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Deepak Fertilisers & Petrochemicals Corp Results: Latest Quarterly Results & Analysis

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Deepak Fertilisers & Petrochemicals Corporation Ltd. 22 May 2025 17:00 PM
Result PDF

Q4FY25 & FY25 Result Announced for Deepak Fertilisers & Petrochemicals Corporation Ltd.

Commodity Chemicals company Deepak Fertilisers & Petrochemicals Corporation announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • The company demonstrated continued growth, achieving a notable 28% increase in revenues for the quarter, reaching Rs 2,667 crores
  • EBITDA for Q4 increased by 10%, amounting to Rs 480 crore
  • Net Profit: An impressive 21% jump in Q4
  • Bulk Fertilizers manufactured sales volume in Q4 surged by 68% YoY, driven by increased adoption of our innovative crop focus nutrient solution.
  • Our speciality product, LDAN, saw an impressive 11% YoY growth in sales volume in Q4FY25,

FY25 Financial Highlights:

  • Annual revenue growth stood at 18% with record of Rs 10,274 crore for FY25
  • EBITDA experienced significant growth of 50%, reaching Rs 1,925 crore.
  • Full year PAT doubled, amounting to Rs 945 crore.
  • Remarkable growth visible with revenue share from specialty products improving from 17% in FY24 to 22% in FY25.
  • Strategic investments remain on track – the overall progress in TAN project in Gopalpur is at 75%, and the same for Nitric Acid project in Dahej is at 48%.
  • During FY25, team achieved a significant milestone by surpassing 1 Million MT in bulk fertilizer sales and liquidation for the first time, demonstrating the team’s focus and effective execution of strategic products with scale.
  • Our speciality product, LDAN, saw a notable 15% YoY increase for the entire fiscal year.
  • Despite Capex spent of Rs 655 crore in FY25, net debt reduced from Rs 3,426 crore to Rs 3,305 crore based on healthy cash generation. Net debt to EBIDTA reduced from 2.66x to 1.72x on YoY basis.

Reflecting on the company’s performance, S.C. Mehta, Chairman and Managing Director of DFPCL, stated: "This year has been challenging yet transformative, marked by strategic actions that boosted growth across all product segments. Our financial performance for FY 2024–25 highlights resilience, innovation, and a strong foundation for future success.

Outlook:

With an above-average monsoon forecast, we expect robust Kharif season demand for crop-specific solutions. Mining Chemicals growth from FY25 is likely to continue into FY26, driven by increasing power demand and infrastructure investments. The health sector is projected to expand, supported by government and private initiatives, boosting our Pharma / Specialty Chemicals portfolio."

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Commodity Chemicals company Deepak Fertilisers & Petrochemicals Corporation announced Q3FY25 results

  • Consolidated Revenues: We saw a strong 39% growth, reaching Rs 2,579 crore for the quarter.
  • EBITDA: A remarkable 72% increase, bringing it to Rs 486 crore with a sustainable EBITDA Margins: Improved from 15% to 19%.
  • Net Profit: A phenomenal 318% jump, reaching Rs 253 crore.
  • CNB business continue to out-perform, revenue up by 55% YOY, driven by good monsoon and execution of crop focus value added strategy.
  • TAN business delivers revenue growth of 29% YOY, contributed by increase in LDAN and overall sales volume growth.

S.C. Mehta, Chairman and Managing Director of DFPCL, said: India faced a slightly slower start to the year, but with the government’s ongoing focus on investment-led growth and strong structural drivers, we remain confident about the future of the chemical and fertilizer industries. Our Q3FY25 results reflect the strength of this confidence, highlighting the success of our strategic transition from commodity products to high-value specialty offerings, moving from customer to end consumers supported by effective backward integration and innovation.

