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Deepak Nitrite Limited Investor Presentation 2026
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DEEPAK
RESPONSIBLE CHEMISTRY
Q4 & FY2026 Results Presentation
May 15, 2026
| ₹ 2,127 Crore
Total Revenue (in Q4 FY26) | ₹ 383 Crore
EBITDA (in Q4 FY26) | Revenue Growth
(in Q4 FY26)
7% Q-o-Q |
| --- | --- | --- |
| ₹ 7,947 Crore
Total Revenue (in FY26) | ₹ 1,041 Crore
EBITDA (in FY26) | EBITDA Growth
(in Q4 FY26)
74% Q-o-Q |
MAKE IN INDIA
DEEPAK RESPONSIBLE CHEMISTRY
Deepak Nitrite Limited: A Leading Chemical Intermediates Producer
TOGETHER FOR SUSTAINABILITY
Company Overview
Deepak Nitrite (DNL) is one of the fastest growing and trusted chemical intermediates company in India with a diversified portfolio of products that cater to multiple industries with varied applications. DNL is recognized globally as a ‘Responsible Manufacturer’ and as a ‘Supplier of Choice’ by marquee customers. Led by an able management team, DNL has leveraged process expertise, technological prowess and operational excellence to capitalise on opportunities for growth and deliver sustained value creation for stakeholders.
Depend On Deepak
Deepak Nitrite Limited (DNL) has built a strong organisation with processes and systems that ensure seamless operations, as well as a focus on ethics and transparent practices, with a team of skilled and motivated people ready to step up and take charge, as well as deep capabilities to meet customers’ needs. More importantly, having long-lasting relationships at its core, founded on the principles of trust, faith, and values, ensures long-term success and future value creation.
Sustainable & versatile business model
7 Modern Manufacturing Facilities
Products exported to 50+ Countries across 6 continents
Largest Producer of Phenol, Acetone, IPA & Sodium Nitrite in India
Robust R&D capabilities
Rich Legacy of over 5 Decades
2
Deepak Nitrite at a Glance
DEEPAK RAPPORABLE CHEMISTRY
7
Modern Manufacturing Facilities at 5 strategic locations
36+
Products
56+
Applications
₹ 7,947 Crore
FY26 Total Revenue
50+
Countries receive our exported products
6,100+
Total Workforce
1,500+
Customers
ICRA AA Stable
Long-Term Rating
ICRA A1+
Short-Term Rating
3
DEEDAK
RESPONSIBLE
CHEMISTRY
Responsive Manufacturing Presence & Global Customers
Agile Manufacturing Presence
Manufacturing Locations
Nandesari, Gujarat (DNL, DCTL)
Dahej, Gujarat (DNL, DPL and DCTL)
Taloja, Maharashtra (DNL)
Roha, Maharashtra (DNL)
Hyderabad, Telangana (DNL)
Corporate Headquarters
Vadodara
Upcoming Manufacturing Facilities
DCTL Facility in Dahej
Company overview: Exemplary track record
DEERAK RESPONSIBLE CHEMISTRY
Consistently Rewarded Shareholders
Dividend as % of Face Value
*Conversion rate of ₹ 94.92 per dollar (Source: FEDAI)
5
D
Financial Overview - Q4 & FY26 (Consolidated)
DEEPAN
RESPONSIBLE
CHEMISTRY
Key Numbers
74%
Q-o-Q growth in EBITDA in Q4 FY26
86:14
Domestic: Exports Revenue Mix for Q4 FY26
100%
Q-o-Q Growth in PBT in Q4 FY26
Advanced Intermediates
EBIT (€ CRORE)
Phenolics
EBIT (€ CRORE)
| Particulars (€ Crore) | Q4 FY25 | Q3 FY26 | Q4 FY26 | Q-o-Q (%) | Y-o-Y (%) | FY26 | FY25 | Y-o-Y (%) |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,202 | 1,983 | 2,127 | 7% | -3% | 7,947 | 8,366 | -5% |
| EBITDA | 339 | 219 | 383 | 74% | 13% | 1,041 | 1,176 | -11% |
| PBT | 279 | 151* | 301 | 100% | 8% | 770* | 953 | -19% |
| PAT | 202 | 100 | 220 | 120% | 9% | 551 | 697 | -21% |
*Note: FY26 & Q3 FY26 EBIT are before exceptional gratuity provision expenses of € 11.31 Cr and € 1.53 Cr in Advanced Intermediate and Phenolics segment respectively.
