Deepak Fertilisers & Petrochemicals Corp Ltd

- The company expects additional drawdowns of around Rs. 300 to 400 crores for new projects in the current fiscal year. - Total expected capex-related drawdowns are approximately Rs. 4,000 crores. - Peak debt is projected to reach around Rs. 6,000 crores by end of FY 25-26 or early FY 26-27. - About 30% of the Rs. 3,000 crores capex for two major projects (Gopalpur and Dahej) will be funded through equity, balance through debt. - No specific mention of fresh equity fundraising beyond this capex-related requirement. - The company continues to focus on deleveraging and has prepaid Rs. 200 crores of debt ahead of schedule. - The management will share more detailed bifurcation of debt related to specific business verticals separately. Overall, the focus is on managing capex funding through a combination of debt and equity without indicated new equity raise plans beyond the 30% component for ongoing projects.

- Deepak Fertilizers has an ongoing fast-paced CAPEX plan focusing on two key projects: the technical ammonium nitrate project at Gopalpur and the nitric acid project at Dahej. - These projects are backed by 40 years of operating experience and target markets where the company already has a presence. - Expected total CAPEX drawdowns are around Rs. 300-400 crores additional in the current fiscal year, with a total project CAPEX around Rs. 3,000 crores. - About 30% of this CAPEX will be funded by equity; the balance through debt, with peak debt expected near Rs. 6,000 crores by end FY25-26 or early FY26-27. - The CAPEX plans are considered risk-mitigated due to experience, existing market presence, and stable demand drivers aligned with India's growth story. - Expansion in Mining Chemicals includes a recent 50 KTP capacity enhancement to meet growing demand.

- Mining Chemicals demand expected to grow 10-12% CAGR over next 5-6 years driven by coal mining, power, and infrastructure sectors. - Current India demand for Technical Ammonium Nitrate (TAN) around 1.5-1.6 million tons expected to grow to 2.2-2.3 million tons, driven by infrastructure and mining growth. - Capacity expansions (e.g., 50 KTPA de-bottlenecking recently done) to support volume growth and meet customer demand. - Specialty fertilizers like Croptek showed 70% YoY growth; Rabi season prospects robust due to above-normal monsoon. - Industrial Chemicals may see volume growth in specialty grades (steel grade nitric acid, pharma-grade IPA), with IPA volumes expected to improve post anti-dumping duty on imports. - Mining Services division executing multiple projects, indicating growth trajectory. - Overall company targeting sustained revenue growth through specialty products, backward integration benefits, and expansion projects operational by FY26-FY27.

- Consolidated EBITDA margin of ~18% is expected to be sustainable going forward, with some cyclicality. - New CAPEX projects (Gopalpur technical ammonium nitrate and Dahej nitric acid) to start contributing from FY26-27 with IRRs of 18-20%, supporting profitability growth. - Total operating revenue and EBITDA showed significant growth in Q2 FY25, signaling strong momentum. - Gradual increase in specialty grade sales (from 20% currently, aiming to double in 2-3 years) will improve margins. - Mining Chemicals business and Industrial Chemicals business expected to grow with demand recovery post-monsoon and anti-dumping duty on IPA supporting margins. - Continued deleveraging efforts with debt expected to peak around Rs. 6,000 crores by FY25-26, with repayments thereafter improving financial health. - Long-term outlook positive supported by alignment with India’s growth story and portfolio diversification. - Earnings and EPS expected to grow supported by revenue growth, margin expansion, and new capacity ramp-up by FY26-27.

The transcript does not explicitly mention the current or expected order book or pending orders for Deepak Fertilizers & Petrochemicals Corporation Limited as of Q2 FY25. However, some relevant points can be inferred: - The Mining Chemicals business is seeing growth backed by increasing coal, cement, and steel production, signaling strong demand prospects. - The Technical Ammonium Nitrate (TAN) segment is expanding, with capacity additions planned by FY26 and FY27. - The company has undertaken strategic expansions in projects like Gopalpur and Dahej, expecting incremental capacities and ramp-up by FY26-27. - The Total Cost of Ownership (TCO) model in Mining Chemicals is maturing, with 15 projects executed, indicating growing business traction. - Demand drivers in crop nutrition and industrial chemicals remain robust, supporting future order inflows. - No specific order book figures or pending order data were disclosed in the call transcript.