Shree Pushkar Chemicals & Fertilisers Limited

Basic Materials — Specialty Chemicals · NSE

₹504.50+₹7.10 (+1.43%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Shree Pushkar Chemicals & Fertilisers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Shree Pushkar Chemicals & Fertilisers Limited, together with its subsidiaries, manufactures and trades in chemicals, dyes and dyes intermediate, cattle feeds, fertilizers, and soil conditioners for farmers and multinationals in India.

IndustrySpecialty Chemicals

SectorBasic Materials

Employees723

Annual revenue₹973 Cr

How does it make money?

Turns over ₹973 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 723 employees supports ₹1.35 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.35 Cr

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 12.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE22.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +43% while net margin moved +32% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+43%

Margin effect+32%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.13 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

62/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

67/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

22.9x

3Y Median

21.7x

40 monthly readings · mean 20.9x · range 13.5x–33.1x

Sector Median

40.4x

median of 4 sector peers

🟡Currently trading close to its 3y median of 21.7x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 43% below the peer median of 40.4x.

vs. its own history

Fair

21.7x median over 40 months · +6%

vs. sector peers

Cheap

40.4x median of 4 peers · -43%

vs. generic bands

Fair

15x–35x

EV/EBITDA

16.2x

PEG

0.98

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.22x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 88% over 3 years, from ₹70 Cr to ₹131 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 43% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 9% a year✓ 12.6% CAGR
Latest reported year was 10.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 11.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹14 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 10%✓ 12.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 7 neutral · 1 weak

Market Cap

₹1,631 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

22.9x

Fair

Fairly valued against the generic band

P/B Ratio

2.67x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹22

Profitable

Profitable on a per-share basis

ROE

11.5%

Moderate

Moderate capital efficiency

ROCE

12.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.22x

Low

Conservative leverage

Revenue Growth (YoY)

10.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6.9%

Modest

Slow profit growth

Dividend Yield

0.42%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹14 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

31.2x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

9.1%

Average

Average margins

Net Margin

7.2%

Average

Average bottom-line conversion

Current Ratio

1.68

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.13

Defensive

Steadier than the market

52W Range Position

85%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

499.7 / 467.4

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

49.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹681 Cr	₹723 Cr	₹803 Cr	₹973 Cr	+12.6%
EBITDA	₹73 Cr	₹65 Cr	₹90 Cr	₹109 Cr	+14.0%
EBITDA Margin	10.8%	9.0%	11.3%	11.2%	—
PAT (Net Profit)	₹37 Cr	₹37 Cr	₹59 Cr	₹70 Cr	+23.5%
EPS	₹11.77	₹11.69	₹18.22	₹21.55	+22.3%
ROE	8.5%	7.8%	10.9%	11.5%	—
ROCE	12.0%	9.5%	12.1%	12.7%	—
Total Debt	₹70 Cr	₹108 Cr	₹103 Cr	₹131 Cr	+23.4%
Free Cash Flow	₹24 Cr	-₹30 Cr	-₹9 Cr	-₹14 Cr	—

🟢 Revenue has grown at 12.6% a year over 3 years.

🟢 EBITDA has grown at 14.0% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 11.2% over 3 years.

🟢 PAT (Net Profit) has grown at 23.5% a year over 3 years.

🟢 EPS has grown at 22.3% a year over 3 years.

🟢 ROE has risen from 8.5% to 11.5% over 3 years (+3.0 pts).

🟡 ROCE has held roughly flat at 12.7% over 3 years.

🔴 Total Debt has grown at 23.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹24 Cr to -₹14 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹970 Cr

Total Liabilities

₹360 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹102 Cr

Capex

-₹116 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

70.7%

Corporate Actions

Dividend Rate

₹2.1

Ex-Dividend Date

18 Sept 2026

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 positive1 mixed1 negative3 general

Here's Why We Think Shree Pushkar Chemicals & Fertilisers (NSE:SHREEPUSHK) Might Deserve Your Attention Today

Simply Wall Street, 19 Jun

Shree Pushkar Chemicals & Fertilisers Share Price Target 2026: Bu

Univest, 30 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Shree Pushkar Q1FY27 revenue rises 10% to ₹280.1 crore; capex plan detailed

scanx.trade, 12 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Shree Pushkar Chemicals & Fertilisers Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Shree Pushkar Q4 Net Profit drops 21.8% to ₹12.9 Cr as revenue stalls at ₹219 Cr

Sahi, 18 MayResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Shree Pushkar Chemicals AGM passes all resolutions with 100% majority

scanx.trade, 28 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