Deepak Fertilizers And Petrochemicals Corporation Limited has submitted to the Exchange, the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September, 2025.
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DFPCL reported consolidated Q2 FY26 revenue of ₹3,005.8 crore, up 9.4% YoY, while H1 FY26 revenue grew 12.7% to ₹5,664.6 crore. Consolidated Q2 PAT was largely flat at ₹214 crore, but H1 PAT rose 11% to ₹458 crore. The Fertiliser segment was the key growth driver with EBITDA up 36% YoY, while the Chemicals segment (IPA and Ammonia) saw a 21% YoY EBITDA decline due to weak acetone prices, anti-dumping duty impacts, and volatile ammonia pricing. Operating EBITDA for H1 grew only 2% YoY to ₹977 crore despite revenue growing 13%, indicating margin pressure. Capex of ₹870 crore was incurred in H1, with the Gopalpur TAN and Dahej Nitric Acid projects (combined ₹4,658 crore) progressing at 87% and 70% completion respectively. Net debt to EBITDA stood at 1.74x. The company also completed the full acquisition of Platinum Blasting Services in Australia.
Mixed bag for shareholders — consolidated topline and H1 earnings growth look healthy on the surface, but the sharp EBITDA margin compression (2% growth on 13% revenue growth) and weakness in the chemicals segment may weigh on sentiment. The strong fertiliser performance and on-track capex projects provide a positive medium-term outlook.