Deepak Nitrite Limited — Q2 FY26
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%.
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.
83%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Volume erosion in agrochemical intermediates from peak levels
Asked by NRA Jimurya, annual wealth
Management clearly stated volumes were near zero in Q2.
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Question
if we just compare Q2 to reserve is those peak volumes. Uh how much of the volume erosion or uh or the quantities would have fallen from those peak volumes which they were earlier using from us.
Malik (CEO)
the volumes that we sent were essentially zero or close enough to zero. ... these products are conspicuously absent in our Q2 uh results.
Partial answer
High priority
Timing of volume recovery in agrochemical intermediates
Asked by NRA Jimurya, annual wealth
Management gave directional improvement but no quantitative forecast.
no specific volume guidancecautious optimism
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Question
how are you seeing uh this volumes picking up in the subsequent quarters based on your interactions with the customers.
Malik (CEO)
cautious optimism ... the number is no doubt higher than the zero that it was in Q2. ... material movement is to begin from this month or next month onwards
Answered
Medium priority
Ammonia storage and cost minimization strategy
Asked by NRA Jimurya, annual wealth
Management explained sourcing diversity and storage expansion.
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Question
how we are placed in terms of our ammonian ammonia contracts A and B uh in terms of minimizing our storage and transportation cost
Malik (CEO)
we do have an alignment ... allow us to import ammonia as well as buy from domestic sources. ... storage facility ... will be about roughly about 15 times how much we would have had over these many years
Answered
Medium priority
Capacities of new WNA and CAN plants
Asked by NRA Jimurya, annual wealth
Management provided daily production rate ranges.
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Question
is it possible to share the capacities for both of them like what sort of uh operationalized capacities uh we are coming up with
Malik (CEO)
we would be on an annualized basis I think producing roughly about between 250 to 270 tons per day. ... somewhat close to that with regards to concentrated acid
Partial answer
High priority
Phenol volume growth and debottlenecking impact
Asked by Arun, Aendes Park
Management gave Q2 growth but no full-year guidance.
no FY26 volume growth guidanceattributed to weather
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Question
what will be the yway growth because we have done a debottle of the phenol plant. ... if you can guide what will be the FI26 volume growth on the phenol front?
Malik (CEO)
in Q2 there was ... very moderate growth. I think it was about 2 3% frankly ... we should be able to squeeze out more output in H2
Answered
High priority
Breakdown of ₹2,000 crore capex spend
Asked by Arun, Aendes Park
Management provided a detailed breakdown of projects.
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Question
can you just give a break up of you know how should we look at this 2,000 crores and how much of this 2,000 crores so far we have spent on the phenol and the integrated polycarbonate
Malik (CEO)
95% of this would not have anything to do with polycarbonates or phenol ... nitration hydrogenation ... nitric acid ... R&D facility ... multi-purpose plants ... MIBC and MIBK
Answered
High priority
Impact of US tariffs on agrochemical intermediate demand
Asked by Abijit Kala, KIE
Management explained tariffs add uncertainty but main cause is inventory destocking.
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Question
Are the US tariffs a factor behind this as well? Are these intermediates subject to the tariffs and is that a factor holding back the demand
Malik (CEO)
the US tariffs have been spread across the whole world. ... the gap has been genuinely simply because of an inventory buildup ... when our customers are not producing they're not in a position to buy our intermediates
Evasive
Medium priority
Volume-price split for advanced intermediates revenue decline
Asked by Abijit Kala, KIE
Management did not provide the requested volume-price breakdown.
no quantitative split givenvague explanation
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Question
the 3% revenue decline we see year on year this quarter, to 588 crores, would it be possible to just help us get a split between volumes and prices
Malik (CEO)
the value drop is from one direction where the volume is not high and the volume bump is in another direction where the margins are not high.
Answered
Medium priority
Quantification of pre-operative expenses in advanced intermediates
Asked by Abijit Kala, KIE
Management provided a specific number.
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Question
Are there any pre-operative expenses also within advanced intermediates that are depressing the results and if so is it possible to just quantify how much that impact might be?
Malik (CEO)
it will be around 15 crores for the quarter.
Answered
High priority
Chinese dumping products and geographies
Asked by Sesh Jen, ICIC Securities
Management named specific products under dumping pressure.
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Question
you have seen Chinese dumping few products in other geography ... which are this product and which are the geographies whether it is also coming into India
Malik (CEO)
The significant amount of dumping that we're finding from China would be in products such as sodium nitrite ... dasta ... and in a couple of cases of nitroaromatics.
Answered
High priority
Capex guidance for FY26 and beyond
Asked by Kumar Samya, Ambit Capital
Management confirmed the capex guidance.
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Question
the capex guidance for this year was about 1,500 crores are you holding on to that
Sanjay (CFO)
Yes, thank you sir. That was all. Thank you. Thanks.
Answered
High priority
Capex outlay for polycarbonate project in FY27-28
Asked by Vive Rajamani, Morgan Stanley
Management provided specific capex ranges for FY27 and FY28.
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Question
could you just give us an indication for fiscal 27 and fiscal 28 as ... the capex outlay for next 3 years?
Sanjay (CFO)
it will be around 3,000 to 4,000 because the total outlet is around 9,000 crores. So 3, 3 and a half thousand and then 4,000 next year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Advanced intermediates revenue decline 3% YoY to 588 crores | ₹588 cr | ₹1,902 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.