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Revenue
₹4,729 Cr
verified against source
Revenue YoY
-16.6%
reported change
EBITDA
₹506 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coromandel's Q1 FY25 consolidated total income fell 16.6% YoY to INR 4,783 crore, primarily due to lower subsidy rates. EBITDA declined 28.6% to INR 506 crore, with margin contracting ~180bps to 10.6% as raw material prices rose and NBS rates compressed margins. The non-subsidy EBITDA mix improved to 25% (vs 16% last year). Fertilizer volumes were flat at 8.4 lakh tons, but NPK share rose to 87%. Crop protection volumes grew 5%, with new products contributing 22% of domestic formulation sales. Management expects margin recovery in H2 aided by backward integration, Senegal rock blending, and normalization of channel inventory. Key risks include continued price pressure in export technicals and potential delay in subsidy rate revisions.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed the earlier guidance for fertilizer EBITDA per ton remains unchanged despite Q1 margin pressure.
- Board approved expansion of granulation capacity at Kakinada by 1 million ton; investment decision pending current project progress.
- New fixed processing plant at BMCC Senegal expected to complete trial runs by end of September, stabilizing production in H2.
- Management expects nano DAP to replace 20-25% of industry DAP consumption over the medium term, with Coromandel focusing on import-substitution states.
Risks flagged
- Export prices remain soft due to Chinese dumping; management expects pressure for another 1-2 quarters.
- NBS rates fixed in Feb-Mar did not fully reflect subsequent raw material price increases, compressing Q1 margins. Recovery depends on timely revision.
- Analyst questioned when BMCC JV would turn EBITDA positive; management cited H2 stabilization but no clear breakeven timeline.
- Government announced special DAP subsidy but NPK subsidy unchanged; management may need to moderate trade discounts, impacting margins.
Key quotes
- The company has improved its non-subsidy EBITDA mix during the quarter, which stands at 25%, versus 16% in the previous year.
- We have got approval during this quarter to expand our capacity at Kakinada by another million ton.
- Our effort would be to substitute this DAP import through Nano. And we have a few, at least 2 million tons, to get replaced in at least 2-3 years time frame.
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