Deepak Fertilisers and Petrochemicals Corporation LimitedQ1 FY27 Results & Financial Update
Deepak Fertilisers and Petrochemicals Corporation Limited: Q1 FY27 consolidated results and company financials – revenue ₹3,256.26 Cr, PAT ₹490.04 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Deepak Fertilisers and Petrochemicals Corporation Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended June 30, 2026, Deepak Fertilisers and Petrochemicals Corporation Limited recorded a consolidated revenue from operations of INR 3,256.26 crore.
Total income for the period stood at INR 3,262.21 crore, which includes other income amounting to INR 5.95 crore.
Profit before tax (PBT) for Q1 FY27 was reported at INR 651.37 crore after accounting for finance costs of INR 94.79 crore and depreciation of INR 105.19 crore.
The net profit after tax (PAT) reached INR 490.04 crore, resulting in a net profit margin of approximately 15.05% for the quarter.
Basic earnings per share (EPS) for the quarter was recorded at INR 38.82.
Tax expense for the period was recorded at INR 161.33 crore.
Profit after tax was ₹490.04 Cr for the reported quarter. EPS was ₹38.82 for the reported quarter.
01 · Business model
What does Deepak Fertilisers and Petrochemicals Corporation do?
Deepak Fertilisers and Petrochemicals Corporation Limited operates primarily in the manufacture and supply of fertilizers, agricultural chemicals, and various industrial chemicals, serving diverse agricultural and industrial sectors.
The company generates revenue through distinct segments involving crop nutrients, mining chemicals, and specialized industrial intermediates, connecting its production output to downstream manufacturing and farming communities.
Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) operates as an integrated gas-to-ammonia-to-solutions enterprise spanning over four decades, with a diversified operational footprint across six manufacturing sites in India.
The company's core business is structured into three primary verticals: Mining Chemicals (Technical Ammonium Nitrate and related mining products), Industrial Chemicals (Nitric Acid, Iso Propyl Alcohol, methanol, and specialty solvents), and Crop Nutrition Business (specialty complex fertilizers, crop-specific nutrients, and water-soluble fertilizers).
DFPCL leverages backward integration into ammonia and forward integration into specialized industrial derivatives, explosives, and direct-to-farmer agricultural solutions to capture value across multiple manufacturing and distribution touchpoints.
02 · Historical context
What shaped the business before this quarter
Over 40 years of operations, DFPCL evolved from a fertilizer manufacturer into an integrated enterprise spanning three core verticals with six manufacturing sites across India.
The company progressively shifted its product portfolio toward high-margin specialty grades, including Croptek in crop nutrition and value-added nitric acid derivatives.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹3,256.26 Cr |
| Total income | ₹3,262.21 Cr |
| Profit before tax | ₹651.37 Cr |
| Profit after tax | ₹490.04 Cr |
| EPS | ₹38.82 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
TAN revenue grew to ₹904 crore, supported by stronger realizations resulting from global supply tightness and US-Iran geopolitical friction.
Industrial chemicals revenue reached ₹490 crore, bolstered by better pricing for nitric acid and IPA despite lower physical volumes from quota restrictions.
CNB revenue reached ₹1,367 crore, sustained by steady adoption of specialized complex fertilizers and water-soluble nutrients despite unseasonal dry spells.
What drove margins
Tight international supply conditions for ammonia and downstream chemicals supported elevated selling prices and pushed operating EBITDA margin to 26.0%.
Fluctuations in key input costs, including upward movements in phosphoric acid CFR and bulk ammonia FOB prices, were partially offset by product realization gains.
In-house manufacturing capabilities and captive raw material availability provided margin resilience against external commodity volatility.
05 · Demand, customers & order book
Where demand is coming from
Direct customer-to-consumer revenue in the mining chemicals division increased to ₹151 crore, representing 17% of segment business compared to 16% in the same quarter previous year.
Approximately 65% of the upcoming Concentrated Nitric Acid (CN&A) capacity from the Dahej expansion project is pre-tied through 20-year long-term contracts.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Sales volume stood at 130 KT (108 KT B2B, 21 KT B2C, 0.2 KT exports), down 12% YoY and 21% QoQ due to dispatch disruptions from PESO ANRS portal changes. B2C revenue contribution rose to ₹151 crore (17% of segment share).
Total nitric acid volume reached 74 KT (48 KT CNA+SNA, 26 KT DNA), flat YoY but down 7% QoQ. IPA volume dropped to 4 KT due to RGP quota curtailments by GoI.
ANP and Smartek volumes reached 128 KT (up 1% YoY, down 27% QoQ), while Croptek recorded 5 KT and specialty fertilizers (Bensulf) faced pressure from elevated sulphur costs.
Geography and market mix
Operations span key strategic sites in Taloja (Maharashtra), Dahej (Gujarat), Panipat (Haryana), Gopalpur (Odisha), and Srikakulam (Andhra Pradesh), providing proximity to high-consumption agricultural and industrial belts.
