### **Overview** Shree Pushkar Chemicals & Fertilizers Limited (SPCFL), established in 1993, is a leading integrated specialty chemicals and agro-products manufacturer in India. Headquartered in Mumbai, Maharashtra, the company operates with a **zero-waste, circular manufacturing model** across **nine manufacturing facilities** in Maharashtra, Madhya Pradesh, and Haryana. The company serves both domestic and international markets and is strategically positioned to benefit from global shifts in supply chains, sustainability trends, and India’s growing role in chemical and agricultural manufacturing. --- ### **Core Business Segments** SPCFL operates in **five core business areas**, each supported by backward and forward integration: 1. **Specialty Textile Dyes** (notably reactive dyes under the brand *Dyecol*) 2. **Dye Intermediates** (H-Acid, VS, K-Acid, Gamma Acid, R Salt) 3. **Industrial Acids & Power** (Sulphuric Acid, Oleum, Chloro Sulphonic Acid) 4. **Fertilizers & Soil Conditioners** (Single Super Phosphate – SSP, NPK, SOP) 5. **Animal Health & Nutrition (AHN)** products This **diversified portfolio** reduces dependency on any single market and allows for byproduct utilization across divisions, enhancing resource efficiency. --- ### **Manufacturing & Operations** - The **core manufacturing hub** is located in **MIDC, Lote Parshuram, Ratnagiri, Maharashtra**, housing Units I–VI. - Additional strategic facilities in **Hisar (Haryana)**, **Deewanganj & Meghnagar (Madhya Pradesh)** support pan-India logistics and raw material access. - The company owns two wholly owned subsidiaries: - **Kisan Phosphates Pvt. Ltd. (KPPL)** – Haryana - **Madhya Bharat Phosphate Pvt. Ltd. (MBPPL)** – Madhya Pradesh - These subsidiaries are key to the company’s leadership in **SSP production**, making SPCFL **one of the top manufacturers of SSP in India**. --- ### **Vertical Integration & Zero-Waste Model** SPCFL follows a **fully integrated, six-stage backward and forward integration model**: - **Backward integration**: In-house production of raw materials including **sulphur-based acids (H₂SO₄, Oleum, CSA)**. - **Forward integration**: Manufacturing of **dye intermediates → reactive dyes → branded dyestuffs (DYECOL)**. - Waste byproducts (e.g., calcium sludge, effluent) are treated and converted into **fertilizers, soil conditioners, and animal feed additives**, supporting a **zero-liquid discharge (ZLD)** and **zero-waste ecosystem**. - A **captive power plant** utilizing waste heat and low-pressure steam ensures **energy self-reliance** and reduced grid dependence. --- ### **Sustainability & Renewable Energy** SPCFL is a leader in **green manufacturing**: - **9.5 MWDC solar power plant** operational in Maharashtra (Lote Parshuram). - Developing **two additional solar projects**, with total solar capacity expected to reach **20.6 MWDC**. - These initiatives support **carbon emission reduction**, **energy cost savings**, and **long-term ESG goals**. - Certification by **ZDHC Gateway**, **GOTS**, and **Bluesign System Partner** reflects global compliance with environmental, health, and safety (EHS) standards. --- ### **Growth Strategy & Capacity Expansion** The company is on a **phased, internally funded growth trajectory**: - **Unit 5 (Ratnagiri)**: Completed with Rs. 114–119.5 crore CAPEX; enhances dye intermediates and acid capacity. - **Unit 6 (Ratnagiri)**: Under development; includes fertilizer and chemical expansion (72,000 MTPA chemicals, 150,000 MTPA fertilizers). - **Meghnagar Unit (MP)**: Adding **300,000 MTPA** of complex fertilizer capacity. - **Dye Intermediate Capacity Expansion**: Increasing from ~9,000 MTPA to **22,000 MTPA** (CAPEX: Rs. 85 crore). - **Dye Production Capacity**: Currently 6,000 MTPA; plans to **double capacity** with Unit 5 ramp-up and future expansions. All CAPEX is **funded through internal accruals**, with **no bank debt** used for recent expansions, reflecting strong cash flow and prudent capital allocation. --- ### **Market Positioning & Global Trends** - **Textile Chemicals**: - India accounts for **16–18% of global dyestuff exports** (FY25: Rs. 14,712 crore). - Reactive dyes market projected to grow at **8.09% CAGR through 2032**. - The **decline in Chinese supply** has increased India’s global share—positioning SPCFL as a key beneficiary. - **Fertilizers**: - **SSP** is a government-subsidized, low-cost fertilizer popular among small farmers; driven by **Nutrient-Based Subsidy (NBS)** and **Direct Benefit Transfer (DBT)** policies. - Rising **rock phosphate procurement stability** supports long-term fertilizer output. - **Exports**: Key markets include **Bangladesh, Turkey, Europe, and the Americas**. Exports accounted for **10.58% of turnover** (FY24), with confirmed LCs for Bangladesh shipments. --- ### **Management & Governance** - **Chairman & MD**: **Mr. Punit Makharia** – Over 20 years of experience; oversees strategy and business development. - **Joint Managing Director**: **Mr. Gautam Makharia** – Engineering and MBA (Manchester), oversees production and quality at Lote Parshuram; brother of Mr. Punit Makharia. - Leadership includes experienced professionals with **25–45 years of industry experience** across operations, projects, and finance. - The **promoter family** maintains strong operational and strategic control. --- ### **Distribution & Market Reach** - **Domestic**: Over **800 distributors**, **14 offices** across North, Central, South, and parts of East India. - **Pan-India footprint**: - **Shree Pushkar**: West & South India - **Kisan Phosphates**: North & East India - **Madhya Bharat**: Central & West India - Exports cover **5 countries**, with strong linkages in **Bangladesh and Turkey**. --- ### **Strategic Differentiators** 1. **Zero-Waste, Circular Manufacturing**: Unique in the Indian chemical sector. 2. **Energy Self-Reliance**: Captive power and expanding solar portfolio. 3. **Capital-Light Growth**: 100% internal funding of CAPEX. 4. **Regulatory Compliance & Sustainability Certifications**: GOTS, ZDHC, Bluesign, and ZLD status. 5. **Turnaround Acquisitions**: Successful integration of KPPL and MBPPL. 6. **Resilience during downturns**: Proven ability to maintain operations and cash flow during crises (Covid, cyclones, geopolitical disruptions).