JM Financial is optimistic about Deepak Nitrite's growth. They project a target price of Rs 2,305. The company's Q4FY25 earnings exceeded expectations due to government incentives. Advanced intermediates performance is showing improvement. Volume normalization is expected from 2HFY26. Commissioning of backward integration capex should boost margins from 2QFY26. Benefits from other projects are likely from 3QFY26.