Strategic Drivers at Play:

  • Strong validation of beautiful alignment of our three businesses with India growth story: The demand drivers remain robust, with clear undercurrents emerging from India’s increasing needs for coal for power generation, limestone for cement, and infrastructure development— all of which provide strong tailwinds for our Mining Chemicals business. Likewise, the rising income levels and shifting food consumption towards more fruits and vegetables, perfectly aligning with the growth of our Crop Nutrition business. Additionally, the China Plus One strategy and the growing demand for specialty chemicals are driving growth in our Industrial Chemicals business.
  • Riding on the India growth story: Strategic CAPEX Plans for Long-Term Growth Our CAPEX initiatives, including the technical ammonium nitrate project in Gopalpur and the nitric acid project in Dahej, are progressing as planned and are set to deliver long-term value. These projects are uniquely positioned to mitigate risks, thanks to our 40 years of experience in these sectors. Moreover, we have established distribution networks and customer bases, ensuring a smooth offtake from these projects.
  • Backward integration to strengthen value chain through Ammonia Plant: Our world-scale ammonia plant, operational since August 2023, provides greater control over pricing and product availability. Amid geopolitical uncertainties, this strategic investment enables us to navigate market volatility, ensuring stability and strengthening our competitive edge for all three business segments and the complete value chain.
  • Transformation from Commodity to Speciality: Our strategic pivot from commodity products to high-value specialty offerings is powered by robust R&D, consumer insights, and market segmentation. In the Industrial Chemicals sector, we are making strides with products such as steel-grade nitric acid and pharma-grade IPA. Additionally, our Mining Chemicals business is focused on Total Cost of Ownership (TCO) solutions, and we’ve already established impactful, segment-specific case studies. In our Crop Nutrition business, we are transitioning from customer to end-consumer, with an expanding portfolio of crop-specific nutrient solutions. The acceptance of these products is consistently increasing due to the improvements in both yield and output quality.
  • Corporate restructuring to enhance focus on each business unit: The NCLT-approved restructuring and demerger will unlock the full potential of each business unit. By adopting a more focused, end-to-end approach, we will streamline operations, enabling us to pursue strategic alliances and global joint ventures more effectively.

DFPCL continues to create sustainable value for all stakeholders, and this performance reaffirms our unwavering commitment to operational excellence, customer-centricity, and sustainable growth.

Result PDF

Commodity Chemicals company Deepak Fertilisers & Petrochemicals Corporation announced Q2FY25 results

  • EBITDA Margin Growth: Improved to 18% compared to 12% YoY.
  • Record Sales Volume in Bulk Fertilizer: Achieved an 83% YoY increase in sales volume of manufactured bulk fertilizer, marking the highest sales in a quarter.
  • Anti-Dumping Duty Implementation: USD 217 per metric ton Anti-Dumping Duty (ADD) on IPA for a period of 5 years.
  • In-House Capture of Ammonia Price Hikes: Increases in global ammonia prices are now fully captured internally.
  • Capacity enhancement of approximately 10% resulting from debottlenecking of the TAN plants, delivering an additional 50 KTPA and bringing the total TAN capacity volumes to 587 KTPA to support the growing needs of India’s Mining sector.
  • Debt Reduction: Prepaid Rs 200 crores in debt, improving the Net Debt to EBITDA ratio from 2.66x to 1.64x.
  • Change in key RM Prices in Q2FY25: Ammonia up by ~11% YoY; MOP down by ~40% YoY; Gas up by ~9% YoY.

Sailesh C. Mehta, Chairman & Managing Director, said: DFPCL has shown impressive performance in Q2FY25, achieving a 13% growth in revenue. This growth was primarily driven by the Crop Nutrition business, which experienced an 18% YoY increase in revenue, while the Chemical business grew by 8% YoY despite a lean quarter for the chemical sectors. Fertilizer and Chemical businesses acted as a natural hedge, enabling the company to deliver consistent and improved performance.

There has been a consistent increase in the proportion of revenue from specialty products, along with an overall rise in revenue, driven by the strategic move of transitioning from commodity to specialty.

  • Crop Nutrition Business (CNB) achieved a remarkable 83% YoY increase in sales volume of manufactured bulk fertilizer, which is highest ever sales.
  • Mining Chemical: Monsoon is a lean period due to slowdown in mining activities. Accordingly, we had taken a planned shutdown of Technical Ammonium Nitrate (TAN) plant for maintenance and capacity enhancement of 50 KTPA, taking total capacity to 587 KTPA.
  • The Industrial Chemicals business experienced a healthy revenue growth of 9%, despite marginal decrease in volumes. This performance underscores our strategic shift from commodities to specialty chemicals, which has effectively mitigated price volatility.
  • The ammonia plant has enabled all our businesses to reap substantial benefits from backward integration, effectively mitigating supply chain risks and price volatility. As a result, we are now able to capture the increases in global ammonia prices within the group.

