Shree Pushkar Chemicals & Fertilizers Ltd

- The company has a no-lien deposit facility of Rs. 146.19 crore as of December 31, 2024, providing strong liquidity and financial flexibility. - Rs. 146 crore loans and investments are still left for ongoing CAPEX, but Rs. 85 crore has already been invested. - The company expects no need to approach banks for additional funding as Rs. 146 crore is available (Page 7). - CAPEX is funded through internal accruals; no mention of new equity or external debt fundraising. - Management is cautious and prefers conservative financial management without overleveraging. - No indication of plans for future fundraising through debt or equity in the near term.

- The company has invested Rs. 84.9 crores in CAPEX during FY2025 (up to December 31, 2024), funded entirely through internal accruals. - Ongoing CAPEX work includes expansions at Unit 5 (starting April 2025) and Unit 6 (expected completion around Diwali 2025). - Solar power project of 3.8 MW has been completed and started. - MVPL-related works are almost completed. - A planned caustic soda plant (50 TPD) project producing caustic and chlorine is under consideration but is likely to be scrapped. - If scrapped, the company will save approx. Rs. 85 crores from the Rs. 146 crores loan/investment planned. - Trial production for current expansions expected by Diwali 2025, commercial production by December 2025. - Strategic move includes approval of merger of two wholly-owned subsidiaries to optimize operations and resources.

- FY25 revenue expected to exceed Rs. 800 crores, with strong Q3 performance of Rs. 586 crores and Rs. 214 crores remaining. - FY26 revenue growth target around 25%, aiming for Rs. 1,000 crores driven by expansion projects (Unit 5 starting April 2025, Unit 6 near completion by Diwali 2025). - Fertilizer volumes expected to improve with full-year production from new fertilizer plant (approx. 1500 tons capacity). - Chemical division has potential to increase utilization by 15-20% from current 50-55%. - EBITDA and PAT margins expected to improve gradually, with EBITDA margin hopeful to rise beyond current 10.3%, and PAT margins targeting 8-8.5% range. - Demand is supported by import dynamics, government initiatives (BIS certification), and market conditions such as decreased Chinese imports. - Ongoing CAPEX investments funded internally to drive capacity and efficiency improvements.

- Revenue growth target for FY26 is around 25%, aiming for approximately Rs. 1,000 crores. - PAT margin guidance for FY26 is around 8%-8.5%, up from about 7.5% currently. - EBITDA margins have improved to about 10.3% in Q3FY25 with an expectation of further improvement in the coming times, though no exact FY26 margin figure given yet. - Conservative guidance is maintained; management prefers to give cautious projections with visibility improving towards the end of Q4FY25. - Expansion in Unit 5 starting April 2025 and Unit 6 near completion by Diwali 2025 expected to drive growth. - Management confident about achieving Rs. 800 crores+ revenue in FY25, with strong visibility for further growth. - Despite recent disruptions (fire shutdown), company expects solid earnings growth supported by capacity ramps and operational efficiencies.

- The company books orders for 1 to 1.5 months in advance; they do not take longer-term orders beyond this period. - As of mid-February 2025, the order book visibility is strong, with bookings made until the end of March 2025. - The management sees a clear visibility of around INR 800 crores in revenue by March for Q4 FY25. - The company prefers to manage orders on a quarterly basis rather than through long-term contracts, which are not workable due to price fluctuations. - The fertilizer and chemical order books for the next 3-4 weeks remain firm and healthy with consistent booking practices.