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Revenue
₹1,902 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹224 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Deepak Nitrite reported Q2 FY26 consolidated revenue of ₹1,922 crore (flat QoQ) and EBITDA of ₹224 crore (+5% QoQ), with EBITDA margin improving 100bps to 12%. The phenolics segment drove performance with record isopropyl alcohol production, while advanced intermediates faced headwinds from Chinese dumping and US tariff uncertainty, with agrochemical intermediates volumes near zero. Management expects H2 improvement from agrochemical demand recovery, commissioning of upstream assets (nitric acid, MIBK/MIBC) by Q4, and new product launches from the R&D center. The polycarbonate project remains on track for March 2028. Key risk: sustained dumping from China could further pressure advanced intermediates margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects H2 FY26 to be better than H1, driven by improving demand and commissioning of new capacities.
- Nitric acid plant commissioning this quarter; MIBK/MIBC plant expected to start commercial production by March 2026.
- Integrated polycarbonate complex commissioning targeted for January-March 2028 quarter, with total capex of ~₹9,000 crore.
- Management reaffirmed capex spend of ~₹1,500 crore for the current fiscal year.
Risks flagged
- Chinese dumping in products like sodium nitrite and nitroaromatics is pressuring margins; management expects moderation but no clear timeline.
- Customers delayed purchases due to tariff uncertainty; recovery depends on clarity, which remains elusive.
- Management acknowledged potential delay if propane supply from Petronet LNG is delayed, though they have contingency plans.
- When asked about BPA technology, management deferred, indicating discussions are ongoing, which could affect project integration.
Key quotes
- Our ability to commercialize will be within the quarter. We're speaking with a couple of potential strategic partners to see how we can do it together.
- I think by the end of next year we will be at least in India company that has the maximum amount of chemistry platforms under one house compared to any other Indian chemical company.
- The significant amount of dumping that we're finding from China would be in products such as sodium nitrite, dasta, and nitroaromatics.
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