SPShree Pushkar Chemicals & Fertilisers539334Capex expansion plan

Board approves Rs. 70 crore plant, promoter warrants, capital increase; Q2 results taken on record

Board meeting held on 2 November 2026 approved several things.

By ScoutQuest · Mon 2 Nov 2026, 7:17 PM IST · 4 min read

Capex approved

Rs. 70 crores for a new chemical plant at Unit-5, D-10, MIDC Lote Parshuram, Ratnagiri

Preferential warrants

Up to 8,54,060 fully convertible warrants at Rs. 526.90 each to promoter and CMD Mr. Punit Gopikishan Makharia

Authorised share capital

from Rs. 33,50,00,000 to Rs. 34 crore by creating 5,00,000 more equity shares of Rs. 10 each

What the board approved

The board met on Monday, 2 November 2026, from 4:00 p.m. to 5:30 p.m., and approved the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026, along with the limited review reports of the statutory auditors. It also approved a new plant, an increase in authorised share capital, an issue of warrants to the promoter, and an extraordinary general meeting.

New chemical plant at Unit-5

• Capital expenditure of Rs. 70 crores for a new chemical plant at D-10, MIDC Lote Parshuram, Taluka Khed, Dist. Ratnagiri, Maharashtra.
• The plant is to come up within the parcel of land the company already holds at that site.
• The update links the fund-raising and the capital increase to this expansion.

Authorised share capital going up

• Existing: Rs. 33,50,00,000, divided into 3.35 crore equity shares of face value Rs. 10 each.
• Proposed: Rs. 34 crore, divided into 3.4 crore equity shares of face value Rs. 10 each.
• This is done by creating an additional 5 lakh equity shares of Rs. 10 each, with a consequential amendment to the Memorandum of Association.
• Authorised capital is the ceiling up to which a company may issue shares. It is not money raised, and it does not by itself change the number of shares in issue.

Warrants to the promoter

• Issue of up to 8,54,060 fully convertible warrants, each carrying an entitlement to subscribe to an equivalent number of equity shares of face value Rs. 10 each.
• Price: Rs. 526.90 per warrant, or a price not lower than the minimum price determined under Chapter V of the SEBI (Issue of Capital Disclosure Requirements) Regulations, 2018.
• Allottee: Mr. Punit Gopikishan Makharia, promoter, Chairman and Managing Director of the company.
• The issue is on a preferential basis and is described in the update as being in view of the expansion.
• A warrant is a right to receive shares later. Conversion adds to the total number of shares, so existing shareholders hold a smaller proportion of the company afterwards unless they too subscribe.

Extraordinary General Meeting

• To be held on Wednesday, 2 December 2026 at 3:00 p.m. Indian Standard Time, through video conferencing or other audio-visual means.
• Cut-off date: Wednesday, 25 November 2026, for members eligible to use remote e-voting and e-voting.
• Mr. Sanam Umbargikar, partner of M/s DSM & Associates, appointed as scrutinizer for the remote e-voting and e-voting.
• The capital increase and the warrant issue are being placed before members, which is why the EGM is being convened.

Results for the quarter

• Unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 were reviewed by the audit committee and approved by the board.
• The statutory auditors carried out a limited review and issued an unmodified report.
• A limited review is a lighter check than a full audit; it gives moderate assurance, not an audit opinion.
• The consolidated results cover the holding company and its subsidiaries, including Kisan Phosphates Private Limited, Madhya Bharat Phosphate Private Limited, Dyecol Color Technologies Private Limited and Dyecol Bangladesh Limited.

Other items in the results notes

• Dividend of Rs. 2.10 per share on face value of Rs. 10 per equity share, amounting to Rs. 679.09 lakhs, declared at the 33rd Annual General Meeting held on 28 September 2026.
• Members had earlier approved, at an extraordinary general meeting held on 10 December 2025, an issue of 35,196 fully convertible warrants convertible into equity shares of face value Rs. 10 each at Rs. 407.50 each, allotted on 27 December 2025 to Mr. Gautam Gopikishan Makharia, Joint Managing Director, with the balance 75% payable within 18 months of allotment and the 25% amount forfeitable if not exercised in that period.

How to read this as an investor

• The plant is a capacity plan. Money goes out first and earning capacity comes later, so the benefit to profits, if any, shows up over future periods rather than immediately.
• The promoter warrant issue puts money into the company but enlarges the share count on conversion, which affects earnings per share and each shareholder's percentage holding.
• The authorised capital increase is a procedural step that creates room for issuing shares; it does not dilute anyone on its own.
• The resolutions need shareholder approval at the EGM on 2 December 2026, so the dilution and the capital change take effect only after that.

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