Deepak Fertilizers and Petrochemicals Corporation Limited (DEEPAKFERT)
Small CapChemicals stocks · Small cap · NSE
Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) is a leading Indian producer of industrial & mining chemicals and fertilisers. The company is transitioning towards a solutions-led portfolio with a focus on specialty products and B2C segments.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/5 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +22% YoY · PAT +101% YoY · margin expansion · +8% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,256 Cr | +22.4% | +8.1% |
| EBITDA | ₹845 Cr | +64.7% | +138.7% |
| Operating margin | 26.0% | +700 bps | +1400 bps |
| PAT | ₹490 Cr | +100.8% | +252.5% |
| PAT margin | 15.1% | +587 bps | +1043 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated revenue grew 12% YoY to Rs 11,506 Cr, but operating EBITDA declined 13% YoY to Rs 1,684 Cr, and net profit fell 22% YoY to Rs 739 Cr, primarily due to raw material cost escalation and inadequate subsidy support.
While DFPCL achieved revenue growth, significant margin compression from raw material costs and insufficient subsidy support severely impacted profitability. A substantial increase in working capital (receivables and inventories) and borrowings raises concerns about cash flow and balance sheet health, despite strategic shifts towards specialty products.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Mining Chemicals B2C Segment
B2C volumes grew 21% YoY and 19% QoQ, supporting improved earnings quality.
Specialty Products Portfolio
Specialty products contributed 33% of CNB revenue (YTD) and 33% of fertiliser revenues, reflecting premiumisation.
SGNA Approvals
SGNA received approvals for ingot and wafer applications from three large customers, with further trial orders expected.
Cororid and PuroGuard+ Market Response
Strong market response across India, with adoption in 246 hospitals spanning 16+ states.
LNG Contract Commencement
LNG shipment from the 15-year contract commenced.
Capital Work in Progress
Consolidated Capital Work in Progress increased to Rs 3,04,636 Lakhs as of March 31, 2026, from Rs 1,40,366 Lakhs YoY.
Elevated FGAN Prices
Elevated FGAN prices are expected to support margin improvement in Mining Chemicals.
Nitric Acid Demand
Nitric Acid demand is expected to strengthen, with limited import supply supporting pricing.
Domestic IPA Market Recovery
Domestic market sentiment for Isopropyl Alcohol (IPA) has started showing early signs of recovery.
Raw Material Cost Escalation
War-led raw material costs escalation impacted all segments, particularly Fertilisers.
Inadequate Subsidy Support
Inadequate subsidy support for fertilisers impacted Crop Nutrition's Q4 performance.
Ammonia Plant Turnaround
Q4 performance was impacted by planned ammonia plant turnaround maintenance and efficiency enhancement costs.
Constrained RGP Availability
Refinery Grade Propylene (RGP) availability remains constrained, impacting IPA sales despite price strengthening.
Subsidy Coverage for Raw Material Hikes
Fertilizer Industry requested GOI for re-considering and ensuring adequate coverage of war-led raw material hikes in subsidies.
Monsoon Impact on Crop Nutrition
IMD indicated a below-normal monsoon (92% of LPA) for 2026, linked to El Nino, posing demand risk for Crop Nutrition.
RGP Supply Constraints
Constrained RGP availability could continue to impact IPA sales.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Full-year (FY26) results provide the overall financial performance, while Q4 FY26 shows sequential recovery in operating EBITDA (adjusted) and Mining Chemicals volumes, indicating recent momentum shifts.
FY26 Revenue Growth
Consolidated revenues increased 12% YoY to Rs 11,506 Cr.
Q4 FY26 Operating EBITDA Margin
Q4 Operating EBITDA margin was 11.8%, down from 18.0% YoY. Adjusted for one-off plant turnaround, decline moderates to ~10% YoY.
FY26 Net Profit
FY26 Net Profit declined 22% YoY to Rs 739 Cr.
Trade Receivables (Consolidated)
Increased to Rs 2,34,320 Lakhs as of March 31, 2026, from Rs 1,61,721 Lakhs YoY.
