Deepak Mining Solutions Limited

Key Metrics of Deepak Mining Solutions Limited

Revenue₹11,506 Cr▲ 12.0% YoYFY 2025-26

EBITDA₹1,703 Cr▼ 13.2% YoY

Net profit₹739 Cr▼ 21.8% YoY

Net worth—

Competitors10identified

About Deepak Mining Solutions Limited

Sectors

Steel, Metals & PipesStainless Steel & Non-Ferrous Metals

Company details

Registered office: Sai Hira, Survey No. 93, Mundhwa,, Pune, In-mh, 411036

Operational Areas of Deepak Mining Solutions Limited

Steel, Metals & Pipes›Stainless Steel & Non-Ferrous Metals

Company summary

Entity details

CINU14100PN2008PLC132562

LEI code335800FIRW4WYKHMDF20

State codePN

PIN code411036

Current legal nameDEEPAK MINING SOLUTIONS LIMITED

Classification—

Listing statusUnlisted

Registration no.132562

Company age—

PAN—

CountryIndia

CityPune

StateMaharashtra

Current statusActive

Date of incorporation—

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026

Industry classification

NIC code14100

Description of main activityOther mining and quarrying

Description of business activityOther mining and quarrying

SectorSteel, Metals & Pipes · Stainless Steel & Non-Ferrous Metals

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Financials, ratios and risk analysis

Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.

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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date · 6 days left

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 36 days left

Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.

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Credit ratings

ICRA · 15 Oct 2026 ICRA AA- Positive outlook · Short term A1+ · Watch

Change in last 12 months—

Change since first rating on record—since Oct 2026

Rating actions10 up · 0 down

Liquidity (ICRA)Adequate

NoteRating watch (ICRA, 15 Oct 2026)

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
15 Oct 2026	ICRA	Watch	AA-	A1+	Positive	₹2,600 Cr	View

Credit strengths (ICRA, Oct 2026)

+ Strong market position in domestic industrial and mining chemical business

The Deepak Group has a strong market position in the existing chemical businesses of TAN, nitric acid and IPA.

+ Favourable demand prospects

The domestic demand outlook for the company’s key products such as TAN, IPA and nitric acid remains healthy.

+ Healthy financial flexibility

The Group has a healthy financial flexibility, reflected in its fund-raising and refinancing ability.

Credit challenges

− Profitability vulnerable to commodity prices

DFPCL’s profitability remains exposed to the volatility in commodity prices, as the realisations for key products such as ammonium nitrate, ammonia, IPA remain closely linked to global commodity cycles.

− Exposure to regulatory risks

The fertiliser business is exposed to agro-climatic risk and operates in a regulated environment.

− Residual projection execution risk pertaining to large debt -funded capex

The Deepak Group is undertaking a Rs. 4,658 -crore capex programme, with around Rs. 3,577 crore incurred till June 2026, for setting up a 376 -KTPA TAN project at Gopalpur, Odisha, at a capital outlay of nearly Rs. 2,675 crore, and a nitric acid plant at Dah ej, Gujarat, at an investment of nearly Rs. 1,983 crore.

Could lead to an upgrade

The Positive outlook could be resolved favourably if the ongoing TAN and nitric acid projects are commissioned within the envisaged timelines and costs, followed by the timely stabilisation and ramp-up of the new facilities, which would increase the Group’s scale of operations and earnings, while maintaining comfortable credit metrics.

Could lead to a downgrade

The outlook could be revised to Stable and/or the ratings could be downgraded in case of material delays or cost overruns in the ongoing projects, slower-than-envisaged stabilisation or ramp-up of the new facilities, or a sustained moderation in profitability and cash accruals, resulting in a moderation of the credit metrics. Any large debt-funded capital expenditure or acquisition, or a material stretch in the working capital cycle that weakens the Group’s

Agency-reported financials (ICRA, 15 Oct 2026)

Metric	FY2025	FY2026	Q1FY2027
Operating income	₹10,274 Cr	₹11,506 Cr	₹3,256 Cr
PAT	₹945 Cr	₹739 Cr	₹490 Cr
OPBDITA/OI	19.1%	14.8%	26.0%
PAT/OI	9.2%	6.4%	15.0%
Total outside liabilities/Tangible net worth (times)	1.00×	1.30×	—
Total debt/OPBDITA (times)	2.10×	3.70×	—
Interest coverage (times)	4.70×	4.80×	8.90×
Revenue growth (YoY)	—	12.0%	—
EBITDA (margin × income)	₹1,962 Cr	₹1,703 Cr	₹847 Cr
Implied total debt (debt/EBITDA × EBITDA)	₹4,121 Cr	₹6,301 Cr	—
Implied interest cost (EBITDA ÷ coverage)	₹418 Cr	₹355 Cr	₹95.13 Cr

Borrowings & rated debt

Rated borrowing limits (latest)₹2,600 Cr

Limits raised0 times0 new facilities rated

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
Long term fund based – Term loan	Term loans	₹1,900 Cr	₹1,900 Cr	0.0%	AA- (Positive)	Watch	ICRA
Non-fund based	Non-fund based limits	₹700 Cr	₹700 Cr	0.0%	—	Watch	ICRA

Credit assessment · Manufacturing

Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26

Indicative long-term—

Indicative short-term—

Score—

LiquidityStretchedAgency: Adequate

DirectionStableAgency outlook: Positive

ICRA rating · Oct 2026AA-4 notches above indicative

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Rating status

Default	No default on record
Issuer cooperation	Cooperating
Credit enhancement	None – standalone rating
Next action stable or better (model)	92%
Information on file	44% · missing: Annual results history (3+ years), Liquidity position, Debt obligations and repayment schedule, Auditor details, Shareholding pattern

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

⬇ PDF report ⬇ Excel

Can it borrow more?Further bank funding likely Next rating action stable or better: 92% (Stable or improving) · scorecard until enough rating history is collected

Rated limits₹2,600 Cr

Not yet allocated—

Extra debt within 3.5× EBITDA—

Interest coverage8.90×

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 92% chance the next rating action is stable or better
Current rating AA- (investment grade)
Interest coverage 8.9×

Rated limits by facility

Timeline

15 Oct 2026 ICRA watch: AA- (Positive)Rated limits ₹2,600 cr ICRA rationale

15 Oct 2026 Capex / project: ₹2,675 cr

From the report

The 376-kilo tonnes per annum www.icra.in Sensitivity Label : Public Page |1 (KTPA) TAN project at Gopalpur, with a project cost of around Rs. 2,675 crore, was approximately 95% physically complete as of June 2026 and is targeted for commissioning in Q3 FY2027 .

ICRA rationale

Lender names, bank charges and audited borrowings are part of Premium.

Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.

Competitors of Deepak Mining Solutions Limited