Deepak Nitrite Ltd(DEEPAKNTR)

NSE: DEEPAKNTRBSE: 506401

₹ 1,451.6-2.50%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 19,799 crNext results: 29 Oct 2026Website: www.godeepak.comUpdated: 24 Oct 2026

About

Deepak Nitrite Ltd is an Indian specialty chemicals manufacturer operating two segments - Phenolics (phenol, acetone, IPA, cumene) and Advanced Intermediates (nitro aromatics, DASDA, sodium nitrite, agrochemical intermediates) - from plants at Nandesari, Roha, Hyderabad and Dahej. A ₹11,500 crore integrated polycarbonate complex under construction at Dahej marks the largest single investment in the company's history.^{[1][2][3][4][5]}

Business segments

Q1 FY27 segment split: Phenolics ₹1,775 cr (+36% YoY), EBIT ₹418 cr at 24% margin; Advanced Intermediates ₹804 cr (+33% YoY), EBIT ₹67 cr at 8% margin.^[5]

Operations and capacity

Phenol plant at Dahej debottlenecked via advanced process controls to near 400 KTA run-rate from ~200 KTA; a further ~₹70 cr investment planned to formally reach 400 KTA.^[5]
Backward integration chain completed in Q1 FY27: ammonia → nitric acid (CNA + WNA plants at Nandesari, commissioned mid-December 2025) → nitration → amines, making Deepak self-sufficient in nitric acid.^[3][5]
Hydrogenation asset at Deepak ChemTech (DCTL), Dahej commissioned 26 September 2025 at ~₹118 cr; nitration plant at DCTL commissioned end-Q2/early Q3 FY26, both running at full utilisation by Q4 FY26.^[6][4]
R&D centre at Savli inaugurated 1 October 2025, built at ₹100 cr over a 5-acre campus; focused on CDMO/CMO partnerships, new molecule development and polymer compounding.^[6]
AI assets converted to multi-product campaign (fungible) basis over FY26, enabling simultaneous manufacture of 8 products at high utilisation in Q1 FY27.^[6][5]

Key operating numbers

Q1 FY27 domestic:export revenue mix 85:15; AI segment export mix 40 - 50% in Q1 FY27.^[5]
Nitric acid plant utilisation ~45% in Q4 FY26, ramping toward 95 - 105% from Q4 FY26 onwards as integration stabilised.^[4][3]
Consolidated net worth ₹6,214 cr; debt-to-equity 0.27x as of Q1 FY27.^[5]
Renewable energy savings ~₹4.5 cr in Q1 FY27; long-term PPA target of ~₹20 cr/year annual savings with 60 - 70% renewable energy mix from FY27.^[5]

Products and pipeline

Phenolics portfolio: phenol, acetone, IPA (record quarterly production in Q2 FY26), cumene, and acetophenone (commissioning August 2026 from the same integrated Dahej asset).^[6][5]
Advanced Intermediates portfolio: sodium nitrite, DASDA (OBA intermediate), nitro aromatics, fluorinated molecules (BTF via photochemical fluorination), and agrochemical intermediates; MIBK and MIBC added August 2026.^[6][5]
~15 products at R&D/piloting stage as of Q3 FY26, targeting mining chemicals, flame retardants, personal care, flavours & fragrances and polymer applications; 7 new products launched in Q2 FY26.^[3][6]
Completion of ammonia-to-amines chain enables diazotization with liquid, solid and gas substrates and entry into Schiemann fluorination - chemistries not previously feasible.^[5]

Customers and distribution

Domestic market accounts for 85% of Q1 FY27 revenue (86% in Q4 FY26; 83% in Q3 FY26); customer base diversified across agrochemicals, pharma, specialty and effect chemicals.^[5][4][3]
India phenol market is structurally supply-short with no new global capacity additions; Deepak targets ~55 - 60% share of India's phenol consumption after the second plant comes online.^[3]
US antidumping duty of 45.16% on Deepak's sodium nitrite exports was removed specifically for Deepak Nitrite (US DoC notification 26 January 2026); total tariff burden reduced to ~21 - 23%. Historical US export volume was ~5,000 tonnes/year.^[3]
AI segment faces Chinese dumping pressure in sodium nitrite, DASDA and nitro aromatics; CCP guidelines on hazardous nitration chemistries (announced December 2025) are creating demand and margin tailwinds for Deepak's nitration products.^[6][4]

Expansion and capex

Integrated polycarbonate complex at Dahej: 165 KTA PC resin; total project size ₹11,500 cr (60:40 D/E); entire debt tied up. PC commissioning target revised to H2 FY28 - 29; BPA commissioning a couple of months after PC.^[5]
BPA/phenol expansion and propylene supply for the polycarbonate complex via a long-term Build-Own-Operate HyCO plant agreement with Praxair India at Dahej.^[4]
Polycarbonate technology licensed from Trinseo; plant dismantling underway at Stade, Germany; site construction in progress at Dahej.^[6][3]
FY27 total capex guided at ~₹2,700 - 2,800 cr (₹1,200 cr spent in Q1 FY27); FY28 capex for the integrated project ~₹3,000 cr; peak gross debt guided at ₹8,000 - 8,500 cr with D/E remaining below 1x.^[5]
Flow chemistry platform (NOx chemistry, multi-product capable) targeted for commercial scale in FY28; currently in seed sample / market traction phase.^[5]

Recent developments

MIBK, MIBC and acetophenone commissioned at Dahej in August 2026; pre-commissioning trials on MIBC exceeded designed capacity. Remaining multi-purpose plants confirmed for commissioning within Q2 FY27 (by September 2026).^[5]
Deepak ChemTech commissioned a chlorination and specialty chemicals plant at Dahej (Dist. Bharuch, Gujarat) on 29 September 2026 at a capital expenditure of ₹300 cr.^[7]
Indian government removed import duty on phenol through most of Q1 FY27 (April - June 2026); duty was subsequently reimposed. Deepak maintained domestic pricing and volumes throughout the duty-free period.^[5]
Q1 FY27 was Deepak's highest-ever quarter on all P&L lines: revenue ₹2,592 cr (+35% YoY), EBITDA ₹554 cr (+159% YoY) at 21% margin, PAT ₹345 cr (+207% YoY).^[5]
Management proactively built outsized feedstock inventory (benzene, xylene, toluene) at dip prices in January - February 2026, ahead of Middle East geopolitical volatility; position supported margins through approximately mid-Q2 FY27.^[4]

Market Cap

₹19,799 Cr

High / Low

₹1,895 / 1,280

Stock P/E

25.3

Price / Book

3.4

Book Value

₹428

EPS

₹40.4

No. of Shares

13.64 Cr

ROCE

11.5%

ROE

9.8%

OPM

10.3%

Debt / Equity

0.26

Sales

₹7,887 Cr

Net Profit

₹551 Cr

Promoter holding

49.4%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Deepak Nitrite Ltd(DEEPAKNTR)

About

Business segments

Operations and capacity

Key operating numbers

Products and pipeline

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions