Prabhudas Lilladher's research report on Deepak Nitrite
Deepak Nitrite (DN) topline grew 13% QoQ anchored by solid growth in the Phenolics segment, driven by robust volume growth and improved realization. Advanced Intermediates segment experienced subdued demand recovery in agrochemicals, textiles and dyes & pigments segment. The company has announced plans for large scale capex including brownfield and greenfield expansion and expects to commence all the projects before 2027.
Outlook
The stock is currently trading at 30x FY26E EPS and 19x FY26E EV/EBITDA. We anticipate ~7% EPS CAGR over FY23-26E. We value the stock at 26x P/E at FY26 EPS and retain ‘Reduce’ rating with TP of Rs1,985(earlier Rs1,935).
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