Coromandel International Limited (COROMANDEL)
₹1,758.60 -0.38% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Coromandel International's revenue was ₹6,004 Cr (+20.4% year on year, -31.6% on the previous quarter), and net profit ₹115 Cr (-80.1% year on year); the operating margin was 8.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹6,004 | +20.4% | -31.6% |
| Operating profit | ₹488 | +19.3% | -39.0% |
| Net profit | ₹115 | -80.1% | -76.5% |
| EPS (₹) | 4.74 | -75.9% | -72.4% |
| Operating margin | 8.1% | — | — |
COROMANDEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 73.51% of the COROMANDEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.81%. Delivery was unusually high while the price barely moved (-0.38%).
Delivery in the last 5 sessions: 50.5% · 49.7% · 71.0% · 64.3% · 73.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Coromandel International received an Order-in-Appeal from the Additional Commissioner (Appeals), Jodhpur, confirming a tax demand of ₹71,63,421 along with a penalty of ₹12,66,303 and applicable interest for FY 2019-20. The dispute relates to an alleged excess availment of Input Tax Credit (ITC) due to a mismatch between GSTR-3B and GSTR-2A. Total quantified liability of ~₹0.84 crore is negligible against TTM revenue of ₹31,480 crore and TTM PAT of ₹1,898 crore (<0.05% of PAT). The company plans to file an appeal before the Goods and Services Tax Appellate Tribunal.
- Tax demand confirmed at ₹71,63,421 under Section 73 of Central GST / Rajasthan GST Act, 2017.
- Penalty imposed amounting to ₹12,66,303 alongside applicable interest.
- Issue pertains to FY 2019-20 ITC mismatch between GSTR-3B and GSTR-2A.
- Order received on 21st September 2026; company intends to appeal before the GST Appellate Tribunal.
Coromandel International has issued a corporate guarantee of USD 15.5 million (equivalent to XOF 8,654.48 million) in favour of Citibank N.A. to back a working capital facility availed by its subsidiary, Baobab Mining & Chemicals Corporation, Senegal (BMCC). The facility itself is for USD 14.09 million (XOF 7,867.71 million), with the guarantee set at 110% of the borrowing. This creates a contingent liability of up to USD 15.5 million for Coromandel, which represents less than 0.2% of its net worth of ₹12,475 crore. The transaction is conducted on an arm's length basis through wholly owned subsidiary Coromandel Chemicals Limited.
- Corporate guarantee issued up to USD 15.5 million (XOF 8,654.48 million)
- Backs working capital facility of USD 14.09 million (XOF 7,867.71 million) from Citibank N.A.
- Guarantee coverage stands at 110% of the underlying facility
- Issued on behalf of subsidiary Baobab Mining & Chemicals Corporation, Senegal
Coromandel International has executed an agreement on September 2, 2026, to convert an unsecured loan of ₹108.07 crore (including accrued interest) into equity of its wholly-owned subsidiary, Coromandel Chemicals Limited. Under the terms, Coromandel Chemicals is issuing 2,70,52,132 equity shares of face value ₹10 each at an issue price of ₹39.95 per share. The transaction was approved by the Board on July 23, 2026, on an arm's length basis. As this represents an intra-group capitalization into a 100% subsidiary, there is no impact on consolidated net cash or financials.
- Converts ₹108.07 crore outstanding unsecured loan and accrued interest into equity
- Allots 2,70,52,132 equity shares of face value ₹10 at an issue price of ₹39.95 per share
- Coromandel Chemicals Limited remains a 100% wholly-owned subsidiary
- Agreement executed on September 2, 2026 following Board approval on July 23, 2026
Coromandel International's subsidiary, Dhaksha Unmanned Systems, has inaugurated a new drone manufacturing facility in Kancheepuram, Tamil Nadu. The unit features dedicated production lines for agricultural, defence (surveillance and logistics), and enterprise UAVs. In conjunction with the launch, Dhaksha introduced two new agricultural drone models: DH Agrigator E10 Prime and DH Agrigator E10 Eco. While financial capex figures were not disclosed, this facility expands Coromandel's tech diversification beyond core fertilizers (TTM revenue of Rs 31,480 Cr).
- Inaugurated new manufacturing facility at Aymicheri in Kancheepuram, Tamil Nadu on August 24, 2026.
- Launched 2 new agricultural drone models: DH Agrigator E10 Prime and DH Agrigator E10 Eco.
- Established a dedicated production line for defence surveillance and logistics applications.
- Coromandel acquired a major stake in Dhaksha in July 2023 to expand into UAS/UAV solutions.
