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Deepak Fertilisers Q3 FY26: Revenue Up 10% to ₹2,830 Cr, PAT Drops 34% Amid Cost Pressures
Deepak Fertilisers reported a 10% Y-o-Y revenue growth to ₹2,830 crores for Q3 FY26, though adjusted PAT declined 34% to ₹141 crores due to higher raw material costs and unseasonal rains impacting mining and farming. The Crop Nutrition segment showed resilience with 26% revenue growth, while Mining Chemicals volumes remained flat. Management highlighted that major capex projects in Gopalpur and Dahej are nearing completion (91% and 79% respectively), with commissioning expected in Q1 FY27 to drive future margins.
Key Highlights
Consolidated Q3 revenue rose 10% Y-o-Y to ₹2,830 crores, while YTD revenue reached ₹8,495 crores.
EBITDA for the quarter fell 27% Y-o-Y to ₹353 crores, pressured by high ammonia prices and weak IPA realizations.
Gopalpur TAN project is 91% complete and Dahej acid project is 79% complete, both slated for Q1 FY27 commissioning.
Specialty fertilizers and Croptek now contribute 30% of Crop Nutrition revenue, up from previous quarters.
Net debt-to-EBITDA stands at 2.27x with total net debt at ₹4,021 crores as the company nears the end of its capex cycle.
💼 Action for Investors
Investors should focus on the upcoming commissioning of the Gopalpur and Dahej projects in Q1 FY27, which are expected to be significant margin catalysts. While current earnings are impacted by raw material volatility, the shift toward specialty products and long-term LNG contracts provides a positive medium-term outlook.
Deepak Fertilizers Shareholders Approve Appointment of Four Independent Directors
Shareholders of Deepak Fertilizers have overwhelmingly approved the appointment and re-appointment of four Independent Directors via a postal ballot process. Dr. Purvi Mehta Bhatt was appointed as an Independent Woman Director with 99.99% of votes in favor. Additionally, the re-appointments of Mr. Sanjay Gupta, Mr. Sitaram Kunte, and Mr. Terje Bakken were cleared with approval ratings exceeding 99%. This ensures continuity in the company's board leadership and maintains high standards of corporate governance.
Key Highlights
Appointment of Dr. Purvi Mehta Bhatt as Independent Woman Director approved with 99.9985% votes in favor.
Re-appointment of Mr. Sanjay Gupta as Independent Director secured 99.9741% shareholder support.
Mr. Sitaram Kunte and Mr. Terje Bakken re-appointed with 99.2857% and 99.9744% approval respectively.
Total valid votes cast for the resolutions reached approximately 81.61 million shares.
All resolutions were passed as Special Resolutions with the requisite majority on January 29, 2026.
💼 Action for Investors
Investors should view the high approval rates as a positive sign of shareholder confidence in the company's leadership. No immediate portfolio changes are required as these are routine governance matters.
Deepak Fertilisers Q3 Revenue Rises 10% to ₹2,830 Cr; PAT Drops 44% on Margin Pressure
Deepak Fertilisers reported a mixed Q3 FY26 with revenue growing 10% YoY to ₹2,830 Cr, driven by the Crop Nutrition and Mining Chemicals segments. However, profitability was significantly impacted as EBITDA fell 27% YoY to ₹353 Cr and PAT dropped 44% to ₹141 Cr, primarily due to rising raw material costs like Ammonia and pricing pressure in Industrial Chemicals. The company is currently executing a large ₹4,650 Cr capex plan for TAN and Nitric Acid, with commissioning expected in Q1 FY27. While debt has increased to ₹4,429 Cr to fund expansion, the company maintains a strong market position in its core verticals.
Key Highlights
Q3 FY26 Revenue increased 10% YoY to ₹2,830 Cr, while YTD FY26 Revenue grew 12% to ₹8,495 Cr.
Operating EBITDA margins contracted sharply to 12% in Q3 FY26 from 19% in the previous year.
Industrial Chemicals revenue fell 20% YoY due to a significant drop in IPA prices and extended shutdowns for trials.
Crop Nutrition Business (CNB) revenue grew 26% YoY, supported by a 13% volume growth in ANP and Smartek products.
Net Debt increased to ₹4,020 Cr as of Dec 2025 to support ongoing strategic capex of ₹4,650 Cr.
💼 Action for Investors
Investors should remain cautious due to significant margin contraction caused by rising Ammonia prices and weak IPA realizations. Long-term value depends on the successful commissioning of the Gopalpur TAN and Dahej Nitric Acid projects in early FY27.
Deepak Fertilisers Q3 Net Profit Drops 84% YoY; Board Approves Closure of 300 TPD Methanol Plant
Deepak Fertilisers reported a sharp decline in standalone net profit for Q3 FY26, falling to ₹10.78 crore from ₹66.92 crore in the same period last year. Revenue from operations also saw a significant contraction, dropping 22.7% YoY to ₹401.18 crore. In a strategic move, the board approved the permanent closure and dismantling of its 300 TPD Methanol Plant, which has been idle since August 2021. This rationalization is intended to free up land for more efficient brownfield projects and improve the company's environmental sustainability profile.
