Any current/future capex/capital investment/strategic investment?

Current capex pipeline of approximately INR 200 crores focused on chemical, fertilizer, and renewable energy sectors. Around 50-60% of future capacity expansion is towards backward integration, which improves bottom-line without significantly impacting top-line. INR 20-22 crores being spent on expanding solar power capacity; total solar investment around INR 37-38 crores with a 3.8 MW plant recently completed and plans for a 9 MW combined solar capacity. Capital work in progress (CWIP) closing balance is INR 42 crores — INR 16 crores in solar and INR 33.46 crores in chemical and fertilizer exp

Future growth expectations in sales/revenue/volumes?

For FY25, expected revenue growth is around 15%-20%, targeting approximately INR 875 to INR 935 crores. The company anticipates reaching over INR 1,100 crores in revenue by FY26. Capacity utilization is expected to improve from 65% to around 75% in FY24-25, enhancing productivity by 10%. Volume growth observed in chemicals (26% YoY increase in FY24) and dyes intermediates (82% volume growth in FY24). Fertilizer segment expected to support growth, with improved subsidy levels and decent offtake anticipated due to the good monsoon forecast. Gradual improvement in business phases: new c

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects approximately 15%-20% growth in both top line and bottom line for FY25. For FY25, a revenue range of INR 875 to INR 935 crores is anticipated. For FY26, the company targets a revenue of around INR 1,100 crores. EBITDA margin is expected to be around 10% for FY25-26, with cautious optimism given geopolitical factors. PAT margins are targeted around 10% in the near term. Improvements in fertilizer segment subsidy and expected decent offtake support growth projections. Backward integration and solar power project capex will enhance profitability and cost efficiency

Current/ Expected Orderbook/ Pending Orders?

As of the latest call, the management indicated there is improved visibility on the order book compared to earlier levels. The company sees restocking happening on the chemical side, suggesting positive momentum in orders. Punit Makharia mentioned that the trust level about order visibility seen in Q4 FY23-24 has been maintained and is expected to improve further in coming quarters. No specific numeric values for current or expected order book/pending orders were disclosed during the call. The outlook is optimistic, anticipating better demand and growth post the first quarter of FY24-25.

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Shree Pushkar Chemicals & Fertilizers LtdQ1 FY24Chemicals & Petrochemicals

Shree Pushkar Chemicals & Fertilizers Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹358P/E: 17.1Market Cap: ₹1.3K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 3

→For FY25, expected revenue growth is around 15%-20%, targeting approximately INR 875 to INR 935 crores.
→The company anticipates reaching over INR 1,100 crores in revenue by FY26.
→Capacity utilization is expected to improve from 65% to around 75% in FY24-25, enhancing productivity by 10%.
→Volume growth observed in chemicals (26% YoY increase in FY24) and dyes intermediates (82% volume growth in FY24).
→Fertilizer segment expected to support growth, with improved subsidy levels and decent offtake anticipated due to the good monsoon forecast.
→Gradual improvement in business phases: new chemical expansions (Unit 5 and Unit 6) and solar projects to contribute in phases across FY25 and beyond.
→Management expects EBITDA margins to stabilize around 10% in the near term with improved profitability alongside revenue growth.

Margin guidance

Category 1

→The company expects approximately 15%-20% growth in both top line and bottom line for FY25.
→For FY25, a revenue range of INR 875 to INR 935 crores is anticipated.
→For FY26, the company targets a revenue of around INR 1,100 crores.
→EBITDA margin is expected to be around 10% for FY25-26, with cautious optimism given geopolitical factors.
→PAT margins are targeted around 10% in the near term.
→Improvements in fertilizer segment subsidy and expected decent offtake support growth projections.
→Backward integration and solar power project capex will enhance profitability and cost efficiency, positively impacting future earnings.
→Management is confident that operational efficiencies and strategic investments will deliver long-term value and improved earnings visibility soon.

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Fundraise plans

Yes

- No explicit mention of any new fundraising through debt or equity in the recent discussions. - The planned capex of INR 215 crores is primarily funded through internal accruals and a preferential issue to the promoter (Page 3). - Solar expansion investment of around INR 37-38 crores is planned without taking any debt or loan (Page 14). - Current bank borrowings include INR 107 crores, mostly non-funded limits, not additional new debt (Page 7-8). - No indication of new equity fundraising campaigns or debt issuances was discussed in the Q&A or management remarks. In summary, the company is funding its capex mainly via internal accruals and promoter preferential issue, with no new debt or equity fundraising currently planned or disclosed.

Order book

Yes

→As of the latest call, the management indicated there is improved visibility on the order book compared to earlier levels.
→The company sees restocking happening on the chemical side, suggesting positive momentum in orders.
→Punit Makharia mentioned that the trust level about order visibility seen in Q4 FY23-24 has been maintained and is expected to improve further in coming quarters.
→No specific numeric values for current or expected order book/pending orders were disclosed during the call.
→The outlook is optimistic, anticipating better demand and growth post the first quarter of FY24-25.

Capex plans

Yes

→Current capex pipeline of approximately INR 200 crores focused on chemical, fertilizer, and renewable energy sectors.
→Around 50-60% of future capacity expansion is towards backward integration, which improves bottom-line without significantly impacting top-line.
→INR 20-22 crores being spent on expanding solar power capacity; total solar investment around INR 37-38 crores with a 3.8 MW plant recently completed and plans for a 9 MW combined solar capacity.
→Capital work in progress (CWIP) closing balance is INR 42 crores — INR 16 crores in solar and INR 33.46 crores in chemical and fertilizer expansions.
→Fertilizer capacity expansions include Unit 6 with 1,50,000 tons and Unit 4 water-soluble fertilizer plant with 12,000 tons capacity, expected to be commercialized in the near term.
→Planned capex of INR 215 crores funded mainly through internal accruals and preferential promoter issue.

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