Manufacturing EBITDA per ton target of INR 5,500-6,000 for FY24
Management expects full-year manufacturing EBITDA for NPK and DAP to be in the range of INR 5,500-6,000 per ton, considering raw material prices, subsidy, and operational efficiencies.
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Nano DAP commercial launch in October 2023
The Nano DAP plant in Karnataka will be commercialized in October 2023, with initial capacity of 4 million bottles per annum. The product will target northern states with high DAP usage.
Specialty chemicals product introduction in Q2 FY24
The company plans to introduce specialty chemical products in the second quarter by leveraging existing assets and technical capabilities.
CDMO business expected to materialize in 18 months
Management expects CDMO contracts to conclude and contribute within 18 months, with discussions ongoing with Japanese and European innovators.
Fertilizer segment EBITDA guidance intact at INR 4,500-5,000 per ton
Management confirmed the earlier guidance for fertilizer EBITDA per ton remains unchanged despite Q1 margin pressure.
Kakinada capacity expansion by 1 million ton approved
Board approved expansion of granulation capacity at Kakinada by 1 million ton; investment decision pending current project progress.
Senegal processing plant commissioning by Q2 FY25
New fixed processing plant at BMCC Senegal expected to complete trial runs by end of September, stabilizing production in H2.
Nano DAP to substitute 20-25% of DAP demand in 3-5 years
Management expects nano DAP to replace 20-25% of industry DAP consumption over the medium term, with Coromandel focusing on import-substitution states.
Manufacturing EBITDA of ₹5,000 per tonne to sustain
Management expects normative EBITDA of ₹5,000 per metric ton to sustain during FY26, despite input cost volatility.
Granulation plant commissioning in Q4 FY27
The 7.5 lakh tonne granulation project is on track and expected to be commissioned in Q4 of FY27 (Jan-Mar 2027).
Backward integration plant commissioning in Q4 FY26
The phosphoric acid and sulphuric acid backward integration project is 70% complete and likely to be commissioned in Q4 of current financial year.
Target 5,00,000 acres drone spraying in FY26
Company plans to double drone fleet and cover 5,00,000 acres of drone spraying in the current year.
Full-year NPK EBITDA per ton of ~INR 5,000
Management expects full-year EBITDA per ton for NPK fertilizers to be around INR 5,000, supported by backward integration and potential MRP increases.
Nano DAP plant commissioning in Q3 FY24
The Nano DAP plant at Kakinada is expected to be commissioned in Q3 FY24, pending regulatory approvals, with capacity of 1 crore bottles per year.
Crop protection CapEx of INR 1,000 crore over 24-36 months
The company plans to invest INR 1,000 crore in three multipurpose plants for crop protection, with first plant at Dahej under evaluation.
Granulation capacity expansion to 30 lakh tonnes at Kakinada
Board approved 7.5 lakh tonne brownfield expansion, making it one of India's largest phosphate sites. Commissioning expected in ~2 years.
Multipurpose plant at Ankleshwar for fungicides
INR 170 crore investment for off-patent fungicide molecules; commissioning in 18 months. Targets Latin American and domestic markets.
Sulfuric acid cost savings of INR 160-170 crore per annum
Structural cost advantage from captive sulfuric acid production and power generation, expected to double from current INR 40-45 crore.
EBITDA per ton guidance of INR 4,500-5,000
Management reiterated sustainable EBITDA per ton range for fertilizer business, supported by backward integration and captive intermediates.
EBITDA per ton target of INR 5,500+ in H2
Management reiterated confidence in maintaining at least INR 5,500 EBITDA per metric ton in the second half, supported by operational efficiencies and backward integration benefits.
Crop protection revenue target of INR 5,000 crore annualized
Combined Coromandel and NACL crop protection business expected to reach INR 5,000 crore revenue on an annualized basis, positioning among top 3-4 players in India.
Kakinada acid plant commissioning in January
Mechanical completion expected in December, trial runs in January, and commercial production by second/third week of January. Plant will improve cost profile significantly.
