{"id":183392,"date":"2026-05-18T09:29:48","date_gmt":"2026-05-18T13:29:48","guid":{"rendered":"https:\/\/alphastreet.com\/india\/deepak-nitrite-limited-deepakntr-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-18T11:24:13","modified_gmt":"2026-05-18T15:24:13","slug":"deepak-nitrite-limited-deepakntr-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/deepak-nitrite-limited-deepakntr-q4-2026-earnings-call-transcript\/","title":{"rendered":"Deepak Nitrite Limited (DEEPAKNTR) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Deepak Nitrite Limited (NSE: DEEPAKNTR) Q4 2026 Earnings Call dated May. 18, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Maulik Mehta<\/strong> \u2014 Deputy Managing Director<\/em><\/p>\n

Sanjay Upadhyay<\/strong> \u2014 Director – Finance & Group Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Ranjit Cirumalla<\/strong> \u2014 Analyst<\/em><\/p>\n

Sanjesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Nirav Jimudia<\/strong> \u2014 Analyst<\/em><\/p>\n

Arun Prasath<\/strong> \u2014 Analyst<\/em><\/p>\n

Tushar Raghatate<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohit Nagraj<\/strong> \u2014 Analyst<\/em><\/p>\n

Archit Joshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Vidhi Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to The Deepak Nitrite Q4 FY ’26 Earnings Conference Call. At the outset I would like to clarify that certain statements made or discussed on the conference call today may be forward looking in nature and a disclaimer to this effect has been included in the investor communications shared with you earlier. The result documents have been shared with you earlier and have also been posted on company’s website.<\/p>\n

As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and then zero on your touchdown phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Ranjit Sirumala from IIFL Capital. Thank you. And over to you, sir.<\/p>\n

Ranjit Cirumalla<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you, Sagar. Good afternoon everyone and thank you for joining us on Deepak Nitrite Q4 and FY ’26 earnings conference call. Today we have with us Mr. Morlik Maitha, Deputy Managing Director of the company; Mr. Sanjay Upadhya, Director Finance and Group CFO; and Mr. Somsekar Nanda, CFO of Deepak Nitrite Limited. We will begin the call with opening remarks from the management team followed by an interactive Q and a session. To begin, Mr. Malik Mehta will share views on the operating performance and the growth plans of the company followed by Mr. Sanjay Upadhyay who shall take us through the financial and segmental performance.<\/p>\n

I now invite Mr. Mehta to share his opening comments. Thank you. And over to you sir.<\/p>\n

Maulik Mehta<\/strong> \u2014 Deputy Managing Director<\/em><\/p>\n

Good afternoon everybody and a warm welcome to all of you on Deepak Nitrides Q4 and FY26 conference call. Our results documents were shared with you earlier and I trust you’ve had the opportunity to review them. I will cover the key operational, strategic and financial highlights for the quarter and year ended March 20th March 2026. Mr. Bade will subsequently take you through the detailed financial review following which we’ll be happy to address your questions. The global chemical industry continued to operate in a challenging environment during 26, characterized by persistent global challenges and uneven recovery in demand.<\/p>\n

The environment further intensified in the fourth quarter during review due to the war in the Middle east, following which the industry witnessed unprecedented disruption in established supply chains, challenges to logistics and freight with the blocking of the Strait of Hormuz leading to volatility in prices of crude oil as well as related feedstock. Concurrently, as logistics disruptions persist, both suppliers and buyers identified new opportunities by swiftly adapting and securing alternative channels.<\/p>\n

While global demand conditions remain mixed, domestic demand in India continued to witness relatively stable momentum across several end industries including automotive infrastructure, pharmaceuticals, electronic polymers and other downstream sectors. Consequently, integrated and reliable manufacturing companies such as Deepak with strong operational capability were able to capitalize on emerging opportunities arising from the evolving global supply chain landscape. In this demanding environment, BPOR Group has demonstrated a remarkable agility in the face of adversity, delivering strong operational and financial results for the fourth quarter of FY26.<\/p>\n

During quarter four, consolidated revenue stood at 2,127 crores compared to 2,202 crores in FY25 and 1983 crores in Q3 of 2016. EBITDA for the quarter stood at 338 crores reflecting strong sequential growth of 74% over Q3 and 13% on a year on year basis. Profit before tax before exceptional Items stood at 301 crores while profit after tax stood at 220 crores registering a growth of more than 120% quarter on quarter and 9% year on year. EBITDA margins improved significantly to 18% during the quarter under review compared to 11% in Q3.<\/p>\n

