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Research updated
Deepak Nitrite Ltd.
NSE: DEEPAKNTRBasic MaterialsChemicals
- Last close
- ₹1,446.80
- Day change
- −₹40.60 (−2.73%)vs
- Market cap
- ₹21,802 crIndian rupees
- Research updated
- 1 report
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About Deepak Nitrite
Deepak Nitrite Ltd. is a diversified chemical company engaged in the production and distribution of basic chemicals, fine and specialty chemicals, and performance products. Serving core sectors such as agrochemicals, pharmaceuticals, rubber, paper, textiles, and detergents, the company plays a critical role in providing essential inputs for manufacturing and industrial processes. With its extensive product portfolio, Deepak Nitrite Ltd. caters to local and international markets, emphasizing sustainability and innovation in its operations. Headquartered in India, the company has strategically positioned plants and subsidiaries to enhance its global footprint. It's known for its strong commitment to research and development, which fuels its ability to deliver innovative solutions to its clients. Deepak Nitrite Ltd.'s integrated business model supports continuous supply and a diverse range of high-performance products, making it a valuable entity in the chemical industry's supply chain.
- Sector
- Basic Materials
- Industry
- Chemicals
- Listing
- NSE: DEEPAKNTR
- Next results
- Chief executive
- Mr. Maulik Deepak Mehta
- Employees
- 1,447
- Headquarters
- Vadodara, India
- ISIN
- INE288B01029
- Website
- godeepak.com
Public research · Report of
Business model & financial foundation
Deepak Nitrite (NSE: DEEPAKNTR), Diversified chemicals and phenolics: revenue of ₹7,887 crore in FY26 (-4.8% on FY25), an EBITDA margin of 13.2%, net profit of ₹550.5 crore and net debt of ₹1,064 crore.
- Revenue, FY26 (₹ crore)
- 7,887
- consolidated
- Revenue growth, FY26
- -4.8%
- on FY25
- EBITDA margin, FY26
- 13.2%
- EBITDA (Company EBITDA including other income) / revenue
- Net profit, FY26 (₹ crore)
- 550.5
- to owners
- Return on equity, FY26
- 9.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,064
- Borrowings less cash bank balances and current investments
- Market capitalisation (₹ crore)
- 21,693
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Deepak Nitrite Limited |
| Exchange and ticker | NSE: DEEPAKNTR; BSE: 506401 |
| ISIN | INE288B01029 |
| CIN | L24110GJ1970PLC001735 |
| Sector | Basic Materials |
| Industry | Diversified chemicals and phenolics |
| Headquarters | Vadodara, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022 reappointed) |
| Market capitalisation | ₹21,693 crore (16 Oct 2026) |
| Shares outstanding | 13.64 crore shares (FY26) |
| Price | ₹1,600 (close, 16 Oct 2026) |
| 52-week range | ₹1,280 - ₹1,898 (to 16 Oct 2026) |
| Website | https://www.godeepak.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Deepak Phenolics Limited | 100% | Phenol, acetone, isopropyl alcohol and downstream solvents |
| Deepak Chem Tech Limited | 100% | Integrated propylene, phenol, BPA and polycarbonate project |
| Deepak Advanced Materials Limited | 100% | Polycarbonate compounds |
| Deepak PMC Limited | 100% | Project consultancy |
| Deepak Nitrite Corporation Inc | 100% | Americas marketing |
| Narmada Thermal Power Limited | 100% | Land and chemical trading |
| Deepak Oman LLC | 51% | Sodium nitrite and nitrate |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 49.33% | 49.33% | 49.34% | 49.39% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.06% | 6.19% | 6.24% | 6.40% |
| Domestic institutions | 23.20% | 23.46% | 23.76% | 22.50% |
| of which mutual funds | 11.08% | 11.01% | 11.45% | |
| Retail | 21.42% | 21.01% | 20.65% | 21.71% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Deepak Nitrite earns from two reported segments. Phenolics (Deepak Phenolics, 100%) converts benzene and propylene into phenol, acetone and IPA for an almost entirely domestic customer base; FY26 revenue 5,400.7cr and EBIT 694.6cr. Advanced Intermediates (nitro-aromatics, fuel additives, agro and pharma intermediates; 40-50% exported) had FY26 revenue 2,553.3cr and EBIT 107.0cr, down from 445.9cr in FY24 on Chinese pricing pressure. Deepak Chem Tech is building an INR 11,500cr propylene (PDH)-phenol-BPA-polycarbonate (165 ktpa) chain funded 60:40 debt:equity, polycarbonate targeted H2 FY29. The company controls conversion efficiency and procurement; it does not control phenol import parity, duty policy or Chinese capacity (6.96 mtpa, Jun 2026).
