Deepak Fertilisers & Petrochemicals Corporation Ltd

Rating action

• Long-term fund-based term loan rating reaffirmed at AA-; removed from Watch with Developing Implications.
• Rs 2,186 crore rated amount unchanged.
• Positive outlook assigned.

Rationale and drivers

• Consolidated view includes MAL, DMSL, and DGPL due to group linkages.
• Equinor gas supplies support stable ammonia production at PCL, lowering landed gas cost.
• Gas cost linked to Henry Hub; cost below oil-indexed LNG and spot LNG.
• Fertiliser margins affected by subsidy levels and input costs; NBS exposure monitored.
• Large capex for TAN and nitric acid; 95% complete; commissioning planned for FY2027.
• Regulatory and subsidy risks persist; GoI subsidy variability and GAIL litigation.
• Group profitability to improve from capex, with healthy end-product prices.

Financials and liquidity

• FY2026 consolidated revenue Rs 11,506 crore; PAT Rs 738.8 crore; OPBDITA 14.8%.
• Debt/OPBDITA 3.7x; interest coverage 4.8x (FY2026).
• Liquidity adequate; Rs 538.5 crore cash as of Mar 31, 2026.
• Projected OCF FY2027 Rs 1,500-1,800 crore.

Outlook and sensitivities

• Positive outlook contingent on timely TAN and nitric acid project commissioning.
• Net debt/OPBDITA above 2.5x on a sustained basis would pressure ratings.
• Downgrade risk if project delays or cost overruns materialize.
• Regulatory and gas-supply disputes monitored.

Resignation of KMP

• Rabindra Purohit resigns as VP - Legal, CS & CO, to pursue external opportunities; effective 28 Sep 2026.
• Company to appoint a new CS & CO within statutory timeline.

Deepak Fertilisers & Petrochemicals Corporation Ltd — Closure of Trading Window from 1 October 2026 until 48 hours after declaration of unaudited results for the quarter and six months ending 30 September 2026

AGM Details

• Date and time: 1 September 2026, 11:00 a.m.
• Mode: VC/OAVM (video conference/online).
• Voting: remote e-voting and Insta Poll.
• Record date: 25 August 2026.
• Shareholders on record: 180,094.

Key Resolutions

• Ordinary: Adopt audited standalone and consolidated financials for year ended Mar 31, 2026.
• Ordinary: Declare dividend on equity shares for year ended Mar 31, 2026.
• Ordinary: Re-appoint Madhumilan Shinde as director by rotation.
• Ordinary: Re-appoint P G Bhagwat LLP as statutory auditors for second term of five years.
• Ordinary: Ratify remuneration to Harshad S. Deshpande & Associates, Cost Accountants.
• Ordinary: Appoint Mr. Yeshil Sailesh Mehta as Non-Executive Non-Independent Director.

Voting Results

• Resolution 1: Passed with negligible opposition.
• Resolution 2: Passed with negligible opposition.
• Resolution 3: Passed with negligible opposition.
• Resolution 4: Passed with negligible opposition.
• Resolution 5: Passed with negligible opposition.
• Resolution 6: Passed with negligible opposition.

Dividend

• Dividend declared on equity shares for FY2026.

Director Changes

• Madhumilan Parshuram Shinde retires by rotation; re-appointed.
• Yeshil Sailesh Mehta appointed as Non-Executive Non-Independent Director.

Auditor Appointments

• P G Bhagwat LLP re-appointed as statutory auditors for second term (five years).
• Remuneration for Harshad S. Deshpande & Associates (Cost Auditors) ratified.

Amir Alvi appointment

• Appointment: Amir Alvi appointed President - Manufacturing Operations, effective 1 September 2026.
• Profile: 36+ years in fertilizers and chemicals; manufacturing leadership and project execution.
• Reason: Appointment to strengthen manufacturing leadership.
• Disclosure: Not applicable; no related-party relationships disclosed.

Pandurang Landge redesignation

• Change: Redesignation of Pandurang Landge as President - Manufacturing Excellence & Technology Development, effective 1 Sep 2026.
• Profile: 44 years in operations, project execution, and product development; global leadership.
• Reason: Change in designation.
• Disclosure: Not applicable.

AGM Details

• Date: 1 September 2026; time: 11:00 a.m.; mode: VC/OAVM.
• AGM started 11:00 a.m.; ended 12:38 p.m.
• Quorum: 64 members attended via VC/OAVM.
• Purvi Mehta Bhatt inducted as Independent Woman Director from 01-01-2026.
• Yeshil Sailesh Mehta inducted as Non-executive Non-Independent Director from 01-07-2026.
• Varsha Purandare ceased as Independent Director on 30-01-2026.

Resolutions Put to Vote

• Ordinary 1: Adopt standalone and consolidated financial statements and reports; voting results pending.
• Ordinary 2: Declare dividend for year ended 31 March 2026; board recommended 100% dividend; results pending.
• Ordinary 3: Re-appoint Madhumilan P. Shinde as Director; retires by rotation; eligible for re-appointment; results pending.
• Ordinary 4: Re-appoint M/s P G Bhagwat LLP as Statutory Auditors for second 5-year term; results pending.
• Special 5: Ratification of remuneration to Harshad S. Deshpande & Associates, Cost Accountants; results pending.
• Special 6: Appointment of Yeshil Sailesh Mehta as Non-Executive Non-Independent Director; results pending.

Auditor Appointments

• Statutory Auditor M/s P G Bhagwat LLP re-appointed for second 5-year term.
• Cost Auditors remuneration ratified for Harshad S. Deshpande & Associates.

Director Changes

• Purvi Mehta Bhatt inducted as Independent Woman Director from 01 Jan 2026.
• Yeshil Sailesh Mehta inducted as Non-executive Non-Independent Director from 01 Jul 2026.
• Varsha Purandare ceased as Independent Director on 30 Jan 2026.

AGM notice and AR access

• Distributes web-link and QR code for AR 2025-26 to non-registered email shareholders.
• Dispatch confirmed on 11 Aug 2026, 1:39 PM, by KFin Technologies Ltd (RTA).
• AR and AGM notice will be accessible on the company website.
• 46th AGM scheduled for 1 September 2026 at 11:00 AM IST via VC/OAVM.
• Shareholders without registered emails should update their contact details with DP or RTA.

KYC update for physical shareholders

• Reminder letters dispatched to physical shareholders to furnish PAN, KYC, bank details, and nomination.
• SEBI circular HO/38/13/(4)2026 mandates complete KYC for updates and service requests.
• Forms ISR-1, SH-13, and ISR-3 available on company and KFin RIS websites.
• Dispatch confirmation from KFin received at 1:38 PM on 11 August 2026.
• Payments, including dividends, will be electronic only once KYC is complete.
• Non-completed KYC may restrict grievance handling, services, or payments.
• RTA is KFin Technologies Limited; submission address in Hyderabad.