Deepak Nitrite
DEEPAKNTR NSE
Deepak Nitrite
ChemicalsNSE: DEEPAKNTR BSE: 506401 Specialty Chemicals
Key Fundamentals
SmallcapSpecialty ChemicalsChemicalsMarket Cap
₹22,012 Cr
Volatility
Moderate
P/E Ratio
27.65
EBITDA
₹1,041 Cr
Return on Equity
9.38%
Debt to Equity
0.28
Book Value
₹427.94
EPS
₹59.06
52W High
₹1,904.4
52W Low
₹1,280
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
2- Company has a low return on equity of 12.8% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
-5.01% lower than
3Y
Net Income Growth
-21.04% lower than
3Y
Cash Flow Change
-13.73% higher than
3Y
ROE
-27.06% lower than
3Y
ROCE
-24.81% higher than
3Y
EBITDA Margin (Avg.)
-6.83% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk medium
Deepak Nitrite Ltd trades at a market cap of ~₹22,012 crore with a P/E of 28.6x. The company delivered a consolidated PAT of ₹551 crore in FY26 (down 21% YoY from ₹697 crore), while TTM revenue grew 7% and TTM profit rebounded 31%. A massive ₹11,500 crore polycarbonate expansion is underway, which could reshape the earnings profile but also elevates execution and balance-sheet risk.
Bull Case 7
- Strong long-term revenue compounder — 10-year sales CAGR of 19% and 10-year profit CAGR of 24%, demonstrating a track record of scaling up
- TTM profit growth has rebounded sharply at 31%, suggesting the worst of the margin downcycle may be behind the company
- India's first integrated phenol-BPA-polycarbonate complex (₹11,500 crore capex) is progressing with ₹1,200 crore spent so far, targeting H2 FY28-FY29 commissioning — a significant import substitution opportunity
- Screener data indicates the company is almost debt-free on a standalone basis, providing balance-sheet headroom to fund the large capex cycle
- Q1 FY27 EBITDA margin expanded to 21% vs 11% in Q1 FY26, showing meaningful operating leverage recovery as phenol spreads normalize
- 5-year sales CAGR of 13% outpaces many specialty chemical peers, supported by diversified product segments across basic chemicals, fine & specialty chemicals, and phenolics
- Phenol capacity debottlenecking and doubling plans over 4-5 years provide multiple levers for volume-led growth beyond the polycarbonate project
Bear Case 8
- 3-year ROE has declined to ~13% (last year just 10%), well below the 5-year average of 18% and 10-year average of 20%, signalling deteriorating capital efficiency
- Consolidated FY26 PAT fell 21% YoY to ₹551 crore from ₹697 crore, with EBITDA also declining from ₹1,176 crore to ₹1,041 crore — indicating earnings pressure
- 3-year compounded sales growth is flat at 0% and 3-year profit CAGR is negative at -13%, reflecting a prolonged earnings stagnation
- Consolidated finance costs nearly doubled from ₹27.5 crore in FY25 to ₹46 crore in FY26, and the company may be capitalizing interest costs, potentially understating true borrowing burden
- Stock has underperformed with 1-year return of -6%, 3-year CAGR of -10%, and 5-year CAGR of -7%, eroding shareholder value despite the broader market rally
- Dividend yield is a modest 0.46%, offering limited income cushion during a period of elevated capex spending of ₹3,000-4,000 crore per year guided for FY27-28
- P/E of 28.6x is not cheap for a company with compressed near-term earnings and execution risk on a ₹11,500 crore greenfield project that won't contribute until FY29
- FY26 consolidated revenue declined to ₹7,947 crore from ₹8,366 crore (-5% YoY), showing top-line contraction driven by weak phenol spreads and pricing headwinds
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Positives 1
- ₹175Cr investment in subsidiary Aug 26
Deepak Nitrite and Deepak Phenolics invested ₹175 crore in Deepak Chem Tech via OCRPS allotment on August 26 to fund project expenses and general corporate purposes.
Neutral 2
- Factory rule violation settled Aug 25
Subsidiary Deepak Chem Tech settled a Gujarat Factories Rules violation for ₹3,00,000. The company confirmed no material financial impact on operations.
- Life Sciences SBU Head exits Aug 21
Puneet Sharma resigned as SBU Head - Life Sciences effective August 21, citing a new career opportunity outside the organization.
