Deepak Nitrite Limited (DEEPAKNTR)
₹1,598.50 -0.07% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Deepak Nitrite Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Deepak Nitrite's revenue was ₹2,578 Cr (+36.4% year on year, +21.6% on the previous quarter), and net profit ₹345 Cr (+207.4% year on year); the operating margin was 21.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,578 | +36.4% | +21.6% |
| Operating profit | ₹540 | +185.0% | +43.7% |
| Net profit | ₹345 | +207.4% | +56.8% |
| EPS (₹) | 25.30 | +207.4% | +57.0% |
| Operating margin | 21.0% | — | — |
DEEPAKNTR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.19% of the DEEPAKNTR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.08%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 44.6% · 49.3% · 40.1% · 45.7% · 48.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Deepak Nitrite has announced the schedule for its Q2 & H1 FY27 earnings conference call, set for Friday, October 30, 2026, at 3:30 PM IST. The call will be hosted by IIFL Capital and will discuss financial results for the quarter and half-year ended September 30, 2026. The management will be represented by Deputy MD Maulik Mehta, Group CFO Sanjay Upadhyay, and CFO Somsekhar Nanda. This is a routine administrative filing prior to the financial results declaration.
- Earnings conference call scheduled for Friday, October 30, 2026, at 3:30 PM IST
- Call pertains to financial results for Q2 and H1 ended September 30, 2026
- To be hosted by IIFL Capital with participation from senior management including the Deputy MD and CFO
- Universal dial-in numbers provided: +91 22 6280 1259 / +91 22 7115 8160
Deepak Nitrite Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India confirms that all share certificates received for dematerialisation during the quarter were processed within prescribed timelines. The physical certificates have been verified, mutilated, cancelled, and substituted with the depositories in the register of members. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate filed under Regulation 74(5) for quarter ended 30th September, 2026
- Confirmation issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- Physical security certificates received were verified, mutilated, and cancelled within prescribed time limits
- Filing submitted to the National Stock Exchange on 6th October, 2026
Deepak Nitrite's wholly owned subsidiary, Deepak Chem Tech Limited, has commissioned manufacturing operations of its Chlorination and Specialty chemical plant along with utilities and infrastructure on September 29, 2026, at Dahej, Gujarat. The total capital expenditure incurred for this project is approximately Rs 300 crore as of the commencement date. This capex represents ~9.3% of the company's net worth (Rs 3,215 crore) and ~3.5% of TTM revenue (Rs 8,575 crore). The facility aligns with the group's strategy to deepen vertical integration into downstream specialty chemicals.
- Deepak Chem Tech Limited commissioned Chlorination and Specialty chemical operations on September 29, 2026
- Total capex incurred is approximately Rs 300 crore at commencement
- Facility is located at Dahej, District Bharuch, Gujarat, along with necessary utilities and infrastructure
- Capex represents ~9.3% of net worth and ~3.5% of TTM revenue
Deepak Nitrite's wholly owned subsidiary, Deepak Phenolics Limited (DPL), has subscribed to 80,00,000 9% Optionally Convertible Redeemable Preference Shares (OCRPS) of Deepak Chem Tech Limited (DCTL) at ₹100 each, aggregating to ₹80 Crores. DCTL is also a wholly owned subsidiary of Deepak Nitrite, making this an intra-group capital infusion. The ₹80 Crore infusion represents under 1% (~0.93%) of Deepak Nitrite's TTM revenue of ₹8,575 Crore and will fund DCTL's project expenses and general corporate purposes. DCTL operates plants for Fluorination, Nitric Acid, Nitration, and Hydrogenation, clocking FY26 turnover of ₹172.23 Crore.
- DPL allotted 80,00,000 9% OCRPS of DCTL at ₹100 each, totaling ₹80 Crores on September 29, 2026
- Intra-group transaction between two wholly owned subsidiaries of Deepak Nitrite Limited
- Target entity DCTL reported FY26 turnover of ₹172.23 Crores, compared to ₹9.43 Crores in FY25 and ₹0.86 Crores in FY24
- Pre-allotment paid-up capital of DCTL stood at ₹2,919.50 Crores (₹499.50 Cr equity, ₹2,420 Cr preference)
Deepak Nitrite Limited has announced the closure of its trading window for designated persons and their immediate relatives effective Thursday, October 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the consideration of un-audited standalone and consolidated financial results for the quarter and half-year ending September 30, 2026. The window will reopen 48 hours after the declaration of the financial results. The exact date of the board meeting to declare results will be notified separately.