Our quarterly performance was underpinned by stable volumes and favorable pricing alongside enhanced plant fungibility as we pivoted towards high demand promises, customers and market. Furthermore, continuous plant process refinement and cost optimization initiatives coupled with deeper supply chain integration has fortified our competitive positioning and sustained growth momentum across business segments. Our domestic to export revenue mix stood at 86 to 14 reflecting the resilience of our domestic franchise while continuing to maintain meaningful engagement across export markets.<\/p>\n

For FY26, consolidated revenue stood at 7,947 crores while EBITDA and PAT stood at 1,041 crores and 551 crores respectively. Coming to the segmental performance, advanced intermediates witnessed a healthy growth trend during Q4 boosted by stable domestic demand and a favourable pricing environment neutralizing the impact of slower exports caused by global logistics disruption. Revenues for the quarter stood at 708 crores compared to 654 crores in Q4 25 and 652 in Q3. 26 EBIT increased substantially on a sequential basis to 34 crores compared to 15 crores in Q3.<\/p>\n

FY26 profitability drivers included an optimized product mix and superior to the realization relative to input costs. Our deepened integration continues to provide a competitive edge through an increased raw material self sufficiency and reduced supply chain volatility the phenolics segment delivered strong performance during the quarter despite geopolitical disruption impacting supply of critical feedstocks. Revenue from operations for Q4 stood at 1,429 crores while EBIT stood at 287 crores compared to 239 crores in Q4 last year and 145 crores in Q3.<\/p>\n

EBIT margins improved to 20% during Q4. Performance was supported by stable plant operations, improving spreads across the portfolio, downstream demand recovery and disciplined procurement strategy. Ongoing process optimization and the bottlenecking initiatives continue and they will improve operational flexibility while strengthening our domestic market leadership position. During 26 we witnessed successful commissioning, stabilization and ramp up of Deepak Chemtech nitration and hydrogenation facilities.<\/p>\n

These projects enhance raw material security, reduce external dependency, improve structural cost competitiveness and strengthen our positioning as a deeply integrated chemical manufacturer. Our supply long term growth remains anchored in value chain integration and specialty chemical expansion. We witnessed a steady progress of our Multipurpose Agrochemical Intermediate and MIBK MIBC project which are scheduled for commissioning in Q2FY27. Ours and India’s first fully integrated polycarbonate facility execution is on track for this project.<\/p>\n

Chemtech has entered into a strategic long term agreement with Trackshare India to establish a dedicated on site HICO plant at our Dahij facility. Under this build own operate model, Cracksare India will manage the dedicated on site infrastructure allowing us to maintain a sharp focus on the polycarbonate resin project, significantly enhancing execution visibility and reduce upfront investment and supply chain resilience. Against the backdrop of heightened geopolitical tension, we continue to strengthen our competitive position through disciplined execution and focused cost leadership initiatives.<\/p>\n

During FY26 we undertook a comprehensive cost optimization program aimed at improving product yields, enhancing energy efficiency as well as increasing manufacturing productivity through micro digital technological initiatives. While geopolitical and macroeconomic uncertainties may continue creating near term volatility across global markets, we believe the industry is gradually moving beyond the most disruptive phases of the cycle.<\/p>\n

I would now like to hand over the call to Mr. Sanjay Ubade who will take you through the detailed financial performance and key operational updates for the quarter and full year under review.<\/p>\n

Sanjay Upadhyay<\/strong> \u2014 Director – Finance & Group Chief Financial Officer<\/em><\/p>\n

Thank you Molik Good afternoon everyone and thank you for joining us today on Earning Call. I’ll take you through the highlights for the financial results for the quarter and year ended 3-31-26. During Q4FY26 domestic revenue stood at approximately 1835 crores while export revenue stood at 292 crores resulting in domestic to export revenue mix of 86 to 14. For the full year FY26 domestic revenue stood at 6791 crores for an export revenue stood at 1156 crores for the quarter. Company reported consolidated revenue of 21.27crores compared to 2202crores in Q4FY25 and 1983crores in Q3FY26.<\/p>\n

Performance during the period was supported by stable domestic demand and improved realizations across established product categories. EBITDA for Q4 stood at 383 crores compared to 339 crores in Q4FY25 and 219 crores in Q3FY26. EBITDA margin improved significantly to 18% during the quarter compared to 11% Q3FY26. This was underpinned by strategic combination of proactive fixed of procurement, improved core product realization and structural margin benefits for backward integration and byproduct valorization.<\/p>\n