As India continues to grow, the chemical and fertilizer sectors are poised to thrive. The demand outlook for the Crop Nutrition, Mining Chemicals, and Industrial Chemicals Business is well aligned with India’s growth story, providing strong and positive tailwinds. We are actively working on the execution of the TAN Project and the Nitric Acid Project in Gopalpur and Dahej, respectively, to capitalize on future growth.

Result PDF

Commodity Chemicals company Deepak Fertilisers & Petrochemicals Corporation announced Q1FY25 results:

  • Revenue delivered was Rs 2,281 crore, marginal decline by 1.4% on YoY basis due to lower commodity prices.
  • EBITDA margin improved to 20.4% against 12.1% on YoY basis.
  • PAT was Rs 200 crore which is 76% higher on YoY basis.
  • Segment Performance:
    • Chemical Segment (Mining and Industrial Chemical) contributed about 57% of total revenue which grew by 5% YoY mainly driven by improved demand in TAN business.
    • Fertilisers Segment contributed 43% of total revenue which was lower by 9% YoY because of delay in monsoon which post July has picked up very well.

Commenting on the performance, Sailesh C. Mehta, Chairman & Managing Director: DFPCL has delivered an impressive performance for Q1FY25, with notable increase in EBITDA margin by 823 bps YoY, up from 12.1% to 20.4%. The businesses are reaping the benefits of backward integration of Ammonia plant which has helped mitigate supply chain risk as well as price volatility and the benefits are captured within the group.

Also, the strategy of moving from commodity to speciality has been working to sustain and enhance the margins of the businesses.
Hon'ble National Company Law Tribunal (NCLT), Mumbai, has approved demerger plan for the Mining Chemicals and Crop Nutrition businesses. This strategic restructuring is a step towards achieving our vision of transitioning from Commodity to Specialty and moving from Customer to Consumer by providing holistic solutions, driven by specific business strategy, market leadership, technology and operational focus.

Further, as indicated by the national budget and the government’s continued focus on critical sectors such as agriculture, power, mining, and infrastructure, which is promising for the company from both short-term and long-term perspectives.

We continue to maintain sharp focus on operational efficiences, drive cost optimizations, capacity utilization, and productivity improvements, which will help us navigate through market challenges and remain steadfast in adding value to our shareholders.

Result PDF

Commodity Chemicals company Deepak Fertilisers & Petrochemicals Corporation announced Q4FY24 & FY24 results:

  • Revenue Growth: During Q4FY24, revenues grew by 12.6% QoQ basis. For FY24, the company reported consolidated operating revenue of Rs 8,676 crore.
  • EBITDA margin improvement: As the Raw Materials and the Finished products prices came down from the post Covid peaks, the revenue/top-lines receded. However, the overall EBITDA margins of the quarter rose from 16.8% to 21% and the annual margins were lower only thanks to the large one-time subsidy adjustment.
  • The improving trend is also apparent from the Q3FY24 to Q4FY24 margins showing smart upswings of 576 bps reaching 21% EBITDA margins versus 15.2%.
  • Segment Performance:
    • FY24 Chemicals Segment revenues de-grew by 25% YoY with sustainable segment margins of 26%.
    • FY24 Fertilisers Segment revenues dropped by 21% YoY, segment margins were impacted on account of one-time subsidy of 267 crore and weak monsoon.
    • Reduction in key RM Prices during FY24 has resulted in lower NSP: Ammonia down by ~46% YoY; Phos Acid down by ~37% YoY; RGP down by ~15% YoY; MOP down by ~25%, Gas down by ~22%
  • Net Debt of Rs 3,426 crore with Net Debt / Equity of 0.63x (FY22: 0.48x), increased due to long term project debt and working capital needs.
  • Ammonia project commissioned in Aug 23, has achieved 100% designed production capacity.
  • CRISIL has recently assigned a ‘Short Term’ Credit Rating of A1 to DFPCL and MAL (Highest rating). ICRA has reaffirmed DFPCL & MAL ‘Long Term’ Credit Rating to AAwith Stable outlook and ‘Short Term’ Credit Rating is also reaffirmed to A1 (Highest Rating).
  • Promoters Pledge: As of March 31st, 2024, there is no encumbrance of any kind on Promoter’s holding, ensuring stakeholders' confidence in the company's strong financial position.
  • Dividend: The Board has recommended a dividend of Rs 8.5/- per equity share of Rs 10/- each (85%).

