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Deepak Nitrite has Dasda ruling, backward integration tailwinds
Deepak Nitrite Ltd’s investors would have hoped for some succour from the news that the Indian government is considering levying an anti-dumping duty on imports of Diamino Stilbene Disulphonic Acid (Dasda) from China. Deepak’s stand has been vindicated as the Directorate General of Trade Remedies (DGTR) has found merit in its complaint.
The DGTR proposed a reference-price-based duty where importers would pay the difference between the arrival price and a reference price of $3,453 per tonne.Following the news, the stock opened on a positive note on Friday, gaining 3.5% intraday, before the rally fizzled out and the stock hit another 52-week low.What is Dasda’s significance for the company? Deepak Nitrite has two business segments: advanced intermediates and phenolics. Advanced intermediates mainly cater to the agrochemicals, dyes and pigments industries.
Dasda is used in dyes, though its separate numbers are not disclosed.While advanced intermediates contributed just 15% to total earnings before interest and taxes (Ebit) in the first three quarters of FY26 (9MFY26), at its peak, the measure stood at 57% in Q1FY24. Its contribution fell sharply to 9% in Q3FY26, as the Ebit margin shrank to 2% from 16% in Q3FY25, largely owing to dumping of chemicals from China.If dumping of Dasda and other chemicals from China into India is reduced, either due to anti-dumping duties or a sharp depreciation of the rupee versus the Chinese yuan, the advanced intermediates' segment could become a big driver of future Ebit growth.
The rupee has depreciated by 6% against the Chinese yuan so far in 2026.That apart, Deepak is also seeking to increase its cost competitiveness in advanced intermediates through backward integration. It
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