31-Oct-2026 12:31:38
DEEPAK NITRITE Q2 FY27 CONCALL: TARGETS ₹400–420 CR ADVANCED INTERMEDIATES EBIT IN FY28, ₹11,700 CR CAPEX PLAN & POLYCARBONATE RESIN COMMISSIONING BY FY29
• Advanced Intermediates EBIT Guidance: ₹240 Cr in FY27, increasing to ₹400–420 Cr in FY28. • FY28 Margin Target: 14–15% EBITDA margin for Advanced Intermediates as new capacities stabilize. • Q3–Q4 Outlook: Advanced Intermediates margins expected to recover progressively, with Q4 better than Q3. • Total Capex Plan: Approximately ₹11,700 Cr across the investment programme. • Capex Schedule: ₹800–900 Cr in H2 FY27, ₹2,200–2,400 Cr in FY28, ₹2,500 Cr in FY29 and ₹2,500–3,000 Cr in FY30. • Polycarbonate Project: Resin commissioning targeted for FY29, with full upstream integration by FY30. • Polycarbonate Utilization: Management expects near-optimal resin capacity utilization by FY31. • Phenolics Capacity: Manufacturing capability approaching 4 lakh tonnes annually. • Phenolics Outlook: Strong domestic demand and import disruptions supporting higher realizations and profitability. • MIBK & MIBC: Currently operating at approximately 60% utilization; European REACH registrations secured for exports. • Acetone: Potential captive consumption of 60–65% of production. • New Specialty Chemicals: ₹300 Cr investment commissioned at Dahej, targeting agrochemicals, electronics and specialty applications. • Q2 Revenue: UP 61% YoY, 19% QoQ to ₹3,091 Cr. • Q2 EBITDA: UP 187% YoY, 16% QoQ to ₹643 Cr; margin at 21%. • Q2 PAT: ₹398 Cr, UP 15% QoQ. • Phenolics: Revenue ₹2,291 Cr; EBIT ₹515 Cr, margin approximately 22%. • Advanced Intermediates: Revenue ₹811 Cr; EBIT ₹49 Cr, margin approximately 6%. • H1 Revenue: ₹5,682 Cr; EBITDA ₹1,197 Cr; PAT ₹743 Cr. • Net Debt: ₹1,657 Cr; net debt-to-equity at 0.25x. • Working Capital Cycle: Improved to 53 days from 57 days QoQ.
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