NSE: DEEPAKFERT · BSE: 500645
DEEPAK FERTILIZERS & PETR
Manufactures crop fertilisers and industrial chemicals in India. The Fertilisers segment generated ₹6,165.55 crore (53.6% of FY26 segment revenue) with segment EBIT of ₹419.89 crore, while the Chemical segment generated ₹5,304.23 crore (46.1%) with segment EBIT of ₹1,146.61 crore, driven by volume growth in TAN and CNB. Realty (0.2%) and Others (0.1%) made up the balance of segment revenue. FY26 total revenue was ₹11,506.03 crore, up 12% year-on-year, with operating EBITDA of ₹1,684 crore and net profit of ₹738.76 crore. Raw materials are the dominant cost at 55.8% of revenue, with depreciation at 3.7% and capex at 13.6% — ₹1,569 crore directed at Dahej and Gopalpur projects targeted for Q2 FY27 commissioning. Net Debt/EBITDA stood at 2.86x. Management cited war-led raw material cost escalations, inadequate fertiliser subsidy support, and a ~₹75 crore planned ammonia plant turnaround as FY26 headwinds. The board recommended a 100% dividend (₹10 per share) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fertilisers (54%), Chemical (46%), Realty (0%), Others (0%). Cyclical, commodity-heavy fertilisers and chemicals with subsidy exposure and large project capex.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,663 | 11,301 | 8,676 | 10,274 | 11,506 |
| EBITDA (ex other income) | 1,356 | 2,165 | 1,287 | 1,925 | 1,684 |
| margin % | 17.7 | 19.2 | 14.8 | 18.7 | 14.6 |
| Owners' profit | 678 | 1,210 | 443 | 934 | 737 |
| EPS, as reported (₹) | 60.44 | 97.70 | 35.05 | 73.95 | 58.40 |
| ROE % · ROCE % | 17.2 · 18.0 | 23.5 · 23.4 | 8.4 · 12.3 | 15.1 · 16.7 | 9.9 · 11.3 |
| Debt / equity (x) | 0.65 | 0.70 | 0.74 | 0.63 | 0.73 |
| Cash from operations | 1,211 | 493 | 732 | 1,880 | 206 |
| Capex | (990) | (1,209) | (885) | (1,136) | (1,570) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,747 | 2,579 | 2,667 | 2,659 | 3,006 | 2,830 | 3,011 | 3,256 |
| Profit before tax | 299 | 301 | 320 | 345 | 310 | 195 | 161 | 651 |
| Net profit | 214 | 253 | 278 | 244 | 214 | 141 | 139 | 490 |
| EPS (₹) | 16.64 | 19.86 | 21.96 | 19.26 | 16.89 | 11.21 | 11.04 | 38.82 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Chemical | 5,304 | 46.1 |
| Fertilisers | 6,166 | 53.6 |
| Realty | 22 | 0.2 |
| Others | 14 | 0.1 |
| Total, before eliminations | 11,506 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR ◆ | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.9 | 17.4 | 20 of 50 | 61% |
| P/B | 2.0 | 1.4 | 36 of 60 | 41% |
| ROCE | 8.4 | 6.0 | 25 of 62 | 61% |
| ROE | 9.9 | 5.0 | 20 of 60 | 68% |
| Debt / Equity | 0.7 | 0.2 | 47 of 60 | 22% |
| EBITDA margin | 26.1 | 13.3 | 7 of 58 | 90% |
| Revenue growth | 22.5 | 6.7 | 14 of 54 | 76% |
| Profit growth | 101.0 | 21.0 | 19 of 64 | 71% |
| Market cap | 14679 | 98 | 2 of 66 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Pankaj Gupta appointed Company Secretary and Compliance Officer | management changes | low | — | — |
| 27 Oct 2026 · Pankaj Gupta appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 15 Oct 2026 · ICRA revises DFPCL long-term loan outlook to Positive | credit debt | high | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for share dematerialization | compliance | minimal | — | — |
| 1 Oct 2026 · SEBI issues administrative warning over disclosure lapses | regulatory legal | medium | — | — |
| 28 Sept 2026 · Company Secretary and Compliance Officer resigns | management changes | high | — | — |
| 28 Sept 2026 · Deepak Fertilizers And Petrochemicals Corporation Limited has informed the Exchange regarding Resignation of Mr Rabindra Purohit, Vice President - Legal, Company Secretary & Compliance Officer (Key Managerial Personnel) w.e.f. September 28, 2026. | management changes | high | — | — |
| 28 Sept 2026 · Trading window closure from 1 Oct 2026 until Q2 FY26 results announcement | compliance | minimal | — | — |
| 11 Sept 2026 · Newspaper notice on special window for physical shares dematerialisation | compliance | minimal | — | — |
| 2 Sept 2026 · AGM voting results: all 6 resolutions passed including dividend approval | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.