Deepak Fertilisers & Petrochemicals Corporation Ltd
Intimation of Credit Rating received from Crisil Rating Limited.
RATING
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 27 May 2026, 06:10 PM IST · BSE ID: 0142d861-5a32-4b5e-a016-aac9ed470faf
View Original BSE Filing (PDF)
💡
In Simple Terms
The company's credit rating was reaffirmed, while the total amount of rated loans and commercial paper decreased.
🤖 AI Summary
- CRISIL reaffirmed Deepak Fertilisers' 'AA- / Positive' long-term and 'A1+' short-term credit ratings.
- Rated bank facilities reduced by Rs. 1875 crore to Rs. 1125 crore; Rs. 750 crore commercial paper withdrawn.
- Positive outlook maintained due to expected expansion project ramp-up and sustained profitability.
- Expansion projects in Technical Ammonium Nitrate and Nitric acid show over 93% and 86% completion respectively.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Total Bank Loan Facilities Rated
Rs.1125 Crore
Previous Total Bank Loan Facilities Rated
Rs.3000 Crore
Commercial Paper Rating
Crisil A1+
Previous Commercial Paper Rating
Crisil A1+
Withdrawn Bank Facilities
Rs. 1,875 crore
Withdrawn Commercial Paper
Rs. 750 crore
TAN Project Completion
over 93%
Nitric Acid Project Completion
over 86%
9MFY26 Revenue
Rs. 8,495 crore
9MFY25 Revenue
Rs. 7,607 crore
19%
9MFY26 EBITDA
Rs. 1,330 crore
9MFY25 EBITDA
Rs. 1,445 crore
-15.6%
🏢 How This Affects the Company
The reaffirmed ratings support the company's ongoing operations and future financing. Expansion projects in TAN and Nitric acid nearing completion are expected to significantly boost operating performance from H2 FY2027.
The reduction in rated facilities by Rs. 1875 crore and withdrawal of Rs. 750 crore commercial paper rating indicates a recalibration of the company's debt structure. The positive outlook suggests expected improvement in profitability and financial risk profile.
Capacity expansion projects in Technical Ammonium Nitrate (TAN) and Nitric acid are progressing, with physical completion over 93% and 86% respectively as of March 31, 2026. This will enhance production capacity.
The rating rationale notes monitorable risks include delays in volume ramp-up or lower realisations from expansion projects, and potential input cost increases in the fertilizer segment.
👥 What This Means For Shareholders
✅
Action Required
No action is required by shareholders based on this credit rating update.
👤
Who Is Affected
All shareholders are indirectly affected by the company's credit standing, which influences financing costs and investor confidence.
🔍
Management Signal
Management's focus on completing expansion projects and maintaining profitability is signalled by the sustained positive rating outlook.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
H2 FY2027 results for operational ramp-up from expansion projects.
Confirmation of sustained EBITDA margins around 18-20% over medium term.
Impact of new LNG supply contract on ammonia production costs from May 2026 onwards.
MEDIUM RISK
Reduced rated facilities and past EBITDA moderation noted; expansion risks remain.
💡 Investor Takeaway
CRISIL reaffirmed Deepak Fertilisers' 'AA- / Positive' and 'A1+' ratings. Rated facilities reduced by Rs. 1875 crore to Rs. 1125 crore. Expansion projects nearing completion.
⚖️ Strengths & Concerns
✅ Positives
- CRISIL reaffirmed 'Crisil AA- / Positive' long-term rating, reflecting strong creditworthiness.
- Expansion projects in Technical Ammonium Nitrate and Nitric acid nearing completion (over 93% and 86% done).
⚠️ Concerns
- Rated bank facilities reduced by Rs. 1875 crore; Rs. 750 crore commercial paper rating withdrawn.
- EBITDA for 9MFY26 moderated to Rs. 1,330 crore from Rs. 1,445 crore in 9MFY25 due to specific segment performance.
📅 Company Track Record
ICRA had previously placed Deepak Fertilisers on watch in April 2026 for long-term rated amount increase to Rs. 2,186.00 crore due to capex.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What credit ratings did CRISIL reaffirm for Deepak Fertilisers?
CRISIL reaffirmed its 'Crisil AA- / Positive' rating for long-term instruments and 'Crisil A1+' for short-term instruments.
What is the current amount of rated bank facilities for Deepak Fertilisers?
The total bank loan facilities rated by CRISIL are Rs. 1125 Crore, reduced from Rs. 3000 Crore.
What is the status of Deepak Fertilisers' expansion projects?
The Technical Ammonium Nitrate project has over 93% physical completion, and the Nitric Acid project has over 86% completion as of March 31, 2026.
What was Deepak Fertilisers' EBITDA for the first 9 months of FY26?
Deepak Fertilisers' EBITDA for 9MFY26 was Rs. 1,330 crore, a moderation from Rs. 1,445 crore in 9MFY25.
Questions based on this BSE filing only. For information purposes.