India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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<a href="https://www.smartkarma.com/entities/deepak-nitrite-ltd" target="_blank" data-smartkarma-citation="entities:5845:1" rel="noopener">Deepak Nitrite (DN IN)</a> reported stable FY25 consolidated results despite challenging market conditions, with a notable Q4 sequential recovery in revenue and profitability.</li>
<li>The company achieved record production volumes through debottlenecking and optimization, maintained strong domestic market share, and initiated a significant shift to renewable energy.  </li>
<li>Management outlined an INR 8,500 Cr investment in the PC resin project, alongside other integration and expansion plans, signaling confidence in future growth and resilience.</li>
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Deepak Nitrite (DN IN) reported stable FY25 consolidated results despite challenging market conditions, with a notable Q4 sequential recovery in revenue and profitability.
The company achieved record production volumes through debottlenecking and optimization, maintained strong domestic market share, and initiated a significant shift to renewable energy.  
Management outlined an INR 8,500 Cr investment in the PC resin project, alongside other integration and expansion plans, signaling confidence in future growth and resilience.


Deepak Nitrite: Strategic Integration and Ambitious Expansion

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Due to sharp correction in price, we upgrade to HOLD with TP of Rs.</li><li>1,960. Deepak Nitrite’s (DN) Q3FY25 revenue stood at Rs19bn, down 5.3% YoY and 6.3% QoQ.</li><li>Operating performance for the quarter was impacted as plants remained idle due to deferral in demand, lag adjusted recovery in agchem, increase in RM cost as well as oversupply from Chinese counterparts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Due to sharp correction in price, we upgrade to HOLD with TP of Rs.1,960. Deepak Nitrite’s (DN) Q3FY25 revenue stood at Rs19bn, down 5.3% YoY and 6.3% QoQ.Operating performance for the quarter was impacted as plants remained idle due to deferral in demand, lag adjusted recovery in agchem, increase in RM cost as well as oversupply from Chinese counterparts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Deepak Nitrite (DN IN) - Subdued Quarter, Margins Remain Under Pressure

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Deepak Nitrite (DNL) is entering into polycarbonate (PC) manufacturing with an investment of INR50bn and further into polycarbonate compounding</li><li>This process will convert phenol and acetone into commercially valuable products</li><li>Integrated operation will equip the company to navigate the business in challenging times and boost margins</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Deepak Nitrite (DNL) is entering into polycarbonate (PC) manufacturing with an investment of INR50bn and further into polycarbonate compoundingThis process will convert phenol and acetone into commercially valuable productsIntegrated operation will equip the company to navigate the business in challenging times and boost marginsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Deepak Nitrite: Entering Capex Phase. Maintain SELL

External broker reports(aggregated public sources), CD Equisearch

CD Equisearch

CD Equisearch is one of the leading brokerage houses with a strong presence in the institutional and HNI broking segment. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Driven by higher volumes in performance products and fuel additives, Deepak's advanced intermediates business saw a modest revenue growth last quarter.</li><li>Slowdown in demand in Western world was countered by foray in newer regions which also led to improvement in product mix.</li><li>The business suffered from the onslaught of inventory destocking by Chinese suppliers and elevated freight rates which took the sheen off exports to EU and US.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Driven by higher volumes in performance products and fuel additives, Deepak's advanced intermediates business saw a modest revenue growth last quarter.Slowdown in demand in Western world was countered by foray in newer regions which also led to improvement in product mix.The business suffered from the onslaught of inventory destocking by Chinese suppliers and elevated freight rates which took the sheen off exports to EU and US.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Deepak Nitrite Ltd. (DNL) - Company Brief

Thematic (Sector/Industry)

<ul><li>Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQ</li><li>Addition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25</li><li>Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarter</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQAddition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarterContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chemicals (Q1FY26 Results Preview): Brewing momentum

India

Deepak Nitrite Limited manufactures chemicals and fertilizers. The Company's products include sodium nitrite/nitrate, nitric acid, ammonium nitrate, and Hydroxylamine Sulphate.  Deepak Nitrite's other two divisions manufacture dyes & dyestuffs and nitro aromatics.

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Deepak Nitrite (DN IN)

Deepak Nitrite: Strategic Integration and Ambitious Expansion

Deepak Nitrite reported stable FY25 results despite market challenges, with record production volumes, shift to renewable energy, and significant...

Sudarshan Bhandari