Raw material price spike and subsidy gap
Ammonia and sulfur prices surged ~$840/ton and ~$800/ton respectively, while NBS rates increased only 10%. Government may not provide timely additional subsidy, compressing H1 margins.
COROMANDELINTERNATIONAL / bear-case history
Track the concerns that keep returning.
Coromandel International · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Middle East supply disruption
80%+ of ammonia and sulfur imports transit via the Strait of Hormuz; ongoing crisis threatens Q2 availability and keeps prices elevated.
Drone business impairment and execution risk
₹71 crore impairment taken on Daksha investment due to order execution delays; management is personally driving recovery but no near-term revenue visibility.
Nano DAP adoption slower than expected
Despite 60% volume growth, adoption remains slow without policy intervention; farmers continue to prefer subsidized urea and DAP.