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Deepak Fertilisers and Petrochemicals Corporation Ltd.
NSE: DEEPAKFERTBasic MaterialsChemicals
- Last close
- ₹1,136.50
- Day change
- −₹42.30 (−3.59%)vs
- Market cap
- ₹16,541 crIndian rupees
- Research updated
- 1 report
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About Deepak Fertilisers and Petrochemicals Corporation
Deepak Fertilisers and Petrochemicals Corporation Ltd. is a prominent Indian chemical manufacturer with a diverse portfolio, primarily engaged in the production of fertilizers and industrial chemicals. The company is instrumental in supplying crucial agro-based products that enhance agricultural productivity, such as nitrates, ammonium nitrate, and various blended fertilizers. Additionally, Deepak Fertilisers operates in the petrochemicals sector, producing essential chemicals like isopropyl alcohol (IPA) and other industrial explosives, catering to a wide array of industries including pharmaceuticals, mining, and construction. Recognized for its integrated approach to chemical manufacturing, the corporation is committed to sustainable development through innovations in environmentally-friendly processes. Headquartered in Pune, India, Deepak Fertilisers plays a vital role in supporting India’s agrarian economy and contributing to the supply chains of multiple industrial sectors. As a key player in both the domestic and international markets, it is involved in direct distribution to farmers and businesses, ensuring accessibility and efficiency. Its breadth of operations and strategic investments in capacity expansion reflect its pivotal role in the chemical and fertilizer industry landscape.
- Sector
- Basic Materials
- Industry
- Chemicals
- Listing
- NSE: DEEPAKFERT
- Chief executive
- Mahesh M.
- Employees
- 1,205
- Headquarters
- Pune, India
- ISIN
- INE501A01019
- Website
- dfpcl.com
Public research · Report of
Business model & financial foundation
Deepak Fertilisers (NSE: DEEPAKFERT), Integrated industrial and mining chemicals; crop nutrition: revenue of ₹11,506 crore in FY26 (+12.0% on FY25), an EBITDA margin of 14.6%, net profit of ₹737.3 crore and net debt of ₹4,824 crore.
- Revenue, FY26 (₹ crore)
- 11,506
- consolidated
- Revenue growth, FY26
- +12.0%
- on FY25
- EBITDA margin, FY26
- 14.6%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 737.3
- to owners
- Return on equity, FY26
- 10.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,824
- Company-stated net debt
- Market capitalisation (₹ crore)
- 16,617
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Deepak Fertilisers and Petrochemicals Corporation Limited |
| Exchange and ticker | NSE: DEEPAKFERT; BSE: 500645 |
| ISIN | INE501A01019 |
| CIN | L24121MH1979PLC021360 |
| Sector | Basic Materials |
| Industry | Integrated industrial and mining chemicals; crop nutrition |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | P G Bhagwat LLP (since 2021) |
| Market capitalisation | ₹16,617 crore (15 Oct 2026) |
| Shares outstanding | 12.62 crore shares (FY26) |
| Price | ₹1,367 (close, 15 Oct 2026) |
| 52-week range | ₹866.4 - ₹1,681 (to 15 Oct 2026) |
| Website | https://www.dfpcl.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Mahadhan AgriTech Limited | 100% | Crop nutrition, fertilisers and dilute nitric acid |
| Deepak Mining Solutions Limited | 100% | TAN and mining solutions; subsidiary CCD financing can dilute economic ownership |
| Performance Chemiserve Limited | 100% | 500 KTPA ammonia plant; subsidiary of DMSL |
| Platinum Blasting Services Pty Limited | 100% | Australian blasting services; subsidiary of DMSL |
| Deepak Globalchem Pte Limited | 100% | Gas and commodities trading (Singapore) |
| SCM Fertichem Limited | 100% | Fertiliser and petroleum trading |
| Deepak Nitrochem Pty Limited | 100% | Australian subsidiary |