Performance Overview – Q4 & FY26 (Consolidated)
DEER&A
RESPONSIBLE
CHOSENTS
In a backdrop of continued volatility, marked by severe disruption in crude linked supply chains, pricing pressure and geopolitical events, the Company has delivered a strong performance. Volume stability, favourable pricing trends, plant fungibility by pivoting towards products, customers and markets showcasing better demand has supported the overall momentum.
Process enhancements, cost efficiencies and deeper integration of supply chains have helped sustain the trajectory and competitiveness across segments.
Advanced Intermediates (AI)
- The Advanced Intermediates business witnessed strong performance driven by steady domestic demand with focus on high-demand applications, effectively offsetting slower export momentum caused by global supply chain disruptions. This was bolstered by pricing gains realised in established product chains backed by solid demand visibility.
- While proactive procurement strategies helped partly mitigate the geopolitical headwinds, the current pricing environment for critical feedstocks remain volatile, requiring focus on agile procurement and cost management.
- Enhanced profitability was a direct outcome of product mix optimisation, better sales price relative to RM costs and deeper integration ensuring raw material self-sufficiency and mitigating supplier risks
Phenolics
- The Phenolics business delivered robust performance backed by strong pricing gains along with volume stability despite geopolitical conflict in the Middle East impacting the timely supply of critical feedstocks
- Performance was supported by stable plant operations, and recovery in downstream demand from polymer and industrial applications.
- Ongoing process optimization and debottlenecking initiatives are scaling the operational capacity to align with consistent domestic demand.
- Market leadership was solidified during this period of uncertainty by consistently fulfilling volume commitments to domestic customers, successfully navigating severe import headwinds
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Performance Highlights - FY26
DEEPARK
HOSPITALITY
DESPARKING
Deepak Chem Tech Commissioned Nitration & 2nd Hydrogenation Plant at Dahej
Deepak Chem Tech Started Manufacturing at Nitric Acid Plant in Nandesari
Operational Efficiency
- Achieved highest-ever production and sales in Phenolics segment
- Secured renewable energy tie-ups across key sites, enabling 60–70% renewable energy adoption and driving annual cost savings
- Improved asset fungibility to enable faster response to market demand
- Delivered record quarterly sales in select products
- Realized cost optimization gains through operational efficiency initiatives
Market & Business Expansion
- Proactive procurement of critical raw materials contributed to improved margins in Q4
- Commercialized integrated solutions for several applications
- Expanded portfolio with initiatives generating strong annualized revenue potential
- Strengthened product pipeline to support long-term growth
- Formed strategic partnerships to enhance downstream integration and asset utilization
Research & Development
- Established a new R&D Centre with an investment of ₹ 100 crore spread across 5 acres
- Dedicated polymer R&D facility with synthesis and test labs
- More than 100 employees
- Expansion of product portfolio through innovative chemistries
- Development of advanced technology platforms
- Improve on operational excellency and yield optimization
Financial Highlights
- Healthy savings led by various cost optimization
- Recorded foreign exchange gains of ~₹12 Cr in FY2026
8
Update on Polycarbonate project
DEERAK RESPONSIBLE CHEMISTRY
Germany:
Plant dismantling at Stade, Germany is progressing rapidly, with shipment of equipment to India already underway.
Ordering:
Ordering for multiple equipment in India including boilers commenced
India:
Infrastructure activities, including contractor mobilization in India, are currently underway
HyCO:
Signed a long-term agreement with Praxair India (Linde) to set up a dedicated HyCO plant
On-site facility will ensure reliable supply of critical raw materials, improving operational efficiency and supply-chain security
Commissioning targeted in 2028, in line with DCTL's Polycarbonate project timeline
9
DEEPAK
RESPONSIBLE
CHRISTIAN
Supply Chain Resilience & Future Readiness
Navigating Uncertainty. Building Structural Strength.
Industry Disruption Landscape
- Geopolitical tensions & shifting trade dynamics
- Aggressive global pricing (especially China-led)
- Logistics disruptions & freight volatility
- Feedstock constraints & price fluctuations
Potential impact on Deepak Nitrite
- Raw material supply uncertainties
- Potential margin pressure
- Demand-supply imbalances
- Elevated working capital
- Lean inventory by customers
Strategic Response: Building Structural Resilience Feedstock Security
- Long-term sourcing agreements (LNG, industrial gases)
- On-site HyCO partnership for critical inputs
Backward Integration
- Investments in nitric acid, nitration & hydrogenation
Integrated Manufacturing
- Co-located assets driving efficiency & cost optimization
Supplier Diversification
- Multi-source procurement to reduce dependency risk
Early customer engagement
- Polycarbonate compounds (Polycarbonate value chain)
- Fluorination products
Outcome: Building a Stronger, More Agile & Future-Ready Supply Chain
Supply Security & Continuity: Stronger supply assurance and operational continuity through strategic sourcing, supplier partnerships, and backward integration.
