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Deepak Nitrite Limited — Q1 FY26
Deepak Nitrite reported Q1 FY26 consolidated revenue of ₹1,897 crore, with EBITDA of ₹197 crore (margin 10%), up 11% sequentially.
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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.
दीपक नाइट्राइट ने पहली तिमाही में ₹1,897 करोड़ की कमाई की। कंपनी का मुनाफा (EBITDA) ₹197 करोड़ रहा, जो पिछली तिमाही से 11% ज़्यादा है। एक हिस्से में केमिकल के ऑर्डर देरी और चीन की सस्ती आपूर्ति से मुश्किल हुई, लेकिन दूसरे हिस्से में मांग अच्छी रही। कंपनी को उम्मीद है कि अगली तिमाही से केमिकल कारोबार सुधरेगा। नए प्रोजेक्ट (जैसे नाइट्रिक एसिड) इस साल शुरू होंगे। अमेरिकी टैरिफ का असर बहुत कम (2.5-3% बिक्री) है, लेकिन ग्राहकों पर इसका असर साफ नहीं। कंपनी घरेलू बाजार और आयात बदलने पर ध्यान दे रही है।
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Delayed agrochemical demand recovery
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Phenolics Segment Revenue
₹1,287 crore
-6% QoQ
Phenolics revenue declined sequentially but profitability improved due to cost optimization and stable spreads.
Advanced Intermediates EBITDA Margin
6%
-200bps QoQ
Margin impacted by pre-operative expenses and delayed agrochemical orders; recovery expected from Q2.
Domestic Sales Ratio
86%
flat QoQ
Domestic sales of ₹1,623 crore vs exports ₹267 crore, reflecting import substitution focus.
Capex Guidance FY26
₹800-1,000 crore
N/A
Management guided FY26 capex of ₹800-1,000 crore, with ₹500 crore already spent in Q1.
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Guidance and risk preview
Concentrated nitric acid in trial production; weak nitric acid commissioning ongoing.
Agrochemical intermediates demand remains subdued due to Chinese oversupply and customer deferrals.
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