NSE: DEEPAKNTR · BSE: 506401
DEEPAK NITRITE LTD
Manufactures specialty chemicals through two reporting segments. Phenolics — 67.9% of FY26 segment revenue at ₹5,400.68 crore — covers phenol, acetone and related derivatives, and the company is building a 165,000 MT/yr polycarbonate plant targeted for June 2028 commissioning alongside phenol expansion. Advanced Intermediates — 32.1% at ₹2,553.32 crore — spans nitration, hydrogenation, agrochemical intermediates, MIBK/MIBC and fluorinated specialty molecules; MIBK/MIBC is due for commissioning in Q1/Q2 FY27 and 6-7 new specialty products are slated for regularized commercial production from Q3 FY27. Wholly owned subsidiary Deepak Chem Tech operates Fluorination, Nitric Acid, Nitration and Hydrogenation plants in Gujarat, with FY26 turnover of ₹172.23 crore; the nitration and hydrogenation facilities at Dahej were ramped up during FY26 and a Praxair India HyCO agreement covers on-site gases. Customers sit in pharmaceutical, agrochemical, automotive, infrastructure and polymers end-markets, with an 86:14 domestic-to-export revenue mix in Q4 FY26. Raw materials are the dominant cost at 67.5% of revenue, against an FY26 EBITDA margin of 13.03%; capex runs at 15% of revenue, with total project spend guided at ₹11,000 crore for the polycarbonate and other expansions, funded 60:40 debt-equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Phenolics (68%), Advanced Intermediates (32%). Asset-heavy specialty chemicals with backward integration into nitration, hydrogenation, nitric acid and fluorination chemistries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,802 | 7,972 | 7,682 | 8,282 | 7,887 |
| EBITDA (ex other income) | 1,604 | 1,289 | 1,203 | 1,092 | 968 |
| margin % | 23.6 | 16.2 | 15.7 | 13.2 | 12.3 |
| Owners' profit | 1,067 | 852 | 809 | 697 | 551 |
| EPS, as reported (₹) | 78.20 | 62.47 | 59.45 | 51.12 | 40.36 |
| ROE % · ROCE % | 32.0 · 39.9 | 20.8 · 27.0 | 16.8 · 21.0 | 12.9 · 14.4 | 9.4 · 10.8 |
| Debt / equity (x) | 0.09 | 0.01 | 0.04 | 0.22 | 0.26 |
| Cash from operations | 824 | 650 | 878 | 625 | 539 |
| Capex | (187) | (358) | (742) | (1,122) | (1,185) |
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 | 2,032 | 1,903 | 2,180 | 1,890 | 1,902 | 1,975 | 2,120 | 2,578 |
| Profit before tax | 264 | 135 | 279 | 155 | 163 | 138 | 301 | 468 |
| Net profit | 194 | 98 | 203 | 112 | 119 | 100 | 220 | 345 |
| EPS (₹) | 14.24 | 7.19 | 14.84 | 8.23 | 8.71 | 7.32 | 16.11 | 25.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Advanced Intermediates | 2,553 | 32.1 |
| Phenolics | 5,401 | 67.9 |
| Total, before eliminations | 7,954 | 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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD ◆ | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.0 | 23.0 | 56 of 99 | 44% |
| P/B | 3.3 | 2.8 | 63 of 99 | 37% |
| ROCE | 10.2 | 10.1 | 53 of 106 | 51% |
| ROE | 9.4 | 8.1 | 46 of 99 | 54% |
| Debt / Equity | 0.3 | 0.2 | 58 of 99 | 42% |
| EBITDA margin | 21.5 | 15.5 | 34 of 99 | 66% |
| Revenue growth | 36.4 | 24.4 | 27 of 94 | 72% |
| Profit growth | 207.4 | 55.1 | 15 of 92 | 85% |
| Market cap | 19572 | 697 | 6 of 108 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Deepak Nitrite schedules Q2 and H1 FY27 earnings call on Oct 30 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board Meeting on 29 Oct 2026 to consider Q2 FY26 results | results | low | — | — |
| 6 Oct 2026 · Routine RTA compliance certificate filed with BSE for Jul-Sep 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Subsidiary commissions chlorination and specialty chemical plant at Dahej | capex operations | high | — | — |
| 29 Sept 2026 · Subsidiary DCTL raises Rs 80 Cr via preference shares from group entity | fund raising | medium | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 26 Aug 2026 · Deepak Nitrite invests Rs 80 Cr in subsidiary DCTL via 9% OCRPS | fund raising | medium | — | — |
| 25 Aug 2026 · Subsidiary settles factory safety order for Rs 3 lakh | regulatory legal | high | — | — |
| 21 Aug 2026 · SBU Head Life Sciences Puneet Sharma resigns from Deepak Nitrite | management changes | high | — | — |
| 11 Aug 2026 · Deepak Nitrite Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
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.