Coromandel International Limited has allotted 44,460 equity shares of face value Re. 1 each to option grantees under its ESOP Scheme 2016. The Stakeholders Relationship Committee approved the allotment on August 21, 2026. Consequently, the company's total paid-up share capital increased from Rs. 29,50,16,439 (29,50,16,439 shares) to Rs. 29,50,60,899 (29,50,60,899 shares). The newly allotted shares will rank pari-passu with existing equity shares in all respects.
- Allotment of 44,460 equity shares of face value Re. 1/- each under ESOP Scheme 2016
- Total paid-up share capital expanded from Rs. 29,50,16,439 to Rs. 29,50,60,899
- Committee approval date: August 21, 2026
- New shares rank pari-passu with existing equity shares
Coromandel International received an Order-in-Appeal from the Joint Commissioner (Appeals), CGST Jammu, confirming a tax demand of Rs 1.24 Cr and a penalty of Rs 12.35 lakh along with interest for FY 2018-19. The order cites an alleged mismatch in Input Tax Credit (ITC) between GSTR-3B and GSTR-2A. The company stated it has a strong defense on merits and will appeal before the GST Appellate Tribunal, Jammu. The financial liability is negligible, representing less than 0.01% of Coromandel's FY26 revenue of Rs 31,480 Cr.
- Tax demand of Rs 1,23,51,441 confirmed under Section 73 of CGST/JKGST Act for FY 2018-19
- Penalty of Rs 12,35,144 imposed along with applicable interest
- Issue pertains to alleged excess ITC availed due to GSTR-3B vs GSTR-2A mismatch
- Coromandel intends to file an appeal before the GST Appellate Tribunal, Jammu
- Total exposure (~Rs 1.36 Cr) is immaterial against TTM PAT of Rs 1,898 Cr
Coromandel International reported a resilient Q1 FY27 despite a 23% rainfall deficit and elevated raw material costs, with Phosphoric acid prices rising to $1,700/ton in Q2. The company consciously moderated fertilizer production to 6.9 lakh tons (72% capacity utilization) to optimize inventory amid volatile input prices. Management highlighted 25-30% growth in the Specialty Nutrient business and a steady-state EBITDA target of ₹6,500/MT for NPK fertilizers post-backward integration. The drone subsidiary, Dhaksha, is scaling up with a target of 500 agri-drones this year.
- Fertilizer production moderated to 6.9 lakh tons in Q1 FY27 from 8.4 lakh tons in the previous year.
- Phosphoric acid prices for Q2 settled at $1,700 per ton, a sharp increase from $1,360 in Q1.
- Specialty Nutrient business is growing at 25-30% annually with a 20% EBITDA margin.
- Targeting a steady-state EBITDA of ₹6,500 per metric ton for NPK fertilizers once input prices normalize.
- Dhaksha Unmanned Systems aiming for 500 agri-drones this year, with 100-150 already deployed.
Coromandel International has uploaded the audio recording of its conference call held on July 24, 2026, regarding the financial results for the quarter ended June 30, 2026. This follows the company's previous intimation on July 21, 2026. The recording provides management's detailed commentary on the company's performance in a quarter where it typically faces seasonal demand shifts. As the 2nd largest player in India's phosphatic-fertilizer market with an 18% share, management's outlook on monsoons and subsidies is critical for investors.
- Audio recording of the conference call held on July 24, 2026, is now publicly available
- The call discussed financial results for the quarter ended June 30, 2026
- Company maintains a significant ~18% market share in India's DAP/NPK segment
- Follows the initial intimation letter ref. no. 2026-27/025 dated July 21, 2026
Coromandel International's shareholders approved all resolutions at the 64th AGM on July 23, 2026, with a high turnout of 85.26%. Key approvals included the FY26 financial statements, dividend declarations, and the re-appointment of Mr. Arunachalam Vellayan as Whole-time Director. While the Director's re-appointment passed with 99.12% support, it saw the highest dissent among resolutions with 2.22 million votes against. The company also confirmed the appointment of statutory auditors for a five-year term.
- 85.26% voter turnout with 25.15 crore votes polled out of 29.50 crore total shares
- 99.12% approval for the re-appointment of Mr. Arunachalam Vellayan as Whole-time Director
- 100% approval from promoters for all resolutions, holding 16.60 crore shares
- Statutory Auditors re-appointed for a 5-year term ending at the 69th AGM
Coromandel International has released its Q1FY27 investor presentation, detailing its strategic roadmap following the ~Rs 820 Cr acquisition of a 53% stake in NACL Industries. The company maintains a leading market position with an 18% share in DAP/NPK and 15% in SSP. Management is targeting a revenue of Rs 1,000-1,200 Cr from NACL's B2C business and scaling domestic formulations to Rs 1,000 Cr. The company is also expanding its global footprint with a new subsidiary in the Philippines and expansion in Latin America.
