Questions across 9 calls

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Deepak Fertilizers and Petrochemicals Corporation Limited

Deepak Fertilizers and Petrochemicals Corporation Limited CC-Jun26.pdf · 2026-05-29

I had a couple of them. First was on PCL. So what would be our current gas cost, including contractual and spot from the existing mix? And also, how will this change with the Equinor contract? Subhash Anand: Okay. We don't share a very precise gas cost and pooled gas price. But definitely, Equinor will give us 2 things very clearly. One, supply security or supply surety, which definitely was a challenge in the current environment. Second, it will give a cost o ptimization or cost benefit because of long-term contract and the way current gas prices are, the benefit is definitely there. And even the long-term rate averages as we see, we do see the benefit continue to flow from here. How much it is? Yes, that's an information still not available for public or in the public domain. We'll come back once we feel this is the right time for us to share.

Sure, sir. So basically, what I was trying to understand, based on the current gas cost, even if we take Henry Hub or linked contracts, which is available in the country in public domain, our ammonia breakeven or anyone who is manufacturing ammonia in the country breakeven should come to around $550, $600, whereas the current ammonia price is between $900 to $1,000 or maybe slightly more than that in domestic market. So is it fair to assume that the spreads of converting gas to ammonia currently would be around $450, $500. Subhash Anand: Okay. Without specifying on numbers, but assumption is right. The ammonia price currently is trading at much elevated level. In fact, the last published number itself was almost around $800 Middle East FOB. So that's the prices at which ammonia already trading. And with gas prices of Henry Hub broadly, yes, we do see a significant spread in the current market environment, which ammonia will have.

SRF Limited

SRF Limited CC-Jan26.pdf · 2026-01-20

The first one was, we have mentioned in our presentation that we continue to fully utilize our HFC capacities. In that context, how should we look at the overall volume growth in HFCs over the next, say, 2 to 3 years? Or maybe there will be only pricing-led growth till the time we create capacity for next-generation gases? How should one look at that?

Understood, but I was asking more from the angle that you are already fully utilized with your capacity and in baseline, 1 year is still left. I was asking from that angle.

SRF Limited CC-Jun25.pdf · 2025-07-24

Sir, first question was with respect to R467A. I wanted to understand the current market size in India and globally. Is it already sizable today, or is it still in the development phase as a potential replacement for R22 globally?

Understood, sir. Second, sir, was more of a clarification. We have mentioned in the PPT that our AHF-3 plant is getting stabilized. So, is it now running at optimal capacity or the ramp -up is yet to be seen?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Mar25.pdf · 2025-05-29

I have just 2 bookkeeping questions. First one is that what would be the accounting treatment for this Government incentive income? Will we be doing this consistently on a cash basis or on an accrual basis, as this INR 60 crore, INR 70 crore of income is more or less certain that we are planning to accrue every year going forward.

Sure. And just secondly, on the interest cost every quarter or year that we can work with, as I see that there's been a debt increase to around INR 1,000 crore by the end of March this year. So if you can give some indication over there?

Deepak Nitrite Limited CC-Dec24.pdf · 2025-02-17

So firstly on the Phenolics business, if we have lost around say 12 ,000 to 15,000 tonnes kind of volumes, how have we been able to maintain the kind of top line that we have reported ? Because the top line is hardly down by around 5%, and based on these volumes my understanding is that it should have been down by around 20%. Am I missing something here?

So, this 15,000 tonnes is sales volume impact or production volume impact?

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Mar25.pdf · 2025-05-27

First question was in terms of R-32 capacity. How much capex are we doing in Phase 1, that is 20,000 tons of R -32? And what amount of capex are we doing for putting HF for this R -32 capacity?

Sir, does this include HF or this excludes HF? HF will be separate or...

Gujarat Fluorochemicals Limited CC-Dec23.pdf · 2024-02-07

Just wanted to, sorry for hopping on this again, just wanted to clarify on our guidance for growth over FY'23, in FY'25 or either flattish number. So if I look at our hi storic numbers, our FY'23 EBITDA of INR1,900 crores, nearly half of that would have come because of three reasons. One is higher realization in bulk chemicals, higher pricing in ref gas, and at the same time, higher pricing in fluoropolymers. Now when we say that we are freezing our capex at this juncture for fluoropolymers, because this is a long gestation business and capacities will get utilized over a period of time, what gives us the confidence that at least half of our EBITDA of FY'23 can be compensated in FY'25? So ideally, I think that we should see at least 100% growth in our fluoropolymer business for the erstwhile dip in the business growth. So just wanted to understand, how will we see that at least flattish or growth numbers in FY '25 versus '23?

Sure. So that means that we are expecting at least 80%, 90% growth in fluoropolymers over FY'23 for that to get compensated. Obviously, because the realizations of fluoropolymers have also gone down versus FY'23, in terms of volumes basically?

Anupam Rasayan India Limited

Anupam Rasayan India Limited CC-Dec24.pdf · 2025-02-14

Yeah, thanks for the opportunity. firstly, while the Pharma and Polymers business is doing well. Agrochem sales have been slow for quite some time now. So is this more customer-specific or market-specific rationalization in terms of overall sales?

Yes. Sure, Vishal bhai. And sir, secondly, congrats on continuing the LOI signing and conversion of that into contracts. So again, like yesterday, we have signed a new LOI. And now based on that, what is your overall outlook for the US business?

Aarti Industries Limited

Aarti Industries Limited CC-Dec23.pdf · 2024-02-09

Sir, we have guided for Rs. 1,000 crore EBITDA for FY24. That means again we will see sequential improvement in EBITDA to the tune of around Rs. 280 crore to Rs. 300 crore in Q4. This will again be a result of the recovery in discretionary spends that we have been highlighting. So, my question was, do we further see improvement in Q1 and Q2 of FY25 as well in discretionary spends before we start seeing improvement in agro and pharma demand?

Secondly, on Chlorotoluenes, we have highlighted that we are seeing a Rs. 1,500 crore of import substitution opportunity. Can we just guide on our revenue target that at least we are targeting, and EBITDA margin expectations and total CAPEX spend on this chain?