| Ishanya Realty Corporation Limited | 100% | Pune Creaticity mall and real estate |
| Yerrowda Investments Limited | 85% | Pune real estate; joint operation |
Ultimate holding percentages shown as reported, before future DMSL CCD conversion. Internal ammonia and DNA transfers are eliminated in consolidation.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 45.63% | 45.63% | 45.63% | |
| Promoter holding pledged | 4.86% | 5.04% | 5.47% | |
| Foreign institutions | 10.31% | 10.31% | 10.02% | |
| Domestic institutions | 13.17% | 13.24% | 14.69% | |
| of which mutual funds | 9.66% | 9.58% | 10.96% | |
| Retail | 16.97% | |||
| Other | 30.91% | 30.83% | 12.71% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
DFPCL (NSE DEEPAKFERT) supplies technical ammonium nitrate and blasting services, nitric acid and IPA, and Mahadhan crop nutrition. Consolidated coverage captures integrated ammonia in Performance Chemiserve, crop nutrition in MAL and mining in DMSL. TAN demand follows mining/coal offtake, acid/IPA follows manufacturing/pharma demand, and crop nutrition follows weather, farm economics and subsidy. Gas integration changes feedstock economics, not the commodity selling-price cycle. Group chemicals/fertilisers statutory segments are not the same as management's TAN/IC/CNB verticals; their reconciliations remain separately stored.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Chemicals (statutory segment) | 5,304 | 46.1% | 1,147 | 73.4% |
| Fertilisers (statutory segment) | 6,166 | 53.6% | 419.9 | 26.9% |
| Realty | 22.5 | 0.2% | -4.00 | -0.3% |
| Others | 13.8 | 0.1% | -0.37 | -0.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Chambal Fertilisers and Chemicals (CHAMBLFERT) | Fertiliser cash cycle and nitrogen feedstock exposure; urea economics differ |
| Coromandel International (COROMANDEL) | Phosphatic and differentiated crop nutrition |
| Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) | Integrated nitrogen chemicals and fertilisers |
| Rashtriya Chemicals and Fertilizers (RCF) | Nitrogen/complex fertilisers and industrial chemicals |
| Paradeep Phosphates (PARADEEP) | NPK/phosphate inputs and subsidy cycle |
| Solar Industries India (SOLARINDS) | |
| Deepak Nitrite (DEEPAKNTR) | IPA/import competition and chemical cycle |
| Gujarat State Fertilizers and Chemicals (GSFC) | Integrated fertiliser/industrial chemical cycle |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,558 | 8,715 | 8,676 | 10,274 | 11,506 |
| Cost of revenue (vendor classification) * | 5,141 | 7,787 | 6,023 | 6,670 | 8,126 |
| Other operating costs (vendor classification) * | 617.9 | 669.1 | 797.0 | 1,549 | 1,017 |
| EBITDA (vendor classification) * | 1,370 | 2,196 | 1,311 | 2,006 | 1,729 |
| Operating EBIT excluding other income | 1,154 | 1,990 | 953.0 | 1,521 | 1,260 |
| Finance costs | 141.6 | 174.2 | 403.8 | 412.9 | 352.7 |
| Profit before tax | 1,013 | 1,816 | 672.0 | 1,189 | 1,010 |
| Total tax expense | 325.1 | 594.6 | 214.7 | 244.6 | 271.6 |
| Profit after tax including NCI | 687.5 | 1,221 | 457.2 | 944.7 | 738.8 |
| Diluted EPS (₹) | 58.25 | 97.70 | 35.05 | 73.95 | 58.40 |
| Materials, traded goods and inventory change | 5,898 | 6,670 | 8,000 | ||
| Employee benefits expense | 526.5 | 582.8 | 622.7 | ||
| Other expenses | 964.7 | 1,097 | 1,199 | ||
| Operating EBITDA excluding other income | 1,287 | 1,925 | 1,684 | ||
| Other income | 122.8 | 80.8 | 103.0 | ||
| Depreciation and amortisation | 333.7 | 403.3 | 423.7 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 442.5 | 933.6 | 737.3 | ||
| Profit attributable to NCI | 14.7 | 11.1 | 1.51 | ||
| Share of profit of associates | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 4,002 | 5,193 | 5,446 | 6,254 | 7,464 |
| Current plus non-current borrowings | 2,656 | 3,699 | 4,045 | 3,933 | 5,486 |
| Cash, other bank balances and current investments | 161.1 | 279.3 | 619.2 | 627.2 | 662.4 |
