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Coromandel International Limited (COROMANDEL)

Chemicals · Fertilizers & Agrochemicals · NSE · Updated 16 June 2026

₹1,986.3 ↓ 12.34% (1Y)

🎯 Key Takeaways

Coromandel International Limited is in a strategic expansion and integration phase within the fertilizers and agrochemicals sector, marked by significant capacity additions, retail network growth, and diversification into crop protection and specialty nutrients. Despite strong top-line growth and operational momentum, profitability has faced pressure from integration costs and exceptional items, particularly following the NACL acquisition.
Revenue declined 6.7% QoQ to ₹6,935 in Q3FY25.
⚠️ Persistent integration risks and goodwill impairment from the NACL acquisition could pressure profitability.

Market Cap

₹55,044

P/E Ratio

33.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Coromandel International Limited is in a strategic expansion and integration phase within the fertilizers and agrochemicals sector, marked by significant capacity additions, retail network growth, and diversification into crop protection and specialty nutrients. Despite strong top-line growth and operational momentum, profitability has faced pressure from integration costs and exceptional items, particularly following the NACL acquisition. Management is focused on export-led growth, margin resilience, and backward integration to sustain long-term competitiveness.

📰 What's Happening

In Q4 FY26, Coromandel reported record fertilizer production of 3.5 million tons and crop protection revenue of INR 3,054 crores, up 15% YoY, driven by domestic and export demand. The company expanded its retail footprint to over 1,200 centers, including 300+ new stores, and launched 10 new products contributing 21% of revenue. It acquired a 53% stake in NACL, adding INR 103 crores in EBITDA, and advanced expansion projects in Senegal and Kakinada, targeting capacity growth in sulphuric and phosphoric acid production. Management highlighted export-driven growth as key to margin sustainability and noted Nano DAP sales reached 42 lakh bottles, with plans to market 45 lakh bottles. The Board approved a final dividend of Rs 2 per share (totaling Rs 11 per share including interim), reflecting confidence in cash flow despite PAT volatility.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	5,476	5,693	6,988	5,464	3,913	4,729	7,433	6,935
Operating Profit	450	754	1,104	416	357	560	1,040	835
OPM %	7.4%	12.5%	15.2%	6.5%	7.0%	10.7%	13.1%	10.4%
Net Profit	246	494	755	228	164	309	659	508
EPS	₹8.38	₹16.80	₹25.72	₹7.84	₹5.45	₹10.57	₹22.57	₹17.39

Revenue growth has been robust, with consolidated revenue rising 30% YoY to INR 31,827 crores in FY26, driven by strong crop protection and fertilizer sales, including a 7% increase in phosphatic fertilizer volumes to 4.3 million tons. However, PAT declined 8% YoY to INR 1,898 crores due to exceptional items, while EBITDA expanded 16% to INR 3,232 crores, indicating operational efficiency gains. Quarterly trends show fluctuating profitability — with Q2FY25 EBIT margin at 13.1% and Q4FY24 at 7% — reflecting sectoral volatility and integration costs. Capital expenditure of ~INR 1,100 crores funded backward integration projects at Kakinada, enhancing supply chain control and long-term margin resilience.

🔮 Management Outlook & What's Next

Management emphasized export-led growth as a strategic lever to sustain margins amid subsidy uncertainty and raw material inflation. They highlighted the scalability of Nano DAP, with plans to market 45 lakh bottles, and the operational ramp-up of new capacity in Senegal and Kakinada to support volume growth. The expansion is positioned to enhance market share and reduce import dependence. While no formal financial guidance was provided beyond revenue and EBITDA expansion targets, management expressed confidence in sustaining margin resilience through capacity utilization and product diversification.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Fertilizers & Agrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Fertilizers and Chemicals Travancore Limited	57,117	-630.5	—	—	—
Coromandel International Limited	55,044	33.3	—	—	—
UPL Limited	53,373	-157.3	—	—	—
PI Industries Limited	47,259	27.8	—	—	—
Sumitomo Chemical India Limited	22,898	44.4	—	—	—
Bayer Cropscience Limited	21,796	—	—	—	—
Chambal Fertilizers & Chemicals Limited	18,025	11.1	—	—	—
Paradeep Phosphates Limited	12,506	30.3	—	—	—
Sharda Cropchem Limited	8,742	35.8	—	—	—
Rashtriya Chemicals and Fertilizers Limited	6,876	25.9	—	—	—

🔗 Peer Stock Analyses

FACT UPL PIIND SUMICHEM BAYERCROP

⚠️ Risk Factors

1. Persistent integration risks and goodwill impairment from the NACL acquisition could pressure profitability. 2. Subsidy uncertainty and raw material price volatility may impact margins despite management's resilience claims. 3. Net losses in consolidated results and auditor-reported going concern uncertainty pose execution and financial stability risks. 4. Over-reliance on export growth for margin sustainability introduces exposure to global commodity cycles and geopolitical demand shifts.

📋 Recent Filings

🧠 Analyst's Read

Coromandel is transitioning from a traditional fertilizer player to a diversified agrochemical and retail-led agri-inputs platform, with strategic investments in capacity, retail, and specialty products. While near-term profitability faces headwinds from integration and exceptional items, long-term margin potential hinges on successful execution of expansion projects and export growth. Investors should monitor the ramp-up of Kakinada and Senegal operations, Nano DAP adoption, and any further guidance on cost management or restructuring of exceptional items.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.