- Trading window closes with effect from Thursday, October 1, 2026
- Applies to financial results for the quarter and half year ending September 30, 2026
- Window remains closed until 48 hours after the declaration of financial results
Deepak Nitrite Limited (DNL) and its wholly owned subsidiary Deepak Phenolics Limited (DPL) have infused a total of ₹175 Crore into Deepak Chem Tech Limited (DCTL) via 9% Optionally Convertible Redeemable Preference Shares (OCRPS). DNL subscribed to 80 lakh shares (₹80 Crore) while DPL subscribed to 95 lakh shares (₹95 Crore) at ₹100 par value. The capital will support DCTL's ongoing project expenses and general corporate purposes across its chemical plants in Gujarat. DCTL has scaled its turnover rapidly from ₹0.86 Crore in FY24 to ₹172.23 Crore in FY26.
- DNL and DPL infused ₹80 Crore and ₹95 Crore respectively, totaling ₹175 Crore into DCTL.
- Allotment consists of 1.75 Crore 9% OCRPS with a face value of ₹100 each issued at par.
- DCTL turnover grew to ₹172.23 Crore in FY26, up from ₹9.43 Crore in FY25 and ₹0.86 Crore in FY24.
- Pre-allotment paid-up capital of DCTL stood at ₹2,744.5 Crore (₹499.5 Crore equity and ₹2,245 Crore preference shares).
Deepak Nitrite's wholly owned subsidiary, Deepak Chem Tech Limited (DCTL), has settled a regulatory matter with the Chief Inspector cum Facilitator for Factories, Ahmedabad. DCTL paid a nominal settlement fee of Rs 3,00,000 on August 25, 2026, to resolve a violation under Rule 102 of the Gujarat Factories Rules, 1963. The order was issued under Section 114 of the Occupational Safety, Health and Working Conditions Code, 2020. The company confirmed that there is no material operational or financial impact.
- Subsidiary Deepak Chem Tech Limited settled a violation under Rule 102 of Gujarat Factories Rules, 1963
- Settlement order executed on August 25, 2026, for a payment of Rs 3,00,000
- Order passed under Section 114 of Occupational Safety, Health and Working Condition Code, 2020
- Financial exposure is negligible compared to TTM revenue of Rs 8,575 Cr
Deepak Nitrite Limited announced the resignation of Mr. Puneet Sharma from his role as SBU Head - Life Sciences, effective from the close of business hours on 21st August 2026. Mr. Sharma formally tendered his resignation on 23 May 2026 to pursue opportunities outside the organisation and served a 3-month contractual notice period. The departure involves a planned transition of ongoing business development engagements with global innovators and technology platforms across agrochemical and pharma intermediates.
- SBU Head - Life Sciences Mr. Puneet Sharma resigned effective close of business hours on 21st August 2026.
- Resignation was tendered on 23 May 2026 with a completed 3-month contractual notice period.
- Transition covers business development engagements with global innovators in agrochemical and pharma intermediates.
Deepak Nitrite Limited has informed the exchange about the resignation of Mr. Puneet Sharma from his position as SBU Head - Life Sciences. The resignation was tendered on May 23, 2026, and became effective at the close of business hours on August 21, 2026, following the completion of a three-month contractual notice period. Mr. Sharma is departing to pursue an external opportunity after leading the Life Sciences vertical across agrochemicals, pharma intermediates, and personal care segments.
- Resignation effective from close of business hours on 21st August, 2026
- Resignation letter initially submitted on 23 May 2026
- Completed a 3-month notice period ensuring handover of business development engagements
- Division overseen covered agrochemicals, pharma intermediates, and personal care platforms
Deepak Nitrite Limited has informed the exchanges of the resignation of Mr. Puneet Sharma, SBU Head - Life Sciences, effective close of business hours on August 21, 2026. Mr. Sharma tendered his resignation on May 23, 2026, to pursue an opportunity outside the organization and completed a 3-month notice period. The Life Sciences division oversees agrochemical and pharma intermediates, personal care, and emerging platforms. A successor announcement was not detailed in the filing.
- Resignation of Mr. Puneet Sharma from the role of SBU Head - Life Sciences effective August 21, 2026
- Resignation tendered on May 23, 2026, serving a 3-month notice period to ensure transition
- Departure is to take up an external career opportunity outside the company
Deepak Nitrite Limited announced that Mr. Puneet Sharma, SBU Head - Life Sciences, has resigned from his position effective from the close of business hours on August 21, 2026. The resignation letter was tendered on May 23, 2026, following which Mr. Sharma completed a standard three-month notice period to facilitate a smooth transition. The Life Sciences division oversees agrochemical and pharma intermediates, personal care, and emerging platform engagements. The departure is due to his decision to pursue an external career opportunity.
