Deepak Fertilisers and Petrochemicals Corporation Limited announced its audited standalone and consolidated financial results for the fourth quarter (Q4) and full financial year (FY) ended March 31, 2026. The results were communicated via a letter to the BSE Limited and the National Stock Exchange of India Ltd., signed by Rabindra Kumar Purohit, VP – Legal, Compliance & Company Secretary.

Financial Performance Overview

Full Year FY26 (Year-ended March 31, 2026):

  • Operating Revenue: ₹11,506 Crore, an increase of 12% Year-over-Year (YoY) from ₹10,274 Crore.
  • Operating EBITDA: ₹1,684 Crore, a decrease of 13% YoY from ₹1,925 Crore.
  • Operating EBITDA Margin: 14.6%, down from 18.7% in the previous year.
  • Net Profit (PAT): ₹739 Crore, a decrease of 18% YoY from ₹945 Crore (adjusted for a one-time tax credit of ₹40 Cr in FY25).
  • PAT Margin: 6.4%, down from 9.1%.

Q4 FY26 (Quarter-ended March 31, 2026):

  • Operating Revenue: ₹3,011 Crore, an increase of 13% YoY (from ₹2,667 Cr) and 6% Quarter-over-Quarter (QoQ) (from ₹2,830 Cr).
  • Operating EBITDA: ₹354 Crore, a decrease of 26% YoY (from ₹480 Cr) and flat QoQ (from ₹353 Cr).
  • Operating EBITDA Margin: 11.8%, down 624 basis points (Bps) YoY and down 72 Bps QoQ.
  • The Q4 EBITDA was impacted by a planned ammonia plant turnaround maintenance and efficiency enhancement cost of approximately ₹75 Crore. Adjusted for this one-off, the YoY decline moderates to ~10% and shows a ~22% improvement QoQ.
  • Net Profit (PAT): ₹139 Crore, a decrease of 50% YoY (from ₹278 Cr) and a decrease of 1% QoQ (from ₹141 Cr).
  • PAT Margin: 4.6%, down 561 Bps YoY and down 30 Bps QoQ.

Key Business Segment Highlights

Mining Chemicals (Technical Ammonium Nitrate - TAN):

  • Q4 sales volumes increased 27% QoQ and 12% YoY.
  • Full-year sales volume growth was 11%.
  • The Business-to-Consumer (B2C) segment delivered strong growth, with volumes up 21% YoY and 19% QoQ. The B2C share in Mining Chemicals reached 16%.

Crop Nutrition Business (Fertilisers):

  • Performance was weak in Q4, impacted by a sharp increase in input costs and what the company describes as inadequate subsidy support from the Government of India (GOI). The industry has requested the GOI to reconsider covering war-led raw material cost hikes.
  • The premium 'Croptek' product line sales were 65 KT (Kilo Tonnes), up 3% YoY.
  • The portfolio mix improved, with Specialty and Croptek products contributing 33% of fertiliser revenues, up from 30% in the previous quarter.

Pharma / Specialty Chemicals (Industrial Chemicals Segment):

  • Building-Block Nitric Acid: Q4 volumes grew 11% YoY despite pricing pressure.
  • Isopropyl Alcohol (IPA): Q4 volumes grew 22% YoY, with early signs of domestic market recovery.
  • Specialty Products: SGNA received approvals from three large customers for ingot and wafer applications. Cororid and PuroGuard+ have been adopted in 246 hospitals across 16+ states.

Strategic and Operational Updates

LNG Contract: The maiden LNG shipment from a 15-year contract with the Norwegian company Equinor has commenced. This is expected to provide a structural advantage by stabilising input costs.

Acquisition: The company's subsidiary, DMSL, successfully completed the acquisition of Chardham Chemicals Private Limited (CCPL) during the quarter. This acquisition provides DMSL with a full range of explosives products for its mine productivity programs and supports its export business.

Projects and Capex:

  • FY26 capital expenditure was ₹1,569 Crore.
  • The Gopalpur TAN project is ~95% complete.
  • The Dahej Nitric Acid project is ~86% complete.
  • The commissioning of both projects has been delayed to Q2 FY27 (July-September 2026) from the original timeline. The delay is attributed to a severe lack of skilled manpower (due to festival/election leave) and shortages of LPG and diesel emerging from the war.
  • The total approved project capex remains within the limit of ₹4,658 Crore. All statutory clearances are in place.

Balance Sheet: The increased capex led to a rise in net debt to ₹4,824 Crore. The Net Debt to EBITDA ratio stood at 2.86x, reflecting planned leverage during this investment phase.

Dividend

The Board of Directors has recommended a 100% dividend for the shareholders.

Outlook and Commentary

Chairman's Statement: S.C. Mehta, Chairman and Managing Director, stated that geopolitical disruptions have tightened global supply chains. While the company remains largely secured on key raw materials, availability constraints in Refinery Grade Propylene (RGP) continue to impact IPA sales. With the commencement of the Equinor gas supply and strengthening import parity pricing, the company expects a meaningful improvement in its margin trajectory in the coming quarters.

Segment-wise Outlook:

  • Mining Chemicals: Q1 FY27 demand is expected to remain steady. Elevated FGAN prices and supply volatility are expected to support margin improvement.
  • Industrial Chemicals: Nitric Acid demand is expected to strengthen. Domestic IPA and Acetone prices have strengthened in early Q1, but RGP availability remains a constraint.
  • Crop Nutrition: The India Meteorological Department (IMD) has indicated a below-normal monsoon (92% of LPA) for 2026. The company will focus on irrigated regions and priority markets to mitigate demand risk.

Company Overview

The document reiterates that DFPCL is a leading manufacturer of industrial chemicals and fertilisers in India. It is the largest manufacturer of Nitric Acid in Southeast Asia and a leading manufacturer of Iso Propyl Alcohol (IPA) and Technical Ammonium Nitrate (TAN) in India. Its plants are located in Taloja (Maharashtra), Dahej (Gujarat), Srikakulam (Andhra Pradesh), and Panipat (Haryana).

Contacts

Investor and media contacts were provided:

  • Girish Shah, EVP – Corporate Marketing & Corp. Communications
  • Subhash Anand, President and CFO

Safe Harbour

The document concludes with a standard safe harbor statement indicating that it contains forward-looking statements subject to risks and uncertainties.