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Deepak Fertilisers & Petrochemicals Corp. Ltd.

DEEPAKFERTCommodities filings

We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.

Earnings calls

23 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 23 documents here); elsewhere sentences render unattributed.

KindDatePeriodServedAttribution rate
TRANSCRIPT202102172020-12-31yes
TRANSCRIPT202106082021-03-31yes
TRANSCRIPT202108252021-06-30yes
TRANSCRIPT202111232021-09-30yes
TRANSCRIPT202202112021-12-31yes
TRANSCRIPT202205312022-03-31yes
TRANSCRIPT202208042022-06-30yes
TRANSCRIPT202211212022-09-30yes
TRANSCRIPT202302092022-12-31yes
TRANSCRIPT202305262023-03-31yes
TRANSCRIPT202308032023-06-30yes
TRANSCRIPT202402092023-12-31yes
TRANSCRIPT202311102024-03-31yes
TRANSCRIPT202406042024-03-31yes
TRANSCRIPT202408072024-06-30yes
TRANSCRIPT202411052024-09-30yes
TRANSCRIPT202502062024-12-31yes
TRANSCRIPT202505282025-03-31yes
TRANSCRIPT202508042025-06-30yes
TRANSCRIPT202511122025-09-30yes
TRANSCRIPT202602042025-12-31yes
TRANSCRIPT202606012026-03-31yes
TRANSCRIPT202608062026-06-30yes

DEEPAKFERT

files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.

Identity

Statement divisiongeneral
Scope servedconsolidated
Panels on this page4

Market

No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.

Last close1,361.40
52-week range872.1 – 1664.3
Return 1M-6.75%
Return 3M-13.09%
Return 1Y-13.85%
Return 3Y120.43%
Return 5Y221.2%
Market capitalisationnot shown — we could not confirm it
Shares outstandingnot shown — we could not confirm it
P/Enot shown — we could not confirm it
P/Bnot shown — we could not confirm it
EV/EBITDAnot shown — we could not confirm it

Latest quarter filed — period ending 2026-06-30

In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.

Revenue from operations3,256.00
Other income6.00
Total income3,262.00
Cost of materials consumed1,526.00
Purchases of stock-in-trade501.00
Changes in inventories-141.00
Employee benefit expense199.00
Finance costs95.00

Ownership — 2026-06-30, and the change from 2026-03-31

HolderPer centChange
promoter and promoter group0.460.00
institutions foreign0.10-0.00
institutions domestic0.150.01
mutual funds0.110.01
public0.540.00

Documents on file

ClassMost recentOn file
TRANSCRIPT2026-06-3023

Financial statements

Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.

