Recent CRISIL rating A1 stable Rating Rationale
Highlights:
- Over the medium term, the operating margin should sustain at 18-20%, higher than the historical long-term average, aided by benefits from backward integration in ammonia
- DFPCL will also benefit from the lower-priced natural gas, as per its long-term contract with Equinor, priced favourably than its existing contracts
- Going forward, the group will raise additional debt to fund its capacity expansion in TAN and nitric acid, with an estimated capital expenditure (capex) of ~Rs 4,500 crore over next 2-3 fiscals
Disclaimer: Holding it in my portfolio
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