Strategic Focus
Company continues to transition toward a solutions-led portfolio, focusing on application-led segmentation, innovation, and differentiated offerings.
Mining Chemicals Strategy
Will maintain value pricing, leveraging supply reliability, application-specific product offerings, and customer partnerships.
Crop Nutrition Strategy
Focus remains on irrigated regions and priority markets to mitigate demand risk, with continued focus on mix enrichment and B2C expansion.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA Margin | Q4 FY26: 11.8% (Consolidated) | Improvement in margins as raw material cost pass-through and subsidy support evolve. |
| Working Capital Management | Trade receivables and inventories significantly increased YoY. | Reduction in trade receivables and inventory levels to improve cash conversion. |
| Monsoon Performance | IMD indicated below-normal monsoon (92% of LPA) for 2026. | Granular clarity on monsoon impact on specific geographies and irrigated water availability for Kharif. |
| RGP Availability | Constrained, impacting IPA sales. | Improvement in Refinery Grade Propylene (RGP) availability to support IPA volumes. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The Nitric Acid project in Dahej, with capacities of WNA 300 KTPA and C’NA 150 KTPA, is expected to be commissioned.
"Expected Commissioning: H2FY26"
The Nitric Acid project in Dahej, with capacities of WNA 300 KTPA and C’NA 150 KTPA, is expected to be commissioned.
"Expected Commissioning: H2FY26"
The Technical Ammonium Nitrate (TAN) project in Gopalpur, with a capacity of 376 KTPA, is expected to be commissioned.
"Expected Commissioning: H2FY26"
The Technical Ammonium Nitrate (TAN) project in Gopalpur, with a capacity of 376 KTPA, is expected to be commissioned.
"Expected Commissioning: H2FY26"
Demand for Technical Ammonium Nitrate (TAN) is expected to receive robust support as mining and infrastructure activities pick up post-monsoon, driven by increased demand for Power (Coal), Cement, and Steel.
"The mining and infrastructure is expected to pick up post monsoon"
Demand for Technical Ammonium Nitrate (TAN) is expected to receive robust support as mining and infrastructure activities pick up post-monsoon, driven by increased demand for Power (Coal), Cement, and Steel.
"The mining and infrastructure is expected to pick up post monsoon"
Demand and margins for Propylene-based IPA are expected to be stable and improve following the implementation of the Anti-Dumping Duty (ADD) on Chinese suppliers.
"IPA demand and margins are expected to be stable and improve following the implementation of the ADD"
Demand and margins for Propylene-based IPA are expected to be stable and improve following the implementation of the Anti-Dumping Duty (ADD) on Chinese suppliers.
"IPA demand and margins are expected to be stable and improve following the implementation of the ADD"
Outcome check: OPM moved from 18.0% to average 18.5% (+0.5 pp).
Trend score and candlestick chart
49NeutralSMA20 -8.1% / mo · MACD −
Technical chart
DEEPAKFERTdaily · 1Y · AUTO+43.3%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 32.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~8.8% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 19% off 52W high · 57% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 4.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 61.2%.
- Valuation contributes 16/30 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +4 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 38th percentile of the scored universe and 23rd percentile within Chemicals. Main check: results consistency is weak at 39/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Chemicals: 23rd pctile, median 73 · Small: 43rd pctile, median 66
142 documents have extracted text, but claim history is not strong enough yet.
1/5 claims checked · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 17.50
- P/B
- 2.51
- EV/EBITDA
- 10.84
- Market Cap
- 17195.00Cr
Profitability
- ROE
- 10.90%
- ROCE
- 11.40%
- ROA
- 6.05%
- Dividend Y
- 0.73%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -16.00%
Balance Sheet
- Debt/Equity
- 0.83
- Interest Coverage
- 4.69×
- Altman Z
- 2.91
- Book Value
- 542.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 206.00 Cr
- EPS TTM
- 77.96
Shareholding
- Promoter Hold
- 45.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.