Commenting on the performance, Sailesh C. Mehta, Chairman & Managing Director: The company has shown resilience and strategic focus despite the Chemical and Fertilisers segment facing challenges simultaneously. Short-term aberration in the import of fertilizer-grade ammonium nitrate from Russia, low cost Nitroaromatics from China and below normal rainfall in our core markets impacted business performance. Despite the odds the company has delivered healthy performance with sustained margins, driven by innovation, operational excellence, and sustainability.

We have entered into a 15-year long-term gas supply agreement with Equinor, commencing in May 2026. This move will ensure continuous supplies of Natural Gas and is expected to improve margins through effective natural gas/LNG hedging and in-house ammonia production, ensuring greater stability.

We also signed a Commercial agreement with Haifa Group, a renowned multinational corporation specializing in Specialty Crop Nutrient. The MAL-Haifa offerings will support agricultural practices that counter the vicious trend of water scarcity and also enhance Nutrient Uptake & Use Efficiency in the plants. This will directly help achieve our Prime Minster’s dream of “More Crop Per Drop”.

For FY 24-25, the demand outlook for all our business segments looks positive. ‘IMD’ has forecasted above average normal rainfall in FY25, expecting a good Kharif and Rabi season this year. Mining Chemical business volume growth is expected to continue in FY25.

Further, the business has demonstrated capability to deliver Total Cost of Ownership (TCO) projects across mining & infrastructure end-users customers and is in process to become a holistic mining solutions provider in India. This will help sustain margins and customer stickiness.

As we navigate through evolving market dynamics, we remain steadfast in our commitment to creating long-term value for our stakeholders while upholding the highest standards of corporate governance and sustainability.

Result PDF

Commodity Chemicals company Deepak Fertilisers & Petrochemicals Corporation announced Q1FY24 results:

  • Operating Revenue of Rs 2,313 crore compared to Rs 3,031 crore, down 23.7% YoY
  • Operating EBITDA of Rs 281 crore compared to Rs 740, down 62.1% YoY
  • EBITDA Margins of 12.1% compared to 24.4% in Q1FY23
  • Net Profit of Rs 114 crore compared to Rs 436 crore, down 73.9% YoY
  • Net Profit Margin of 4.9% compared to 14.3%, down 945 bps

Commenting on the performance, Sailesh C. Mehta, Chairman & Managing Director: “Despite facing various challenges in our Chemical and Fertiliser businesses during the Q1 FY24, we remained resilient and committed to growth.

  • We encountered adverse price fluctuations in TAN due to the dumping of cheap Russian FGAN into India, as Russian products found resistance in countries sympathetic to the Ukraine cause.
  • NA sales volumes were better YoY although NA production was impacted on account of the extended shutdown, while IPA sales volumes exceeded expectations with more favourable market conditions and SGQR implementation.
  • Reduced NBS subsidy on channel inventory of Rs 161 crore and delayed monsoons impacted our Crop Nutrition business.

As it was envisaged in the post-Covid swing back of prices of Raw Materials and Finished Products, it was expected that in a quarter or so, there is a possibility of gaps in margins as the re-calibration between RM and FG settles back into a fair and balanced equilibrium (which has been the typical long-term average).

The Q1 quarter price swings seemed a transitory quarter in this journey of finding the typical balance.

I am delighted to announce the successful commencement of trial production at our greenfield Ammonia facility in Taloja. We are passionately advancing toward its commercial production. The successful backward integration into Ammonia will provide long-term risk mitigation on the Supply disruption risk for all three businesses of the group. This strategic investment shall not only generate returns to our shareholders but also benefits the Indian economy by reducing import dependence and creating local employment opportunities.”

 

Result PDF

Commodity chemicals company Deepak Fertilisers & Petrochemicals Corporation announced FY23 results:

  • Segment Performance:
    • FY23 Chemicals Segment contributed ~85% of segment profits. Revenues grew by 40% YoY and margins increased from 25% (FY22) to 31% (FY23)
    • FY23 Fertilisers Segment revenues grew by 59% YoY with segment margins of 7%
  • Strong performance despite adverse movement of key RM Prices in FY23: AmmoniaUp ~61% YoY; Phos Acid Up ~63% YoY; RGP Up ~9% YoY; MOP Up 87%, Gas Up 87%
  • Net Debt of Rs 2,518 crore with Net Debt / Equity of 0.48x (FY22: 0.35x)
  • Demerger: Composite scheme of arrangement has been admitted with National Company Law Tribunal (NCLT) on January 25, 2023
  • The name of Smartchem Technologies Limited, a material subsidiary of the Company, has been changed to Mahadhan AgriTech Limited (‘MAL’) w.e.f. 20th April, 2023
  • The Board has recommended a dividend of Rs 10/- per equity share of Rs. 10/- each (100%)

