Shree Pushkar Chemicals & Fertilisers is a zero-waste chemistry company - it makes dyes, fertilisers and animal feed from the same set of raw materials, with the waste from one process becoming the input for another. It began in 1993 as a trading business importing chemical products, pivoted to manufacturing dye intermediates in 2001-02, and has since expanded by buying fertiliser plants and integrating backwards and forwards until every by-product finds a use. The recurring approach is a circular manufacturing model anchored by an in-house acid complex: sulphur goes in, and what comes out the other side is a chain of products - dyes, fertilisers, animal nutrition - with almost nothing thrown away.
Business segments
A single integrated engine with three product divisions - chemicals, fertilisers and animal nutrition - all fed by the same acid complex and the same zero-waste logic.
1. Chemicals: the anchor that makes everything else possible
The acid complex burns sulphur to produce sulphuric acid, which then powers the manufacture of dye intermediates and textile dyes - and the by-products from this process become fertiliser and animal feed.
- Acid is the hub - the Acid Complex produces sulphuric acid, oleum and chloro sulphonic acid, most of which is consumed internally to make dye intermediates and fertilisers; only surplus acid is sold outside. The company imports roughly 4,000 tonnes of sulphur a month because its plants sit at the port, making seaborne supply cheaper than domestic alternatives.
- Specialty dyes sold where the margin is - under the “DYECOL” brand, the company makes reactive dyes that use less water and energy than conventional dyes, and it holds Blue Sign and ZDHC accreditation that lets it price them as specialty products rather than commodities. Almost 90% of Indian dyestuff is exported, and the company prefers selling overseas because confirmed banking instruments remove payment risk; it sells only a small portion in pockets of northern and southern India.
- Waste becomes the next product - diluted spent acid from the Acid Complex is used as input for dye intermediates, and the solid waste gypsum from fertiliser production is turned into soil conditioner and animal nutrition products, so the chain keeps feeding itself.
2. Fertilisers: the volume engine built on the acid backbone
The same sulphuric acid that drives the chemicals division also reacts with rock phosphate to produce Single Super Phosphate and a portfolio of over 15 fertiliser grades, distributed through more than 800 dealers across India.
- SSP is the staple - Single Super Phosphate is a low-cost phosphatic fertiliser that also delivers sulphur, calcium and micronutrients, making it the preferred choice for small and marginal farmers growing oilseeds, pulses and sugarcane. The company is among India’s top SSP manufacturers, with total SSP capacity of about 525,000 tonnes a year spread across four plants.
- A plant for every region - the four SSP units sit in Maharashtra, Madhya Pradesh (two sites) and Haryana, giving the company a geographic reach that stretches from Himachal Pradesh down to Karnataka and covers Gujarat, Rajasthan, Uttar Pradesh and the central belt. The 800-plus distributor network is supported by 14 offices nationwide.
- Subsidy provides a floor - SSP is subsidised under the government’s Nutrient Based Subsidy policy, and the government has periodically raised subsidy rates, most recently by about ₹1,200 per tonne, which supports demand through the seasonal Kharif and Rabi cycles. The regulated nature of the business means profit margins are capped at around 10-12% at the net level, so scale and cost control matter most.
- SOP fills a niche - Sulphate of Potash, a fully water-soluble potassium-and-sulphur fertiliser, is made in two furnaces and exported; a major competitor plant in Egypt with over 100 furnaces has shut down, opening a window for the company to expand in that market.
3. Animal health and nutrition: the zero-waste tail that wags nothing but earns something
Acidic effluent and spent acid that would otherwise be waste are neutralised and turned into Di-Calcium Phosphate and animal feed supplements sold to cattle and poultry feed manufacturers.
- Waste water as raw material - substandard acidic effluents from dye-intermediate manufacturing are used to produce animal nutrition products that meet ISI specifications and are approved by the National Dairy Development Board. This is the final loop in the circular model: what cannot become dye or fertiliser becomes feed.
- A small but logical extension - the division began production at a dedicated plant in Madhya Pradesh in 2021, housed within the Madhya Bharat Phosphate subsidiary, and holds ISI certification. It is not a growth driver in its own right, but it completes the zero-waste promise and adds a revenue stream from material that would otherwise incur disposal cost.
Power and sustainability infrastructure
Captive power - generated from waste heat and solar - cuts the energy bill and insulates the plants from grid disruption, while a zero-liquid-discharge system ensures nothing leaves the site as waste.
- Free power from hot gas - the Waste Heat Recovery Power Plant captures heat from sulphuric acid manufacturing, runs it through waste-heat boilers to raise steam, and generates electricity at zero fuel cost, simultaneously reducing the power bill and guaranteeing uninterrupted supply.
- Solar to lighten the load - the company has commissioned 10.6 MW DC of solar capacity across Maharashtra and Haryana, with a 1.1 MW DC plant commissioned in Hisar, Haryana, bringing the total to 10.6 MW DC; all solar power is consumed captively under open-access arrangements.
- Nothing leaves the gate - a zero-liquid-discharge system recycles effluents internally, and even gaseous SO₂ is scrubbed with water and soda ash to produce sodium bisulphite solution that becomes raw material for other plants. The company also runs its own logistics fleet to control the movement of raw materials and finished goods.
Group structure and partners
The parent company runs the chemicals and acid complex; two wholly owned fertiliser subsidiaries give it geographic reach, and two new marketing subsidiaries are being carved out to push the dyes business deeper into export markets.
- Madhya Bharat Phosphate (MBPPL) - acquired in 2020-21 with two units in Madhya Pradesh, this subsidiary made the company one of India’s largest SSP players and serves central and western India; a ₹350 crore expansion for complex fertilisers at the Meghnagar site was approved in November 2025.
- Merger in motion - a Scheme of Amalgamation will merge MBPPL into KPPL, with the scheme pending NCLT approval.
- Dyes go independent - in 2025 the company incorporated Dyecol Color Technologies Private Limited in India as a dedicated marketing arm for dyes and dye intermediates, and Dyecol Bangladesh Limited to serve as a representative office in Bangladesh, where it holds 98.04% of the share capital.