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Revenue
₹2,830 Cr
verification pending
Revenue YoY
10%
reported change
EBITDA
₹353 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 a challenging Q3 FY26 with consolidated revenue of ₹2,830 crore (+10% YoY) but EBITDA fell 27% YoY to ₹353 crore and PAT dropped 34% to ₹141 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% 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.
Colored figures show movement against the previous available record.
Guidance to track
- Both projects are progressing well (91% and 79% completion) and will materially enhance competitiveness and margin resilience once operational.
- The long-term LNG contract with a Norwegian giant will lower gas costs, reducing the ammonia break-even level significantly from current ~$430-440/ton.
- Discussions with ministries suggest the 50,000 ton/year export quota may be removed as India becomes self-sufficient in ammonium nitrate.
Risks flagged
- IPA prices have corrected ~22-23% YoY due to weak acetone prices and imports; management expects muted sentiment to continue for at least a couple of quarters.
- Analyst raised concern about 500 KTPA additional TAN capacity from Chambal and GNFC by FY27-28, which could create supply glut and pressure margins.
- Excess imports and dumping from abroad have kept nitric acid prices under pressure, though management views this as a short-term phenomenon.
Key quotes
- What differentiates DFPCL today is our ability to navigate some of these volatile cycles with a greater degree of resilience.
- We are beginning to see improvement in few areas. In mining chemicals, early signs of recovery are already visible in Q4.
- We have had a very fruitful discussion with the concerned ministries... there is a very strong case for reviewing this 50,000 ton per year of export quota and it may also get removed eventually.
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