- Completed acquisition of 53% stake in NACL Industries for ~Rs 820 Cr in August 2025
- Targeting Rs 1,000-1,200 Cr revenue for NACL's B2C business segment
- Maintains ~18% market share in India's phosphatic-fertilizer market
- Launched 8 new bio-fertilizers and biopesticides in Q2 FY26 to diversify product mix
- Scaling domestic formulation business to reach a target of Rs 1,000 Cr
Coromandel International Limited conducted its 64th Annual General Meeting (AGM) on July 23, 2026. Shareholders transacted six key items, including the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. The meeting also confirmed the declaration of a final dividend for FY26 and the re-appointment of statutory auditors for a five-year term. Management addressed queries regarding the company's performance for FY26 and the first quarter of FY27.
- 64th Annual General Meeting successfully held on July 23, 2026, via video conferencing.
- Shareholders approved the adoption of financial statements for the year ended March 31, 2026.
- Statutory Auditors re-appointed for a 5-year term to hold office until the 69th AGM.
- Remote e-voting was conducted over a 3-day period from July 20 to July 22, 2026.
- Final dividend for FY26 declared following shareholder approval at the meeting.
Coromandel International reported a 15% YoY increase in consolidated revenue to ₹8,215 Cr for Q1 FY27, driven by volume growth. However, consolidated PAT fell 24% to ₹382 Cr as elevated raw material costs from the Middle East crisis and inadequate subsidy rates squeezed fertilizer margins. The Crop Protection segment provided a silver lining, with revenue growing 20% to ₹870 Cr and EBITDA surging 44% to ₹159 Cr. The company is continuing its capital expenditure with a 7.5 lakh ton brownfield granulation project slated for Q4 FY27 completion.
- Consolidated Revenue increased 15% YoY to ₹8,215 Cr, representing ~26% of TTM revenue.
- Consolidated PAT declined 24% YoY to ₹382 Cr from ₹502 Cr in the previous year.
- Crop Protection segment EBITDA grew 44% YoY to ₹159 Cr, supported by a 20% revenue increase.
- Brownfield fertilizer granulation project to add 7.5 lakh tons of annual capacity by Q4 FY27.
- Retail network now exceeds 1,200 rural outlets across five major Indian states.
Coromandel International reported a 16% YoY increase in consolidated revenue to ₹8,164.77 Cr for Q1 FY27, primarily driven by the inclusion of NACL Industries. However, consolidated net profit declined 24% YoY to ₹381.56 Cr, as raw material costs surged 29% to ₹4,615.19 Cr. The board also approved converting a ₹108 Cr loan into equity for its chemical subsidiary and restructuring a $9.70 million loan for its Senegalese mining unit to streamline the balance sheet.
- Consolidated revenue increased 16% YoY to ₹8,164.77 Cr from ₹7,042.30 Cr.
- Consolidated Net Profit fell 24% YoY to ₹381.56 Cr compared to ₹501.59 Cr in the previous year.
- Crop Protection segment revenue grew 72% YoY to ₹1,250.76 Cr, aided by the NACL acquisition.
- Raw material and packing material costs rose significantly by 29% to ₹4,615.19 Cr.
- Approved conversion of ₹108 Cr loan to equity in Coromandel Chemicals Limited at ₹39.95 per share.
Corom a n d e l I n t e r n a t i o n a l h a s s c h e d u l e d i t s Q 1 F Y 2 7 e a r n i n g s c o n f e r e n c e c a l l f o r J u l y 2 4 , 2 0 2 6 , a t 2 : 3 0 P M I S T . T h e m a n a g e m e n t , i n c l u d i n g t h e M D & C E O a n d C F O , w i l l d i s c u s s f i n a n c i a l p e r f o r m a n c e f o r t h e q u a r t e r e n d e d J u n e 3 0 , 2 0 2 6 . T h i s c o m e s a g a i n s t a T T M r e v e n u e b a s e o f R s 3 1 , 4 8 0 C r a n d a r e c e n t M a r c h 2 0 2 6 q u a r t e r n e t p r o f i t o f R s 1 1 5 C r . I n v e s t o r s w i l l b e l o o k i n g f o r u p d a t e s o n t h e N A C L i n t e g r a t i o n a n d m o n s o o n - d r i v e n d e m a n d .
