Deepak Nitrite Management Guidance Tracker

8 forward-looking guidance items tracked across 2 quarters.

Expansion

Q1 FY26Nitric acid plants to be commissioned by end of Q2 FY26Active

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.

Q1 FY26MIBK/MIBC and other solvent plants to commission in Q3 FY26Active

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.

Q1 FY26Polycarbonate complex commercial operations by December 2027Tracked

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.

Q2 FY26Upstream assets (nitric acid, MIBK/MIBC) to commission by Q4 FY26Active

Nitric acid plant commissioning this quarter; MIBK/MIBC plant expected to start commercial production by March 2026.

Other

Q1 FY26Renewable energy target of 60-70% by FY27Tracked

Signed PPA for renewable energy; expected to reduce CO2 emissions by 60-65% and deliver cost savings from May 2026.

Growth

Q2 FY26H2 performance expected better than H1Active

Management expects H2 FY26 to be better than H1, driven by improving demand and commissioning of new capacities.

Capex

Q2 FY26Polycarbonate project on track for March 2028Tracked

Integrated polycarbonate complex commissioning targeted for January-March 2028 quarter, with total capex of ~₹9,000 crore.

Q2 FY26Capex guidance of ₹1,500 crore for FY26 maintainedActive

Management reaffirmed capex spend of ~₹1,500 crore for the current fiscal year.