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Advanced Intermediates | 2,553 | 32.1% | 107.0 | 13.3% | 2,215 | 53.7% |
| Phenolics | 5,401 | 67.9% | 694.6 | 86.7% | 1,909 | 46.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Aarti Industries (AARTIIND) | Aromatic intermediates and large capex cycle |
| Atul (ATUL) | Diversified intermediates and life-science chemistry |
| Navin Fluorine International (NAVINFLUOR) | Specialty chemistry, customer qualification and capex ramp |
| SRF (SRF) | Integrated chemical chains and cyclical spreads |
| Vinati Organics (VINATIORGA) | Integrated niche intermediates with global competition |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,773 | 7,883 | 7,682 | 8,282 | 7,887 |
| Cost of revenue (vendor classification) * | 4,583 | 5,928 | 5,731 | 6,289 | 6,018 |
| Other operating costs (vendor classification) * | 331.8 | 423.4 | 460.3 | 482.6 | 433.9 |
| EBITDA (vendor classification) * | 1,637 | 1,316 | 1,168 | 1,151 | 1,028 |
| EBIT * | 1,468 | 1,171 | 1,114 | 980.3 | 803.1 |
| Finance costs | 34.0 | 24.8 | 11.8 | 27.5 | 46.0 |
| Profit before tax after exceptional items | 1,434 | 1,146 | 1,102 | 952.8 | 757.1 |
| Total current and deferred tax | 367.8 | 293.9 | 290.8 | 255.4 | 206.4 |
| Consolidated net profit | 1,067 | 852.0 | 810.9 | 697.4 | 550.7 |
| Diluted EPS (₹) | 78.20 | 62.46 | 59.45 | 51.12 | 40.36 |
| Other income | 76.1 | 83.9 | 59.9 | ||
| Materials, traded goods and inventory movement | 5,236 | 5,788 | 5,543 | ||
| Employee benefits expense | 351.1 | 392.2 | 423.2 | ||
| Other expenses including power and fuel | 971.4 | 1,010 | 940.3 | ||
| Company EBITDA including other income | 1,199 | 1,176 | 1,041 | ||
| Depreciation and amortisation | 165.7 | 195.4 | 224.6 | ||
| Exceptional charge / (gain) | -79.8 | 0.00 | 12.8 | ||
| Profit attributable to non-controlling interests | -0.01 | 0.13 | 0.13 | ||
| Profit attributable to owners | 810.9 | 697.2 | 550.5 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 3,338 | 4,090 | 4,823 | 5,425 | 5,869 |
| Current and non-current borrowings excluding leases | 315.0 | 72.9 | 217.0 | 1,171 | 1,528 |
| Cash equivalents and other bank balances | 22.9 | 37.6 | 465.5 | 406.6 | 269.0 |
| Trade receivables | 1,129 | 1,310 | 1,298 | 1,274 | 1,506 |
| Inventories | 584.6 | 893.1 | 759.9 | 926.4 | 862.3 |
| Trade payables MSME and other creditors | 511.7 | 661.8 | 537.7 | 521.8 | 534.1 |
| Net property, plant and equipment * | 1,933 | 1.39 | 2,243 | 2,400 | 3,210 |
| Capital work in progress excluding intangibles | 124.0 | 361.6 | 773.5 | 1,649 | 1,828 |
| Total assets * | 4,430 | 5,129 | 6,096 | 7,718 | 8,681 |
| Current investments | 119.2 | 507.9 | 195.1 | ||
| Borrowings less cash bank balances and current investments | -367.7 | 256.1 | 1,064 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 919.4 | 602.0 | 874.1 | 624.7 | 539.0 |
| Free cash flow (vendor definition) * | 637.0 | 289.1 | 106.4 | -511.6 | -659.4 |
| Dividend paid on equity shares cash outflow | -75.0 | -95.5 | -102.3 | -102.3 | -102.3 |
| Purchase of PPE including CWIP and capital advances | -185.8 | -357.2 | -738.4 | -1,122 | -1,185 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,032 | 1,903 | 2,180 | 1,890 | 1,902 | 1,975 | 2,120 | 2,578 |