Quarterly results, as filed

Line2022-09-302022-12-312023-03-312023-06-302023-09-302023-12-312024-03-312024-06-302024-09-302024-12-312025-03-312025-06-302025-09-302025-12-312026-03-312026-06-30
Revenue from operations2,719.002,755.002,796.002,313.002,424.001,853.002,086.002,281.002,747.002,579.002,667.002,659.003,006.002,830.003,011.003,256.00
Other income27.0031.0015.0020.0019.0011.0072.0012.007.0013.0050.0024.0027.0046.006.006.00
Total income2,746.002,785.002,811.002,333.002,443.001,864.002,159.002,293.002,754.002,592.002,717.002,683.003,033.002,876.003,017.003,262.00
Cost of materials consumed1,733.001,837.001,480.001,322.001,131.001,216.001,213.001,280.001,405.001,546.001,466.001,493.001,595.001,737.001,596.001,526.00
Purchases of stock-in-trade132.00394.00378.00392.00359.00165.0043.00167.00221.00273.00152.00262.00631.00574.00324.00501.00
Changes in inventories15.00-303.00101.00-12.00266.00-174.00-24.00-43.00191.00-140.00151.00-24.00-144.00-294.00251.00-141.00
Employee benefit expense145.00143.00134.00125.00137.00120.00145.00157.00162.00149.00115.00155.00151.00155.00162.00199.00
Finance costs43.0053.0055.0079.00107.00106.00112.00111.00103.0098.00101.0088.0075.0096.0093.0095.00
Depreciation and amortisation56.0055.0069.0059.0081.0091.00102.0095.00100.00100.00109.00103.00106.00108.00106.00105.00
Other expenses201.00222.00233.00205.00245.00244.00271.00256.00274.00265.00303.00260.00309.00305.00325.00325.00
Total expenses2,324.002,402.002,450.002,171.002,326.001,767.001,862.002,023.002,455.002,291.002,397.002,337.002,723.002,682.002,856.002,611.00
Profit before exceptional items and tax422.00384.00360.00162.00117.0097.00296.00270.00299.00301.00320.00345.00310.00195.00161.00651.00
Exceptional items0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
Profit before tax422.00384.00360.00162.00117.0097.00296.00270.00299.00301.00320.00345.00310.00195.00161.00651.00
Current tax128.00127.0088.0052.0084.0046.00158.0099.0097.0032.0084.00107.0082.0068.0028.0093.00
Deferred tax19.004.0015.00-4.00-31.00-10.00-81.00-29.00-12.0016.00-42.00-6.0014.00-15.00-7.0069.00
Tax expense146.00131.00103.0049.0053.0036.0077.0070.0085.0048.0042.00101.0096.0053.0022.00161.00
Profit for the period276.00252.00257.00114.0063.0061.00220.00200.00214.00253.00278.00244.00214.00141.00139.00490.00
Profit attributable to owners272.00249.00255.00110.0060.0058.00215.00196.00210.00251.00277.00243.00213.00141.00139.00490.00
Profit attributable to non-controlling interests4.003.002.004.003.003.005.004.004.002.001.001.001.000.000.000.00
Other comprehensive income-2.007.00-3.00-0.00133.00-117.0063.00-9.00-78.00-10.0021.00-40.00-13.00-11.00108.00-37.00
Total comprehensive income274.00259.00255.00113.00197.00-56.00283.00191.00136.00243.00299.00204.00201.00130.00248.00453.00
Earnings per share, basic22.2219.7620.198.724.764.5617.0115.4916.6419.8621.9619.2616.8911.2111.0438.82
Earnings per share, diluted22.2219.7620.198.724.764.5617.0115.4916.6419.8621.9619.2616.8911.2111.0438.82

Annual results, as filed

Line2018-03-312020-03-312021-03-312022-03-312023-03-312024-03-312025-03-312026-03-31
Revenue from operations6,062.004,685.005,808.007,663.0011,301.008,676.0010,274.0011,506.00
Other income24.0095.0033.0044.0084.00123.0081.00103.00
Total income6,086.004,781.005,841.007,707.0011,385.008,799.0010,355.0011,609.00
Cost of materials consumed2,373.002,615.002,892.004,603.006,939.004,882.005,697.006,421.00
Purchases of stock-in-trade2,277.00555.00844.00605.001,017.00960.00814.001,790.00
Changes in inventories-95.00140.0068.00-179.00-286.0056.00159.00-211.00
Employee benefit expense246.00306.00365.00492.00594.00527.00583.00623.00
Finance costs173.00243.00188.00155.00195.00404.00413.00353.00
Depreciation and amortisation163.00214.00212.00233.00239.00334.00403.00424.00
Other expenses716.00605.00684.00786.00872.00965.001,097.001,199.00
Total expenses5,853.004,678.005,253.006,695.009,569.008,127.009,166.0010,599.00
Profit before exceptional items and tax233.00103.00588.001,013.001,816.00672.001,189.001,010.00
Exceptional items0.000.000.000.000.000.000.000.00
Profit before tax233.00103.00588.001,013.001,816.00672.001,189.001,010.00
Current tax23.004.00187.00315.00552.00340.00313.00285.00
Deferred tax43.0010.00-5.0010.0043.00-125.00-68.00-13.00
Tax expense66.0014.00182.00325.00595.00215.00245.00272.00
Profit for the period164.0089.00406.00687.001,221.00457.00945.00739.00
Profit attributable to owners163.0087.00400.00678.001,210.00443.00934.00737.00
Profit attributable to non-controlling interests1.002.006.009.0011.0015.0011.002.00
Other comprehensive income-2.00-10.006.008.00-11.0079.00-76.0044.00
Total comprehensive income163.0079.00412.00696.001,210.00537.00869.00783.00
Earnings per share, basic18.609.8341.4760.4497.7035.0573.9558.40
Earnings per share, diluted18.609.8339.2058.2597.7035.0573.9558.40

