Sustained high sulfur prices
Sulfur prices surged from ~$200 to $550/ton, compressing fertilizer margins. Management expects a correction but uncertainty remains.
COROMANDEL / Q3-FY26 / risks
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Coromandel International · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Subsidy compensation lag
NBS rates have not fully compensated for raw material inflation and INR depreciation, pressuring margins. Government supplementary grants may be needed.
NACL integration and hedge facility underperformance
NACL's hedge facility has low utilization, dragging margins. Management acknowledged the issue but provided no timeline for resolution.
Market share decline in phosphatic fertilizers
Consumption-based market share fell from 15% to 14% in Q3 due to lower offtake in Andhra Pradesh and Telangana from crop damage.