Core agricultural markets experienced delayed monsoon onset and below-normal rainfall across select districts, impacting fertilizer application timing.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Capacity utilization rates in the crop nutrition division stood at 78% for ANP and 63% for NPK during Q1 FY27.
Industrial chemical utilization rates were affected by external constraints, with IPA utilization limited to 29% during previous periods due to RGP quota restrictions and temporary shutdowns.
Projects, capex and execution
Ongoing capital expenditure of ₹2,675 crore for a 376 KTPA Technical Ammonium Nitrate plant reached 96% overall progress, with commercial operation date (COD) expected in Q2 FY27, elevating total AN capacity to ~1.0 MMTPA.
Capital expenditure of ₹1,983 crore for WNA (300 KTPA) and CNA (150 KTPA) expansion achieved 93% progress, slated for Q2 FY27 commissioning to establish total WNA capacity at ~1.2 MMTPA.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Continued strategic emphasis on expanding the share of differentiated products, with specialty and Croptek fertilizers contributing 43% of CNB revenue.
Deepening integration from upstream gas and ammonia sourcing down to specialized mining explosives, blasting services, and downstream agricultural solutions.
09 · Reported developments
What changed operationally
Operating EBITDA reached an all-time high of ₹845 crore, underpinned by favorable global pricing realizations and tight cost controls.
Net debt-to-equity ratio improved to 0.60x alongside a sharp reduction in net debt-to-EBITDA to 1.40x.
10 · Pressure points & risks
What is not going smoothly
TAN sales volumes were impacted by production and dispatch disruptions stemming from PESO ANRS portal regulatory changes.
Isopropyl alcohol volumes faced severe headwinds from GoI-mandated RGP quota curtailments, while elevated sulphur costs pressured specialty fertilizer margins.
11 · Items worth noticing
The line items that can distort a quick read
Other income for the quarter stood at ₹5.95 crore, reflecting a moderation compared to levels recorded in corresponding prior periods.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Robust operational cash flows supported ongoing capital expenditure outlays while enabling a reduction in net debt.
Short-term debt was maintained at ₹440 crore as of June 30, 2026, to efficiently manage operational working capital requirements.
Capital allocation & funding
Total debt decreased from ₹5,486 crore as of March 31, 2026, to ₹5,057 crore as of June 30, 2026 (comprising ₹4,617 crore long-term debt and ₹440 crore short-term debt).
Net debt reduced to ₹4,719 crore (after accounting for cash, cash equivalents, and bank balances of ₹338 crore), driving net debt-to-EBITDA down to 1.40x from 2.86x at the end of March 2026.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Shareholding Structure
Institutional holdings (FII and DII combined) increased to 24.7% as of June 30, 2026, compared to 23.5% at the end of March 2026.
Reported update
Community Welfare Initiatives
The company advanced corporate social responsibility programs focusing on entrepreneurship, skill development, healthcare clinics, and environmental water conservation near its operational plants.
14 · Previous-quarter changes
What changed since the previous quarter
Operating revenue grew 8% sequentially from ₹3,011.02 crore in Q4 FY26 to ₹3,256.26 crore in Q1 FY27, while operating EBITDA surged by 139%.
Short-term borrowings reduced substantially from ₹1,060 crore as of March 31, 2026, to ₹440 crore as of June 30, 2026.
15 · Key Q&A
The quarter, answered directly
What does Deepak Fertilisers and Petrochemicals Corporation do?
Deepak Fertilisers and Petrochemicals Corporation Limited operates primarily in the manufacture and supply of fertilizers, agricultural chemicals, and various industrial chemicals, serving diverse agricultural and industrial sectors.
What is the clearest takeaway from Q1 FY27?
During the quarter ended June 30, 2026, Deepak Fertilisers and Petrochemicals Corporation Limited recorded a consolidated revenue from operations of INR 3,256.26 crore.
What drove revenue or demand?
TAN revenue grew to ₹904 crore, supported by stronger realizations resulting from global supply tightness and US-Iran geopolitical friction.
What mattered most for margins or profitability?
Tight international supply conditions for ammonia and downstream chemicals supported elevated selling prices and pushed operating EBITDA margin to 26.0%.
What changed operationally beyond the headline numbers?
Capacity utilization rates in the crop nutrition division stood at 78% for ANP and 63% for NPK during Q1 FY27.
What are the main pressure points disclosed for the quarter?
TAN sales volumes were impacted by production and dispatch disruptions stemming from PESO ANRS portal regulatory changes.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Dahej and Gopalpur Capex Commissioning: Monitor the commercial commissioning of the TAN project at Gopalpur and the Nitric Acid project at Dahej slated for Q2 FY27.
- 02
Monsoon Progression and Crop Nutrition Demand: Track rainfall distribution across core agricultural districts and its subsequent impact on fertilizer sales volumes and pricing spreads.
- 03
Raw Material Price Volatility: Observe international benchmark price movements for bulk ammonia, phosphoric acid, and potash.
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