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Motilal Oswal's research report on Deepak Nitrite

Deepak Nitrite (DN) reported a weak operating performance, with EBITDA declining 31% YoY to INR2b in 2QFY26. Gross margin contracted 440bp YoY to 27.6% and EBITDA margin contracted 390bp, driven by macro headwinds, pricing trends, and tariff developments. Amid a volatile geopolitical environment and shifting global trade dynamics, we expect a recovery in 2H, led by the ramp-up of new capacities, improved volumes from market seeding of new products and SKUs, and the company’s strategic initiatives to pivot into non-traditional geographies and debottleneck certain capacities.

Outlook

We broadly retain our es

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