Any current/future new fundraising through debt or equity?

Deepak Fertilisers has drawn only part of the debt required for ongoing projects, with equity and some debt already infused. Funding lines are available to meet future financial needs. Additional equity will be infused as required. The company has tied up financing for the Gopalpur TAN project (~Rs. 2,200 crores) with bank approvals secured. Bridge funding is in place for the Dahej nitric acid expansion project (~Rs. 1,950 crores). Management expects to remain in a comfortable net debt-to-EBITDA and net debt-to-equity range. Rating agencies and banks are comfortable providing debt and have rea

Future growth expectations in sales/revenue/volumes?

TAN (Technical Grade Ammonium Nitrate) business expects growth to continue in FY '25, supported by expanding coal mining, power, and infrastructure sectors growing at 10-12%. TAN exports started in March 2024 with 20,000 ton quota; expected government quota relaxation will enable higher exports. IPA (Isopropyl Alcohol) sales showed volume growth of 27% Q-on-Q and 6% Y-o-Y; expected to perform better from demand and pricing perspectives. Crop nutrition business anticipates a favorable Kharif and Rabi season due to good monsoon forecast by IMD, supporting volume growth. Nitric acid price

Future growth expectations in earnings/operating earnings/profits/EPS?

Operating EBITDA margins normalized to ~18.3% when excluding one-time subsidy and ammonia ramp-up costs, indicating improved operational efficiency. EBITDA expected to grow steadily once ammonia plant stabilization and CAPEX projects (TAN expansion and nitric acid plant) come online, adding significant capacity and revenue streams by FY 2026. Ammonia plant running above design capacity with stable gas supply contract from May 2026 ensuring upstream stability and profitability into long term. TAN and nitric acid demand expected to grow significantly, driven by India’s economic expansion a

Deepak Fertilisers & Petrochemicals Corp LtdQ4 FY24Chemicals & Petrochemicals

Deepak Fertilisers & Petrochemicals Corp Ltd Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,255.7P/E: 16.1Market Cap: ₹15.9K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

TAN (Technical Grade Ammonium Nitrate) business expects growth to continue in FY '25, supported by expanding coal mining, power, and infrastructure sectors growing at 10-12%.
TAN exports started in March 2024 with 20,000 ton quota; expected government quota relaxation will enable higher exports.
IPA (Isopropyl Alcohol) sales showed volume growth of 27% Q-on-Q and 6% Y-o-Y; expected to perform better from demand and pricing perspectives.
Crop nutrition business anticipates a favorable Kharif and Rabi season due to good monsoon forecast by IMD, supporting volume growth.
Nitric acid prices expected to remain stable or improve over next few quarters, aiding volume and revenue growth.
Ammonia plant running above 90% capacity utilization post stabilization; expected stable volumes with price recovery anticipated in H2 FY '25.
New nitric acid and TAN expansion projects expected to come online by H2 FY '26, driving future capacity and volume growth.

Margin guidance

Category 3

Operating EBITDA margins normalized to ~18.3% when excluding one-time subsidy and ammonia ramp-up costs, indicating improved operational efficiency.
EBITDA expected to grow steadily once ammonia plant stabilization and CAPEX projects (TAN expansion and nitric acid plant) come online, adding significant capacity and revenue streams by FY 2026.
Ammonia plant running above design capacity with stable gas supply contract from May 2026 ensuring upstream stability and profitability into long term.
TAN and nitric acid demand expected to grow significantly, driven by India’s economic expansion and sector growth (coal, mining, infrastructure).
Crop nutrition business expected to benefit from above-average monsoon forecasts, supporting volume growth and margins.
Net debt levels to remain comfortable with improved EBITDA supporting deleveraging post-CAPEX completion.
No explicit EPS guidance provided but strong earnings growth implied through volume growth, stable pricing, and operational efficiencies.

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Fundraise plans

Yes

Deepak Fertilisers has drawn only part of the debt required for ongoing projects, with equity and some debt already infused.
Funding lines are available to meet future financial needs.
Additional equity will be infused as required.
The company has tied up financing for the Gopalpur TAN project (~Rs. 2,200 crores) with bank approvals secured.
Bridge funding is in place for the Dahej nitric acid expansion project (~Rs. 1,950 crores).
Management expects to remain in a comfortable net debt-to-EBITDA and net debt-to-equity range.
Rating agencies and banks are comfortable providing debt and have reaffirmed credit ratings (Long-term AA-, Short-term A+).
No specific announcements of fresh debt or equity fundraising beyond existing arrangements were mentioned.

Order book

The transcript from the Q4 FY 2024 earnings call of Deepak Fertilisers and Petrochemicals Corporation Limited does not explicitly mention the current or expected order book or pending orders details. However, some relevant points can be inferred: - The company is undertaking major projects, including the Gopalpur TAN expansion (Rs. 2,000 crores) and a Nitric Acid project targeted for H2 2026 commercial operation. - Funding for these projects is largely tied up with bank approvals and equity/debt arrangements. - TAN export quota is around 20,000 tons per year, with expectations that government relaxations may increase export volumes. - The company expects demand growth aligned with India's projected economic growth and infrastructure expansion. - Strategic alliances, such as a 7-year commercial contract with Haifa for specialty fertilizers, indicate a pipeline for sustained demand. No specific "order book" or pending orders figures were disclosed in the call.

See what Deepak Fertilisers & Petrochemicals Corp Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

- **Gopalpur TAN Project**: Total allocation of around Rs. 2,200 crores; approximately 1/3 incurred so far (close to Rs. 654 crores). On track for timely completion with funding largely tied up. - **Nitric Acid Expansion Project**: Capex around Rs. 1,950 crores; minimal amount incurred last year (~Rs. 60 crores), with faster spending planned this year. Commercialization expected by H2 2026. - **Funding**: Part equity and part debt drawn; funding is tied up with comfortable credit ratings (AA- long-term; A+ short-term). Bridge funding already in place for projects. - **Strategic Alliances**: Entered 7-year commercial alliance with Haifa (specialty fertilizer leader) to enhance specialty fertilizer business. - **Long-Term LNG Supply**: Signed 15-year gas supply agreement with Equinor starting May 2026, ensuring upstream stability for ammonia production. These investments aim to strengthen leadership in TAN, nitric acid, and ammonia segments aligned with India's growth.

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Deepak Fertilisers & Petrochemicals Corp Ltd Q4 FY24 Earnings Call Analysis

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