Nitric acid plants to be commissioned by end of Q2 FY26
Concentrated nitric acid in trial production; weak nitric acid commissioning ongoing. Both expected to be fully online by end of Q2, adding 200-300 bps to AI segment EBITDA margins from Q3.
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Deepak Nitrite · forward-looking guidance across the available source record.
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expansion
MIBK/MIBC and other solvent plants to commission in Q3 FY26
Advanced solvents MIBK, MIBC, and nitration plants expected to be commissioned in the next quarter (Q3 FY26). Ramp-up will be accelerated, targeting merchant revenue of ~₹550 crore from MIBK alone.
Polycarbonate complex commercial operations by December 2027
India's first integrated polycarbonate project (165 KTPA) with backward integration from propane to phenol/acetone, BPA, and polycarbonate. Total capex ~₹10,000 crore over three years.
Renewable energy target of 60-70% by FY27
Signed PPA for renewable energy; expected to reduce CO2 emissions by 60-65% and deliver cost savings from May 2026.
Polycarbonate commissioning targeted H2 FY28-29
The 11,500 crore integrated polycarbonate project from propylene to BPA to polycarbonate and compounding is expected to commission in H2 FY28-29, with BPA following polycarbonate by a couple of months.
MIBK and MIBC commissioning in August-Q2 FY27
MIBK and MIBC will be commissioned in August itself along with acetophenone, with the multi-purpose agrochemical intermediate facility commissioned within Q2 FY27.
Phenol capacity debottlenecking to 4 lakh TPA
Additional 80-100 crores investment planned to debottleneck phenol assets from 3.5 lakh to 4 lakh TPA, targeting near-term completion.
New products from R&D pipeline commercializing
Several products across fluorination, amination, nitration, and specialty chemistry progressing through customer qualifications and commercialization, expected to broaden specialty portfolio and improve margins over next few years.
H2 performance expected better than H1
Management expects H2 FY26 to be better than H1, driven by improving demand and commissioning of new capacities.
Upstream assets (nitric acid, MIBK/MIBC) to commission by Q4 FY26
Nitric acid plant commissioning this quarter; MIBK/MIBC plant expected to start commercial production by March 2026.
Polycarbonate project on track for March 2028
Integrated polycarbonate complex commissioning targeted for January-March 2028 quarter, with total capex of ~₹9,000 crore.
Capex guidance of ₹1,500 crore for FY26 maintained
Management reaffirmed capex spend of ~₹1,500 crore for the current fiscal year.