Raw material price spike and availability crisis
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.
COROMANDEL / Q4-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
Inadequate government subsidy support
Current NBS rates do not cover sharp raw material cost increases; if additional subsidy is not provided, fertilizer margins will be severely compressed.
Drones business impairment and execution risk
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.
Q4 crop protection revenue growth muted at 2%
Standalone crop protection revenue grew only 2% in Q4 due to off-season and deliberate moderation of exports; management expects recovery in Q1.