Balance sheet, as filed

Line2022-09-302023-03-312023-09-302024-03-312024-09-302025-03-312025-09-302026-03-31
Total assets10,719.0011,421.0011,893.0011,830.0012,242.0013,148.0015,026.0016,488.00
Non-current assets6,283.007,037.007,216.007,513.008,194.008,661.009,349.0010,208.00
Current assets4,436.004,384.004,677.004,318.004,049.004,487.005,678.006,280.00
Property, plant and equipment2,173.002,011.005,399.005,596.005,550.005,427.005,365.005,336.00
Capital work-in-progress2,999.003,527.00726.00749.001,059.001,404.002,230.003,046.00
Goodwill43.0043.0043.0043.0029.0028.0029.0031.00
Other intangible assets389.00423.00486.00427.00449.00534.00512.00484.00
Inventories1,367.001,259.00953.001,192.001,006.001,069.001,740.001,738.00
Trade receivables1,595.001,691.001,250.001,476.001,698.001,617.001,713.002,343.00
Cash and cash equivalents354.00279.00415.00226.00269.00354.00170.00397.00
Total equity and liabilities10,719.0011,421.0011,893.0011,830.0012,242.0013,148.0015,026.0016,488.00
Equity4,684.005,193.005,229.005,446.005,716.006,254.007,156.007,464.00
Equity share capital126.00126.00126.00126.00126.00126.00126.00126.00
Other equity4,434.004,941.005,064.005,282.005,551.006,110.006,388.006,718.00
Total liabilities6,035.006,228.006,664.006,384.006,527.006,894.007,870.009,024.00
Non-current liabilities2,917.003,411.003,148.003,330.002,746.003,368.004,131.004,597.00
Current liabilities3,117.002,817.003,516.003,054.003,780.003,526.003,739.004,426.00
Borrowings, non-current2,750.003,231.002,937.003,063.002,276.002,777.003,595.004,073.00
Borrowings, current331.00382.001,055.00983.001,367.001,156.00642.001,413.00
Trade payables2,089.001,777.001,623.001,285.001,589.001,714.002,332.002,158.00

Cash flow, as filed

Line2022-09-302023-03-312023-09-302024-03-312024-09-302025-03-312025-09-302026-03-31
Net cash from operating activities282.00493.00901.00732.001,144.001,880.00475.00206.00
Net cash from investing activities-392.00-979.00-632.00-375.00-339.00-1,062.00-1,197.00-1,559.00
Net cash from financing activities303.00604.00-133.00-410.00-762.00-689.00538.001,396.00
Purchase of property, plant and equipment695.001,209.00495.00885.00556.001,136.00870.001,570.00
Net increase in cash193.00118.00136.00-53.0043.00129.00-184.0043.00
con:CFO.BEFORE_TAX497.001,029.001,030.001,045.001,288.002,302.00692.00467.00
con:INTEREST_RECEIVED.OPERATING0.000.000.000.000.000.000.000.00
con:INTEREST_PAID.OPERATING0.000.000.000.000.000.000.000.00
con:DIVIDENDS_RECEIVED.OPERATING0.000.000.000.000.000.000.000.00
con:TAX_PAID.OPERATING215.00536.00129.00313.00144.00423.00218.00261.00
con:CF_OTHER.OPERATING0.000.000.000.000.000.000.000.00
con:INVESTMENTS_PURCHASED4,148.009,424.000.000.000.000.000.000.00
con:INVESTMENTS_SOLD4,412.009,740.000.00372.000.0086.000.000.00
con:PPE_DISPOSALS0.001.005.0059.0010.0019.000.001.00
con:CF_INVESTING.SUBSIDIARIES_SOLD0.000.000.000.000.000.000.000.00
con:CF_INVESTING.SUBSIDIARIES_ACQUIRED0.000.000.000.000.0064.000.0063.00
con:CF_INVESTING.JV_SOLD0.000.000.000.000.000.000.000.00
con:CF_INVESTING.JV_ACQUIRED0.000.000.000.000.000.000.000.00

Who owns it

The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.

