Company Update : Deepak Nitrite Ltd by Motilal Oswal Financial Services Ltd
Operating performance misses our estimate
* Revenue came in at 19.8b (est. in line), up 4% YoY/ QoQ
* Gross margin stood at 27.8% (+100bp YoY,+20bp QoQ) ? EBITDAM came in at 10.7% (+180bp YoY, flat QoQ)
* EBITDA stood at INR2.1b (est. of INR2.5b), up 25.1% YoY, +3.2% QoQ ? Adjusted PAT stood at INR1b (est. of INR1.5b), up 11% YoY, -8% QoQ; adjusted for the impact of labor code change of INR128m.
* For 9MFY26, Revenue/EBITDA/Adj. PAT dipped 5%/22%/31% to INR57.7b/ INR6.0b/INR3.4b
Segmental EBIT details
* Phenolics’ EBIT margin was 10.9%, with an EBIT of INR1.5b.
* Advanced Intermediates (AI) EBIT margin was 2.3%, with an EBIT of INR149m.
* Revenue mix of Phenolics stood at 67% in 3QFY26, with AI share at 33%.
* The EBIT mix for AI was at 9% from 12% in 3QFY25.
* The EBIT mix for Phenolics was 91%, up from 88% in 3QFY25.
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