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Revenue
₹1,897 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹197 Cr
latest reported figure
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Deepak Nitrite reported Q1 FY26 consolidated revenue of ₹1,897 crore, with EBITDA of ₹197 crore (margin 10%), up 11% sequentially. The advanced intermediates segment faced headwinds from delayed agrochemical orders and Chinese oversupply, while phenolics benefited from steady demand and cost optimization. Management guided for recovery in agrochemicals from Q2, with new projects (nitric acid, MIBK/MIBC, hydrogenation) commissioning through FY26. The polycarbonate complex remains on track for December 2027. Key risk: US tariff exposure is limited (2.5-3% of sales), but second-order impacts on customer demand remain uncertain. Management emphasized domestic focus and import substitution as strategic buffers.
Colored figures show movement against the previous available record.
Guidance to track
- Concentrated nitric acid in trial production; weak nitric acid commissioning ongoing. Both expected to be fully online by end of Q2, adding 200-300 bps to AI segment EBITDA margins from Q3.
- Advanced solvents MIBK, MIBC, and nitration plants expected to be commissioned in the next quarter (Q3 FY26). Ramp-up will be accelerated, targeting merchant revenue of ~₹550 crore from MIBK alone.
- India's first integrated polycarbonate project (165 KTPA) with backward integration from propane to phenol/acetone, BPA, and polycarbonate. Total capex ~₹10,000 crore over three years.
- Signed PPA for renewable energy; expected to reduce CO2 emissions by 60-65% and deliver cost savings from May 2026.
Risks flagged
- Agrochemical intermediates demand remains subdued due to Chinese oversupply and customer deferrals. Management expects recovery from Q2, but timing is uncertain.
- Direct US exposure is only 2.5-3%, but second-order effects on customer demand (textiles, auto) could impact volumes. Management was evasive on quantifying the risk.
- ₹10,000 crore capex over three years with multiple projects (polycarbonate, nitric acid, solvents) could face delays or cost overruns. Peak debt expected at ₹7,000-7,500 crore.
- Unprecedented heat wave in Gujarat constrained phenolics production in Q1, despite achieving a new production peak. Future weather events could disrupt operations.
Key quotes
- Orders delayed are not orders declined and meanwhile we will see what we have to do in order to make our assets multi-purpose in campaigns to be able to run along with customer requirements.
- Our greatest investment is into the country of India itself. India is the world's largest economy that has a fair balance of supply as well as demand-led growth and that is something that we should harvest and cultivate because that is our true strength and potential.
- I think honestly the best thing that we are able to do to adapt for a trade war is look within, look at our partners, our business partners, suppliers and customers all over the world because we are not without options and we're not without relationships.
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