Holder2023-03-312023-06-302023-09-302023-12-312024-03-312024-06-302024-09-302024-12-312025-03-312025-06-302025-09-302025-12-312026-03-312026-06-30
Promoter and promoter group45.4645.4645.4645.4645.6345.6345.6345.6345.6345.630.460.460.460.46
Domestic institutions2.132.072.823.493.166.3010.028.8211.3212.260.130.130.130.15
Mutual funds—————————8.970.090.100.100.11
Insurance companies0.190.350.641.291.361.702.732.762.552.650.030.030.030.03
Foreign institutions19.0913.4312.9713.1512.769.849.6711.5610.7411.250.110.100.100.10
Government———————————0.000.000.00
Public54.5454.5454.5454.5454.3754.3754.3754.3754.3754.370.540.540.540.54
Non-institutional33.3339.0438.7537.9038.4538.2334.6933.9932.3130.860.310.310.310.30
Shares outstanding126237825126237825126237825126237825126237825126237825126237825126237825126237825126237825126237825126237825126237825126237825

Related parties

Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.

CounterpartyRelationshipTypeAmount in the periodTransactions
Partha BhattacharyyaIndependent DirectorAny other transaction1,100,000,000,000.004
Bhuwan Chandra TripathiIndependent DirectorAny other transaction1,000,000,000,000.004
Parul Sailesh MehtaNon Executive DirectorAny other transaction800,000,000,000.004
ALOK PERTIIndependent DirectorAny other transaction750,000,000,000.002
Jayesh ShahIndependent DirectorAny other transaction600,000,000,000.002
MP ShindeNon Executive DirectorAny other transaction600,000,000,000.004
Sitaram KunteIndependent DirectorAny other transaction500,000,000,000.002
TK CHATTERJEENon Executive DirectorAny other transaction450,000,000,000.002
SUJAL ANIL SHAHIndependent DirectorAny other transaction400,000,000,000.002
Varsha Vasant PurandareIndependent DirectorAny other transaction400,000,000,000.002
Sanjay GuptaIndependent DirectorAny other transaction400,000,000,000.002
T BAKKENIndependent DirectorAny other transaction400,000,000,000.002
A K PURWAHAIndependent DirectorAny other transaction200,000,000,000.002
Performance Chemiserve LimitedStep Down SubsidiaryInter-corporate deposit, Interest received, Investme19,407,596,000.0022
Mahadhan AgriTech LimitedWholly owned subsidiaryInter-corporate deposit, Interest received, Investme11,931,774,000.0016

What management said

Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.

DateQuarterWho spoke
2026-08-06Q1FY27CORPORATION LIMITED, LIMITEDRead the call
2026-06-01Q4FY26CORPORATION LIMITED, LIMITEDRead the call
2026-02-04Q3FY26PETROCHEMICALS CORPORATION LIMITEDRead the call
2025-11-12Q2FY26LIMITEDRead the call
2025-08-04Q1FY26(CORPORATE FINANCE), AMMONIUM NITRATE), DIRECTOR, FINANCIAL OFFICERRead the call
2025-05-28Q4FY25DIRECTOR, DEEPAK FERTILISERS AND, LIMITED, PETROCHEMICALS CORPORATION LIMITEDRead the call
2025-02-06Q3FY25PETROCHEMICALS LIMITED, PORTFOLIO MANAGERS PRIVATE LIMITEDRead the call
2024-11-05Q2FY25AMMONIUM NITRATE, PRIVATE LIMITEDRead the call
2024-08-07Q1FY25AMMONIUM NITRATE, DIRECTOR, FINANCIAL OFFICERRead the call
2024-06-04Q4FY24Read the call
2024-02-09Q3FY24Read the call
2023-11-10FYFY24Earnings Conference Call, November 3, 2023Read the call
2023-08-03Q1FY24Q1 FY2024Read the call
2023-05-26Q4FY23Q4 FY2023Read the call
2023-02-09Q3FY23Read the call
2022-11-21Q2FY23Read the call
2022-08-04Q1FY23to you, Sir.Read the call
2022-05-31Q4FY22Read the call
2022-02-11Q3FY22Hosted by SystematixRead the call
2021-11-23Q2FY22Read the call
2021-08-25Q1FY22Hosted by IIFL SecuritiesRead the call
2021-06-08Q4FY21Read the call
2021-02-17Q3FY21Read the call