PBT before exceptional item stood at 301 crores while PAT for the quarter stood at 220 crores reflecting growth of 9% year on year and 120% quarter on quarter earning per share for Q4 16.11. For the full year FY26 consolidated revenue stood at 7947 crores while Agita Student 1041 crore and PIT stood at 551 crores. Please note that revenue and PBT excludes dividend income of 91 crores in FY26 and 98 crores in FY25 along with one time land transfer gain of 13 crores in FY25. The board has recommended a final dividend of 7.5 per equity share of FY26 reaffirming our commitment to delivering consistent shareholder value and continuing to invest in strategic growth and long term value creation.<\/p>\n

Now coming to segmental performance, the Advanced Intermediate segment recorded healthy operational momentum during Q4FY26. Revenue for the quarter increased to 708 crores compared to 654 crores in Q4FY25 and 652 crores in Q3FY26 reflecting growth of 8% year on year and quarter on quarter basis. Ebit improved to 34 crores compared to 15 crores in Q3FY26. The business recorded stable volume growth during the quarter along with pricing gains for end product supported by improving demand across key end user applications.<\/p>\n

The Company continues to focus on portfolio optimization, product expansion and cost efficiency and deeper customer engagement to strengthen long term competitiveness within this segment. The Phenolics segment delivered a strong gains during the quarter despite continued volatility of feedstock and global supply chains. Revenue from operations for Q4FY24.29 crores while EBIT stood at 287 crores compared to 39 crores in Q4FY25 and 145 crores in Q3 EBIT. Margins improved significantly to 20% during the quarter.<\/p>\n

Performance was supported by improved spread across the portfolio, stable downstream demand and integrated manufacturing benefits. Ongoing process optimization and debottling initiatives continue to strengthen operational stability, cost competitiveness and market responsiveness. On operational front, operational excellence and cost discipline remain key priorities. During FY26, the company continued its focus to process optimization, energy efficiency initiatives, manufacturing productivity improvements and digital transformation program across manufacturing locations.<\/p>\n

Finance cost for Q4FY26 stood at 19 crores reflecting borrowings associated with ongoing growth investments and strategic expansion projects. Depreciation and amortization excellence 2.63crore following capitalization of newly commissioned assets, the Company’s balance sheets remain healthy and resilient supported by prudent capital allocation and disciplined financial management, providing adequate financial flexibility to support future growth initiatives. Consolidated net worth stood at 5,869 crores providing adequate financial flexibility to support future growth initiatives.<\/p>\n

Now coming to growth initiatives and outlook, near term industry conditions are expected to remain influenced by geopolitical development, Chinese supply dynamics, US Tariff policies and cryptocurrency volatility. Against this backdrop, company remains focused on strengthening integration, expanding it into downstream chemistry finance, hunting differentiated capabilities across high potential product segment.<\/p>\n

Strategic investments in polycarbonate project and downstream chemistry expansion continue progressing in line with the plant timeline and are expected to support product diversification, import substitution and margin improvement in long term growth. Supported by a strong integrated manufacturing platform, diversified portfolio, disciplined execution and resilient balance sheet. Deepakna Trade remains well positioned to mitigate near term volatility while creating sustainable long term value for the stockholders.<\/p>\n

With that, I would now request the moderator to open the forum for question answer session. Please.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and then one on their touchdown phone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.<\/p>\n

Your first Question comes from the line of Sanjay Jain with ICICI Securities. Please go ahead.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Good afternoon. Thanks for taking my questions. First on the nitric acid, can you just help us understand in this quarter what was the utilization? Did we achieve the margin profile we were looking at? I know this is not a right quarter, but still, are we track on to get that 1900 crores of EBITDA addition for the nitric acid which we planned earlier? That’s my first question.<\/p>\n

Sanjay Upadhyay<\/strong><\/p>\n

Okay, Sanshesh, thanks for the question. So in Q4, while we did start the plant, we were unable to run it on a consistent basis because of some technical issues that took place during the quarter under review. Now we’re working along with the technology supplier and the equipment supplier to address these. So once the plant is under stable operations, we do anticipate the kind of target that we’re looking at. But during this quarter under review, we were roughly at about 45% of utilization. And hence for the balance we had to secure nitric acid from the market in order to ensure that our products continue to be manufactured and sold.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Got it. That’s clear. My second question is on the phenolic side. I know very volatile and a difficult quarter, but just wanted to understand on the raw material availability, I.e. Propylene, how much of a capacity right now we are running and what’s the scenario on the propylene availability? Are we able to run the plant at full or are we still running suboptimal because of the availability of raw material? And on the spread? Again, some of the listed player did highlight that there is a significant difference in the price of phenolic product in China market and India market. Should it sustain for a few more quarter before we converge or you think that conversion will happen much sooner than what we think? So color on that will be really helpful.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

