Deepak Fertilizers and Petrochemicals Corporation Limited — Credit Ratings, 01-04-2026: Credit Rating

ICRA has reaffirmed Deepak Fertilisers' (DFPCL) long-term rating at [ICRA] AA- and short-term rating at [ICRA] A1+. However, the outlook for both has shifted from 'Positive' to 'Watch with Developing Implications,' and the short-term rating is withdrawn. This reflects risks from the West Asia conflict disrupting natural gas supplies. Upcoming gas contracts and project commissioning are key monitorables.