Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Deepak Nitrite Limited (DEEPAKNTR)
Large CapChemicals stocks · Large cap · NSE
Deepak Nitrite (DNL) is a leading Indian chemical intermediates company with a diversified product portfolio serving multiple industries. It operates 7 manufacturing facilities, exports to 50+ countries, and is the largest producer of Phenol, Acetone, IPA, and Sodium Nitrite in India. DNL focuses on process expertise, technological prowess, and operational excellence.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals15 Oct 2026 · screener
Latest result04 Aug, 11:24 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -6.4% / mo · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 39
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DEEPAKNTRD candles · FIT view-8.3%Latest close ₹1550.60 on 2026-10-19
Bar
-3.0%
RSI
42
MACD hist
6.96
52W pos
44%
2026-10-19O ₹1598.50H ₹1598.50L ₹1542.00C ₹1550.60Vol 81,731 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DEEPAKNTRNifty ChemicalsNifty 500
- DEEPAKNTR
- -8.2%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -2.7 pp
Chart stats
19 Oct 2026- From 52W high
- -18.3%
- 52W range position
- 44%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹28.1 Cr
- 20D price channel
- ₹1,473.1 - ₹1,667.8
₹1,897.9
₹1,280 - ₹1,897.9
₹46.1
Latest completed session
20-session average
30.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +31.9% · PAT +116.7% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model-496.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +32% YoY · PAT +117% YoY · margin expansion · +12% QoQ · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹807 Cr | +31.9% | +12.4% |
| EBITDA | ₹110 Cr | +83.3% | +50.7% |
| Operating margin | 14.0% | +400 bps | +400 bps |
| PAT | ₹65 Cr | +116.7% | +66.7% |
| PAT margin | 8.1% | +315 bps | +262 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.30
- P/B
- 3.84
- EV/EBITDA
- 15.36
- Market Cap
- 22442.00Cr
Profitability
- ROE
- 9.82%
- ROCE
- 11.40%
- ROA
- 9.05%
- Dividend Y
- 0.46%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- -7.00%
- Revenue 3Y
- 3.73%
- EPS 3Y
- -13.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 21.82×
- Altman Z
- 7.46
- Book Value
- 428.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 539.00 Cr
- EPS TTM
- 57.43
Shareholding
- Promoter Hold
- 49.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 59%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 807+12.4% vs prev
Net Profit
₹ CrLatest: 65.0+66.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.8% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 18% off 52W high · 21% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 1 Base / Transition
1M return
-2.3%
3M return
-8.2%
6M return
-11.2%
1Y return
-11.5%
RS 1D
-6
RS 20D
+3
Sector rank
#13
Industry rank
#15
Stage evidence
- Price is within 5.5% of the 30-week proxy.
- The 30-week proxy changed +0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 87.24-1.99%
RS vs Nifty 50087
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth6/25
Quality1/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -496.0%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
28.3
PB
3.8
EV/EBITDA
15.4
ROE
9.8%
ROCE
11.4%
FCF Yield
—
Debt/Equity
0.3
MoS
-496.0%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-496.0%
Previous: -496.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹743.67
-108.5% MoS
Growth-justified P/E
4.5
Growth-justified Value
₹260.16
-496.0% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ATUL
Large
Atul Limited
Specialty Chemicals
match 165
38
22.1
11.5%
-179%
WATCHLIST
CLEAN
Large
Clean Science and Technology Limited
Specialty Chemicals
match 161
39
37.3
15.3%
-254%
WATCHLIST
ANURAS
Large
Anupam Rasayan India Limited
Specialty Chemicals
match 160
25
77.4
5.5%
-61%
OVERVALUED
AARTIIND
Small
Aarti Industries Limited
Specialty Chemicals
match 159
19
35.0
7.1%
-538%
OVERVALUED
AETHER
Micro
Aether Industries Limited
Specialty Chemicals
match 158
29
94.9
9.7%
-175%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T08:11:21.397Z
Management commentary snapshot
Deepak Nitrite reported strong Q4 FY26 performance with significant sequential growth in profitability, driven by volume stability, favorable pricing, and cost efficiencies, despite a challenging global environment.