| Cost of revenue (vendor classification) * | 1,382 | 1,502 | 1,664 | 1,474 | 1,377 | 1,425 | 1,500 | 1,751 |
| Other operating costs (vendor classification) * | 255.1 | 134.7 | -258.3 | 119.5 | 221.0 | 232.3 | 133.4 | 168.4 |
| EBITDA (vendor classification) * | 318.8 | 189.5 | 314.3 | 214.1 | 224.2 | 219.4 | 382.9 | 554.2 |
| EBIT * | 270.3 | 141.3 | 288.1 | 162.9 | 171.0 | 149.0 | 320.3 | 490.5 |
| Finance costs | 6.30 | 6.11 | 9.34 | 8.13 | 7.94 | 11.0 | 18.9 | 22.9 |
| Profit before tax after exceptional items | 264.0 | 135.2 | 278.7 | 154.7 | 163.0 | 138.0 | 301.4 | 467.6 |
| Total current and deferred tax | 69.8 | 37.1 | 76.2 | 42.5 | 44.3 | 38.2 | 81.5 | 122.6 |
| Consolidated net profit | 194.2 | 98.1 | 202.5 | 112.3 | 118.8 | 99.8 | 219.8 | 345.0 |
| Diluted EPS (₹) | 14.24 | 7.19 | 14.84 | 8.23 | 8.71 | 7.32 | 16.11 | 25.30 |
| Other income | 21.3 | 21.0 | 22.8 | 24.6 | 20.0 | 8.50 | 6.86 | 14.0 |
| Materials, traded goods and inventory movement | 1,382 | 1,393 | 1,512 | 1,361 | 1,377 | 1,425 | 1,380 | 1,628 |
| Employee benefits expense | 97.1 | 98.2 | 101.6 | 106.5 | 99.2 | 106.6 | 110.9 | 118.3 |
| Other expenses including power and fuel | 255.1 | 243.6 | 249.2 | 233.2 | 221.0 | 232.3 | 253.8 | 290.9 |
| Company EBITDA including other income | 319.0 | 190.0 | 339.0 | 214.0 | 224.0 | 219.0 | 383.0 | 554.0 |
| Depreciation and amortisation | 48.5 | 48.2 | 51.3 | 51.3 | 53.3 | 57.6 | 62.6 | 63.7 |
| Exceptional charge / (gain) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12.8 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.01 | 0.04 | 0.09 | 0.05 | 0.04 | 0.03 | 0.09 | -0.01 |
| Profit attributable to owners | 194.2 | 98.1 | 202.4 | 112.2 | 118.7 | 99.8 | 219.7 | 345.0 |
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 | 56.3% | 16.4% | -2.5% | 7.8% | -4.8% |
| EBITDA margin | 15.6% | 14.2% | 13.2% | ||
| Net margin | 10.6% | 8.4% | 7.0% | ||
| Return on equity | 18.2% | 13.6% | 9.7% | ||
| Return on capital employed | 44.6% | 30.0% | 24.2% | 16.9% | 11.5% |
| Return on assets | 14.4% | 10.1% | 6.7% | ||
| Net debt (₹ crore) | -367.7 | 256.1 | 1,064 | ||
| Net debt / EBITDA | -0.31x | 0.22x | 1.02x | ||
| Interest cover | 43.1x | 47.2x | 94.1x | 35.6x | 17.5x |
| Asset turnover | 1.70x | 1.65x | 1.37x | 1.20x | 0.96x |
| Receivable days | 61 | 61 | 62 | 56 | 70 |
| Inventory days (on revenue) | 32 | 41 | 36 | 41 | 40 |
| Payable days (on revenue) | 28 | 31 | 26 | 23 | 25 |
| Cash conversion | 1.08x | 0.90x | 0.98x | ||
| Capex intensity | 2.7% | 4.5% | 9.6% | 13.5% | 15.0% |
| Free cash flow (₹ crore) | 733.5 | 244.8 | 135.7 | -497.4 | -645.7 |
| Dividend payout | 12.6% | 14.7% | 18.6% | ||
| EPS, diluted (₹) | 78.20 | 62.46 | 59.45 | 51.12 | 40.36 |
| Book value per share (₹) | 244.8 | 299.9 | 353.6 | 397.7 | 430.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA including 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): Borrowings less cash bank balances and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA including 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 16 Oct 2026); market data at the close of 16 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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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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