Deepak Fertilizers and Petrochemicals Corporation Limited (DEEPAKFERT) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Deepak Fertilizers and Petrochemicals Corporation Limited Q2 Results Date and Time

A board meeting is scheduled on 13 November 2026 to approve the Q2/H1 FY27 financial results. The trading window has been closed from 1 October until 48 hours after the results.

The Q2/H1 FY27 earnings call is scheduled for 16 November 2026 at 4:00 PM IST. Systematix Institutional Equities is coordinating, with S C Mehta and Subhash Anand representing management.

What to expect from Deepak Fertilizers and Petrochemicals Corporation Limited's Q2 FY27 results

The central question for Q2 FY27 is whether Deepak Fertilisers can extend the momentum of Q1's highest-ever EBITDA of Rs. 845 Cr at a 26.0% margin, in a quarter where management itself flagged that a monsoon-driven slowdown in mining and infrastructure activity may impact TAN demand.

The demand backdrop is mixed: fertiliser DBT sales fell 13% YoY in July and 10.33% in August with complexes down 29-34%, while coal India offtake held up (+5.5% YoY in August) despite rain-disrupted production, and FGAN prices stayed elevated with UK AN at £484/t end-September, up £91/t YoY. On costs, Q2 is the first full quarter of Equinor gas supply against savings guided at potentially around Rs. 300 crores annually, a tailwind that partially offsets the sharp ammonia price correction from Tampa's $825/t May peak to $555/t CFR in September.

Management has guided FY27 PAT to be significantly higher than FY26's Rs. 739 Cr, and Q1's Rs. 490 Cr already covers roughly two-thirds of that base, making this quarter a test of whether the run-rate holds. The call on 16 November is also expected to reconcile the commissioning timeline for the Gopalpur TAN (96% complete) and Dahej Nitric Acid (93% complete) projects, with new projects guided to contribute to profitability from Q3 onwards.

Key Things To Watch

Commissioning timeline reconciliation for Gopalpur TAN and Dahej Nitric Acid: Guidance has shifted across communications, so the actual COD status is the quarter's central update.

• Presentations guided COD in Q2 FY27, the Q1 concall said operational launch by end of Q3 FY2027, and the AGM update said H2 FY27 — confirm actual status and any Q2 revenue/EBITDA contribution
• Whether the guidance that both projects 'contribute to profitability from Q3 onwards' is reaffirmed, revised, or pulled forward
• Gopalpur TAN (376 KTPA, Rs. 2,675 Cr) at 96% and Dahej Nitric Acid (WNA 300 + CNA 150 KTPA, Rs. 1,983 Cr) at 93% complete as of Q1 FY27

Performance vs Guidance Tracking

• FY27 capex — INR 800-1,000 crores over FY27 — Q1 FY27 spend was Rs. 515 Cr; watch the 'INR 3,800 of INR 4,650 crores' cumulative marker
• Gopalpur utilization — 90% to 95% on a TPD basis by end of FY27, full capacity FY28
• FY27 PAT significantly higher than FY26 — Q1 FY27 PAT of Rs. 490 Cr already equals ~66% of FY26 PAT of Rs. 739 Cr
• Equinor savings — potentially around INR 300 crores annually — Q2 FY27 has a full quarter of Equinor gas; check quantification and flow-through into PCL
• DMSL listing — committed; form (demerger or IPO) yet to be decided

TAN Q2 demand and volumes: Management flagged a monsoon-driven slowdown risk for the quarter.

• Verify TAN volume/realisation outcome against the 137 KMT Q2 FY26 base and whether elevated FGAN prices offset the monsoon hit
• PESO-related volume disruption stated as resolved ('only a few weeks... behind us'); check B2C holding at 17% of TAN revenue post-normalisation

Deleveraging and balance sheet

• Net debt/EBITDA improved to 1.40x at Jun-26 from 2.86x at Mar-26; net debt reduced by Rs. 105 Cr QoQ to Rs. 4,719 Cr
• Management called debt levels 'near peak' with deleveraging expected as new capacities contribute EBITDA

Crop Nutrition mix and subsidy compensation

• Specialty + Croptek share slipped to 43% of CNB revenue from 45% YoY; watch direction along with CNB utilisation (ANP 75%, NPK 54% in FY26)
• Whether phosphoric acid/raw-material cost increases are compensated by subsidy, and working-capital days normalise as guided

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Frequently Asked Questions

How did Gopalpur TAN utilisation guide from management?

Management guided Gopalpur TAN utilisation of 90-95% on a TPD basis by end of FY27, with full capacity utilisation in FY28. For the new capacities overall, utilisation is guided at ~70% in FY27 and 80%+ in FY28.

How much will the Equinor gas contract save Deepak Fertilisers annually?

Management has guided savings from the 15-year Equinor LNG contract at potentially around Rs. 300 crores annually. The benefit flows into the ammonia business (PCL) under IPP transfer pricing, with a full quarter of Equinor supply in Q2 FY27 versus two of three months in Q1.

Is Deepak Fertilisers on track for significantly higher PAT in FY27?

Management has guided FY27 PAT to be significantly higher than FY26, driven by new capacities and improved gas supply economics. Q1 FY27 PAT of Rs. 490 Cr already equals roughly 66% of FY26 PAT of Rs. 739 Cr.

Is Deepak Fertilisers' revenue growing?

Operating revenue rose 22% YoY and 8% QoQ to Rs. 3,256 Cr in Q1 FY27, with the Chemicals segment contributing 57.8% of revenue. The quarter was driven by global supply tightness and Equinor gas supporting margins.

What did SEBI's warning letter to Deepak Fertilisers relate to?

SEBI issued an administrative warning letter dated 30 September 2026 to the company and Board over non-disclosure of investments/guarantees in wholly owned subsidiaries and income-tax litigations above materiality thresholds for FY 2018-19 to 2021-22. There is no monetary penalty, and the company states there is no material impact.