Senegal rock volume scale-up to 500,000 tons next year
Current year target of 300,000 tons from Senegal mine; next year aim to scale to 500,000 tons with additional investments.
Backward integration capex of ₹2,000 crore
Board approved setting up a sulfuric acid plant at Karnataka fertilizer unit and a 200,000-ton phosphoric acid plant at Kakinada, with total capex of ~₹2,000 crore.
Debottlenecking to add capacity
Management is evaluating debottlenecking options at existing plants to increase capacity, with details to be shared in the next call.
Nano DAP commercialization
Company's patented Nano DAP has received encouraging market response; Kakinada nano plant to be ramped up.
Retail store expansion
Company plans to add 50 new retail stores by end of FY24, expanding footprint in new markets.
NPK capacity expansion to 7.5 lakh tons at Kakinada by Q4 FY27
New granulation plant to be commissioned in 24 months, targeting commercial production from Q4 FY27.
Phosphoric acid plant (2 lakh tons) at Kakinada by Q4 FY26
Ongoing project expected to be commissioned by Q4 of next fiscal year (FY26).
SSP volume target of 1 million tons in two years
Aiming to reach 800,000 tons next year and 1 million tons thereafter, with 60% from value-added products.
Retail store count to double to ~1,600 by FY27
Currently at 810 stores; plan to add significantly in Q4 and next year to reach 1,500+ by FY27.
Annualized EBITDA per ton target of INR 5,000-5,500 maintained
Despite raw material headwinds, management expects to sustain annualized EBITDA of INR 5,000-5,500 per ton for FY26, supported by inventory management and price hikes.
Backward integration plant commissioning in Q4 FY26
The sulfuric acid and phosphoric acid plant at Kakinada will be commissioned in Q4 FY26, expected to lift annualized EBITDA to INR 6,500 per ton.
Domestic B2C crop protection growth target of 20-25% YoY
Management targets 20-25% annual growth in domestic branded formulation business, driven by new product launches and market expansion.
Mancozeb capacity expansion of 30%
After a 20% debottlenecking, the company plans a further 30% capacity expansion at Sarigam to meet rising global demand.
Fertilizer EBITDA per ton of INR 4,500-5,000 for FY25
Management expects EBITDA per ton in the range of INR 4,500-5,000 for FY25, driven by improved NBS rates and operational efficiencies.
CapEx of INR 1,200-1,500 crore for FY25
Total capital expenditure for FY25 is estimated between INR 1,200 crore and INR 1,500 crore across multiple businesses.
Debottlenecking to add 3.5 lakh tons granulated capacity
Plans to debottleneck granulated capacity at Kakinada and Vizag, adding 3.5 lakh tons.
Nano DAP plant commissioning in June 2024
The Nano DAP plant at Kakinada with 1 crore bottle capacity is awaiting regulatory approvals and expected to start production in June 2024.
Fertilizer EBITDA per ton of INR 5,000 sustainable
Management confirmed the target of INR 5,000 per ton EBITDA for the fertilizer business remains intact for FY26.
PA/SA plants commissioning in Q4 FY26
The phosphoric acid and sulfuric acid plants at Kakinada are 45% complete and on track for commissioning in the last quarter of FY26.
Crop protection revenue growth in high double digits
Management expects high double-digit revenue growth in crop protection for FY26, supported by new products and export demand.
NACL acquisition to close by Q2 FY26
Regulatory approvals for the NACL acquisition are expected by Q2 of the current financial year.
Crop protection revenue growth of 20-25% in FY27
Driven by new product launches (6 new products), capacity expansion at Dahej and Sarigam, and aggressive domestic formulation growth.
Senegal rock phosphate output to increase 30-40% in FY27
Planned volume increase from 3.5 lakh tons to ~4.5-4.9 lakh tons, supported by stabilized operations.
Granulation capacity expansion commissioning by December 2026
Project to expand granulation capacity is on track for commissioning by December of this financial year.
Crop protection EBITDA margin to sustain ~19%
Management expects standalone crop protection EBITDA margin to remain at current levels, supported by currency depreciation and pass-through of input costs.