Financial Results Overview

Standalone Performance (₹ Lakhs):

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹61,958
  • Other income: ₹1,491
  • Total income: ₹63,449
  • Total expenses: ₹59,977
  • Profit before tax: ₹3,472
  • Current tax: ₹855
  • Deferred tax: ₹57
  • Net profit after tax: ₹2,560
  • EPS (Basic & Diluted): ₹2.03

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹113,655
  • Other income: ₹2,917
  • Total income: ₹116,572
  • Total expenses: ₹103,879
  • Profit before tax: ₹12,693
  • Current tax: ₹3,188
  • Deferred tax: ₹111
  • Net profit after tax: ₹9,394
  • EPS (Basic & Diluted): ₹7.44

Consolidated Performance (₹ Lakhs):

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹333,396
  • Other income: ₹1,135
  • Total income: ₹334,531
  • Total expenses: ₹280,061
  • Profit before tax: ₹54,470
  • Current tax: ₹9,123
  • Deferred tax: ₹5,971
  • Net profit after tax: ₹39,376
  • EPS (Basic & Diluted): ₹31.19

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹659,022
  • Other income: ₹1,730
  • Total income: ₹660,752
  • Total expenses: ₹541,145
  • Profit before tax: ₹119,607
  • Current tax: ₹18,380
  • Deferred tax: ₹12,847
  • Net profit after tax: ₹88,380
  • EPS (Basic & Diluted): ₹70.01

Segment Performance (Consolidated)

Chemicals Segment:

  • Q2 FY27 Revenue: ₹183,173 Lakhs
  • H1 FY27 Revenue: ₹371,343 Lakhs
  • Q2 Segment result (profit before tax and finance costs): ₹64,919 Lakhs

Fertilisers Segment:

  • Q2 FY27 Revenue: ₹149,435 Lakhs
  • H1 FY27 Revenue: ₹286,129 Lakhs
  • Q2 Segment result (profit before tax and finance costs): ₹12,539 Lakhs

Realty Segment:

  • Q2 FY27 Revenue: ₹679 Lakhs
  • H1 FY27 Revenue: ₹1,317 Lakhs
  • Q2 Segment result (profit before tax and finance costs): ₹102 Lakhs

Key Operational Highlights

  • Mining Chemicals: Q2 TAN revenue up 25% YoY despite monsoon-related volume moderation
  • Industrial Chemicals: Nitric Acid volumes reached 80 KT in Q2, up 14% YoY
  • Crop Nutrition: Specialty and Croptek products contributed 28% of Crop Nutrition revenues
  • B2C sales in Mining Chemicals accounted for 16% of segment revenues

Project Updates

  • Gopalpur TAN Project (376 KTPA capacity): 98% complete, expected commissioning in Q4 FY27
  • Dahej Nitric Acid Project (300 KTPA WNA + 150 KTPA CNA): 98% complete, expected commissioning in Q4 FY27
  • Total capex remains within approved limits

Balance Sheet Position (Consolidated as of September 30, 2026)

  • Total assets: ₹17,85,855 Lakhs
  • Total equity: ₹8,20,107 Lakhs
  • Total liabilities: ₹9,65,748 Lakhs
  • Net debt: ₹4,743 Cr
  • Net Debt-to-EBITDA: 1.5x

Subsidiary Information

Consolidated results include 11 subsidiaries and 1 joint operation. Key subsidiaries:

  • Mahadhan Agritech Limited
  • Deepak Mining Solutions Limited
  • SCM Fertichem Limited
  • Ishanya Brand Services Limited
  • Ishanya Realty Corporation Limited
  • Deepak Nitrochem Pty Limited (foreign)
  • Deepak Globalchem Pte. Limited (foreign)

Tax Matters

In respect of AY 2015-16, Mahadhan Agritech Limited has filed quantum appeal against original assessment order involving disputed tax liability of ₹1,046 Lakhs. Management remains confident of favorable outcome.

New Subsidiaries

  • Mahadhan Nutritek Solutions Limited incorporated on October 26, 2026
  • Prayas Institute for Future Readiness incorporated on November 4, 2026 as Section 8 company

Auditor Review

P G BHAGWAT LLP conducted limited review of financial results and expressed unmodified conclusion. Financial results of some foreign subsidiaries were reviewed by other auditors.

Management Commentary

Chairman highlighted integrated LNG-to-Ammonia value chain advantage, alignment with India's structural growth drivers, and transition to differentiated solutions-led offerings as key strengths driving record performance.