Key Highlights
Standalone Net Profit plummeted 83.9% YoY to ₹10.78 crore in Q3 FY26.
Revenue from operations declined to ₹401.18 crore compared to ₹519.05 crore in Q3 FY25.
Board approved dismantling of the 300 TPD Methanol Plant to free up land for future growth projects.
Standalone EPS for the quarter fell to ₹0.85 from ₹5.30 in the previous year's corresponding quarter.
Major subsidiaries reported a combined net loss of ₹26.73 crore for the nine-month period ending December 2025.
💼 Action for Investors
Investors should exercise caution as the company faces significant pressure on both top-line and bottom-line growth. The stock may face short-term headwinds, and focus should remain on management's plans for the newly available land and recovery in subsidiary performance.
Deepak Fertilizers Q3 Net Profit Slumps 84% YoY to ₹10.78 Cr; To Dismantle Methanol Plant
Deepak Fertilizers reported a weak set of numbers for Q3 FY26, with standalone net profit crashing 83.9% YoY to ₹10.78 crore. Revenue from operations declined by 22.7% YoY to ₹401.18 crore, reflecting significant margin pressure. On a consolidated basis for the nine-month period, the company reported a net loss of ₹26.73 crore. Additionally, the board approved the permanent closure and dismantling of its 300 TPD Methanol Plant, which has been non-operational since 2021, to free up land for potential brownfield expansion.
Key Highlights
Standalone Net Profit for Q3 FY26 fell 83.9% YoY to ₹10.78 crore from ₹66.92 crore.
Standalone Revenue from operations decreased 22.7% YoY to ₹401.18 crore.
Consolidated 9M FY26 performance resulted in a net loss of ₹26.73 crore on revenues of ₹6,801.11 crore.
Standalone EPS dropped significantly to ₹0.85 in Q3 FY26 from ₹5.30 in Q3 FY25.
Board approved dismantling of the 300 TPD Methanol Plant at K1 Unit to repurpose land for future growth projects.
💼 Action for Investors
Investors should exercise caution as the sharp decline in profitability and consolidated losses indicate operational headwinds. The stock may face downward pressure in the short term, and recovery will depend on the execution of new projects on the freed-up land.
Deepak Fertilisers Receives Revised Tax Demand Order of ₹95.61 Crore
Deepak Fertilisers and Petrochemicals Corporation Limited has received a revised order from the Joint Commissioner of State Tax (Appeals), Pune. The total demand is now ₹95.61 crores, which includes a tax component of ₹34.38 crores, interest of ₹56.28 crores, and a penalty of ₹4.94 crores. The order follows an appeal that successfully reduced the original tax demand from ₹40.44 crores and the penalty from ₹5.62 crores. The company maintains that the demand is not tenable and intends to challenge the order at a higher forum.
Key Highlights
Total revised demand stands at ₹95.61 crores including tax, interest, and penalty.
Tax demand reduced from ₹40.44 crores to ₹34.38 crores following the first appeal.
Interest and penalty components were reduced to ₹56.28 crores and ₹4.94 crores respectively.
The dispute relates to Input Tax Credit (ITC) disallowance due to non-reflection in GSTR2A.
Company plans to challenge the order at an appropriate forum and claims no material financial impact.
💼 Action for Investors
Investors should monitor the outcome of the next level of appeal as the total demand of ₹95.61 crore is significant, though the company is currently contesting it.
Deepak Fertilisers Wins Income Tax Appeal for ₹215 Crore Disputed Income
Deepak Fertilisers has received a favorable ruling from the Commissioner of Income Tax (Appeals), Mumbai, regarding long-standing tax disputes. The appeals cover Assessment Years 2013-14 to 2018-19, involving a total disputed taxable income of ₹215 Crores. The company had previously contested these demand orders, and the current ruling validates the management's stance that the disallowances were legally defendable. This resolution significantly reduces potential tax liabilities and clears a major legal overhang for the company.
Key Highlights
Commissioner of Income Tax (Appeals) allowed appeals for six assessment years from 2013-14 to 2018-19
The total disputed taxable income involved in the successful appeals is ₹215 Crores
The favorable order was officially received by the company on January 8, 2026
This resolution addresses tax issues previously disclosed in the 2021 financial statements
💼 Action for Investors
Investors should view this as a positive development that strengthens the balance sheet by reducing contingent liabilities. No immediate action is required, but the removal of this legal uncertainty is a favorable tailwind for the stock.
Deepak Fertilizers Appoints Dr. Purvi Mehta Bhatt and Re-appoints 3 Independent Directors
Deepak Fertilizers has announced the appointment of Dr. Purvi Mehta Bhatt as an Independent Woman Director for a 3-year term starting January 1, 2026. The company also approved the re-appointment of three existing Independent Directors—Mr. Sanjay Gupta, Mr. Sitaram Kunte, and Mr. Terje Bakken—for second terms of 5 years each. These directors bring extensive experience in global agriculture, hydrocarbons, public administration, and international plant nutrition. The appointments are subject to shareholder approval and aim to maintain board continuity and strategic depth.
