Company Update : Deepak Nitrite Ltd by Motilal Oswal Financial Services Ltd
Operating performance in line
* Revenue came in at 19b (est. of INR19.3b), down 6% YoY, +1% QoQ.
* Gross margin stood at 27.6% (-440bp YoY,-40bp QoQ).
* EBITDAM came in at 10.7% (-390bp YoY, +70bp QoQ).
* EBITDA stood at INR2b (est. of INR1.9b), down 31% YoY, +8% QoQ.
* Adjusted PAT was INR1.2b (est. of INR1.1b), down 39% YoY, +6% QoQ.
* In 1HFY26, its revenue/EBITDA/Adj.PAT declined 10%/35%/42% to INR38b/INR4b/INR2b.
Segmental EBIT details
* Phenolics’ EBIT margin at 8.6%, with EBIT at INR1.2b.
* Advanced Intermediates (AI) EBIT margin was at 3.9%, with EBIT at INR230m.
* The revenue mix of Phenolics stood at 69% in 1QFY26, with Advanced Intermediates' share at 31%.
* The EBIT mix for AI was 17% vs. 18% in 2QFY25.
* The EBIT mix for Phenolics stood at 83% vs. 82% in 2QFY25.
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