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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why agrochemical demand is weak and confidence in recovery.
Asked by Sanes Chen, ICIC Securities
Management explained China's capacity but did not give a clear timeline or quantitative recovery outlook.
no specific recovery timelineno quantitative demand outlook
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Question
what's really think it is lower demand because restocking appears to be largely behind for the conventions of the innovator. Uh or it is China over supply because China still continues to add a lot of capacity.
Management
yes China has had uh you know it has ramped up its uh capacity uh significantly but most of that capacity that has been ramped up is for the final product which goes into formulation. We are a an intermediates manufacturer.
Partial answer
Medium priority
Volume growth for non-agrochemical segments like sodium nitride, OBA.
Asked by Sanes Chen, ICIC Securities
Management said 'marginal growth' but did not quantify the growth rate.
no specific growth rate given
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Question
was the volume slattish uh uh that mean agrochemical has declined uh what should be the growth rate for that non-aggrochemical segment
Management
on the other products which are going more into the dies is an intermediate space. I think there our volumes are largely intact with uh you know a marginal growth.
Partial answer
High priority
Details on 220 crore investment for agrochemical intermediate.
Asked by Nrahares Chimodia, Anvil Wealth
Management gave timeline but did not provide market potential or patent status.
no market potential estimate
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Question
if you can uh share your views here like is this for a uh novel agrochemical or uh or for this is for the off patent product uh some estimates on the market potential
Management
the investment of 220 crores is in its uh construction phase and expected to be commissioned uh at some point between the uh end of January and uh the middle of March.
Partial answer
Medium priority
Timeline for innovator launch of the agrochemical product.
Asked by Nrahares Chimodia, Anvil Wealth
Management gave their own supply timeline but not the innovator's launch schedule.
no specific launch date from innovator
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Question
any tentative schedule have been given by the innovator to you in terms of uh the launch by them.
Management
this uh product will be supplied as quote unquote a uh plant relevant uh batch in quarter three and in time for us to be able to engage with them meaningfully for uh you know long-term contracts moving forward.
Partial answer
High priority
Details on 14,000 crore project pipeline and revenue potential.
Asked by Nrahares Chimodia, Anvil Wealth
Management discussed integration but did not confirm the 7,000 crore turnover figure or give a clear revenue projection.
no clear revenue breakdownreframed to integration benefits
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Question
the chairman sir mentioned about projects worth 14,000 crores under pipeline. If I'm not wrong, some turnover figure of 7,000 cr was also mentioned on this investments.
Management
all of these put together then uh over and above this uh what we're talking about with regards to 8,000 crores of revenue is uh to keep in mind that when we make phenol acetone binol these will be largely fed into the manufacturing of polycarbonate.
Answered
High priority
Timing and margin impact of nitric acid project.
Asked by Abija Kala, KC Institutional Equities
Management confirmed the margin expectation and provided commissioning timeline.
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Question
on nitric acid should we expect the benefits to start from the second quarter of uh this financial year or will it uh you know really start from the third quarter and uh could it um add something like 200 300 bits to the advanced intermediate segment margin.
Management
yes, I think in terms of the margin expectation, you're right. And uh just to clarify, since we're in the middle of uh the second quarter, uh we've already begun trial production
Evasive
Medium priority
Capacity utilization for MIBK/MIBC project in FY26 and FY27.
Asked by Abija Kala, KC Institutional Equities
Management described ramp-up as accelerated but gave no quantitative utilization figures.
no specific utilization percentagevague timeline
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Question
what sort of capacity utilization uh you know percentages could we work with for this financial year and then maybe next financial year?
Management
I think there will be uh a ramp up. It's going to be an accelerated ramp up to a sense because uh not only will we be making MIBK but we'll be making the downstream of that MIBC and a couple of other uh solvents and mining chemicals
Evasive
Medium priority
Revenue/profit contribution from polycarbonate compounding facility this year.
Asked by Abija Kala, KC Institutional Equities
Management said not to expect meaningful contribution this year without giving any numbers.
no quantitative contributiondeferred to future
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Question
on the polycarbonate compounding facility which is up and running at present uh are there meaningful contributions expected for this year in terms of uh revenues or maybe profits as well?
Management
I think uh frankly what you should look at is not so much uh for this year. It's more about what we're able to accelerate uh on over the next year two years.
Partial answer
High priority
Timeline for advanced intermediates segment to return to double-digit EBITDA margins.
Asked by Abija Kala, KC Institutional Equities
Management implied margins would have been double-digit but did not commit to a timeline for recovery.
no specific timelineblamed external factors
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Question
can we expect to sort of get back into double digit uh you know eBick margins maybe sometime next year or so
Management
if the uh orders from our strategic customers had not been delayed deferred uh we would have been able to see that even in Q1. But the unfortunate truth is that uh this is a situation that prevailed
Answered
High priority
Capex budget for FY26 and phasing over next few years.
Asked by Abija Kala, KC Institutional Equities
Management provided a revised capex range and spending to date.
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Question
on the capex budget for this year last time we had mentioned 1500 crores for fiscal 26 so is that still on track
Management
Uh this year it would be in the range of uh 800 to,000 crores roughly and uh 500 500 already spent.
Answered
High priority
Market size for polycarbonate in India and IRR/payback for capex.
Asked by Toshar, Omega portfolio advisor
Management gave market size, payback period, and IRR range.
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Question
what sort of market size you are seeing uh you know in order to cater from this uh PC compounding facility
Management
the Indian market size which you are trying to grow by now four lakh metric tons. ... the payback is around five years five and a half years between five and five years when you take the entire uh integrated value chain
Evasive
Medium priority
Update on MMA, PMA, and NU products from the second MOU.
Asked by TJ Sav, Asian market securities
Management said MMA not yet decided, no update provided.
no update on MMAdeferred decision
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Question
the second MOU which we had announced of 9,000 crores. So the we also had mentioned about plans of expanding into MMA PMA and NU. So you can provide some update about these products.
Management
MMA we'll come back to you when we decide on that today we have not yet decided so on today the capex plan is around 11,000 crores if you include BPA also into that
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| MIBK merchant revenue about 550 crores | ₹550 cr | ₹1,897 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.