THE MAN WITH THE MAGIC FORMULA

Deepak C. Mehta has helped Deepak Nitrite become the fifth-largest listed chemicals player in terms of m-cap from the 24th spot a decade earlier

- Rahul Oberoi

"THE EXCITEMENT OF TRYING something new always drives me, and therefore stress doesn’t feel like stress,” says 66-year-old Deepak C. Mehta, with childlike glee. The Chairman and MD of Deepak Nitrite has been associated with the company, founded by his father Chimanlal K. Mehta in 1970, for the past 45 years. During this time, the company’s products portfolio has expanded significantly, whereas its market capitalisation has also grown manifold. Sample this: from the 24th spot a decade ago, Deepak Nitrite has now become the fifth-largest listed chemicals player in terms of market capitalisation, at ₹25,208 crore on April 19, 2023. Plus, its clients are now spread across more than 45 countries.

And a major chunk of the credit for this growth goes to Mehta, whose ability to spot trends before they become mainstream has come in handy. Backed by this ability, the company has reported revenue growth at a CAGR of 36 per cent between FY17 and FY22. Its net profit has also grown at a CAGR of 62 per cent in that period, with the stock markets, too, rewarding it for its consistency. The company’s share price jumped over 15 times between FY17 and FY22, with the return on capital employed standing at 44 per cent in FY22. “We started looking at being more India-centric in 2017 due to the faster growth rate of the country. We also restricted our selection to only high-demand items in India,” says Mehta, the winner in the Chemicals category of the