| Trade receivables | 620.0 | 1,691 | 1,476 | 1,617 | 2,343 |
| Inventories | 1,045 | 1,259 | 1,192 | 1,069 | 1,738 |
| Trade payables including MSME | 1,416 | 1,777 | 1,285 | 1,714 | 2,158 |
| Net property, plant and equipment * | 104.8 | 112.0 | 151.1 | 250.6 | 265.4 |
| Capital work in progress * | 2,521 | 3,620 | 876.2 | 1,639 | 3,191 |
| Total assets * | 8,744 | 11,421 | 11,830 | 13,148 | 16,488 |
| Company-stated net debt | 3,426 | 3,305 | 4,824 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 1,189 | 462.5 | 731.8 | 1,880 | 206.2 |
| Free cash flow (vendor definition) * | 221.0 | -716.2 | -153.0 | 744.0 | -1,364 |
| Equity dividends paid (outflow) | -81.3 | -109.2 | -126.4 | -107.5 | -125.7 |
| PPE, intangibles and CWIP purchases (outflow) | -989.0 | -1,209 | -884.8 | -1,136 | -1,570 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid equity shares | 11.22 | 12.39 | 12.62 | 12.62 | 12.62 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,747 | 2,579 | 2,667 | 2,659 | 3,006 | 2,830 | 3,011 | 3,256 |
| Cost of revenue (vendor classification) * | 1,817 | 1,679 | 1,770 | 1,731 | 2,017 | 2,171 | 1,886 | |
| Other operating costs (vendor classification) * | 273.6 | 264.8 | 302.9 | 259.9 | 305.3 | 325.0 | 325.5 | |
| EBITDA (vendor classification) * | 501.1 | 498.7 | 529.6 | 536.8 | 399.3 | 360.1 | 851.4 | |
| Operating EBIT excluding other income | 394.5 | 386.6 | 371.4 | 409.6 | 357.3 | 244.8 | 248.4 | 740.2 |
| Finance costs | 102.7 | 98.4 | 101.0 | 88.1 | 74.8 | 96.4 | 93.4 | 94.8 |
| Profit before tax | 298.7 | 300.8 | 320.0 | 345.2 | 309.5 | 194.5 | 161.1 | 651.4 |
| Total tax expense | 84.6 | 47.7 | 42.1 | 101.4 | 95.5 | 53.0 | 21.7 | 161.3 |
| Profit after tax including NCI | 214.1 | 253.1 | 277.9 | 243.9 | 214.0 | 141.5 | 139.4 | 490.0 |
| Diluted EPS (₹) | 16.64 | 19.86 | 21.96 | 19.26 | 16.89 | 11.21 | 11.04 | 38.82 |
| Materials, traded goods and inventory change | 1,817 | 1,679 | 1,770 | 1,731 | 2,082 | 2,017 | 2,171 | 1,886 |
| Employee benefits expense | 162.1 | 148.9 | 114.9 | 155.1 | 151.2 | 154.7 | 161.7 | 199.3 |
| Other expenses (net) | 273.6 | 264.8 | 302.9 | 259.9 | 309.1 | 305.3 | 325.0 | 325.5 |
| Operating EBITDA excluding other income | 494.2 | 486.1 | 480.0 | 513.0 | 463.6 | 353.1 | 354.0 | 845.4 |
| Other income | 6.87 | 12.6 | 49.6 | 23.8 | 27.0 | 46.2 | 6.08 | 5.95 |
| Depreciation and amortisation | 99.7 | 99.5 | 108.6 | 103.5 | 106.3 | 108.4 | 105.6 | 105.2 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 210.1 | 250.7 | 277.2 | 243.2 | 213.2 | 141.5 | 139.4 | 490.0 |
| Profit attributable to NCI | 3.98 | 2.38 | 0.62 | 0.69 | 0.82 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 27.8% | 32.9% | -0.4% | 18.4% | 12.0% |
| EBITDA margin | 14.8% | 18.7% | 14.6% | ||
| Net margin | 5.1% | 9.1% | 6.4% | ||
| Return on equity | 8.3% | 16.0% | 10.7% | ||
| Return on capital employed | 19.2% | 25.6% | 10.4% | 15.5% | 10.9% |
| Return on assets | 3.8% | 7.5% | 5.0% | ||
| Net debt (₹ crore) | 3,426 | 3,305 | 4,824 | ||
| Net debt / EBITDA | 2.66x | 1.72x | 2.86x | ||
| Interest cover | 8.15x | 11.4x | 2.36x | 3.68x | 3.57x |
| Asset turnover | 0.82x | 0.86x | 0.75x | 0.82x | 0.78x |
| Receivable days | 35 | 71 | 62 | 57 | 74 |
| Inventory days (on revenue) | 58 | 53 | 50 | 38 | 55 |
| Payable days (on revenue) | 79 | 74 | 54 | 61 | 68 |
| Cash conversion | 1.65x | 2.01x | 0.28x | ||
| Capex intensity | 15.1% | 13.9% | 10.2% | 11.1% | 13.6% |
| Free cash flow (₹ crore) | 200.3 | -746.2 | -153.0 | 744.0 | -1,364 |
| Dividend payout | 28.6% | 11.5% | 17.0% | ||
| EPS, diluted (₹) | 58.25 | 97.70 | 35.05 | 73.95 | 58.40 |
| Book value per share (₹) | 356.6 | 419.3 | 431.4 | 495.4 | 591.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-stated net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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