Deepak Fertilisers & Petrochemicals Corp Ltd(DEEPAKFERT)

NSE: DEEPAKFERTBSE: 500645

₹ 1,145.2+0.72%refreshed 26 Oct, 01:29 pm ISTMarket cap: ₹ 14,457 crWebsite: www.dfpcl.comUpdated: 24 Oct 2026

About

Deepak Fertilisers & Petrochemicals Corporation Limited makes nitric acid, technical ammonium nitrate (TAN), crop nutrition fertilisers, isopropyl alcohol (IPA) and ammonia. Its plants are at Taloja (Maharashtra), Dahej (Gujarat), Srikakulam (Andhra Pradesh) and Panipat (Haryana). It reported revenue of Rs 11,506.03 Cr in FY26. With 1,120 KTPA of nitric acid capacity it is the largest nitric acid producer in South East Asia, and it holds a 45% share of India's merchant nitric acid market.^[1][2]

Business segments

Fertilisers made up 53.6% of revenue in FY26 (Rs 6,165.55 Cr) and Chemicals 46.1% (Rs 5,304.23 Cr).^[3]
In FY25 Chemicals revenue was Rs 5,130 crore vs Rs 4,792 crore in FY24, and Fertilisers revenue was Rs 5,120 crore vs Rs 3,861 crore.^[2]
The company has four business verticals: Industrial/Pharma Chemicals, Mining Chemicals, Crop Nutrition and Value Added Real Estate.^[2]
In FY25, Mining Chemicals was moved into subsidiary Deepak Mining Solutions (DMSL) and Crop Nutrition into Mahadhan Agritech (MAL). Industrial/Pharma Chemicals and Real Estate stayed with the parent.^[2]
Mining Chemicals revenue was about Rs 911 Cr in Q1 FY27 (+37% YoY), and Crop Nutrition revenue was about Rs 1,367 Cr (+9% YoY).^[4]

Products and brands

TAN: DMSL holds an estimated ~40% of the Indian TAN market (FY25) and is India's only producer of LDAN.^[2]
Nitric acid is made in weak (WNA) and concentrated (CNA/DNA) grades at Dahej. The company has historically been unable to meet demand for concentrated nitric acid.^[5]
Specialty chemical brands include Purosolv (pharmacopeia-grade solvents), Pickbrite (a stainless steel pickling solution), PuroGuard+ disinfectants, Cororid and Solar Grade Nitric Acid.^[2]
MAL sells under the flagship brand Mahadhan, with product lines Smartek, Croptek, Solutek and Bensulf Super-Fast. It leads the Indian market in bentonite sulphur and water-soluble fertilisers.^[2]
IPA is made at Dahej from refinery grade propylene (RGP) and is used in pharmaceuticals, cosmetics and cleaning products.^[6]
Real estate: Creaticity in Pune, a furniture destination with about 85% occupancy and nearly 100 brands (FY25).^[2]

Plants and capacity

DMSL raised TAN capacity from 487 KTPA to 587 KTPA through brownfield expansion over the two years to FY25.^[2]
The existing TAN plants ran at 98% capacity utilisation in FY26.^[7]
PCL's 1,500 TPD ammonia plant ran above 100% utilisation in FY25, producing 507 KT and meeting 93% of the group's ammonia needs.^[2]
The ammonia plant was debottlenecked in Q4 FY26, adding ~10% capacity. Utilisation averaged 94% in Q1 FY27, and ~80% of output was used captively.^[4]
IPA utilisation fell to 29% in Q1 FY27 after the government curtailed the RGP quota following the US-Iran conflict.^[4]
The 72,000 MTPA liquid CO2 plant returned to full operation in Feb 2025. The methanol plant stayed shut in FY25 because of a cost disadvantage.^[2]