- Conference c a l l s c h e d u l e d f o r J u l y 2 4 , 2 0 2 6 , a t 1 4 : 3 0 I S T
- M a n a g e m e n t r e p r e s e n t a t i o n b y M D & C E O S a n k a r a s u b r a m a n i a n S . a n d C F O D e e p a k N a t a r a j a n
- F o c u s o n f i n a n c i a l r e s u l t s f o r t h e q u a r t e r e n d e d J u n e 3 0 , 2 0 2 6
- Com p a n y r e p o r t e d T T M r e v e n u e o f R s 3 1 , 4 8 0 C r a s o f t h e l a t e s t f i n a n c i a l c o n t e x t
- H o s t e d b y A n t i q u e S t o c k B r o k i n g L i m i t e d
Coromandel International has been awarded the 'Responsible Care' certification by the Indian Chemical Council (ICC) for all 18 of its manufacturing facilities. This certification, valid from April 2026 to March 2029, covers the company's Nutrients, Crop Protection, and Bio businesses. While the announcement is non-financial, it validates the company's adherence to global safety and environmental standards. The company reported a turnover of Rs 31,827 crore for FY 25-26, maintaining its position as India's second-largest phosphatic fertilizer manufacturer.
- Certification covers all 18 manufacturing facilities across Nutrients, Crop Protection, and Bio segments
- Validity period of 3 years established from April 2026 to March 2029
- Company reported a total turnover of Rs 31,827 crore for the FY 25-26 period
- Coromandel maintains a ~18% market share in India's phosphatic fertilizer market
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 30% YoY in Q2 FY26 to INR 9,654 Cr. The Crop Protection (CPC) segment (consolidated including NACL) grew 42% YoY to INR 1,069 Cr in Q2 FY26, while standalone CPC grew 10% to INR 829 Cr. Nutrients and allied businesses remain the primary revenue driver, benefiting from record fertilizer sales volumes.
Geographic Revenue Split
While specific regional percentages are not fully itemized, the company holds a dominant position in Andhra Pradesh and Telangana (India's largest complex-fertilizer market) and is expanding its footprint in North and Central India. International operations include subsidiaries in Senegal, Brazil, Mexico, and Australia, with a new subsidiary planned for the Philippines.
Profitability Margins
Consolidated PAT margin stood at 8% in Q2 FY26. Standalone CPC PBIT margins improved significantly from 15% to 20% YoY in Q2 FY26. However, the consolidated CPC margin was diluted to 13.5% due to the inclusion of NACL, which currently operates at a lower margin of 4% compared to its historical 9-11% range.
EBITDA Margin
Consolidated EBITDA margin was 12% in Q2 FY26, a slight compression from 13% in the previous year. Absolute EBITDA grew 18% YoY to INR 1,147 Cr. The company aims to sustain an EBITDA per tonne of over INR 5,000 in the nutrients business through backward integration and favorable NBS rates.
Capital Expenditure
Planned annual capital expenditure is between INR 800 Cr and INR 1,000 Cr. Key investments include setting up new granulation, phosphoric acid, and sulphuric acid capacities at the Kakinada plant to enhance backward integration and production efficiency.
Credit Rating & Borrowing
The company maintains a 'CRISIL AAA/Stable' long-term rating and 'CRISIL A1+' short-term rating. It is net debt-free with a 0.0 debt-to-equity ratio and maintained net liquidity of ~INR 450 Cr as of August 31, 2025, after funding the INR 820 Cr NACL acquisition through internal accruals.
Operational Drivers
Raw Materials
Key raw materials include Rock Phosphate (secured via 53.8% stake in BMCC, Senegal), Phosphoric Acid, Sulphuric Acid, and Ammonia. These materials constitute the bulk of the cost of goods sold for the phosphatic fertilizer segment.
Import Sources
Sourced globally with strategic linkages in Senegal (Rock Phosphate via BMCC) and South Africa (dividend income and supply potential from Foskor). The company also utilizes domestic sourcing for various chemical intermediates.
Key Suppliers
Key strategic partners include Baobab Mining and Chemicals Corporation (BMCC) in Senegal and Foskor (Pty) Ltd in South Africa. The company also engages in contract manufacturing for global players in the CPC segment.
Capacity Expansion
Current expansion includes new sulphuric acid and phosphoric acid plants at Kakinada. The company is also scaling its drone manufacturing through Dhaksha Unmanned Systems and expanding its retail footprint by adding over 100 stores in FY25.
