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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
₹8,863 Cr
verified against source
Revenue YoY
26%
reported change
EBITDA
₹805 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coromandel delivered a resilient Q3 FY26 despite headwinds from extended rains, sharp raw material cost inflation, and INR depreciation. Consolidated revenue grew 26% YoY to INR 8,863 crore, driven by strong crop protection performance (revenue +24%, EBIT +74%) and record fertilizer production of 990,000 tons (+18% YoY). EBITDA rose 11.5% to INR 805 crore, but margins contracted ~120bps due to unabsorbed subsidy costs. PAT declined 3.9% to INR 488 crore on higher depreciation and interest. Management maintained annualized EBITDA guidance of INR 5,000-5,500/ton, supported by backward integration commissioning this quarter and price hikes of 3-4%. Key risks: sustained high sulfur prices and delayed subsidy compensation could pressure near-term margins.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- Management targets 20-25% annual growth in domestic branded formulation business, driven by new product launches and market expansion.
- After a 20% debottlenecking, the company plans a further 30% capacity expansion at Sarigam to meet rising global demand.
Risks flagged
- Sulfur prices surged from ~$200 to $550/ton, compressing fertilizer margins. Management expects a correction but uncertainty remains.
- NBS rates have not fully compensated for raw material inflation and INR depreciation, pressuring margins. Government supplementary grants may be needed.
- NACL's hedge facility has low utilization, dragging margins. Management acknowledged the issue but provided no timeline for resolution.
- Consumption-based market share fell from 15% to 14% in Q3 due to lower offtake in Andhra Pradesh and Telangana from crop damage.
Key quotes
- Despite all these headwinds, the business delivered a resilient performance supported by very competitive sourcing of key raw materials, operational efficiencies, and our plants have been operating at 100% capacity utilization.
- We do feel that the sulfur price increase is not sustainable. Sulfur has always used to be a disposal issue. I think it is a phenomenon of short supply and excess demand, which should get moderated as we move into the first quarter of next year.
- Our game plan will be to expand our market territories and synergize our operations with NACL also. We'll be looking to increase our formulation business and domestic market by at least 20%-25% going year-on-year from now on.
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