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Deepak Nitrite: Motilal Oswal Maintains 'Neutral' Stance On The Stock — Here's Why
Deepak Nitrite's stock trades at ~29x FY26E earnings per share of Rs 66.2 and ~19x FY26E EV/Ebitda, which Motilal Oswal believes is expensive for a commodity chemical company.
06 Mar 2025, 09:37 AM IST 
Deepak Nitrite's consolidated Ebit margin contracted to 7.3% in Q3 FY25, the lowest on record, with 9M FY25 at 10.3% versus 12.6% in 9MFY24, driven by weak demand and pricing pressure.
(Photo Source: freepik)
Deepak Nitrite's large-scale capex projects, announced with the Gujarat government (through MoUs), have faced delays, albeit some remain on track. The company’s Rs 50 billion Polycarbonate resins project, set for CY28 commissioning, aims to replace 240 ktpa of imports with 165 ktpa capacity in Phase-I. However, it has not finalized any BPA technology partner as yet.
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