Key Highlights
Dr. Purvi Mehta Bhatt appointed as Independent Woman Director for a 3-year term starting Jan 1, 2026.
Mr. Sanjay Gupta and Mr. Sitaram Kunte re-appointed for 5-year terms effective Feb 2, 2026.
Mr. Terje Bakken re-appointed for a 5-year term starting Feb 20, 2026.
Appointees bring over 30 years of leadership experience each across sectors like agriculture, climate change, and infrastructure.
Board changes are subject to shareholder approval through a postal ballot process.
💼 Action for Investors
Investors should view these appointments as a positive move for corporate governance and long-term strategic stability. No immediate portfolio action is required based on these routine board updates.
Deepak Fertilizers Subsidiary to Acquire 100% Stake in Explosives Manufacturer
Deepak Mining Solutions Limited (DMSL), a wholly-owned subsidiary of Deepak Fertilizers, has entered into an agreement to acquire 100% equity of an undisclosed explosives manufacturer. The acquisition is a cash deal intended to bolster exports of value-added products from the upcoming Gopalpur Technical Ammonium Nitrate (TAN) plant. The transaction is expected to be completed by April 15, 2026, and will also support the company's mining services subsidiary in Australia. While financial details remain confidential, the move signifies a strategic push into vertical integration within the mining chemicals sector.
Key Highlights
Acquisition of 100% equity shares in an explosives manufacturing entity via subsidiary DMSL.
The deal is a pure cash consideration with a completion deadline of April 15, 2026.
Strategic alignment with the upcoming Gopalpur TAN plant to drive exports of differentiated products.
Synergistic benefits expected for the company's 100% owned Mining Services subsidiary in Australia.
💼 Action for Investors
Investors should monitor for future disclosures regarding the acquisition cost and the target's revenue to evaluate the deal's valuation. The move is fundamentally positive as it strengthens the company's export capabilities and global mining footprint.
Deepak Fertilizers' Subsidiaries Receive Income Tax Demand Orders Totaling ₹106.67 Crore
Deepak Fertilizers' material subsidiaries, Deepak Mining Solutions (DMSL) and Mahadhan AgriTech (MAL), have received income tax demand orders totaling approximately ₹106.67 crore. The largest demand of ₹89.57 crore against DMSL for AY 2022-23 is attributed to the non-consideration of tax credits and TDS worth ₹81.96 crore related to a demerged business. Additional demands for AY 2024-25 include ₹14.92 crore for DMSL and ₹2.18 crore for MAL. The company maintains that these demands are erroneous and procedural in nature, expecting no actual financial impact as they pursue rectification and clarification.
Key Highlights
Deepak Mining Solutions Limited received a demand of ₹89.57 crore for AY 2022-23 due to non-consideration of demerger-related tax credits.
DMSL faced an additional demand of ₹14.92 crore for AY 2024-25 involving a TDS credit discrepancy of ₹12.18 crore.
Mahadhan AgriTech Limited received a demand order of ₹2.18 crore for AY 2024-25.
Total tax demand across subsidiaries stands at approximately ₹106.67 crore.
Company is filing for rectification and clarification, stating there is no immediate impact on financials or operations.
💼 Action for Investors
Investors should monitor the outcome of the rectification filings to ensure these tax demands are successfully resolved without cash outflows. The issue appears to be a technical reconciliation matter following a demerger rather than a fundamental business risk.
DEEPAKFERT: Order related to CGST Appeals; Penalty reduced to ₹18.29 Lakh
Deepak Fertilizers has received an order from the Joint Commissioner (CGST Appeals) regarding appeals against a demand order. The JC-Appeals directed the AO to re-determine the demand under section 73 instead of section 74. The interest of ₹4,57,129 was set aside, and the penalty was reduced from ₹1,82,88,216 to ₹18,28,821. The company plans to challenge the order before the GST Tribunal, maintaining that the demand is not tenable.
Key Highlights
Demand order initially at ₹1,82,88,216
Interest set aside: ₹4,57,129
Penalty reduced to ₹18,28,821 from ₹1,82,88,216
Order date: 08-10-2025
💼 Action for Investors
Investors should monitor further developments in the GST Tribunal proceedings. The company believes the demand is not tenable and is pursuing further legal action.
DEEPAKFERT: Order related to CGST Appeals; Penalty reduced to ₹18.29 Lakh
Deepak Fertilizers has received an order from the Joint Commissioner (CGST Appeals) regarding appeals against a demand order. The JC-Appeals directed the AO to re-determine the demand under section 73, set aside interest of ₹4,57,129, and reduced the penalty from ₹1,82,88,216 to ₹18,28,821. The company views the demand as not tenable and plans to challenge the order before the GST Tribunal.
Key Highlights
Interest of ₹4,57,129 set aside.
Penalty reduced from ₹1,82,88,216 to ₹18,28,821.
Original demand was ₹1,82,88,216.
Reduced basic demand to Rs. 1,72,38,216/-
💼 Action for Investors
Investors should monitor the progress of the company's appeal before the GST Tribunal. The outcome could impact the company's financials.