Deepak Fertilisers Q4 FY26 Results: Revenue Up 13% to ₹3,011 Cr, Net Profit Down 50%
Deepak Fertilisers reported Q4 FY26 consolidated revenues of ₹3,011 Cr (up 13% YoY), while Net Profit fell 50% YoY to ₹139 Cr. For FY26, revenues were ₹11,506 Cr (up 12% YoY), with Net Profit at ₹739 Cr (down 18% YoY). The Board recommended a 100% dividend. Capex was ₹1,569 Cr in FY26, and project commissioning is now expected in Q2 FY27.
The results show mixed performance with revenue growth but a significant drop in profitability. The planned capex and project delays, along with a positive outlook for future margins, suggest a moderate impact on the company's immediate and medium-term performance.
While revenue showed growth, the significant decline in Net Profit and Operating EBITDA due to escalated raw material costs and planned maintenance dampens the positive sentiment. However, the outlook for improved margins and strategic investments offer some optimism.
Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
For the fourth quarter of FY26, consolidated revenues increased by 13% year-on-year to ₹3,011 crore, driven by volume growth in TAN and CNB segments. However, Operating EBITDA saw a decline of 26% year-on-year to ₹354 crore, primarily impacted by the gradual pass-through of escalated raw material costs and a planned ammonia plant turnaround maintenance, which incurred costs of approximately ₹75 crore. Net Profit for the quarter declined by 50% year-on-year to ₹139 crore. Adjusted for a one-time tax credit of ₹40 crore in FY25, the full year FY26 Net Profit declined 18% year-on-year to ₹739 crore.
For the full fiscal year FY26, consolidated revenues grew by 12% year-on-year to ₹11,506 crore. Operating EBITDA for FY26 declined by 13% year-on-year to ₹1,684 crore. The company continued its strategic shift towards a solutions-led portfolio, with Specialty products contributing 33% of CNB revenue year-to-date. The company also recommended a dividend of 100%.
The company's balance sheet saw a Capex of ₹1,569 crore in FY26, leading to a net debt of ₹4,824 crore. These investments are aimed at enhancing competitiveness and cash generation. The outlook suggests a meaningful improvement in margin trajectory in the coming quarters with the commencement of Equinor gas supply and strengthening import parity pricing.
In the Mining Chemicals segment, Q4 sales volumes were up 27% quarter-on-quarter and 12% year-on-year. The Pharma/Specialty Chemicals segment saw growth in Building-Block Nitric Acid and Isopropyl Alcohol (IPA) volumes. The Crop Nutrition business faced challenges due to increased input costs and inadequate subsidy support, but the company is focusing on irrigated regions and priority markets. The Gopalpur TAN project is at ~95% completion and the Dahej Nitric Acid project at ~86% completion, with commissioning now expected in Q2 FY27 due to supply-side factors.
S.C. Mehta, Chairman and Managing Director, highlighted the company's resilience amidst external volatility and its focus on disciplined execution and portfolio evolution. He noted the positive impact of the maiden LNG shipment from the 15-year contract with Equinor and the strategic acquisition of Chardham Chemicals Private Limited by its subsidiary DMSL.
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