Coromandel International Q2 FY27: PAT ₹377 Cr & Rev ₹7,792 Cr

Investor Takeaways

Revenue grew 10% YoY to ₹7,792 crores in Q1 FY27, driven by 15% consolidated revenue growth.

Net profit declined 26% YoY to ₹377 crores due to elevated raw material costs from the Middle East crisis.

EBITDA grew 44% in Crop Protection segment, highlighting margin resilience in non-subsidy businesses.

⚠️ Near-term profit pressure persists from input cost inflation despite capacity expansion progress.

Overall Tone: Cautious

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹7,792 Cr	+10%
Net Profit	₹377 Cr	-26%
EBITDA	Not available	+44% (Crop Protection)
EPS	[amount not verified]	-26% (implied from profit)
OPM	4.85%	-5.56 pp (declined from prior quarter)

What Changed

The filing reveals a clear divergence between top-line growth and bottom-line pressure in Q1 FY27. Revenue increased 10% to ₹7,792 crores, supported by 15% consolidated growth and strong performance in high-margin non-subsidy segments like Crop Protection, which drove a 44% EBITDA surge. However, net profit fell 26% to ₹377 crores, directly attributed to raw material cost inflation exacerbated by the Middle East crisis. This resulted in a compressed operating margin of 4.85% (down from 10.41% in Q3FY25 and 13.11% in Q2FY25). The decline in profitability overshadowed revenue growth, signaling that cost inflation is significantly eroding margins despite operational strengths. Capacity expansion progress (7.5 lakh ton brownfield project completion in Q4 FY27; Sarigam project on track for Q2 FY27) offers long-term optimism but does not offset near-term margin compression.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Coromandel International	33.33	N/A	N/A	55,043.83
Solar Industries India	132.27	N/A	N/A	1,56,674.48
Pidilite Industries	75.73	N/A	N/A	1,49,378.89
SRF Limited	69.51	N/A	N/A	79,723.46

Coromandel trades at a P/E multiple of 33.33, significantly lower than Solar Industries' 132.27 but higher than SRF's 69.51. The company's market cap positions it as a mid-tier player in the chemicals sector, with peers showing varied valuation approaches reflecting different business models and growth trajectories.

Risks & Concerns

Raw material cost inflation from the Middle East crisis is directly pressuring net profit margins.

Operating margin declined 5.56 percentage points YoY to 4.85%, indicating significant cost headwinds.

No specific mitigation strategies for input cost pressures were disclosed in the filing.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	6,935.19	507.91	10.41%
Q2FY25	7,432.83	659.10	13.11%
Q1FY25	4,728.83	309.24	10.70%
Q4FY24	3,912.72	163.91	6.98%

The quarterly trend shows a consistent pattern of margin compression: OPM declined from 13.11% in Q2FY25 to 10.41% in Q3FY25 and further to 4.85% in Q1FY27, while net profit growth slowed dramatically. Revenue growth has decelerated from 15% in Q2FY25 to 10% in Q1FY27, indicating increasing difficulty in sustaining top-line expansion amid cost pressures. The most recent quarter's profitability (₹377 Cr) is significantly lower than the prior quarter's [amount not verified], underscoring the immediate impact of input cost inflation on the bottom line.

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About Coromandel International Limited (COROMANDEL)

Chemicals · Fertilizers & Agrochemicals · Listed on NSE

Market Cap: ₹55,043.83 Cr P/E: 33.3

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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