What they said about it, quarter by quarter

TopicQ3FY25Q3FY26Q4FY21Q4FY22Q4FY23Q4FY24Q4FY25Q4FY26
CapexThe new plant of PCL, which we have set up is 500,000-plus capacity and the old one is around 129,000. , The new plant takes care of our current requi…On the investment front, YTD capex is around INR1,495 crores, largely directed towards Gopalpur TAN and Dahej-II nitric acid project.I had two - three questions, regarding the CAPEX, so your presentation has given the number of CAPEX for the ammonia, could you share just other than …My next question is about the CAPEX, which we're doing where you're saying that mid of next year, this project should come online.Amitabh, I think sometime in 2021, I had asked about our CAPEX, and you had explained in detail why we are doing Ammonia backward integration and the …So, if you take the total CAPEX that we'll be accumulating will be total of Rs.Despite capital expenditure or CAPEX of around INR 1,100 crores in FY ‘25, net debt was reduced to INR 3,305 crores from INR 3,426 crores a year ago.On the balance sheet, capex during the year around INR1,569 crores as we move closer to the completion of our key growth projects.
Capital allocation—I want to know the strategy behind that acquisition.As far as TAN is concerned, you are still in the process of getting our statutory approvals, land acquisition and the other basic on the ground projec…——Further, the Board has recommended a dividend of Rs.—In addition, we have completed the acquisition at DMSL, which strengthened our mining chemical platforms and enhance our ability to deliver integrated…
Costs—With raw material cost inflation affecting margins, even so specialty fertilizer and Croptek contributed 30% of CNB revenue, up from our previous quar…Now, in NPK with a little bit of a debottlenecking particularly on the raw material storage and on the evacuation side 6,00,000 tonne capacity can be …MOP was another product or other raw material, which had challenges.One is fundamentally a capacity utilization, and we do have a headroom available in increasing our capacity utilization in both ANP and NPK, and given…——This was largely due to sharp increase in input cost in Fertiliser business, particularly phos acid and sulfur, whereas the pass-through to customer a…
Debt and cashOur current net debt is around INR3,250 crores kind of a thing.——One is, in the context of the improvement in the debt number that we've seen already by the end of this year to about Rs.1,400-odd crores net debt I b…—So, the net debt, which we ended for this year, is close to Rs.Deepak Fertilisers and Petrochemicals Corporation Limited May 22, 2025 Coming to balance sheet and cash flow.And my second question is on the cash flow.
DemandJanuary 30, 2025 Coming to the new plant, once Gopalpur and Dahej comes up, yes, our demand goes up.And with now the normal weather emerging, mining is expected to pick up to its normal levels, and the resultant demand for technical ammonium nitrate …Firstly, a couple of clarifications in the opening remarks Mr. Mehta has admitted that we are already at 80% capacity utilization and the demand looks…And also, there was an impact and we've been talking about this for last couple of quarters that because of China Plus One kind of inclination of glob…Today, given ammonia what is happening to nitrogenous fertilizer and their demand, ammonia seems to be in excess.Our mining chemicals business, which is the TAN, Technical Grade Ammonium Nitrate, the sales volume grew by 26% during Q4 year-on-year, and 39% quarte…As India infrastructure and mining demand remains strong, particularly in coal, cement, steel, and aggregate, we see a positive momentum sustaining th…The reason for a slightly better performance in Q4 on volume terms compared to Q3 is demand strengthening.