So Sanjay, just a clarifying question. You’re referring to Q1 or Q4?<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Referring to Q1 and a little color on the Q1, Q2 will be really helpful.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Okay, thanks. So first of all, I’ll just Highlight that in Q1 in the first part of April when there was a concern about feedstock availability, we also preponed the annual maintenance. So both of those were kind of addressed within that same period of time. I think it was about 10, 11 days. And what we have done in any case in the meanwhile is we had enough of the intermediate product so that we were able to continue to supply to the market. So our plant efficiencies, which are a factor of feedstock as well as operational Capabilities continued relatively unhindered.<\/p>\n

So we expect that Q1, our productivity and our efficiencies will continue to be in the same improving trend as they have been. Quarter on quarter Q4 to Q1 will also have some marginal benefit. And I want to highlight that because this is also a product where there is global availability. I don’t want to comment on this principle of hydrogen where we assume that the next month is going to be a factor of the last month. So given that, I want to share that our profitability will continue to remain healthy, will continue to be on an improving trend as compared to Q4 and we have enough feedstock as well as finished product to be able to cater to India’s growing requirement.<\/p>\n

So I don’t anticipate challenge on that front because of propylene or anything like that. Wherever possible we have ensured that we have secured all our relevant raw material and wherever relevant we have ensured that we are able to pass through our cost increases. Nonetheless, we will see that during this quarter and the next quarter we are remaining very close to our customers, engaging with them on a regular basis. So that wallet share and market share always remains something that we maintain.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

That’s quite clear. One last question from my side. Any comment on mibk MIBC commissioning, When can we expect or do you think this is not the right time to start a new client and probably would wait for another quarter to see how the industry or uncertainty settle and then we go for the new product.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

So we are already, you know, basically we’re finishing with the mechanical completion of the plant and we will soon be getting into the pre commissioning cycle as it may be and at some point, maybe perhaps the tail end of Q1 or the early part of Q2 is when we will be looking at commissioning of the asset because the asset is commissioned along with a couple of other plant assets as well. So we kind of remain on track with that.<\/p>\n

Sanjesh Jain<\/strong><\/p>\n

Got it. Very clear. Thanks Molikdev for answering all those questions and the ship for the 10th quarter.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Thank you Sanjay.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Your next question comes from the line of Meera Chamuria with annual wealth. Please go ahead.<\/p>\n

Nirav Jimudia<\/strong><\/p>\n

Good afternoon sir and thanks for the opportunity sir. First of all congratulations on improved set of numbers this quarter. Sir, first question is on. Yeah, the first question is on the standalone business. So given the kind of capex is what we have announced like one for a fluorinated molecule of 220 crore which we announced and which was supposed to start operations in Jan, plus some 6, 7 new products which we have told us that have already started production and they are at the various stages of customer approvals.<\/p>\n

So how do we see FY27 specifically from the standard on business point of view given these new products and B given the kind of raw materials, what we use for the standard business, like orthoxylene, ammonia, sulphuric acid, ahf, how we are secured in terms of the availability of these key raw materials and demand for some of our products which are specifically custom made for the export markets. So if you can share your thoughts here, that would be very helpful.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Sure. So Nirav, I’ll answer both your questions. First question was with regards to new products, so the six, seven new products as well as the solenated molecules, et cetera, we’ve already started the manufacturing for the things, the commercial scale validation batches and those are already either supplied to customers and we’ve received positive feedback or in the process of being transported to customers. So in all of these, as we said earlier, we anticipate commercial production on a regularized basis from Q3 onwards because this will reach our export customers towards the end of Q3 in time for their CY26 requirements.<\/p>\n

So we remain broadly on track. We are constantly engaging with customers, updating them about the current volatility and they are also appreciating this transparency. So so far I do not anticipate any concern on those including the fluorinated molecule as well as the non fluorinated molecules. Now with regards to the volatility on the feedstocks such as, as you mentioned, ortho, xylene or toluene and others. So what happened was that in the beginning of Q4 I was tracking what was taking place in the Middle east and in the end of January, early February, what we noticed is that you are having multiple US aircraft carriers kind of converging on a location, but in a pincer movement.<\/p>\n

Now generally this is a rare occurrence and generally this has in the past, whether it is the first Gulf War, second Gulf War or in the case of 2008 or whatever, it has actually preceded a significant volatility in. So from that perspective we took the very unusual call of securing raw material. We chose to buy it at every dip. You can appreciate that this was a risky move in the beginning of quarter four, which is a few months away from the end of a financial year, so we targeted to buy in every dip.<\/p>\n