Cost & Risk Resilience: Improved cost competitiveness and margin resilience through reduced disruption risk, lower dependency, and more stable lead times.
Digital Control & Agility: Enhanced end-to-end visibility and faster decision-making enabled by advanced analytics, real-time monitoring, and integrated operations.
Customer-Centric & Sustainable Growth: Faster response to market shifts and accelerated commercialization through sustainable, efficient, and customer-focused operations.
From disruption to resilience — Deepak Nitrite is transforming its supply chain into a strategic advantage, enabling reliability, cost leadership, and future-ready growth.
10
Q4 & FY26 – Financial Highlights
DEERAK
RESPONSIBLE
CHEMISTRY
REVENUE (₹ Crore)
EBITDA (₹ Crore)
PAT (₹ Crore)
REVENUE (₹ Crore)
EBITDA (₹ Crore)
PAT (₹ Crore)
*Note: FY26 & Q3 FY26 EBIT are before exceptional gratuity provision expenses of ₹ 11.31 Cr and ₹ 1.53 Cr in Advanced Intermediate and Phenolics segment respectively.
11
Financial Highlights and Growth Trajectory
DEERAK
RESPONSIBLE
GUARANTEES
REVENUE
☐ Accelerated Q-o-Q revenue momentum in a challenging geopolitical backdrop, driven by steady volumes and favourable pricing led by sustained demand in end-use applications
☐ Phenolics: Benefited from improving market dynamics led by higher spreads across the product portfolio and steady volumes, complemented by ongoing capacity augmentation initiatives
☐ Advanced Intermediates: Uptick in topline performance underpinned by:
- Favourable product mix toward high-demand products to optimize revenue quality
- Improved realisations across established products, particularly Nitrites and Fuel Addictives
- Initial contributions from recently launched specialty products, alongside rebound in volumes for select products that previously faced headwinds
- Enhanced operating leverage derived from fully integrated manufacturing ecosystem
☐ Overall, witnessed steady domestic demand, coupled with increasing preference for local reliable sourcing amid global supply chain disruptions, positively contributing to the business momentum
EBITDA DRIVERS
☐ EBITDA performance was driven by a confluence of strategic actions:
- Proactive procurement of critical raw materials, securing favourable cost structures
- Robust off-take and realisation gains in core products, further enhanced by the better monetisation of byproducts through valorization initiatives
- Sustained margin benefits derived from backward integration
☐ Performance achieved despite heightened pricing volatility across key inputs stemming from the ongoing geopolitical conflict in the Middle East. Strategic pass-through mechanisms in place to counter elevated costs, albeit with a time lag
☐ Profitability was further bolstered by disciplined cost management and gains in operational efficiency. These improvements were driven by yield enhancement programs and strategic digital interventions designed to optimize energy consumption and process workflows
☐ The structural benefits of integration and consistent operational stability, coupled with disciplined execution, served as a vital buffer against global price volatility and intensified competitive pressures
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13
CMD Message
DEEPAK
RESPONSIBLE
DREMSTH
"We are witnessing a clear shift in the global economic order, where earlier paradigms of seamless globalisation is giving way to emerging blocs, strategic partnerships, and greater control over critical raw materials and supply chains. Recent disruptions in the Middle East have demonstrated how legacy supply chains and long-standing partnerships can be disturbed fast.
In this evolving environment, India's focus on self-reliance and domestic manufacturing is both timely and strategic. At Deepak, we have been proactively aligning our growth strategy with Make in India. Our continued investments in capacity creation, backward and forward integration, import substitution, and securing key raw material streams are strengthening our ability to operate reliably in an increasingly fragmented and volatile global landscape. This will enable our customers to 'Depend on Deepak' with greater confidence.
Our various strategic partnerships are aligned with this approach. These will strengthen supply security for critical feedstocks, enhance operational reliability, and support Deepak Group's strategy of building integrated and globally competitive manufacturing platforms.
FY2025-26 was a challenging year for the global chemical industry, marked by sustained pricing pressure across chemical value chains and continued disruption in global trade flows. Despite the difficult external environment, our core businesses remained resilient during the year delivering steady performance. Disciplined cost management and a balanced market approach enabled us to sustain operational momentum.
Looking ahead, recent developments in key export markets provide grounds for cautious optimism. In response, we are sharpening our focus on innovation, new product development, and expanding our presence across geographies and chemistries. As we continue to build across multiple value chains, our strategic emphasis remains on deep integration—both within and across these chains. This approach not only enhances margins and resilience across business cycles, but also improves resource efficiency and reduces our environmental footprint.