Commenting on the performance, Mr. Sailesh C. Mehta, Chairman & Managing Director: “ Despite the enormous finished product spikes that resulted from raw material spikes, we did not witness any demand destruction in all of our three business segments. This strongly validates the positive tailwinds for our Fertiliser, Mining and Pharma/Chemical segments, emerging out of their superb alignment with the India Growth story.

Although there would be some volatility in the upcoming quarters, in the medium and long term -

  • Our continued drive from Commodity to Specialities in each of our segments shall help enhance margins and create brand values
  • Our upstream investments in Ammonia as a key raw material for each of our segments will help risk mitigate against global vagaries
  • Our on-going drive to create a natural hedge by way of pass-through pricing contracts for our finished products will help insulate margins
  • Strong in-roads in Cost and Marketing efficiencies with Digital Drive will set a strong foundation for long term strengths”

 

Result PDF

Deepak Fertilisers & Petrochemicals Corporation announced Q3FY23 results:

Q3FY23 & 9MFY23:

  • Segment Performance:
    • 9M chemicals segment contributed ~87% of segment profits. Revenues grew by 60% YoY and margins increased from 21% (9M FY22) to 33% (9M FY23)
    • 9M fertilisers segment revenues grew by 39% YoY with segment margins of 7%.
  • Strong performance despite adverse movement of key RM Prices in 9M: ammonia up ~83.7% YoY; phos acid up ~80.7% YoY; RGP up ~16% YoY; MOP up 103%, gas up 95.6%
  • TAN Project Funding: Tied up entire debt of Rs 1,541 Crores with door-to-door tenor of 14 years.
  • State incentive on NPK Project investment: Received ‘Sanction of Industrial Promotion Subsidy Claim’ for FY20, FY21 and FY22 of approx Rs 25 crores from Directorate of Industries, Government of Maharashtra in Jan 2023.
  • Asian Development Bank Blue Loan: First tranche of $15 Million disbursed in November 2022
  • Corporate Restructuring: Announced demerger plan of its Mining Chemicals & Fertiliser Businesses in Dec 2022; Composite scheme of arrangement has been admitted with National Company Law Tribunal (NCLT) on January 25, 2023

Commenting on the performance, Mr. Sailesh C. Mehta, Chairman & Managing Director: “ We, at DFPCL group, have been consistent in delivering overall business growth supported by strong operational performance, dominant market position and robust cashflows. This is indeed our Best Ever Q3 and 9M Performance despite having to weather the headwinds such as unfavourable raw material pricing and difficult global economic conditions.

Our Ammonia Greenfield Plant is on track, and we expect that it will be operational by the first quarter of FY24. Project has already achieved an overall progress of 93.5% as of Dec’22 and construction work is almost complete. Project has already been granted Ultra-Mega project status by Government of Maharashtra. Through bilateral negotiations with gas aggregators, we have tied up around 40% of gas needs for the upcoming Ammonia project which is brent-linked and at an attractive discount to spot. In addition to this, we are in advance stage of discussion with gas aggregators and also targeting purchase of domestic gas through auction route.

Considering TAN and Crop Nutrition business have attained a strategic size and relevance, Corporate Restructuring plan shall provide required unlocking with strategic flexibility to drive long-term business growth and value creation for the end customers, employees and other stakeholders”

Result PDF

Deepak Fertilisers & Petrochemicals Corporation announced Q2FY23 results:

  • Q2FY23 & H1FY23:
    • H1 chemicals segment contributed ~86% of total segment profits. Chemicals revenues grew by 74% YoY and margins expanded from 17% (H1FY22) to 35% (H1FY23)
    • H1 fertilisers segment revenues grew by 36% YoY with segment margins of 8%. The cost of production inevitably grew due to the sharp rise in the price of raw materials.
    • Adverse movement of key RM Prices in H1 (Ammonia Up ~89% YoY; Phos Acid Up ~89% YoY; RGP Up ~30% YoY; Gas Up 107%)
    • ADB grants $30 Mn debt assistance and $0.5 Mn Technical Grant for farm efficiency initiatives; 1st tranche of disbursement of $15 Mn completed.