GuidanceSince we are in a capacity expansion mode and next year when -- our peak debt will be sometime towards H2 of next year when our both projects gets com…With our major strategic projects nearing completions and our portfolio steadily shifting towards high- value solutions-led offering, we expect earnin…So, my question is the ongoing expansion in both the businesses the ammonia and TAN, what kind of top line and bottom line can we expect to be added i…Any further colour you could provide please what sort of impact this might have say in fiscal '23 or fiscal '24, how much capacity can we expect and h…Can you guide how much this is and what cost we will be paying for at least in the near term?With IMD forecasting above average rainfall for the upcoming monsoon season, we expect a favorable kharif and rabi season.So, we expect to be around INR 5,000 crores when the peak touches.Going forward, we expect quality of earnings to improve, supported by 3 key levers: tightening global supply conditions, which are helping to improve …
MarginIf you're looking at EBITDA level, yes, savings are -- I'm talking we were at almost at breakeven at PBT level.Our net debt-to-EBITDA ratio today stands at 2.27x, fully aligned with our ongoing capex cycle, which is in its last leg of execution.Amitabh, just continuing on the previous question, so just a clarification that cost of production for ammonia with the new plant would be around USD …Let me also say that in IPA for example, while overall demand came back as some of the challenges that pharma sector was facing on their supply chain …The current prices would be lower for ammonia because the $560 is based on 420 odd dollars of FOB Middle East. so, as the current FOB Middle East woul…2,086 crores, with an operating EBITDA of Rs.On EBITDA front, Q4 EBITDA came in at INR 480 crores, up 10% Y-o-Y.On profitability, our full year EBITDA stood at INR1,684 crores, while Q4 EBITDA came at INR354 crores.
PeopleCurrently, plant is running at a good capacity utilization, ammonia plant.So even if they run by 50% utilization rate, it means that about 450 additional KTPA would easily cover up the entire India market.So, just wanted to understand, how much more can our capacity utilization go up from here?So, our nitric acid capacity utilization in Q4 which have come to 77% and the fertilizer NP+NPK which is at 34, that should largely normalize and come…We need to still see what kind of capacity utilizations, but ammonia plant technically speaking can ramp up to 100% capacity fairly quickly, but we wi…The capacity utilization for our TAN business was close to almost 101% for the quarter and 92% for the year.And what is the peak utilization you expect by, say, FY ‘27?The way things look like -- and since we are in TAN business and operating across various geographies at this point of time on TAN, we don't expect us…
PricingBut overall, if you are looking at volume increase to value increase, you do see some softness coming on pricing side.And that brought in the raw material price increase for both technical ammonium nitrate and nitric acid.—But in other segments, like nitric acid, for example, where generally our pricing passes through the raw material prices.Last year our capacity utilization in fertilizer in the bulk fertilizer which is where our Ammonium Nitro Phosphate, ANP, and the NPK both Croptek and…Firstly, on the ammonia front, now when you say that our plant has been stabilized and the cost has been largely factored in, so how shall one look at…Okay, ammonia pricing is internationally available.In the first half, we saw a strong performance across businesses, supported by relatively favorable pricing and operating conditions.
Revenue growthOur focus on Croptek and Smartek is something where our growth was phenomenal in the overall growth, what you see in a CNB business.That 5% growth of coal, would it lead to 16% growth in the TAN demand?If FOB Middle East prices, you are assuming that that is the price that at which you will transfer ammonia from our new plant to our downstream produc…——In the industrial chemicals business, nitric acid faced challenges in Q4, primarily due to our extended shutdown of our Dahej plant, whereas our IPA s…Since the growth of this quarter primarily led by Fertilizer business, that mix change has resulted into this contraction or the lower margin what we …At the consolidated level, we delivered revenue growth of around 12% for the full year with revenue at INR11,506 crores.

What they said they would do

Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.

DateQuarterWhoWhat they said
2025-05-28Q4FY25DIRECTOR, DEEPAK FERTILISERS ANDSo, we expect to be around INR 5,000 crores when the peak touches.
2025-05-28Q4FY25DIRECTOR, DEEPAK FERTILISERS ANDFirst year, we expect 70%, which is the normal ramp- up.