The company demonstrated strong Q-o-Q recovery in profitability, supported by strategic actions like proactive procurement, product mix optimization, and backward integration. Management's focus on 'Make in India' and deep integration across value chains suggests resilience against external volatility, reinforcing the long-term thesis despite ongoing global challenges.
Current business mix
Revenue Mix by Geography (Q4 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Domestic86.0%
Exports14.0%
Growth engines
Polycarbonate Project
India's first integrated Polycarbonate plant (165,000 MT/yr) to build an integrated value chain from Cumene–Phenol–Acetone.
New R&D Centre
Invested over ₹ 100 Crore in a new world-class R&D Centre at Savli, Vadodara, to drive innovation in Life Sciences, Specialty, and Application-based intermediates.
Cost Optimisation & Energy Transition
Transitioning to 60-70% renewable energy and embracing green chemistry; short-term benefits accruing, long-term expected from FY27.
Favourable Regulatory Reforms
Aligned with 'Atmanirbhar Bharat' for import substitution, benefiting from PCPIR infrastructure and strong government backing for chemical manufacturing.
Capacity and execution
Polycarbonate Plant Commissioning
Commissioning targeted in 2028, in line with DCTL’s Polycarbonate project timeline. Equipment shipment from Germany to India is underway.
HyCO Plant Agreement
Signed a long-term agreement with Praxair India (Linde) to set up a dedicated HyCO plant on-site, ensuring reliable supply of critical raw materials.
Deepak Chem Tech Plants
Deepak Chem Tech commissioned Nitration & 2nd Hydrogenation Plant at Dahej and started manufacturing at Nitric Acid Plant in Nandesari.
Phenolics Operational Capacity
Ongoing process optimization and debottlenecking initiatives are scaling the operational capacity to align with consistent domestic demand.
Tailwinds
Steady Domestic Demand
Advanced Intermediates business witnessed strong performance driven by steady domestic demand with focus on high-demand applications.
Favourable Pricing Trends
Advanced Intermediates saw pricing gains in established product chains. Phenolics business delivered robust performance backed by strong pricing gains.
Recovery in Downstream Demand
Phenolics performance was supported by recovery in downstream demand from polymer and industrial applications.
Import Substitution & Local Sourcing
Overall, witnessed increasing preference for local reliable sourcing amid global supply chain disruptions, positively contributing to business momentum.
Headwinds
Global Volatility & Supply Chain Disruption
Continued volatility, marked by severe disruption in crude-linked supply chains, pricing pressure, and geopolitical events.
Geopolitical Conflict
Geopolitical conflict in the Middle East impacted timely supply of critical feedstocks for Phenolics business.
Feedstock Price Volatility
Current pricing environment for critical feedstocks remains volatile, requiring focus on agile procurement and cost management.
Global Trade Flow Disruptions
FY2025–26 was a challenging year for the global chemical industry, marked by sustained pricing pressure and continued disruption in global trade flows.
Risk radar
Geopolitical Tensions
Geopolitical tensions and shifting trade dynamics can lead to feedstock constraints and price fluctuations, impacting margins.
Aggressive Global Pricing
Aggressive global pricing, especially China-led, poses a potential margin pressure and demand-supply imbalances.
Logistics Disruptions
Logistics disruptions and freight volatility can lead to raw material supply uncertainties and elevated working capital.
Management accountability
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.
Analyst reading lens
Compare BOTH
Q-o-Q comparison is primary for Q4 FY26 as the company explicitly highlights significant sequential growth in key profitability metrics (EBITDA +74%, PBT +100%, PAT +120%), indicating strong recent momentum and recovery. YoY comparison is also relevant to assess full-year performance and the impact of the challenging environment over a longer period.
Sector KPIs management disclosed
Total Revenue (Q4 FY26)
₹ 2,127 Crore (7% Q-o-Q, -3% Y-o-Y)
Total Revenue (FY26)
₹ 7,947 Crore (-5% Y-o-Y)
EBITDA (Q4 FY26)
₹ 383 Crore (74% Q-o-Q, 13% Y-o-Y)
EBITDA (FY26)
₹ 1,041 Crore (-11% Y-o-Y)
Management forward view
Strategic Alignment with 'Make in India'
Proactively aligning growth strategy with 'Make in India' through investments in capacity creation, backward/forward integration, and import substitution.