Commenting on the performance, Mr. Sailesh C. Mehta, Chairman & Managing Director: “We are happy to share that the Q2 and H1 results have validated:

  • Despite huge RM price hikes, our pass-through remains healthy.
  • Our strong alignment with India's growth story provides positive tailwinds to demand growth for our products.
  • Our drive from commodity to speciality continues to support premium margins and brand consolidation in the mining chemicals, pharma chemicals and crop nutrition businesses.

The unique ADB association has been a very satisfying acknowledgement of the efforts and impact we have been making with providing speciality and crop-specific performance fertilisers and our intense work at the farmer level.

Our drive for fast-track project execution for the Ammonia and TAN projects continues in full swing”

 

Result PDF

Commodity Chemicals firm Deepak Fertilisers & Petrochemicals Corporation Announced Q1FY23 Result :

  • 233% Jump in Q1 Net Profits
  • EBITDA improved YoY from Rs.290 Cr to Rs. 740 Cr driven by Chemicals Segment
  • Credit Rating upgraded to [ICRA] AA-(Stable) / [ICRA] A1
  • Robust top line growth and margin enhancement primarily driven by Chemical segment:
    • Chemicals Segment contributed about 87% of total segment profits. Chemicals revenues doubled to Rs. 1,771 Cr and margins expanded from 19% in Q1 FY22 to 41% in Q1 FY23
    • Fertilisers segment revenues grew by 26% YoY although segment margins were impacted on account of sharp increase in raw material prices
  • Operating EBITDA Margins increased from 15.2% in Q1 FY22 to 24.3% in Q1 FY23
  • Adverse movement of key raw material Prices in Q1 (Ammonia up ~106% YoY; Phos Acid up ~92% YoY; RGP up ~35% YoY; Gas up 91% YoY)
  • Debottlenecking of TAN capacity by approx. 33,000 MT and NPK capacity by about 2,00,000 MT through process improvement of the existing plants at Taloja
  • Launched Croptek Cotton and maize grade in the kharif season; Mahadhan Croptek received ‘Golden Peacock Award’ under ‘Golden Peacock Innovative Product/Service Award 2022’
  • ICRA has upgraded DFPCL and STL “Long Term” Credit Rating to AA- with Stable outlook. “Short Term” Credit Rating is also affirmed to A1 (Highest Rating)

Commenting on the performance, Mr. Sailesh C. Mehta, Chairman & Managing Director: “We have continued our strong operational performance in Q1 FY2023 on the back of improved margins in Chemical segment This persistent business performance is a result of our long-term strategic initiatives, strong market positioning and favourable market conditions.

During the Quarter:

  • We experienced strong revenue growth driven by all business segments.
  •  As part of overall corporate transformational journey from ‘product to solutions’ and ‘commodity to specialty’:
    • CNB launched Croptek Cotton and maize grade in the kharif season
    • TAN business volume supported by continued demand from Explosives Manufacturing & Coal Segment, higher and improved capacity utilization of Forward Integration cartridge explosives plant and capacity debottlenecking
  • Chemical product portfolio delivered growth in sales volumes as well as significant margins expansion. Fertiliser segment revenue increased significantly although margins impacted due to uncertainties around cost passthroughs and subsidies.

Going Forward: We are confident of maintaining strong market share in our key products across the segments. The strong demand outlook of our key products coupled with differentiated product portfolio should support business growth and profitability in the long term.

  • Higher reservoir levels and appropriate monsoon coverage in our core command region is being witnessed. Consumption in Q2 is expected to increase supported by higher commodity prices for cash crops due to robust climatic conditions.
  • In Q2, TAN business focus is to ensure continuous evacuation and operation of TAN plants in view of seasonally lean demand as well as momentum in AN imports. To support continuous production, our country wide warehouse network will be used to distribute build-up stock in H2.
  • Furthermore, the Ammonia Project at Taloja (Maharashtra) and the TAN Plant at Gopalpur (Odisha), are making strong progress on the ground and are on track

Long-term growth is expected to be underpinned by change in product mix, head room availability of additional capacities emerging from better operational management and debottlenecking along with greenfield expansions”

Result PDF

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