Deepak Fertilizers And Petrochemicals Corporation Limited has informed the Exchange about Credit Rating

ICRA has reaffirmed Deepak Fertilizers' long-term rating at [ICRA] AA- and short-term rating at [ICRA] A1+, but revised the outlook from 'Positive' to 'Watch with Developing Implications'. The short-term non-fund based limits rating of Rs. 975 crore has been withdrawn. The rating watch is triggered by the ongoing West Asia conflict since February 2026, which has disrupted natural gas supplies through the Strait of Hormuz, causing sharp increases in ammonia and gas prices. Ammonia is a key input for the company's nitric acid, TAN, and phosphatic fertiliser production. The company expects an Equinor gas contract to commence from May 2026, which could substantially meet its gas requirements. A large Rs. 4,700 crore capex programme is underway for TAN and nitric acid projects, with Rs. 2,936 crore already incurred by December 2025.