TL;DR: Deepak Nitrite is channeling capital into its downstream subsidiary Deepak Chem Tech with a ₹175 crore investment, signaling continued expansion in the chemicals value chain. No material headwinds emerged, though the departure of the Life Sciences SBU Head warrants monitoring for leadership continuity. The minor factory rule settlement is negligible. Overall the near-term trend is steady with a growth-oriented capital deployment posture.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,768 | 1,778 | 2,009 | 2,126 | 2,167 | 2,032 | 1,903 | 2,180 | 1,890 | 1,902 | 1,975 | 2,120 | 2,578 |
| Expenses | 1,559 | 1,476 | 1,705 | 1,825 | 1,858 | 1,734 | 1,735 | 1,863 | 1,700 | 1,698 | 1,764 | 1,744 | 2,037 |
| Operating Profit | 210 | 302 | 305 | 301 | 309 | 298 | 169 | 317 | 190 | 204 | 211 | 376 | 540 |
| OPM % | 12% | 17% | 15% | 14% | 14% | 15% | 9% | 15% | 10% | 11% | 11% | 18% | 21% |
| Other Income | 32 | 17 | 14 | 99 | 19 | 21 | 21 | 23 | 25 | 20 | -4 | 7 | 14 |
| Interest | 2 | 3 | 3 | 4 | 6 | 6 | 6 | 9 | 8 | 8 | 11 | 19 | 23 |
| Depreciation | 38 | 39 | 42 | 46 | 47 | 48 | 48 | 51 | 51 | 53 | 58 | 63 | 64 |
| PBT | 202 | 277 | 274 | 349 | 275 | 264 | 135 | 279 | 155 | 163 | 138 | 301 | 468 |
| Tax % | 26% | 26% | 26% | 27% | 26% | 26% | 27% | 27% | 27% | 27% | 28% | 27% | 26% |
| Net Profit | 150 | 205 | 202 | 254 | 203 | 194 | 98 | 202 | 112 | 119 | 100 | 220 | 345 |
| EPS in Rs | 10.99 | 15.04 | 14.81 | 18.61 | 14.85 | 14.24 | 7.19 | 14.84 | 8.23 | 8.7 | 7.32 | 16.11 | 25.3 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,327 | 1,373 | 1,371 | 1,651 | 2,700 | 4,230 | 4,360 | 6,802 | 7,972 | 7,682 | 8,282 | 7,887 | 8,575 |
| Expenses | 1,187 | 1,204 | 1,231 | 1,447 | 2,278 | 3,194 | 3,108 | 5,196 | 6,680 | 6,555 | 7,187 | 6,900 | 7,243 |
| Operating Profit | 140 | 169 | 139 | 204 | 421 | 1,035 | 1,252 | 1,607 | 1,292 | 1,127 | 1,095 | 987 | 1,331 |
| OPM % | 11% | 12% | 10% | 12% | 16% | 24% | 29% | 24% | 16% | 15% | 13% | 13% | 16% |
| Other Income | 1 | 0 | 80 | 7 | 11 | 29 | 20 | 42 | 46 | 156 | 84 | 44 | 36 |
| Interest | 38 | 40 | 37 | 47 | 87 | 118 | 77 | 36 | 27 | 15 | 31 | 49 | 61 |
| Depreciation | 36 | 40 | 48 | 53 | 78 | 140 | 153 | 178 | 166 | 166 | 195 | 225 | 237 |
| PBT | 67 | 89 | 135 | 111 | 268 | 806 | 1,042 | 1,434 | 1,146 | 1,102 | 953 | 757 | 1,070 |
| Tax % | 21% | 29% | 28% | 29% | 35% | 24% | 26% | 26% | 26% | 26% | 27% | 27% | — |
| Net Profit | 53 | 63 | 96 | 79 | 174 | 611 | 776 | 1,067 | 852 | 811 | 697 | 551 | 783 |
| EPS in Rs | 5.06 | 5.39 | 7.37 | 5.79 | 12.73 | 44.8 | 56.88 | 78.2 | 62.47 | 59.45 | 51.12 | 40.36 | 57.43 |
| Div. Payout % | 20% | 22% | 16% | 22% | 16% | 10% | 10% | 9% | 12% | 13% | 15% | 19% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 21 | 23 | 26 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 |
| Reserves | 325 | 450 | 689 | 895 | 1,044 | 1,545 | 2,319 | 3,311 | 4,063 | 4,769 | 5,361 | 5,810 |
| Borrowings | 545 | 529 | 724 | 987 | 1,187 | 1,107 | 590 | 315 | 73 | 286 | 1,267 | 1,638 |
| Other Liabilities | 235 | 295 | 350 | 684 | 677 | 538 | 630 | 779 | 967 | 1,012 | 1,053 | 1,180 |
| Total Liabilities | 1,125 | 1,296 | 1,789 | 2,592 | 2,935 | 3,217 | 3,567 | 4,432 | 5,129 | 6,095 | 7,708 | 8,654 |
| Fixed Assets | 549 | 594 | 586 | 588 | 1,716 | 1,832 | 1,864 | 1,963 | 1,942 | 2,293 | 2,457 | 3,270 |
| CWIP | 44 | 36 | 349 | 955 | 34 | 172 | 220 | 122 | 301 | 774 | 1,649 | 1,828 |
| Investments | 3 | 87 | 118 | 32 | 2 | 2 | 189 | 439 | 379 | 122 | 511 | 213 |
| Other Assets | 530 | 580 | 736 | 1,018 | 1,183 | 1,210 | 1,293 | 1,908 | 2,508 | 2,907 | 3,091 | 3,343 |
| Total Assets | 1,125 | 1,296 | 1,789 | 2,592 | 2,935 | 3,217 | 3,567 | 4,432 | 5,129 | 6,095 | 7,708 | 8,654 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 108 | 167 | 49 | 183 | 60 | 765 | 1,002 | 824 | 650 | 874 | 625 | 539 |
| Investing | -89 | -169 | -353 | -525 | -163 | -428 | -396 | -424 | -276 | -717 | -1,489 | -669 |