- Resignation of Mr. Puneet Sharma as SBU Head - Life Sciences effective August 21, 2026
- Resignation originally tendered on May 23, 2026, completing a 3-month notice period
- Covers business development and technology platforms across agrochemical and pharma intermediates
Deepak Nitrite reported a record-breaking Q1 FY27 with consolidated revenue of ₹2,592 crore, a 35% YoY increase. EBITDA margins expanded significantly to 21% from 11% a year ago, leading to a 207% YoY surge in PAT to ₹345 crore. The company is successfully transitioning into an integrated nitrogen platform, with the ammonia-to-amines integration complete. Management confirmed that MIBK, MIBC, and Acetophenone projects are scheduled for commissioning in August 2026, which will further deepen downstream integration.
- Consolidated Revenue reached ₹2,592 crore, up 35% YoY and 22% sequentially.
- EBITDA hit an all-time high of ₹554 crore, with margins expanding to 21% from 11% in the previous year.
- PAT for Q1 FY27 stood at ₹345 crore, which is approximately 62.6% of the total TTM PAT of ₹551 crore.
- Phenolics segment delivered record EBIT of ₹418 crore, a 254% increase YoY.
- Commissioning of MIBK, MIBC, and Acetophenone projects confirmed for August 2026.
Deepak Nitrite has announced its updated Board of Directors composition effective August 7, 2026. This follows the cessation of Shri Dileep Choksi as an Independent Director and incorporates changes previously announced in April and May 2026. The board now comprises 13 members, including 7 Independent Directors, ensuring compliance with governance standards. This is a procedural update and does not impact the company's operational financials.
- Board composition updated effective August 7, 2026
- Total board strength stands at 13 members
- Includes 7 Independent Directors to maintain governance standards
- Follows the cessation of Shri Dileep Choksi as an Independent Director
- Consolidates changes communicated in April and May 2026 announcements
Deepak Nitrite Limited has announced the cessation of Shri Dileep Choksi as a Non-Executive Independent Director effective August 7, 2026. This transition is due to the completion of his second term, a standard regulatory requirement under Indian corporate law. The company, with a market capitalization of Rs 24,537 Cr, continues its focus on downstream expansions like Polycarbonate and MIBK. This is a routine administrative change and does not impact the company's operational or financial trajectory.
- Cessation of Shri Dileep Choksi effective from August 7, 2026
- Reason for exit is the completion of a second consecutive term as Independent Director
- Company maintains a market capitalization of Rs 24,537 Cr as of the announcement date
- Deepak Nitrite reported a TTM revenue of Rs 7,887 Cr and TTM PAT of Rs 551 Cr
- Promoter holding remains stable at 49.34% as of June 2026
Deepak Nitrite's wholly-owned subsidiary, Deepak Chem Tech Limited, has commissioned its Methyl Isobutyl Ketone (MIBK) and Methyl Isobutyl Carbinol (MIBC) plant at Dahej, Gujarat. The project involved a capital expenditure of approximately ₹735 Crores, which represents about 22.8% of the company's current net worth (₹3,215 Cr). This commissioning marks a significant move into downstream specialty chemicals, aiming to diversify the product mix and improve margin resilience against global dumping. The plant includes necessary offsite utilities and infrastructure, transitioning the project from the investment phase to the revenue-generation phase.
- Commissioned manufacturing operations for MIBK and MIBC at Dahej on August 6, 2026
- Total capital expenditure incurred for the project is approximately ₹735 Crores
- Capex represents ~9.3% of the company's TTM revenue of ₹7,887 Crores
- Project executed through 100% subsidiary Deepak Chem Tech Limited
- Includes integrated offsite utilities and infrastructure for the new facility
Financial Performance
Revenue Growth by Segment
In FY 2024-25, the Phenolics segment (DPL) grew 16% YoY to reach INR 5,805 Cr, driven by strong demand for Phenol and Acetone. The Advanced Intermediates (AI) segment recorded revenue of INR 2,527 Cr. In Q2 FY26, Phenolics revenue grew 2% sequentially to INR 1,333 Cr, while AI revenue stood at INR 588 Cr.
Geographic Revenue Split
For FY 2024-25, the revenue mix was 84% Domestic (INR 6,923 Cr) and 16% Exports (INR 1,359 Cr). In Q2 FY26, the domestic share increased slightly to 86% (INR 1,632 Cr) with exports at 14% (INR 270 Cr).
Profitability Margins
Consolidated PAT for FY 2024-25 was INR 697 Cr with a PBT of INR 953 Cr. In Q2 FY26, PAT stood at INR 119 Cr (up 6% QoQ) and PBT at INR 163 Cr (up 5% QoQ). Profitability is being supported by efficiency gains despite global pricing volatility.
EBITDA Margin
Consolidated EBITDA margin for FY 2024-25 was 14% (INR 1,176 Cr). In H1 FY26, margins compressed to 11% (INR 438 Cr) due to external headwinds. However, Q2 FY26 saw a sequential improvement of 100 basis points to 12% (INR 224 Cr) as pricing trends stabilized.