So we actually entered the end of Feb and Q1 with a much higher stock of critical feedstock, whether it was on high seas or whether it was with local suppliers, products such as benzene, products such as xylene and toluenes and all that, we ended up with a much larger inventory than we would traditionally have had in Q4. So this was because we saw an unusual movement and we did not actually anticipate hot war, but we did anticipate volatility. That position has held out quite well for us, whether it is in Q4 or in subsequent quarters. Going with this perspective, we anticipate that the company has a reasonable inventory of feedstock at enviable prices until we see rising, perhaps at the end, maybe Q2 or maybe halfway through Q2.<\/p>\n

Nirav Jimudia<\/strong><\/p>\n

Perfect, sir, perfect. And so can we assume that with this kind of raw materials, what we have secured in Q4, some benefit would have come in Q4, but most of this should come in Q1, impacting positively our standalone numbers?<\/p>\n

Maulik Mehta<\/strong><\/p>\n

I can say that our Q1 looks on track for numbers which are better than Q4, whether it is on standalone or on consolidated basis. So we anticipate Q1 be better than Q4, which was of course better than Q3.<\/p>\n

Nirav Jimudia<\/strong><\/p>\n

Correct. And sir, in terms of the products, what we have in the domestic market, like Dastar, which was under pressure for, I think we also had anti dumping duties. And on the sodium nitrite, which also you updated last quarter regarding the US Tariffs, plus the anti chain, I think, which is also now looking better in terms of its application in the agrochemicals. So in terms of apart from the stuff, what we have mentioned, is there any green shoots in any of the products what I just mentioned on where we can see some improved performance also coming in FY27 for us,<\/p>\n

Maulik Mehta<\/strong><\/p>\n

There are some green shoots. And I will resort to once again mentioning safe harbor here. But what has happened also, which was actually announced in December 2025, is that China will administer significant constraints on certain key chemistries, including production, storage and transportation. So there we find that there will be some uptick in the demand as well as the profitability for nitration products. Some of the products that you mentioned are linked to the nitration chain, where Deepak continues to have a significant global market share.<\/p>\n

So we anticipate that these will have a bit of a tailwind. Now, meanwhile, there is also some degree of a headwind, but it is a global headwind, not limited to India or Deepak, which is in the sulfur downstream. So whether it is the availability of sulfur, the cost, the price of sulfuric acid, SO2 oleum, etc. Those are places where there will be a heightened cost. But like I said the important thing is to check what the delta between international prices and Indian prices are. And there, if we are able to buy as we pass for the course, we anticipate no significant net impact to the company and the benefit as it comes from nitration chemistries which Deepak has a considerable market position as well as a technological strength.<\/p>\n

Nirav Jimudia<\/strong><\/p>\n

Perfect. Last question from my side. In terms of the phenotics business like we have already adjuded the confidence in terms of the improved performance in Q1. So is it because our IPA business should do well in Q1 given the kind of the competitor who produces IPA through property route and we through an hesitant route where property inevitability currently is a challenge for most of the players in India. So if you can share your thoughts here with respect to AIPA and also if you can share the production numbers for phenol for FY26, that would be very helpful. Thank you so much.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Thanks Neera. I appreciate the question but I continue with my position of not going into details on production numbers. What I can say is whatever is the Indian requirement for ip ISO profile nitrite and Deepak phenolic in that continues to remain the largest capacity which is able to service the market for all the specifications including pharmacological grade. So from the perspective of our ability to supply that remains unconstrained.<\/p>\n

From the perspective of seeing what are the margins. Frankly we look at it only on the perspective of an integrated margin approach because our assets are cost competitive, our product quality is of the best nature and finally how much we make will be a balance of what the margins are in terms of the intermediate as the fgs. We will, as I also mentioned, we will also be looking in the next couple of months at producing MIBK and mibc. So we expect to have a good healthy mix of downstreams as well as upstream.<\/p>\n

Nirav Jimudia<\/strong><\/p>\n

Got it. Perfect. Thank you so much and wish you all the best.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Thank you. Neer.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Arun Prasad with Avender Spark. Please go ahead.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Now if my first question is on phenol spreads.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Sorry, background noise.<\/p>\n

Operator<\/strong><\/p>\n

So there is a lot of background noise coming from your line.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Sure. Hopefully now this is better.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Yeah, please go ahead.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Yeah, so I was asking about The phenol spreads. Typically phenol is a very well traded commodity across the high seas. So when we are seeing this differential spread between say China and India, this could be either because of the local players in China stocking, restocking or say as phenol is not enough to be transported up because of the safe container issues. So that is the reason we are seeing should we expect this to get back to the normalcy post the crisis or are you seeing this kind of triggering some kind of a chain reaction where, you know, this could put the phenol in the path of cycle event recovery?<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Okay, so Arun, it’s not possible for me to comment on the spreads of other companies and other countries. What I can say is that Deepak continues to operate with a high degree of productivity efficiency and is able to ensure that it is able to create the margin that you are seeing. And I also already qualified that we anticipate that Q1 will be somewhat better than Q4 and also better than last year’s Q1. So keeping that in mind, let me put it this way. There’s a lot of factors at play. Even though we’re seeing that plant capacities all over the world are being constrained because of their own operating costs, we are also at the same time seeing volatility in currency, in freight times and freight costs and material movement from port to customer plant.<\/p>\n

