Intimation of Credit Rating received from Crisil Rating Limited.
DEEPAKFERT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CRISIL Ratings has reaffirmed Deepak Fertilisers' long-term rating at AA- with Positive outlook and short-term rating at A1+. The ratings reflect the company's strong business position as market leader in Technical Ammonium Nitrate (TAN) and key industrial chemicals. The company achieved revenue of Rs 8,495 crore in 9M FY26 (up 19% YoY) though EBITDA declined 15.6% due to excess rains affecting TAN and Nitric acid realisations, plus higher ammonia costs from gas supply disruptions. The Positive outlook is supported by expected ramp-up from expansion projects (TAN project 93% complete, Nitric acid 86% complete) and a new cheaper LNG supply contract with Equinor effective May 2026. Net debt is expected to rise to Rs 4,800-5,200 crore in FY26 due to capex, but should moderate to 2-2.2x leverage by FY27 as projects commission.
The reaffirmation of investment-grade ratings signals strong creditworthiness. The Positive outlook suggests ratings could improve as expansion projects ramp up from H2 FY27, which is positive for bondholders and equity investors. The stock should be viewed favorably given the improving business profile.