Aligned with 'Atmanirbhar Bharat' initiative, our long-term direction is guided by three clear principles: building world-class quality, creating globally competitive capacities, and achieving deep integration across value chains. These principles will continue to shape our investment decisions and strategic priorities. While current market conditions remain challenging, we remain confident that our integrated business model, disciplined execution, and strategic positioning will enable us to navigate the cycle effectively and capture opportunities as the industry environment improves."
Commenting on the performance for Q4 & FY26
Mr. Deepak C. Mehta (Chairman & Managing Director)
Future Growth Drivers
DEEPAN
RESPONSIBLE
CHRISTIAN
PRODUCT DRIVEN EXPANSION
- India's first integrated Polycarbonate plant (165,000 MT/yr)
- Deepak Group to become one of the few global players to achieve full integration across ammonia-nitration-amines spectrum
EXPANSION PROJECTS
- Focus on high-value sectors: pharmaceuticals, agrochemicals, electronics, and electric mobility among others
- Building an integrated value chain from Cumene–Phenol–Acetone to Polycarbonate
INCREASING INNOVATION AND DIGITALISATION
- Invested over INR 100 Crore in a new world-class R&D Centre at Savli, Vadodara, to drive innovation in Life Sciences, Specialty, and Application-based intermediates
- Digital initiatives include SAP S/4HANA migration, AI/ML-driven smart manufacturing, optimize power and predictive analytics through a Digital Innovation Lab
COST OPTIMISATION THROUGH ENERGY TRANSITION
- Deepak Nitrite is transitioning to 60-70% renewable energy and embracing green chemistry to create safer, more eco-friendly products through short term and long-term energy. Short term benefits starting accruing while long term is expected to accrue from FY27
- Flexible manufacturing enables quick adaptation to changing market demands
FAVOURABLE REGULATORY REFORMS
- Aligned with 'Atmanirbhar Bharat' for import substitution, benefiting from PCPIR infrastructure.
- Supported by long-term feedstock agreements with Petronet LNG
- Strong Government backing is boosting India's chemical manufacturing and export growth
- Withdrawal of U.S. ADD on Nitrite product imports from India
THRUST ON INCREASING VALUE ADDITION
- Actively developing new products and variants as well as seeking long-term contracts and strategic supply agreements with leading global chemical manufacturers
14
15
Consolidated P&L Statement
| Particulars (₹ Crore) | Q4 FY26 | Q3 FY26 | Q-o-Q (%) | Q4 FY25 | Y-o-Y (%) | FY26 | FY25 | Y-o-Y (%) |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,120 | 1,975 | 7% | 2,180 | -3% | 7,887 | 8,282 | -5% |
| Other Income | 7 | 9 | -19% | 23 | -70% | 60 | 84 | -29% |
| Total Revenue | 2,127 | 1,983 | 7% | 2,202 | -3% | 7,947 | 8,366 | -5% |
| Total Expenditure | ||||||||
| ○ Raw Material consumption and change in inventory | 1,380 | 1,425 | -3% | 1,512 | -9% | 5,543 | 5,788 | -4% |
| ○ Employee benefits expense | 111 | 107 | 4% | 102 | 9% | 423 | 392 | 8% |
| ○ Power & fuel expenses | 120 | 107 | 13% | 114 | 5% | 447 | 464 | -4% |
| ○ Other expenses | 133 | 125 | 6% | 135 | -1% | 493 | 547 | -10% |
| EBITDA | 383 | 219 | 74% | 339 | 13% | 1,041 | 1,176 | -11% |
| EBITDA Margin (%) | 18% | 11% | 15% | 13% | 14% | |||
| Finance Costs | 19 | 11 | 71% | 9 | 102% | 46 | 28 | 67% |
| Depreciation and Amortization | 63 | 58 | 9% | 51 | 22% | 225 | 195 | 15% |
| PBT Before Exceptional Items | 301 | 151 | 100% | 279 | 8% | 770 | 953 | -19% |
| Exceptional Items | - | 13 | - | 13 | - | |||
| PBT After Exceptional Items | 301 | 138 | 118% | 279 | 8% | 757 | 953 | -21% |
| Tax expense | 82 | 38 | 114% | 76 | 7% | 206 | 255 | -19% |
| PAT | 220 | 100 | 120% | 202 | 9% | 551 | 697 | -21% |
| PAT Margin (%) | 10% | 5% | 9% | 7% | 8% | |||
| EPS Basic & Diluted ( ₹ ) | 16.11 | 7.32 | 120% | 14.84 | 9% | 40.36 | 51.12 | -21% |
16
