Deepak Fertilisers And Petrochemicals (DEEPAKFERT) Q2 26/27 earnings summary

Executive summary

• Record H1 FY27 performance: consolidated revenue rose 16% YoY to ₹6,590 Cr, operating EBITDA increased 63% to ₹1,595 Cr and PAT rose 93% to ₹884 Cr.

• Q2 FY27 revenue grew 11% YoY to ₹3,334 Cr, operating EBITDA rose 62% to ₹750 Cr and PAT increased 84% to ₹394 Cr.

• Integrated value-chain benefits, including the long-term Equinor energy contract, supported performance amid supply-chain volatility.

Financial highlights

• Q2 operating EBITDA margin was 22.5% versus 15.4% YoY; H1 margin was 24.2% versus 17.2% YoY.

• Q2 PAT margin was 11.8% versus 7.1% YoY; H1 PAT margin was 13.4% versus 8.0% YoY.

• Consolidated Q2 finance costs rose 51% YoY to ₹113 Cr; depreciation and amortisation was ₹104 Cr, down 3% YoY.

• Standalone H1 revenue from operations was ₹1,136.55 Cr and net profit was ₹93.94 Cr, versus ₹1,088.61 Cr and ₹136.89 Cr in H1 FY26.

Outlook and guidance

• Gopalpur TAN and Dahej Nitric Acid projects were each 98% complete, with commissioning underway and operations expected in Q4 FY27.

• Management expects the projects to begin contributing to profitability in H2 FY27; total project capex remains within approved limits.

• Mining and infrastructure activity is expected to recover after the monsoon; value-based pricing is expected to support mining-chemicals margins.

• Nitric Acid volumes and prices are expected to remain stable; tight RGP supplies are expected to support IPA prices.