In 2000, SPCL established its manufacturing base thereby manufacturing dye intermediates, which find application in manufacturing dyes, which, in turn, are used as a colouring agent for textiles. In 2000-16, SPCL expanded its capacity both horizontally and vertically thereby evolving into a backward integrated dye intermediates manufacturing company with zero effluent discharge. SPCL has over a period of time treated its main effluents prudently thereby inventing new avenues for sales including fertilisers, soil conditioner and cattle feed. In FY16, SPCL had an installed capacity of 7868 tonne per annum (TPA) of dye intermediates and operated at ~70% utilisation levels. In FY16, SPCL’s sales came in at | 249 crore, EBITDA at | 32.4 crore (EBITDA margins at 13.0%) and PAT at | 22.3 crore. Post its listing in September 2015, SPCL has commenced and commissioned an impressive capex programme. Hence, going forward, it has integrated into manufacturing of dyes (capacity 3000 TPA) and complex fertilisers. The company incurred a capex of | 41 crore out of the raised capital of | 62 crore for the same. SPCL has a stable business model with healthy earnings growth visibility in the next three years on account of commissioning of new capacity. Trendlyne has 1 report on SHREEPUSHK updated in the last year from 1 broker with an average target of Rs 125.