So in all of these cases all I can say is that having a domestic supplier of high quality products is a game changer for domestic consumers who don’t need to be blocking in the kind of working capital that they would need to if they were importing with the kind of geopolitical risks that they are seeing. So at this time I can confidently say that Deepak being a domestic supplier is something that our customers depend on to be able to aggressively work on their downstream expansion activities.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Understood. One follow up to that question is that do you see domestic buyers, especially in the phenol market back to ordering at the regular intervals or they are still resorting to the meat waste volume?<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Answer to this question to be Arun is mixed. In a lot of cases it has kind of resorted back to a normalized buying pattern in some cases and by and large this is because of other factors such as availability of products or availability of gas and input. So it is not just about the demand supply of their own but it is their manufacturing environment. So what is important for them is to know that Deepak always ready and always able to supply. So this is one thing that they just never need to worry about. That gives them a lot of support and that allows them to pass their working capital needed most<\/p>\n

Arun Prasath<\/strong><\/p>\n

Industry. My second Question is on the status of, you know, where we are in terms of nitration and second hydrogenation plant. The is a plant planting up well and running as per the level of utilization that we thought of initially. And second, on your answer to the nitric acid utilization of 43 percentage, is this the average one or this is the exit utilization at which we are currently operating.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

So on your first question on nitration and hydrogenation, those plants are already commissioned and they are operating with the right productivity and efficiency, as expected. With regards to nitric acid, what we had as a situation is when we were operating, we were operating at full utilization. But as I mentioned, we did engage, we did encounter technical challenges. The plant has been under repair and maintenance in line with our technology. So this is primarily Q and A plant. Concentrated nitric acid plant is normal<\/p>\n

Arun Prasath<\/strong><\/p>\n

On the nitration and hydrogenation. Any way you can quantify where we are in terms of utilization?<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Those plants are fully operational. They’ve been commissioned, I think at the end of Q2 or early Q3. So those are okay. There is a positive contribution and if there is a constraint, it has been with regards to the availability of nitric acid, where the prices have been substantially higher, where we’ve been constrained to buy from the market because of technical challenges, the plants are all in line and operational.<\/p>\n

Arun Prasath<\/strong><\/p>\n

Understood. One question on polycarbonate, we have mentioned that the commissioning target of 2028, this is only pertaining to PC resin or to the entire phenol and BPA production block as well.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

So what I’ve mentioned, which Mr. Bade has also clarified, is that the answer is at this moment the same for being integrated. However, we’ve clarified that the PC resin plant, independently, it may happen alongside, it may happen with a mismatch of a few months and the phenol expansion will happen in line with the the commissioning of the propylene supply. So CAPEX includes the ability to have this in a slightly disjointed manner.<\/p>\n

So what we are anticipating is that perhaps they will all happen on track, perhaps there will be maybe a quarter or so of mismatch, but all of the assets that we put in place, as they are operationalized, they should be able to run at a high degree of productivity. In line with that. We’ve already been working to see how we can start compounding and supplying our polycarbonate compound to customers in India as well as outside of India. So we anticipate that to also reach its capacity in line with our resin plant.<\/p>\n

Arun Prasath<\/strong><\/p>\n

On the compounding plant<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, Arun. Sir, may we request to return to the question queue for further follow up questions please, as there are several parts. Thank you so much. Sir. Your next question comes from the Line of Tusha with Omega Portfolio Advisors. Please go ahead.<\/p>\n

Tushar Raghatate<\/strong><\/p>\n

Yeah, just wanted to know the fees are increased. Any specific reason for that? The receivable days has increased. Just wanted to give specific reason to that. And secondly, for in the advanced intervented business like do you see a major growth in that for you know, FY27 going forward? Because The business seems to be very underutilized compared to the historical numbers.<\/p>\n

Sanjay Upadhyay<\/strong><\/p>\n

So what you are seeing is underutilized is actually the relation which had gone down. Not that capacity had gone down capacity we are running full, but it was the realization which was lower as compared to earlier years. And as regards outstanding number of days, in some cases we have changed the model because today we are passing through a very volatile situation and we do not want to risk our outstanding. We have gone into dealership and CSA model. So that is helping us in at least securing our outstanding. So these are the reasons for this.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

