Revenue and Profitability Trends
Over the seven-year period ending March 2025, Sh.Pushkar Chem. has seen its net sales rise from ₹451.92 crores in 2019 to ₹806.28 crores in 2025, reflecting a compound growth trend despite some fluctuations. The total operating income followed a similar pattern, with no other operating income reported, indicating reliance on core business activities.
Raw material costs have naturally increased in line with sales, reaching ₹557.44 crores in 2025 from ₹290.04 crores in 2019. However, the company has managed to maintain a reasonable operating profit margin, which stood at 10.41% in 2025, down from a peak of 14.85% in 2019 but showing resilience amid rising input costs.
Operating profit (PBDIT) excluding other income rose to ₹83.90 crores in 2025 from ₹67.09 crores in 2019, while total operating profit including other income reached ₹94.67 crores in 2025. Profit before tax increased to ₹69.73 crores in 2025, up from ₹55.84 crores in 2019, signalling improved operational efficiency. Profit after tax also showed a positive trend, climbing to ₹58.62 crores in 2025 from ₹40.85 crores in 2019.
Turnaround taking shape! This Small Cap from NBFC sector just hit profitability with strong business fundamentals showing up. Catch it before the major breakout happens!
- - Recently turned profitable
- - Strong business fundamentals
- - Pre-breakout opportunity
Cost Structure and Margins
The company’s cost structure reveals a significant portion allocated to raw materials and other expenses, which increased from ₹52.06 crores in 2019 to ₹161.69 crores in 2025. Employee costs have also risen steadily, reflecting expansion and possibly inflationary pressures. Despite these rising costs, Sh.Pushkar Chem. has maintained a gross profit margin above 11% in 2025, a respectable figure given the competitive pressures in the chemical sector.
Interest expenses have been kept relatively low, at ₹2.29 crores in 2025, down from ₹3.71 crores in 2019, indicating prudent debt management. Depreciation charges have increased in line with asset growth but remain manageable relative to earnings.
Balance Sheet Strength and Asset Growth
Sh.Pushkar Chem.’s total assets have expanded from ₹437.40 crores in 2020 to ₹866.96 crores in 2025, nearly doubling over five years. This growth is supported by increases in both fixed assets and current assets. The net block of assets rose to ₹307.58 crores in 2025, up from ₹163.53 crores in 2020, reflecting ongoing capital investments.
Current assets have also grown substantially, reaching ₹473.11 crores in 2025, with significant increases in inventories and sundry debtors, which may indicate higher sales volumes and working capital requirements. The company’s reserves and shareholder funds have strengthened consistently, with reserves rising to ₹506.54 crores in 2025 from ₹275.35 crores in 2020, supporting a book value per share of ₹166.64 in 2025.
Liabilities and Debt Profile
Total liabilities have increased in line with asset growth, standing at ₹866.96 crores in 2025. Notably, long-term borrowings have been reduced significantly from ₹8.41 crores in 2021 to just ₹0.16 crores in 2025, signalling a focus on deleveraging. Short-term borrowings remain the primary source of debt, amounting to ₹98.64 crores in 2025, slightly lower than the previous year.
Trade payables and other current liabilities have also increased, consistent with the company’s expanding operations and working capital needs.
Why settle for Sh.Pushkar Chem.? SwitchER evaluates this Dyes And Pigments Microcap against peers, other sectors, and market caps to find you superior investment opportunities!
- - Comprehensive evaluation done
- - Superior opportunities identified
- - Smart switching enabled
Cash Flow and Earnings Per Share
Cash flow from operating activities has fluctuated but remained positive, with ₹37 crores generated in 2025 compared to ₹75 crores in 2020. Investing activities have consistently been cash outflows, reflecting ongoing capital expenditure. Financing activities have varied, with no cash flow recorded in 2025, indicating no fresh borrowings or repayments during the year.
Earnings per share (EPS) have shown a generally upward trend, reaching ₹18.13 in 2025, up from ₹13.3 in 2019. This improvement in EPS aligns with the company’s rising profitability and enhanced operational efficiency.
Summary
Overall, Sh.Pushkar Chem. has exhibited a robust historical performance characterised by steady revenue growth, improving profit margins, and a strengthening balance sheet. The company’s focus on managing costs, reducing long-term debt, and investing in assets has supported its expansion. While margins have moderated from earlier highs, the firm maintains healthy profitability and cash flow generation, positioning it well for future growth opportunities.
Get 2 full years of MojoOne Premium for only Rs. 12,999. Subscribe for 1 year and we'll add another year FREE. Offer valid for a limited time. Start Saving Now →