Key operating numbers

TAN production was 577 KT in FY26 (+11% YoY), compared with record TAN sales of 519 KT in FY25 (+3% YoY).^[7][2]
TAN sales were 130 KT in Q1 FY27, down 12% YoY and 21% QoQ, attributed to logistics disruption from the new PESO ANRS portal guidelines.^[4]
Nitric acid volume was 302 KT in FY26 (+6% YoY). Q4 FY26 volume was 80 KT (+11% YoY).^[7]
IPA sales volume was 4 KT in Q1 FY27, down 76% YoY.^[4]
Croptek sales rose 76%, from 1.13 LMT in FY24 to 1.98 LMT in FY25.^[2]
Specialty fertilisers and Croptek made up 43% of Crop Nutrition revenue in Q1 FY27 vs 45% a year earlier. For full-year FY26 their share was 33%, up from 30% in FY25.^[4]
Mining Chemicals B2C revenue was Rs 151 Cr in Q1 FY27 (+42% YoY), 17% of the segment vs 16% in Q1 FY26.^[4]
Ammonia EBITDA breakeven was ~USD 430 FOBME as of Q3 FY26, up from ~USD 350 in earlier quarters.^[5]

Customers and distribution

The chemicals business reaches 28 states and union territories, exports to about 30 countries, and serves 250+ channel partners and nearly 1,000 direct customers (FY25).^[2]
MAL has over 600 field representatives in 12 states, 4,000 direct dealers and over 20,000 retailers (FY25).^[2]
TAN exports rose to 18.4 KT in FY25 after the export ban was revoked. The export quota was raised to 50,000 MT/year in June 2025.^[2][6]
About 65-70% of the new 150 KTPA Dahej-II concentrated nitric acid capacity has been pre-contracted under 20-year supply agreements.^[5]
DMSL sells directly to mining and infrastructure customers under a total cost of ownership model. Platinum Blasting Services extends this model to Australia.^[6]

Expansion and capex

Gopalpur (Odisha) TAN plant: 376 KTPA, approved capex Rs 2,675 Cr, 96% complete at the end of Q1 FY27, commissioning expected in Q2 FY27.^[4]
Dahej-II nitric acid plant: WNA 300 KTPA plus CNA 150 KTPA, approved capex Rs 1,983 Cr, 93% complete at the end of Q1 FY27, commissioning expected in Q2 FY27.^[4]
Once Dahej and Gopalpur are commissioned, the company expects to become Asia's largest nitric acid manufacturer.^[2]
Remaining project capex of Rs 800-1,000 Cr is to be spent in FY27. From FY28, capex is expected to return to maintenance levels.^[7]
Equinor 15-year LNG contract: first cargo received in May 2026, expected gas cost savings of ~Rs 300 Cr/year, full phase-in by Q4 FY27.^[4]

Recent developments

Q2 FY26: Platinum Blasting Services became 100% owned at an EV of Rs 537 Cr. DMSL had raised its stake from 65% to 85% during FY25.^[6][2]
May 2026: DMSL completed the acquisition of explosives maker Chardham Chemicals for ~Rs 120 Cr.^[4]
Management has committed to listing DMSL. Whether by demerger or IPO, and the timeline, have not been decided.^[4]
Net debt fell to Rs 4,719 Cr in June 2026 from Rs 4,824 Cr in March 2026.^[4]
28 Sep 2026: Rabindra Purohit resigned as Vice President - Legal, Company Secretary & Compliance Officer.^[8]
1 Oct 2026: SEBI issued an administrative warning over non-disclosure of investments in subsidiaries and tax litigations for FY19-FY22.^[9]

Market Cap

₹14,457 Cr

High / Low

₹1,681 / 865

Stock P/E

14.5

Price / Book

2.1

Book Value

₹542

EPS

₹58.4

No. of Shares

12.62 Cr

ROCE

11.5%

ROE

11.3%

OPM

11.7%

Debt / Equity

0.80

Sales

₹11,506 Cr

Net Profit

₹739 Cr

Promoter holding

45.6%

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Deepak Fertilisers & Petrochemicals Corp Ltd(DEEPAKFERT)

About

Business segments

Products and brands

Plants and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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