Deepak Fertilisers And Petrochemicals (DEEPAKFERT) Q4 25/26 earnings summary

Executive summary

• Consolidated revenue for FY26 grew 12% YoY to ₹11,506 Cr, with Q4 revenue up 13% YoY to ₹3,011 Cr, driven by volume growth in mining chemicals and crop nutrition, and sequential recovery in industrial chemicals.

• FY26 EBITDA was ₹1,684 Cr (↓13% YoY); Q4 EBITDA was ₹354 Cr (↓26% YoY), impacted by raw material cost escalation and a planned ammonia plant shutdown (~₹70-75 Cr one-off effect).

• FY26 PAT was ₹739 Cr, down 22% YoY; Q4 PAT was ₹139 Cr, down 50% YoY, mainly due to margin compression and one-off maintenance.

• Specialty and Croptek products contributed 33% of crop nutrition revenue, up from 30% last year; B2C share in TAN revenue rose to 16% from 13%.

• The company navigated challenges including LPG/LNG shortages, subsidy delays, export bans, and skilled labor shortages, while progressing on acquisitions and project expansions.

Financial highlights

• Mining chemical volumes rose 12% YoY and 27% sequentially in Q4; full-year growth was 11%.

• B2C segment now contributes 16% of mining chemical revenue, up from 13% last year.

• Specialty and Croptek products make up 33% of crop nutrition revenue, up from 30% last year.

• CapEx for FY26 was ₹1,569 Cr; net debt stands at ₹4,824 Cr, with net debt/EBITDA at 2.86x.

• FY26 EPS was ₹58.4, down from ₹74.0 in FY25; net worth increased to ₹7,464 Cr.

Outlook and guidance

• Margin and earnings quality expected to improve, supported by tightening global supply, cost visibility from long-term LNG contracts, and a stronger business mix.

• New capacities at Gopalpur and Dahej to drive volume and operating leverage from Q2 FY27.

• Gopalpur TAN facility expected to reach 90-95% utilization by end of FY27.

• CapEx for FY27 will remain elevated (₹800-1,000 Cr) due to project completion, normalizing thereafter.

• Crop Nutrition faces challenges from below-normal monsoon forecast and input cost pressures.