗️
2. At a Glance
Revenue ₹255 cr (↑45% YoY): Rain may delay power, but not Pushkar’s sales reaction.
EBITDA ₹26.2 cr (↑37.5% YoY): Margins steady at 10.3%, apparently fertilisers also do photosynthesis now.
PAT ₹18.2 cr (↑36.7% YoY): Profits grew faster than government paperwork for transformers.
Fertiliser segment ₹124 cr (↑51% YoY): Farmers love Pushkar more than subsidies.
Chemical segment ₹132 cr (↑40% YoY): Dyes don’t lie — bright and profitable.
Net cash ₹162 cr (deposits): Enough liquidity to irrigate the Ratnagiri plant itself.
3. Management’s Key Commentary
Punit Makharia: “We delivered strong growth across fertilisers and chemicals.” (Translation: We survived monsoons, tariffs, and power cuts — and still smiled. 😏)
Punit: “Electricity delays are out of our control.” (Translation: State utilities remain India’s true bottleneck chemical.)
CFO Deepak: “We maintain ample liquidity with ₹162 crore in deposits.” (Translation: Bankers now chase us instead of the other way around.)
Punit: “We’ll fund ₹350 crore Meghnagar expansion mostly through internal accruals.” (Translation: Borrowing? Never heard of her.)
Punit (when investor questions his confidence): “If I lacked confidence, would I announce capex after capex?” (Translation: Don’t mess with a man who funds factories from cash flow. 🔥)
Punit: “We’re zero-waste and adding 11 MW solar.” (Translation: Our margins and our power bills are both eco-friendly.)
Punit: “We’ve incorporated Dyecol for better branding abroad.” (Translation: Foreign clients can now pronounce our company name.)
