• Q1 operational performance: Deepak Nitrite reported a 36% revenue increase and doubled year-on-year margins, driven by secured raw material supplies and operating assets above design capacity. Management expects normalizing consumption patterns and higher volume offtake to sustain strong performance through the year.
• Capex and funding: The company has planned an ₹11,000 crore capex outlay over the next three years, with around ₹3,500 crore already deployed for operational upstream assets. Upcoming downstream projects, including bisphenol and polycarbonate, are under construction and funded with a secured 60:40 debt-to-equity ratio.
• RoCE and timeline: The ongoing integrated capex is scheduled for full completion by the second half of FY29. Management expects return on capital employed to recover from the current construction-depressed 11% to sustainably exceed 20% once assets are fully commissioned.
• Strategic business transition: Anchored on the ammonia and propylene value chains, the company is shifting its focus from an intermediate chemical supplier toward higher-value materials manufacturing and application chemistry.