Coromandel International Ltd (COROMANDEL)

Chemicals · Fertilizers · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,924.7 ↓ 16.59% (1Y)

🎯 Key Takeaways

Coromandel International Ltd is navigating a strategic transition phase marked by robust top-line growth and margin pressure amid subsidy volatility and input cost inflation. While retail and non-fertiliser segments demonstrate strong momentum, near-term profitability is being weighed down by delayed subsidies and geopolitical cost pressures.
Revenue grew 36% QoQ to ₹8,165 in Q1FY27.
⚠️ Subsidy delays and policy uncertainty continue to impact profitability, as seen in the 26% YoY net profit decline despite revenue growth.

Market Cap

₹56,782

P/E Ratio

30.9

P/B Ratio

4.52

ROE

14.2%

ROCE

21.0%

Debt/Equity

0.07

Div Yield

0.57%

Promoter

56.4%

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📖 The Story

Coromandel International Ltd is navigating a strategic transition phase marked by robust top-line growth and margin pressure amid subsidy volatility and input cost inflation. While retail and non-fertiliser segments demonstrate strong momentum, near-term profitability is being weighed down by delayed subsidies and geopolitical cost pressures. Management is prioritising capacity expansion in high-margin segments and capital discipline, signalling a long-term bet on structural growth in Indian agriculture and crop protection.

📰 What's Happening

In Q1 FY27, Coromandel reported consolidated revenue of INR8,215 crores, up 15% YoY, driven by 85% growth in retail revenue and 2% volume growth in Nano business, though net profit declined to INR382 crores from INR502 crores YoY due to margin pressure from elevated input costs and subsidy delays. The company received INR1,392 crores in subsidies with INR3,254 crores outstanding as of June 30, 2026. Management highlighted a target of INR300 crores capex over the next 1-2 years and an EBITDA target of INR6,500 crores for NPK in steady state. Earlier, in Q1 FY27, revenue grew 10% to INR7,792 crores but net profit fell 26% YoY to INR377 crores amid raw material cost inflation from the Middle East crisis, with EBITDA growing 44% in Crop Protection. The company is advancing a 7.5 lakh ton annual capacity addition from a brownfield project, expected by Q4 FY27, and Sarigam expansion is on track for Q2 FY27 commissioning. Additionally, the board approved the allotment of 44,460 ESOP shares under Scheme 2016, marginally diluting existing shareholders. The 64th AGM approved audited FY2026 financials and declared final dividends, reaffirming governance continuity.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	9,654	8,779	6,004	8,165
Operating Profit	1,045	653	323	553
OPM %	10.8%	7.4%	5.4%	6.8%
Net Profit	793	488	115	382
EPS	₹27.34	₹17.17	₹4.75	₹12.93

Revenue trends show volatility, with Q1 FY27 revenue at INR8,165 crores, up 15% YoY, but net profit fell sharply to INR382 crores from INR502 crores in the same quarter last year. This decline is attributed to subsidy delays and input cost inflation, despite strong retail growth and 44% EBITDA growth in Crop Protection. Earlier quarters saw higher profitability — Q4 FY26 NP of INR488 crores and Q3 FY26 NP of INR793 crores — but these were followed by a dip in Q1 FY27. The company's OPM has compressed from 10.8% in Sep 2025 to 6.8% in Jun 2026, reflecting margin pressure. However, operating cash flow remains healthy at INR1,558 crores in Mar 2026, supporting ongoing capex. The financial trajectory reflects a phase of investment-led growth with temporary profitability compression due to external cost and policy headwinds.