| Financing | -22 | 4 | 305 | 345 | 96 | -338 | -599 | -386 | -359 | 44 | 806 | 193 |
| Net Cash Flow | -3 | 2 | 1 | 4 | -6 | -1 | 7 | 14 | 15 | 200 | -59 | 64 |
| Free Cash Flow | 18 | 81 | -192 | -438 | -194 | 349 | 788 | 638 | 290 | 110 | -494 | -658 |
| CFO/OP | 87 | 110 | 47 | 103 | 28 | 93 | 99 | 73 | 70 | 101 | 77 | 74 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 86 | 83 | 96 | 91 | 78 | 53 | 63 | 61 | 60 | 62 | 56 | 70 |
| Inventory Days | 47 | 54 | 75 | 118 | 94 | 63 | 64 | 53 | 62 | 54 | 59 | 57 |
| Days Payable | 48 | 59 | 95 | 176 | 106 | 57 | 72 | 46 | 46 | 38 | 33 | 35 |
| Cash Conversion Cycle | 85 | 79 | 76 | 32 | 66 | 59 | 56 | 67 | 76 | 77 | 82 | 92 |
| Working Capital Days | -3 | -28 | -49 | -29 | 35 | 33 | 57 | 57 | 70 | 70 | 64 | 61 |
| ROCE % | — | 14% | 8% | 10% | 17% | 38% | 40% | 44% | 30% | 22% | 16% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Deepak Nitrite insights
63 extracted metrics + investor summaries across FY11–FY27.
Documents
1
Announcement under Regulation 30 (LODR)-Change in Management
2d - Shri Mautik Mehta becomes Deputy Managing Director from May 9, 2026 for five years; ceases as CEO. 2d - Shri Mautik Mehta becomes Deputy Managing Director from May 9, 2026 for five years; ceases as CEO.
2
Board Meeting Intimation for To Consider And Approve The Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended 31St March, 2026; And To Consider And Recommend Dividend, If Any, On Equity Shares Of The Company For The FY Ended 31.03.2026
4 May - Board to meet on 15 May 2026 to approve Q4 FY26 results and consider dividend. 4 May - Board to meet on 15 May 2026 to approve Q4 FY26 results and consider dividend.
3
Board Meeting Intimation for To Consider And Approve The Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended 31St March, 2026; And To Consider And Recommend Dividend, If Any, On Equity Shares Of The Company For The FY Ended 31.03.2026
4 May - Board to meet on 15 May 2026 to approve Q4 FY26 results and consider dividend. 4 May - Board to meet on 15 May 2026 to approve Q4 FY26 results and consider dividend.
4
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
30 Apr - DCTL allotted 1.5 crore OCRPS worth ₹150 crore to DPL on April 30, 2026. 30 Apr - DCTL allotted 1.5 crore OCRPS worth ₹150 crore to DPL on April 30, 2026.
5
Press Release
30 Apr - DCTL signs agreement with Praxair India for a HyCO plant, commissioning expected in 2028. 30 Apr - DCTL signs agreement with Praxair India for a HyCO plant, commissioning expected in 2028.
Frequently Asked Questions about Deepak Nitrite
What does Deepak Nitrite Ltd do?
Incorporated in 1970, Deepak Nitrite Ltd manufactures Basic Intermediates, Fine
& Speciality Chemicals, Performance
Products, and Phenolics[1]
Where is Deepak Nitrite Ltd (DEEPAKNTR) listed?
Deepak Nitrite Ltd trades as DEEPAKNTR on the NSE and under code 506401 on the BSE.
Which sector does Deepak Nitrite Ltd belong to?
Deepak Nitrite Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Deepak Nitrite Ltd?
Deepak Nitrite Ltd has a market capitalisation of ₹22,012 Cr, which places it in the Large Cap band.
What is the PE ratio of Deepak Nitrite Ltd?
Deepak Nitrite Ltd trades at a PE ratio of 27.65, on earnings per share of ₹59.06, against a book value of ₹427.94 per share.
What is the 52-week high and low of Deepak Nitrite Ltd?
Over the last 52 weeks Deepak Nitrite Ltd has traded between ₹1,280 and ₹1,904.4.
Does Deepak Nitrite Ltd pay dividends?
Deepak Nitrite Ltd has a dividend yield of 0.46%.
What is the Return on Equity (ROE) of Deepak Nitrite Ltd?
Deepak Nitrite Ltd reported a return on equity of 9.38%. Its debt-to-equity ratio is 0.28.
Company Information
Incorporated in 1970, Deepak Nitrite Ltd manufactures Basic Intermediates, Fine & Speciality Chemicals, Performance Products, and Phenolics[1]
Website godeepak.com
CEO Mr. Deepak Chimanlal Mehta B.Sc.
Employees 1,757
Listed 2010-09-29
Face Value ₹ 2
Issued Size 13,63,93,041
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