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Revenue
₹9,654 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹1,147 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coromandel delivered a strong Q2 FY26 with consolidated revenue of INR 9,771 crore (+30% YoY) and PAT of INR 793 crore (+20% YoY), driven by robust phosphatic fertilizer volumes (up 7% to 1.4M tons) and a 48% EBIT surge in crop protection. The company gained market share in phosphatics to 19% (vs 17% last year) and achieved record phosphoric acid production through debottlenecking. Backward integration projects (sulfuric/phosphoric acid at Kakinada) are on track for commissioning by January, expected to improve cost structure significantly. Management guided for sustained EBITDA/ton of INR 5,500+ in H2 and targets INR 5,000 crore revenue for the combined crop protection business (including NACL). Key risk: unseasonal rains could dampen Rabi season demand.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- Mechanical completion expected in December, trial runs in January, and commercial production by second/third week of January. Plant will improve cost profile significantly.
- Current year target of 300,000 tons from Senegal mine; next year aim to scale to 500,000 tons with additional investments.
Risks flagged
- Excess rains in August-September affected Kharif crop input application; if similar weather persists in Rabi, fertilizer and crop protection offtake could be dampened.
- Spike in ammonia and sulfur prices during the quarter, though management expects softening. Sustained high prices could pressure margins despite NBS subsidy revision.
- Government evaluation of drone prototypes has taken longer than expected, delaying order execution. Future orders depend on successful evaluation, creating uncertainty.
- NACL's EBITDA margin fell to ~4% in H1, well below the 9-11% target. Management expects gradual improvement, but integration risks and one-time costs may delay margin normalization.
Key quotes
- We have become the largest market for phosphatic fertilizers in the country. Our consumption-based market share in phosphatic fertilizers stands at 19% vs 17% last year.
- The value addition of Sulfuric acid will bring in the desired savings. When I say that a INR 1,000 crore investment will pay back in two, two and a half years' time, you can understand the economic in terms of what it can add to the bottomline.
- We are looking at various synergy areas by aligning our policies, R&D, product development, manufacturing infrastructure, and market access. Overall, on a combined basis, crop protection business is likely to do well.
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