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Revenue
₹3,600 Cr
verification pending
Revenue YoY
9%
reported change
EBITDA
₹464 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Deepak Fertilizers reported Q2 FY26 revenue of ₹3,600 crore, up 9% YoY, driven by strong volume growth in TAN (29% YoY) and crop nutrition (54% YoY). EBITDA stood at ₹464 crore, with PAT stable at ₹214 crore. The chemical segment was impacted by weak IPA and ammonia prices, dragging overall margins. Management highlighted early signs of ammonia price recovery (now >$400/MT) and expects margin normalization in H2. The TAN project at Gopalpur is 87% complete and nitric acid project at 70%, both on track for Q4 commissioning. Risks include continued IPA margin pressure from global oversupply and potential delays in ammonia plant turnaround benefits.
Colored figures show movement against the previous available record.
Guidance to track
- The TAN project at Gopalpur is 87% complete and nitric acid project at 70%, both on track for commissioning by end of Q4 FY26.
- Management expects the new TAN plant to achieve ~70% capacity utilization in FY27 and 80%+ in FY28.
- A planned shutdown in Q4 FY26 is expected to increase ammonia plant capacity by ~10% and improve efficiency.
- The new LNG contract with Equinor will start supply from May 2026, expected to materially reduce gas costs and lower ammonia breakeven.
Risks flagged
- IPA segment faces margin pressure due to global oversupply and US imports after anti-dumping duties on China, with no near-term recovery visibility.
- GST rate cuts have reduced state incentives for the ammonia plant, impacting returns. Management is representing to the government but no resolution yet.
- While ammonia prices have rebounded, the planned Q4 shutdown and efficiency gains may take time to materialize, and global price volatility remains a risk.
Key quotes
- Our journey from commodity to specialty or holistic solutions stayed steadfast and now contributes to almost 22% share in our H1 revenues.
- The $300 was abnormality I call it. That's not the normal somebody should look in. It's getting back to the right scenario.
- We are in short supply of TAN. In fact, whatever we produce everything is getting sold in domestic market.
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