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Deepak Fertilizers reported a challenging Q3 FY26 with consolidated revenue of ₹2,830 croreCurrent reported value: ₹2,830 crore. No comparable prior figure is available in the source record. (+10Current 10 crore vs previous available quarter 9 crore.% YoY) but EBITDA fell 27% YoYCurrent reported value: 27% YoY. No comparable prior figure is available in the source record. to ₹353Current 353 crore vs previous available quarter 464 crore. crore and PAT dropped 34%Current reported value: 34%. No comparable prior figure is available in the source record. to ₹141Current reported value: 141. No comparable prior figure is available in the source record. crore. The miss was driven by extended monsoon impacting mining activity and TAN demand, raw material cost inflation (ammonia prices rising to $420-430/ton), and weak IPA realizations (down ~22-23% YoY). Crop nutrition margins were squeezed by inadequate subsidy pass-through and a shift to lower-value products. Management expects recovery in Q4 as mining normalizes and Rabi season picks up. Key catalysts: Gopalpur TAN project (91%Current 91%. Reported change: N/A. complete) and H2 nitric acid project (79% complete) to commission in Q1 FY27, and a 15-year LNG contract expected to reduce ammonia break-even costs by double-digit percentage. Risk: sustained softness in IPA and nitric acid pricing could delay margin recovery.