Shree Pushkar Chemicals & Fertilisers Ltd. share price target

We estimate a 27.5% CAGR revenue, over FY22-24E, driven by upcoming capacities in Dye Intermediates and SSP fertiliser. We expect SPCFL to post CAGR of 21.89% for PAT during FY22-24E.

Shree Pushkar Chemical and Fertiliser (SPCFL) reported better than estimated numbers with revenue growing 5% QoQ to | 85.6 crore (YoY numbers not comparable due to unit 1 shutdown) led by higher growth from dyestuff & basic chemical. OPM improved 70 bps QoQ to 17.4% leading to EBITDA growth of 9% YoY to | 14.9 crore, largely due to operational...

The company has been revamping unit I at MIDC Lote Parshuram with a capex of | 5 crore. SPCFL' management believes this revamp will curb revenues by | 55-60 crore in FY20 while the same is expected to recover in FY21 due to introduction of new products. We also expect this to improve...

EBITDA in Q2FY19 came in at | 19.4 crore (up 11.5% YoY), with corresponding EBITDA margins at 16.8% Margins came in slightly muted against our expectation amid an increase in prices of dye intermediates in the recent past PAT in Q2FY19 was at | 12.3 crore, up 18.2% YoY, driven by higher sales & supported by lower effective tax rate, which came in at 27.0% Reducing share of dye intermediates to provide stable margins profile! SPCL is an integrated manufacturer of textile chemicals wherein the...

ICICI Securities Ltd | Retail Equity Research Shree Pushkar Chemicals & Fertilisers Ltd (SPCL) reported muted Q4FY18 performance at the standalone level primarily driven by muted realisations and high raw material prices in the dye intermediates space. Net sales in Q4FY18 stood at | 102.0 crore. EBITDA in Q4FY18 came in at | 9.7 crore (down 32.0% YoY) with corresponding EBITDA margins at 9.5% (down 600 bps YoY). PAT in Q4FY18 stood at | 6.3 crore, down 23.0% YoY partly aided by...

Shree Pushkar Chemicals & Fertilizers (SPCF) reported strong ~35%/39% YoY growth in Q3FY18 revenue/PAT driven by increased contribution of dyestuff segment (~26% of revenue). Additional dyestuff capacity of 3000 MTPA has been commissioned in Q3FY18. Recent acquisition of Kisan Phosphates business will help in expanding geographical presence...

ICICI Securities Ltd | Retail Equity Research Shree Pushkar Chemicals (SPCL) reported a strong H1FY18 with sales coming in at | 174.4 crore (up 20.9% YoY), EBITDA at | 30.8 crore (up 20.3% YoY) with corresponding EBITDA margins at 17.7%. PAT in H1FY18 was at | 17.4 crore, up 15.2% YoY SPCL has successfully moved up the value chain post commissioning its Phase 1 (3000 MT) fully integrated dyestuff capacity in March 2016. Through impressive client acquisitions, this...

Shree Pushkar Chemicals & Fertilisers (SPCL) has announced the 100% acquisition of Kisan Phosphate Pvt Ltd (KPPL), operating in the fertiliser segment, in an all-equity swap deal The target company manufactures and operates in a segment similar to SPCL in Hisar, Haryana and is a promoter entity KPPL possesses a 1 lakh tonne single super phosphate capacity, 3000 tonne cattle feed capacity and 6000 tonne soil conditioner capacity. At optimum utilisation levels, the company can generate a...

ICICI Securities Ltd | Retail Equity Research Shree Pushkar Chemicals & Fertilisers (SPCL) reported a steady Q4FY17 performance. Net sales for the quarter was at | 92.7 crore EBITDA in Q4FY17 was at | 14.4 crore with corresponding EBITDA margins at 15.5%. PAT in Q4FY17 was at | 8.2 crore, up 43.4% YoY The management guided for scheduled commissioning of phase-2 of dyestuff facility (3000 tonne) by Q1FY18, which will drive the next leg of growth with phase-1 currently operating at 80% utilisation level...

Shree Pushkar Chemicals & Fertilisers Limited has been promoted by first generation entrepreneurs, Punit Makharia and Gautam Makharia. SPCF limited commenced its business operations in the year 1993 with a trading business and has emerged to become one of the few manufacturers with widest range of dye intermediates in India with zero waste. It has state of art integrated manufacturing facilities located at Lote Parshuram, Maharashtra. SCPF Ltd is amongst the India`s large manufacturers of KAcid, a dye intermediate used to manufacture Reactive Dyes for dying of textiles and has 4 major verticals viz., Dye Intermediates, Acid Complex (comprising sulphuric and its...

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.