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Revenue
₹6,004 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹3,232 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 reported record full-year revenue of INR 31,827 crore (+30% YoY) and EBITDA of INR 3,232 crore (+23% YoY), driven by strong performance in crop protection (standalone revenue +16% to INR 3,054 crore, EBITDA +53% to INR 516 crore) and record fertilizer sales of 4.3 million tons (+7% YoY). However, Q4 PAT fell to INR 115 crore (vs INR 578 crore last year) due to exceptional items (land sale gain last year vs impairment this year). The fertilizer margin compressed as raw material prices surged post Middle East crisis, with subsidy share in EBITDA dropping to 57% in Q4. Management flagged acute raw material availability and pricing challenges for Q2, but expects government support via additional subsidy. The newly commissioned phosphoric acid plant and Senegal mine expansion provide structural cost advantages. Risk: if government does not provide timely subsidy relief, fertilizer margins could remain under severe pressure in H1 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Driven by new product launches (6 new products), capacity expansion at Dahej and Sarigam, and aggressive domestic formulation growth.
- Planned volume increase from 3.5 lakh tons to ~4.5-4.9 lakh tons, supported by stabilized operations.
- Project to expand granulation capacity is on track for commissioning by December of this financial year.
- Management expects standalone crop protection EBITDA margin to remain at current levels, supported by currency depreciation and pass-through of input costs.
Risks flagged
- Ammonia and sulfur prices surged to $840-850/ton and ~$800/ton respectively due to Middle East supply disruption; visibility only up to June, Q2 remains uncertain.
- Current NBS rates do not cover sharp raw material cost increases; if additional subsidy is not provided, fertilizer margins will be severely compressed.
- Impairment of INR 71 crore taken on Dhaksha investment due to long lead times in order execution; recovery depends on timely execution of pending orders.
- Standalone crop protection revenue grew only 2% in Q4 due to off-season and deliberate moderation of exports; management expects recovery in Q1.
Key quotes
- We have been diversifying our raw material sources through long-term contracts with various countries beyond Saudi and Qatar, like Southeast Asian countries, African countries, and Canada, and sometimes from Russia and China as well.
- These are very extraordinary times, very difficult to look at margin at this point of time. It doesn't make sense even to look at whether product margin or the phosphate value gap.
- We strongly believe during this period of challenge and crisis, alternate solutions like nanotechnology can make a huge impact and can save the country from the huge foreign exchange outflow as well as help the farmers to have the right nutrient application for the crop.
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