Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) has released the management transcript of its Q3 FY2026 earnings conference call, which was held on January 30, 2026. The call discussed the financial results for the third quarter and the nine months ended December 31, 2025. During the call, Chairman and Managing Director Mr. Sailesh Mehta highlighted that Q3 FY26 was a challenging quarter impacted by extended rains, geopolitical uncertainties, and price volatility. Despite these challenges, the company's revenue grew by 12% year-to-date (YTD) for FY26, driven by its Crop Nutrition and Bulk businesses. The net debt-to-EBITDA ratio stood at 2.27x, aligning with the ongoing capex cycle. Unseasonal rains impacted the demand for technical ammonium nitrate and nitric acid due to slowed mining activity and constraints in ammonia prices. The company's IPA business also faced softening prices due to lower propylene prices globally. President and CFO Mr. Subhash Anand reported that consolidated operating revenue for Q3 FY26 was ₹2,830 crores, a 10% year-on-year (YoY) growth, with YTD revenue at ₹8,495 crores, up 12% YoY. EBITDA for Q3 was ₹353 crores, a 27% YoY decline, attributed to higher raw material costs and weaker realizations in IPA and nitric acid. Adjusted PAT for Q3 was ₹141 crores, down 34% YoY. The company is progressing with its Gopalpur technical ammonium nitrate project (91% completion) and Dahej acid project (79% completion), expected to commission in Q1 FY27, which will enhance competitiveness. The management expressed confidence in the long-term India growth story, the resilience of their product portfolio, and their transformative model moving from commodity to specialty products. They anticipate improvements in the mining chemicals segment in Q4 and a strong Rabi season for the crop nutrition business. The company is also exploring an acquisition of an Indian-based explosives manufacturer to enhance its mining solutions offerings.