Focus on Innovation & New Product Development
Sharpening focus on innovation, new product development, and expanding presence across geographies and chemistries.
Deep Integration Across Value Chains
Strategic emphasis remains on deep integration—both within and across value chains—to enhance margins, resilience, and resource efficiency.
Building Globally Competitive Platforms
Strategic partnerships will strengthen supply security for critical feedstocks, enhance operational reliability, and support building integrated and globally competitive manufacturing platforms.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Q-o-Q EBITDA Growth | 74% in Q4 FY26 | Sustained sequential growth indicating continued operational momentum and market recovery. |
| Polycarbonate Project Timeline | Commissioning targeted 2028 | Adherence to the 2028 commissioning timeline and progress on infrastructure activities and equipment ordering. |
| Raw Material Price Volatility | Volatile pricing environment for critical feedstocks | Impact of feedstock price volatility on margins and the effectiveness of agile procurement and cost management strategies. |
| Domestic Demand Stability | Steady domestic demand | Continued stability and growth in domestic demand, especially for high-demand applications, to offset export challenges. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
The company's investment strategy for ₹14,000 Crores of projects involves Speciality products, Bisphenol A, Polycarbonate resins, and Methyl methacrylate (MMA).
"Our investment strategy for ₹14,000 Crores of Projects involve Speciality products"
capex timelinenot yet verifiablequantified
The company's investment strategy for ₹14,000 Crores of projects involves Speciality products, Bisphenol A, Polycarbonate resins, and Methyl methacrylate (MMA).
"Our investment strategy for ₹14,000 Crores of Projects involve Speciality products"
project executionnot yet verifiablequantified
DCTL will establish a world-class Polycarbonate manufacturing facility in Dahej with a capacity of 165,000 metric tons, becoming fully operational by 2028.
Timeframe: By 2028
"will be relocated and made fully operational at Dahej by 2028"
project executionnot yet verifiablequantified
DCTL will establish a world-class Polycarbonate manufacturing facility in Dahej with a capacity of 165,000 metric tons, becoming fully operational by 2028.
Timeframe: By 2028
"will be relocated and made fully operational at Dahej by 2028"
project executionnot yet verifiable
The MIBK/MIBC Project and Acetophenone project are expected to be commissioned.
Timeframe: H1 FY26Confidence: expected
"Commissioning by H1FY26"
project executionnot yet verifiable
The MIBK/MIBC Project and Acetophenone project are expected to be commissioned.
Timeframe: H1 FY26Confidence: expected
"Commissioning by H1FY26"
project executionnot yet verifiable
The Acid Unit, Photochlorination, Nitration, hydrogenation projects, and the Savli R&D Center are expected to be commissioned.
Timeframe: H2 FY25Confidence: expected
"Expected to be commissioned in H2 FY25"
project executionnot yet verifiable
The Acid Unit, Photochlorination, Nitration, hydrogenation projects, and the Savli R&D Center are expected to be commissioned.
Timeframe: H2 FY25Confidence: expected
"Expected to be commissioned in H2 FY25"
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 32nd percentile within Chemicals. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
87 docs text-extracted · 31 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Chemicals: 32nd pctile, median 73 · Large: 26th pctile, median 73
Evidence depth
Financial-only
87 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
8 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 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.
- ▸ROCE trend is -4.9%.
- ▸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.
Continue researching Deepak Nitrite Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 21 Aug - Puneet Sharma resigned as SBU Head - Life Sciences, effective close of business 21 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 7 Aug - Independent Director Dileep Choksi ceased on August 7, 2026 after completing his second term.
Source: Bse
Annual reportAug 2026
Aug 2026 · Reg. 34 (1) Annual Report. 14 Jul - Deepak Nitrite issued FY2025-26 annual integrated report and AGM notice for August 5, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Board Meeting Outcome for Outcome Of Board Meeting-Dividend 15 May - Board recommends ₹7.50 per share dividend for FY2026, payable within 30 days of AGM approval.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 15 May - Board approved Girish Satarkar reappointment; Anant Pande appointed Executive Director and CMO from August 2026.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.