Deepak Fertilisers and Petrochemicals Corporation Limited announced its financial results for the fourth quarter and full year ending March 31, 2026. The company navigated a challenging environment, with revenues growing around 12% for the full year to INR 11,506 crores and EBITDA at INR 1,684 crores. Key strategic initiatives include capacity expansion projects and a focus on value-added solutions in its Crop Nutrition and TAN businesses.
Financial Performance Overview
Deepak Fertilisers and Petrochemicals Corporation Limited reported a consolidated revenue growth of approximately 12% for the full fiscal year, reaching INR 11,506 crores. For the fourth quarter (Q4 FY26), revenue stood at INR 3,011 crores, driven by volume growth in Mining Chemicals and Crop Nutrition, alongside a sequential recovery in Industrial Chemicals. The company’s full-year EBITDA was INR 1,684 crores, with Q4 EBITDA at INR 354 crores.
Key Business Segment Highlights
Mining Chemicals
The Mining Chemicals segment showed a strong recovery in Q4 FY26, with volumes up 12% year-on-year and 27% sequentially. Full-year growth reached around 11%. The B2C segment continues to scale, now contributing approximately 16% of segment revenue, up from 13% in the previous year.
Industrial Chemicals
Performance in Industrial Chemicals was mixed, though showing an improving trend. Nitric acid volumes experienced healthy growth. While IPA performance was impacted by pricing and availability constraints, early signs of recovery are being observed, supported by tighter global supply conditions.
Crop Nutrition
The Crop Nutrition segment faced challenges in the quarter due to lower farm gate prices, elevated channel inventory, and a sharp increase in input costs. Despite these factors, the specialty and Croptek offerings now represent 33% of segment revenue, up from 30% previously, indicating a strategic shift towards higher-margin products.
Strategic Initiatives and Future Outlook
Project Progress
Both the Gopalpur TAN project and the Dahej nitric acid project are in advanced stages, with Gopalpur TAN approximately 95% complete and Dahej nitric acid around 86% complete. Commissioning is anticipated in Q2 FY27.
Ammonia Value Chain and LNG Contract
The commencement of supply under the long-term LNG contract with Equinor in May marks a significant milestone, strengthening the ammonia value chain by enhancing supply security and cost visibility. This is expected to support margin stability across downstream businesses.
Acquisitions and Business Transformation
The acquisition of an explosive unit (Chardham Chemicals) is progressing, aligning with the strategy to offer holistic solutions for the TAN and Mining businesses. The company is enhancing its mining chemical platforms and ability to deliver integrated, value-added solutions.
Outlook for FY27
The company anticipates improved earnings quality driven by tightening global supply conditions, better cost visibility from long-term gas arrangements, and a stronger business mix with higher contributions from specialty products and the B2C segment. The ramp-up of new capacities is expected to further support growth and operating leverage in the coming quarters.
Source: BSE
