DEEPAKNTR · Chemicals
Deepak Nitrite Ltd. reported revenue of ₹1,890 cr for April to June 2025, −12.8% on the year and −13.3% on the quarter. Over the last four quarters revenue comes to ₹8,005 cr, −0.9% on the four before.
Operating profit (EBITDA) was ₹190 cr, a margin of 10.1%, −421 bps on the year and −449 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.9% to 17.0%, averaging 13.6%. Operating costs grew −8.5%, faster than revenue at −12.8%, so operating profit grew less than sales.
Net profit was ₹112 cr, −44.8% on the year and −44.6% on the quarter, with earnings per share of ₹8.23. Profit before other income, one-offs and tax fell 49.2%, so 4 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹606 cr, −29.9% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹44.50 over the last four quarters, the stock at ₹1,600.10 trades at 36.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 10.1%, −421 bps on the year (−449 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,778 cr | ₹2,009 cr | ₹2,126 cr | ₹2,167 cr | ₹2,032 cr | ₹1,903 cr | ₹2,180 cr | ₹1,890 cr | ₹1,902 cr | ₹1,975 cr | ₹2,120 cr | ₹2,578 cr |
| YoY | — | — | — | +23% | +14% | −5% | +3% | −13% | −6% | +4% | −3% | +36% |
| EBITDA margin | 17.0% | 15.2% | 14.2% | 14.3% | 14.7% | 8.9% | 14.5% | 10.1% | 10.7% | 10.7% | 17.7% | 20.9% |
| Other income, % of PBT | 6% | 5% | 28% | 7% | 8% | 16% | 8% | 16% | 12% | −3% | 2% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 27% | 26% | 26% | 27% | 27% | 27% | 27% | 28% | 27% | 26% |
| Net profit | ₹205 cr | ₹202 cr | ₹254 cr | ₹203 cr | ₹194 cr | ₹98.0 cr | ₹202 cr | ₹112 cr | ₹119 cr | ₹100 cr | ₹220 cr | ₹345 cr |
| YoY | — | — | — | +35% | −5% | −51% | −20% | −45% | −39% | +2% | +9% | +208% |
| Core profit YoY | — | — | — | +51% | −7% | −56% | +2% | −49% | −41% | +25% | +15% | +249% |
| EPS | ₹15.04 | ₹14.81 | ₹18.61 | ₹14.85 | ₹14.24 | ₹7.19 | ₹14.84 | ₹8.23 | ₹8.70 | ₹7.32 | ₹16.11 | ₹25.30 |
| Flags | · | · | · | ✓ | ✓ | 1 | ✓ | 1 | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Deepak Nitrite Ltd. reported revenue of ₹1,890 cr (−12.8% on the year) and net profit of ₹112 cr (−44.8% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −49.2% on the year, against −44.8% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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