Capital Expenditure
The company is executing sizeable capex through Deepak Chem Tech Limited (DCTL), including India's first integrated polycarbonate project and a mega complex. As of March 31, 2025, the company maintained a resilient position with gross debt of INR 1,170 Cr and cash/liquid investments of INR 900 Cr to fund these initiatives.
Credit Rating & Borrowing
ICRA reaffirmed ratings at [ICRA]AA/A1+ but revised the outlook from Positive to Stable in August 2025 due to large-scale capex. The company maintains low leverage with a net debt of only INR 256 Cr as of March 2025.
Operational Drivers
Raw Materials
Key feedstocks include Benzene, Propylene, and Ammonia (implied by Phenol/Nitrite production). Long-term feedstock arrangements for gas are secured with Petronet LNG.
Import Sources
Sourced both domestically and internationally; specific countries are not listed, but the company is actively pursuing import substitution under 'Atmanirbhar Bharat' to reduce reliance on Asian imports.
Key Suppliers
Petronet LNG is a primary strategic supplier for long-term feedstock arrangements.
Capacity Expansion
Expanding into downstream products like MIBK, MIBC, and Polycarbonate. The AI segment is undergoing both brownfield and greenfield expansions via DCTL to deepen integration.
Raw Material Costs
Raw material costs were impacted by global pricing volatility and supply chain disruptions. The company uses vertical integration (backward and forward) to mitigate these costs, achieving significant savings.
Manufacturing Efficiency
Consolidated ROCE is reported at 14%. Efficiency gains in the Phenolics segment helped maintain steady performance despite a 16% revenue increase in a volatile pricing environment.
Strategic Growth
Expected Growth Rate
8.60%
Growth Strategy
Growth will be driven by the 'China+1' strategy, a mega-investment in an integrated Polycarbonate project, and the operationalization of downstream products like MIBK and MIBC. The company is also focusing on CDMO and CMO partnerships to attract global players.
Products & Services
Phenol, Acetone, Isopropyl Alcohol (IPA), Sodium Nitrite, Sodium Nitrate, Nitric Acid, MIBK, MIBC, and Polycarbonate (planned).
Brand Portfolio
Deepak Nitrite, Deepak Phenolics (DPL), Deepak Chem Tech (DCTL).
New Products/Services
Launching MIBK (Methyl Isobutyl Ketone) and MIBC (Methyl Isobutyl Carbinol) in upcoming quarters, alongside the landmark Polycarbonate project.
Market Expansion
Expanding geographical footprint and tapping into emerging applications in construction, homecare, textiles, and pigments.
Market Share & Ranking
DNL holds a leading market position in most of its products (Sodium Nitrite/Nitrate) domestically and globally. It recently expanded market share in the Phenolics segment.
Strategic Alliances
Strategic partnerships in the CDMO and CMO space are being attracted by the group's reinforced brand value and HSE practices.
External Factors
Industry Trends
The industry is shifting toward cost optimization, decarbonization, and 'China+1' sourcing. DNL is positioning itself as a reliable alternative to Chinese suppliers.
Competitive Landscape
Faces intense competition from Asian producers (particularly China) who are pushing excess capacity into the Indian market at low prices.
Competitive Moat
Moat is built on high vertical integration, a 50-year track record, and being the first in India to produce certain integrated products like Polycarbonate, which creates high entry barriers.
Macro Economic Sensitivity
Sensitive to global chemical industry cycles; the global market is expected to grow from $5.61 trillion in 2024 to $8.58 trillion by 2029.
Consumer Behavior
Increased demand for sustainable and reliably sourced chemicals is driving global giants toward DNL's diversified portfolio.
Geopolitical Risks
Impacted by U.S. tariffs, geopolitical tensions affecting supply chains, and economic slowdowns in the EU and China.
Regulatory & Governance
Industry Regulations
Operations are aligned with 'Atmanirbhar Bharat' and national priorities for self-reliance in critical chemicals.
Environmental Compliance
Investing in renewable energy (60-70% target) and digital transformation to reduce emission scores and improve HSE (Health, Safety, and Environment) standards.
Risk Analysis
Key Uncertainties
Severe contraction in operating margins due to capacity buildup in China and economic distress in large consuming centers like the EU zone.
Geographic Concentration Risk
84% of revenue is concentrated in the Indian domestic market, making it vulnerable to local dumping by international players.
Third Party Dependencies
Partly insulated in the AI segment due to assured access to key raw materials, but dependent on Petronet LNG for long-term feedstock.
Technology Obsolescence Risk
Mitigated by strategic investments in automation, debottlenecking, and digital transformation.
Credit & Counterparty Risk
Receivables quality is supported by enduring customer relationships with global giants and a strong consolidated financial profile.
