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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹7,498 Cr
verified against source
Revenue YoY
7%
reported change
EBITDA
₹975 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coromandel reported a strong Q2 FY25 with consolidated revenue of INR 7,498 crore (+7% YoY) driven by 13% volume growth in fertilizers and a 20%+ volume growth in domestic crop protection formulations. EBITDA came in at INR 975 crore (margin 13.0%), down 7.9% YoY due to volatile commodity prices and lower subsidy rates, but sequentially improved. PAT was INR 659 crore (-12.7% YoY). The company benefited from captive sulfuric acid production (saving ~INR 160-170 crore annually) and operational efficiencies. Management guided for sustained EBITDA per ton of INR 4,500-5,000, backed by backward integration and a new 7.5 lakh ton granulation capacity at Kakinada (by FY27). The crop protection segment is gaining traction with a new multipurpose plant (INR 170 crore) for off-patent fungicides. Key risk: sustained high ammonia prices could pressure near-term margins.
Colored figures show movement against the previous available record.
Guidance to track
- Board approved 7.5 lakh tonne brownfield expansion, making it one of India's largest phosphate sites. Commissioning expected in ~2 years.
- INR 170 crore investment for off-patent fungicide molecules; commissioning in 18 months. Targets Latin American and domestic markets.
- Structural cost advantage from captive sulfuric acid production and power generation, expected to double from current INR 40-45 crore.
- Management reiterated sustainable EBITDA per ton range for fertilizer business, supported by backward integration and captive intermediates.
Risks flagged
- Ammonia prices rose sharply due to Middle East production outages; if sustained, could compress Rabi season margins despite product mix flexibility.
- Analyst questioned if higher DAP subsidy changes production mix; management confirmed they will continue to prioritize NPK and import DAP, implying limited margin benefit.
- Management acknowledged that CDMO and specialty chemicals initiatives are still in early stages; no near-term revenue visibility despite prior announcements.
- Global supply chain disruptions and Middle East tensions could impact phosphoric acid and rock phosphate availability, though company maintains 3-4 months inventory.
Key quotes
- Had the commodity prices have been stable, our numbers would have been much more healthier than what we are reporting now.
- Our aim would be to go more on the non-subsidy piece in the coming quarter.
- The prices have bottomed out is the general sentiment globally. And the expectation is that they will start going up some time middle of next year.
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