🔮 Management Outlook & What's Next

Management expects subsidy-related pressures to persist in the near term but remains confident in long-term structural growth. In the Q1 FY27 earnings call, management reiterated its INR300 crores capex target over the next 1-2 years and an EBITDA target of INR6,500 crores for NPK in steady state. It also highlighted progress on capacity expansion, including a 7.5 lakh ton annual brownfield project completion by Q4 FY27 and Sarigam expansion commissioning in Q2 FY27. These initiatives are positioned to enhance scale and margin resilience in high-growth segments like Crop Protection and Retail. Management did not provide forward guidance on profitability or margins beyond these strategic milestones, focusing instead on execution of announced projects and operational improvements.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	29	29	29	30
Reserves	10,126	11,058	12,149	12,528
Borrowings	580	780	1,471	867
Total Liabilities	16,973	18,928	24,736	24,503
Fixed Assets	3,074	3,158	3,793	6,790
Investments	943	1,031	3,079	2,044
Total Assets	16,973	18,928	24,736	24,503

The balance sheet shows a stable capital structure with low debt-to-equity of 0.07 and consistent equity base of around INR29-30 crores. Borrowings have increased slightly from INR780 crores in Mar 2025 to INR1,471 crores in Mar 2026, but remain manageable relative to equity and assets. Total assets have grown from INR18,928 crores in Mar 2025 to INR24,736 crores in Mar 2026, indicating active investment in growth initiatives. Reserves have expanded from INR11,058 crores to INR12,528 crores, reflecting retained earnings and capitalisation of surplus. The company is not deleveraging but using retained cash flow to fund expansion, consistent with its announced capex plans. The modest rise in borrowings appears targeted and is offset by strong equity buffers and asset growth.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+1,558
Investing	-559
Financing	-831
Net Cash Flow	+168

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	56.9%	56.9%	56.4%	56.4%
FII	14.5%	13.8%	13.0%	11.5%
DII	15.8%	16.7%	18.2%	19.9%
Public	8.2%	7.9%	7.7%	7.6%
# Shareholders	1,45,222	1,34,655	1,37,335	1,30,118

Shareholding patterns show stable promoter holding at 56.35% over the last four quarters, indicating confidence in long-term control. However, FII holdings have declined from 14.51% in Q2FY26 to 11.5% in Q1FY27, while DII holdings have increased from 15.78% to 19.92% in the same period. Public holding has slightly decreased, but the number of shareholders has grown from 1,37,335 to 1,30,118, suggesting retail participation remains steady. There are no signs of aggressive institutional exit, but the decline in FII allocation may reflect broader market trends or sector rotation. No promoter pledging or significant dilution beyond ESOP allotment was observed. The trend suggests a gradual shift in investor composition, with institutional investors showing mixed interest and DIIs showing increasing engagement.

⚖️ Peer Comparison — Fertilizers

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
COROMANDEL	56,782	30.9	21.0%	14.2%	0.07
FACT	52,685	1893.5	9.2%	2.0%	1.29
CHAMBLFERT	16,513	8.6	22.6%	18.5%	0.10
PARADEEP	16,356	15.3	14.5%	15.8%	1.01
GSFC	6,326	9.1	7.4%	5.7%	0.00
RCF	6,320	14.2	12.6%	9.4%	0.58
NFL	3,459	9.5	15.8%	13.4%	0.73
SPIC	1,403	6.8	16.0%	17.1%	0.60
MADRASFERT	1,046	14.7	9.5%	-219.7%	-49.36
ZUARI	971	1.0	50.7%	52.5%	0.34

🔗 Peer Stock Analyses

FACT CHAMBLFERT PARADEEP GSFC RCF

⚠️ Risk Factors

1. Subsidy delays and policy uncertainty continue to impact profitability, as seen in the 26% YoY net profit decline despite revenue growth. 2. Input cost inflation, particularly from geopolitical disruptions in the Middle East, poses sustained margin pressure, with management citing elevated raw material costs as a key headwind. 3. Capacity additions, while strategically important, carry execution and capital allocation risks, especially if market demand softens before completion. 4. Rising working capital requirements due to subsidy receivables (INR3,254 crores outstanding) could strain liquidity if delays persist, despite current OCF strength.

📋 Recent Filings

🧠 Analyst's Read

Coromandel International is executing a clear strategy to grow high-margin non-fertiliser segments and expand capacity, but near-term profitability is being constrained by subsidy delays and input cost volatility. Investors should monitor subsidy timelines, input cost trends, and progress on capex milestones to assess the sustainability of margin recovery.

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 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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