Raw Material Costs
Raw material costs are highly volatile and linked to global commodity prices. The company mitigates this through backward integration (BMCC stake) and long-term supply agreements. Profitability is sensitive to the alignment of Nutrient Based Subsidy (NBS) rates with these input costs.
Manufacturing Efficiency
The company emphasizes a 'zero-incident culture' with a Total Recordable Injury Rate (TRIR) of 0.3. Efficiency is driven by integrated manufacturing at Kakinada, allowing for fungible production between DAP and NPK based on market demand.
Logistics & Distribution
Coromandel is expanding its reach into North and Central India. It also utilizes its drone subsidiary, Dhaksha, to offer 'drone-as-a-service' for liquid fertilizer and pesticide application, modernizing its distribution value proposition.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be driven by the integration of NACL (targeting a revenue of INR 1,000-1,200 Cr for NACL's B2C business), scaling the domestic formulation business to reach INR 1,000 Cr, and expanding the global CPC footprint in Latin America. Capacity expansions at Kakinada and the launch of 8 new bio-products will further support this CAGR.
Products & Services
Phosphatic fertilizers (DAP, NPK, SSP), Specialty Nutrients, Organic Fertilizers, Bio-pesticides, Chemical Pesticides (Formulations and APIs), Nano-fertilizers, and Unmanned Aerial Vehicles (Drones) for agricultural use.
Brand Portfolio
Gromor (implied as part of the branded formulation business), Dhaksha (Drones), and NACL (Crop Protection).
New Products/Services
Launched 8 new bio-fertilizers and biopesticides in Q2 FY26. The company is also scaling its 'Nano' product line and drone-based agricultural services.
Market Expansion
Targeting expansion in North and Central India for fertilizers and Latin America for the Crop Protection business. A new subsidiary is being established in the Philippines to tap into Southeast Asian markets.
Market Share & Ranking
2nd largest player in India's phosphatic-fertilizer market with ~18% share in DAP/NPK. Largest player in Single Super Phosphate (SSP) with ~15% market share.
Strategic Alliances
Strategic 53.8% stake in BMCC (Senegal) for rock phosphate. Collaboration with a global player for manufacturing APIs in the Bio-business segment.
External Factors
Industry Trends
The industry is shifting toward 'Integrated Farm Management' involving nano-fertilizers, bio-stimulants, and precision farming (drones). Coromandel is positioning itself as a total solutions provider rather than just a fertilizer manufacturer.
Competitive Landscape
Competes with major domestic fertilizer players and global CPC companies. Ranking 3rd or 4th in the Indian CPC pecking order following the NACL acquisition.
Competitive Moat
Moat is built on deep backward integration (acid plants and rock phosphate stakes), a massive rural retail network (100+ new stores), and a leading 18% market share in complex fertilizers. These are sustainable due to the high capital intensity and regulatory hurdles for new entrants.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP growth and rural income levels. Inflation in global raw material prices (Ammonia, Sulfur) directly impacts production costs.
Consumer Behavior
Increasing farmer adoption of drone technology for spraying and a shift toward bio-based crop protection products due to environmental concerns.
Geopolitical Risks
Exposure to geopolitical stability in West Africa (Senegal) for rock phosphate and global trade dynamics affecting the export of CPC molecules.
Regulatory & Governance
Industry Regulations
Highly regulated by the Department of Fertilizers; profitability depends on the Nutrient Based Subsidy (NBS) scheme and timely subsidy payouts from the Government of India.
Environmental Compliance
Ranked in the top 7 percentile of global chemical companies in the Dow Jones Sustainability Indices (DJSI). Focus on desalination, rainwater harvesting, and plastic management.
Taxation Policy Impact
Subject to standard Indian corporate tax rates; specific fiscal incentives for the Kakinada expansion were not detailed.
Legal Contingencies
No major pending court cases or specific litigation values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Volatility in NBS rates and raw material prices could impact EBITDA margins by 2-3%. Delays in government subsidy payments could increase working capital requirements significantly.
Geographic Concentration Risk
High concentration in Andhra Pradesh and Telangana, though actively diversifying into North and Central India.
Third Party Dependencies
Dependency on the Government of India for subsidies and on Senegal (BMCC) for critical rock phosphate supplies.
Technology Obsolescence Risk
Mitigated by investments in Dhaksha (Drones) and Nano-fertilizers to stay ahead of traditional chemical fertilizer displacement.
Credit & Counterparty Risk
Subsidy receivables from the Government of India represent the largest credit exposure; historically considered low risk but subject to timing delays.