I’ll also share the new products that we are, whether it is in Chemtech or in Deepak Nitride, the new downstream products which are the ICAM space and outside of the space also they are all significantly margin active in FY20. Certainly an improved margin profile on even the standalone business as compared to FY26. And we are working towards return to what we consider normalcy couple of years ago. So FY27 will be this period where you will see an improving trend<\/p>\n

Tushar Raghatate<\/strong><\/p>\n

Due to the banking involution stand of China. Do you see any realization improvement in standalone businesses?<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Like I said, whether it is because of the anti involution stand or critical hazardous chemistry etc. Or the global demand improvement, whatever you want to call it. We do anticipate an improvement in margins as well as the gross numbers as we progress into FY27. That is on the base of existing product portfolio as well as new products.<\/p>\n

Tushar Raghatate<\/strong><\/p>\n

The player in India providing intermediate to the global plant, they said that in the agrochemical the volumes are increasing but the prices are not in the favor. Do you see the same happening in your agricultural part of the business?<\/p>\n

Maulik Mehta<\/strong><\/p>\n

This is again very nuanced and it depends on the chemicals, it depends on the feedstock availability, it depends on the margin profiles. So generally what we are witnessing is that the benefit will be unevenly distributed between integrated players and non integrated players. The players who have occupied a larger number of positions on the supply chain will be able to benefit from this improvement in the volume with a general degree of de risking the margin portfolio.<\/p>\n

Tushar Raghatate<\/strong><\/p>\n

Thank you.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question Comes from the line of Rohit Nagraj with 361 capital. Please go ahead.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Thanks for the opportunity. The first question is on the phenolic part of the business. So after the maintenance over the last one month or so, are we operating at optimal utilization? Thank you.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Just to clarify, the maintenance was only in the beginning of April, maybe for about 10 days or so, not for the month of April. And we are operating at this moment at high efficiencies. So we do not anticipate a constraint from plant or from feedstock availability.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Sure. And the second question is in terms of. So we have said that we have certain low cost raw material. So have we passed on the entire pricing increase which has been witnessed in the market. So whether the prices have been adjusted to the current RM prices. And a light question to that. Given that the final product prices for our advanced intermediate as well as knowledge business both have increased, have we witnessed any demand side contraction in the domestic or exports market? Thank you.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Okay, thanks Rohit. So just to clarify, we were able to secure feedstock on dips which we did very judiciously. So going into the end of Q4 and into Q1 we are in a good position in terms of passing on the price increases equivalent to the market conditions. That is an ongoing exercise. What we do is we balance out that as well as market participation and wallet share. So what we are seeing is that by and large that has been good work done by the business team keeping on constant engagement with customers as well as ensuring that plant productivity is at a high degree.<\/p>\n

Now with regards to demand volume, as you can anticipate, demand volume for our products fluctuates based on availability of other co products as well as their own production cycles. So keeping that in mind, what I can say is that we continue to have a significant wallet share across the board. So I don’t think that there has been any significant disruption in terms of wallet share and ensuring that we are engaging with customers. What we’re giving them as a good degree of certainty is that Deepak stands. There it is. You know, even if it is at market prices or whatever, they don’t do work hard to, you know, use up their foreign exchange to block import parcel because Deepak is there.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Thanks a lot for answering all the questions and all the. Doug.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Thank you Rohit.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Archit Joshi with Nuama Ie. Please go ahead.<\/p>\n

Archit Joshi<\/strong><\/p>\n

Hi, good evening. Thanks a lot for the opportunity. The first question on the phenolics date. Knowing that there’s A lot of fluidity dynamic are evolving in the global trade. But have we assessed a scenario wherein some of the European capacities or maybe Taiwanese or South Korean capacities are overshooting their cost curves? In a scenario where energy costs are rising, feedstock prices are rising, and let’s say the situation persists for a fairly bit longer and knowing that we are in a cost competitive scenario, should we see a position wherein some of these capacities might be ousted from the system. So that would be my first one. Thank you.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Thanks Arjun. So you know, you know phenol, it’s like an ocean, so water just flows wherever it can. So while there is a disruption, you will have some capacities going offline, some capacities being idle temporarily, some capacities being taken down for maintenance. Sometimes in Europe, sometimes in the Far east, some places like China, you will have commissioning of some capacities. Whatever it is, one thing is fact that India in all of this remains a positive dynamic in terms of growth in terms of consumption and they’re ensuring that there is availability of products such as Pinole is key for our customers.<\/p>\n