Consolidated P&L Statement
| Particulars ( ₹ Crore) | Q4 FY26 | Q3 FY26 | Q-o-Q (%) | Q4 FY25 | Y-o-Y (%) | FY26 | FY25 | Y-o-Y (%) |
|---|---|---|---|---|---|---|---|---|
| Advanced Intermediates | 708 | 652 | 8% | 654 | 8% | 2,553 | 2,527 | 1% |
| Phenolics | 1,429 | 1,334 | 7% | 1,532 | -7% | 5,401 | 5,805 | -7% |
| Less - Inter segment | 17 | 11 | 49% | 7 | 158% | 67 | 50 | 33% |
| Total | 2,120 | 1,975 | 7% | 2,180 | -3% | 7,887 | 8,282 | -5% |
| Particulars ( ₹ Crore) | Q4 FY26 | Q3 FY26 | Q-o-Q (%) | Q4 FY25 | Y-o-Y (%) | FY26 | FY25 | Y-o-Y (%) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBIT | ||||||||
| Advanced Intermediates | 34 | 15* | 125% | 45 | -25% | 107 | 176 | -39% |
| Phenolics | 287 | 145 | 97% | 239 | 20% | 695 | 783 | -11% |
| EBIT % | ||||||||
| Advanced Intermediates | 5% | 2% | 7% | 4% | 7% | |||
| Phenolics | 20% | 11% | 16% | 13% | 13% |
*Note: FY26 & Q3 FY26 EBIT are before exceptional gratuity provision expenses of ₹ 11.31 Cr and ₹ 1.53 Cr in Advanced Intermediate and Phenolics segment respectively.
Corporate Social Responsibility (CSR)
DEERAK
Key CSR Initiatives
| | Mobile Health Units:
Doorstep healthcare in tribal areas of Maharashtra and Gujarat; served 149,791 beneficiaries in FY 2024–25. | | Public Welfare Collaboration:
Assisted Morbi district in implementing welfare schemes and documentation services. |
| --- | --- | --- | --- |
| | Deepak Medical Centre:
₹11 Cr infrastructure support over 3 years to Medical Care Centre Trust. | | Startup Support:
Funded AIC-IISER Pune SEED Foundation to encourage science-based startups. |
| | Community Infrastructure:
Partnered with SVADES to build community halls in Nandesari. | | Impact Assessments:
Voluntarily conducted evaluations of key projects for effectiveness and improvement. |
| | Sustainable Livelihoods:
Promoted water management and climate-resilient farming in Raigad, Maharashtra. | | |
Focus Areas
| Education | Healthcare | Women Empowerment |
|---|---|---|
| Livelihood and Skill Development | Infrastructure Development | Environment, Sanitation, and Water Conservation |
Impact
| Over 700,000 beneficiaries | Presence across 25 districts, 5 states, and 2,000+ villages | 75 capital assets created or acquired |
|---|---|---|
17
DEEPAK
Awards & Recognitions – Q4 FY26
Shri Deepak C Mehta
was honored with
Lifetime Achievement Award
by Chemtech in February 2026
Shri Deepak C. Mehta
was awarded an
Honorary Doctorate of Science
by the Institute of Chemical
Technology in February 2026
Shri Deepak C. Mehta
was felicitated with the
Gyan Ratna Award
by the Society of Human Resource
Professionals in January 2026
18
About Us & Contact Details
DEEPAK
Deepak Nitrite Limited (NSE: DEEPAKNTR, BSE: 506401) is a leading chemical intermediates producer with a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments and petrol derivates intermediates - phenolics, acetone and IPA in India and overseas. Its products are manufactured across 6 locations, which are all accredited by Responsible Care.
For further information, please contact:
Somsekhar Nanda
Chief Financial Officer (Deepak Nitrite Limited)
Email: [email protected]
Mayank Vaswani / Nishid Solanki
CDR India (IR Advisors)
Email: [email protected] / [email protected]
19
Disclaimer
DEERRA RESEARCH
DEERRA
This presentation contains forward-looking statements that involve risks and uncertainties. When used in this presentation, the words 'anticipate,' 'belief,' 'estimate,' 'expect,' 'intend,' 'will' and other similar expressions as they relate to the Company and its Businesses are intended to identify such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements publicly, whether as a result of new information, future events, or otherwise. Actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their dates. This presentation should be read in conjunction with the financial statements included herein.
20
DEEPAK
RESPONSIBLE CHEMISTRY
THANK YOU
MAKE IN INDIA