So whether they import it and deal with the kind of volatility that they would face in terms of the amount of time that it takes, the exchange gain or loss and the working capital package, what we are focused on seeing right now is our ear to the ground and focusing on optimal plant utilization efficiencies there and ensuring that we are as close to JIT as possible so our customers are able to focus on their own expansion activities. So I see that there is, you know, consolidation also on one side, geopolitical volatility also on the other side. Our job is to be able to exude a sense of stability.<\/p>\n

Archit Joshi<\/strong><\/p>\n

Sure. And it’s balik. The second one is on the proposed overhauls in China on these migration plants. I believe it was supposed to get triggered on 1st of April, specifically in the region of 1st of May. Is it okay? Okay, I misread that. Maybe. But I think this was more specific to the region of Shandong where I think there’s almost 30, 35% of nitration capacities. And we had seen in the past that products like Dazda and thus by far our OBA portfolio had benefited back in 2019 when there was an explosion or ripple in the supply chain because of these issues. Are we referring to that when you made this comment about certain tailwinds that we might foresee in the migration portfolio and as such an action already taken place where some of the Chinese clients were asked to automate using DCS and all have not done so and the tailwind is already seen or is prevailing. Thanks Malik.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Okay, thanks Archit. To clarify, my comment was not linked to one or the other province because this is a general CCP guideline with regards to the chemistries as well as the safe material movement as well as the transport which includes of course also product at port and transport over ocean. So it is an all encompassing audit and it is an all encompassing compulsion which is not also limited to only things like dcs.<\/p>\n

Now like I said, this is something which can be considered as a tailwind not specifically linked to a product or B product like Dasta. This is. And again it is not just nitration. But nitration has been a problem child in China again and again. Because a lot of plants operate without safety standards whether it is at storage or production. Given that this is a structural tailwind for companies like Deepak who do it in a responsible manner.<\/p>\n

Archit Joshi<\/strong><\/p>\n

My only point being is that have you started seeing these developments on ground in China irrespective of which province is it? I just wanted to know how are we backing our comment on the statement part? Has it already started happening is what I wanted to know.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

It has already started happening.<\/p>\n

Archit Joshi<\/strong><\/p>\n

All right. All right. That’s very helpful. Thanks. Thanks. And all the best.<\/p>\n

Maulik Mehta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we take the next question, a reminder to all the participants. If you wish to register for a question please press star and then one. The next question comes from the line of Vidisha from CR Kothari and Sons. Please go ahead.<\/p>\n

Vidhi Shah<\/strong><\/p>\n

Regarding the project. So by when do they expect to commission this and how will this be funded?<\/p>\n

Maulik Mehta<\/strong><\/p>\n

So we’ve clarified earlier and we are by and large remaining kind of in line with that that we’re expecting it to commission by June 28th.<\/p>\n

Vidhi Shah<\/strong><\/p>\n

Okay, and what will be the funding for this? Rupees 5000 CRF.<\/p>\n

Sanjay Upadhyay<\/strong><\/p>\n

No, no. Funding is the total project. What we announced is around 11,000 crore. The funding is for the entire all the together we have paired up with the bank for date and it will be in the ratio of 60:40. We have already started putting in equities here. Bent funding is already in line and once we put in 25% of equity as per the bank condition of 40% will start growing from the date. So funding is not an issue. We are generating enough cash and bank loans are also tied up. And as and when required, if at all required, will approach the market.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. As there are no further questions from the participants I now hand the conference over to the management for closing comments.<\/p>\n

Sanjay Upadhyay<\/strong><\/p>\n

Thank you so much. Thank you all for joining us on this call. In case any further clarifications are required you can get in touch with our Investor call relationship, Mr. Somsekananda or Mr. Gopal Thakkar. Thanks again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Deepak Nitride. That concludes this conference. Thank you everyone for joining us. And you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deepak Nitrite Limited (NSE: DEEPAKNTR) Q4 2026 Earnings Call dated May. 18, 2026 Corporate Participants: Maulik Mehta \u2014 Deputy Managing Director Sanjay Upadhyay \u2014 Director – Finance & Group Chief Financial Officer Analysts: Ranjit Cirumalla \u2014 Analyst Sanjesh Jain \u2014 Analyst Nirav Jimudia \u2014 Analyst Arun Prasath \u2014 Analyst Tushar Raghatate \u2014 Analyst Rohit Nagraj […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":136562,"url":"https:\/\/alphastreet.com\/india\/deepak-nitrite-limited-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":183392,"position":0},"title":"Deepak Nitrite Limited Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"November 11, 2022","format":false,"excerpt":"Key highlights from Deepak Nitrite Limited (DEEPAKNTR) Q2 FY23 Earnings Concall Q&A Highlights: [00:18:03] Nirav Jimudia from Anvil Research asked that based on the greenfield and brownfield expansions announced, what number of years would it take for sales doubling. 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