Risks
4 risks
Risk Intelligence
Volatility in sulphur and phosphoric acid prices
View Risks →Coromandel International Limited — Q1 FY26
Coromandel delivered a strong Q1 FY26 with consolidated revenue of ₹7,126 crore (+49% YoY) and EBITDA of ₹782 crore (+55% YoY), driven by early monsoon, robust fertilizer demand, and margin expansion in crop protection.
bullish
high
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Coromandel delivered a strong Q1 FY26 with consolidated revenue of ₹7,126 crore (+49% YoY) and EBITDA of ₹782 crore (+55% YoY), driven by early monsoon, robust fertilizer demand, and margin expansion in crop protection. The company achieved record NPK sales volume growth of 31% and market share improvement to 18%. Crop protection revenue surged 31% to ₹723 crore, with EBIT up 77%. Management guided for sustained EBITDA of ₹5,000 per tonne in manufacturing and expects DAP prices to soften post-Rabi. Key risks include volatility in sulphur/phosphoric acid prices and potential delays in NACL acquisition integration.
कोरोमंडल ने पहली तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई 7,126 करोड़ रुपये रही, जो पिछले साल से 49% ज्यादा है। मुनाफा 782 करोड़ रुपये रहा, जो 55% बढ़ा। इसकी वजह जल्दी मानसून, खाद की मजबूत मांग और फसल सुरक्षा में मुनाफा बढ़ना है। कंपनी ने NPK खाद की बिक्री में 31% का रिकॉर्ड उछाल दर्ज किया और बाजार हिस्सेदारी 18% तक पहुंच गई। फसल सुरक्षा कारोबार की कमाई 31% बढ़कर 723 करोड़ रुपये हो गई। कंपनी का अनुमान है कि खाद बनाने में प्रति टन 5,000 रुपये का मुनाफा रहेगा और DAP खाद के दाम रबी सीजन के बाद गिर सकते हैं। मुख्य जोखिम सल्फर और फॉस्फोरिक एसिड के दाम में उतार-चढ़ाव और NACL कंपनी के अधिग्रहण में देरी है।
Risks4 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
NPK Sales Volume Growth
31%
+31% YoY
Record primary sales volume of Gromor, establishing Coromandel as leading NPK marketer with 18% market share.
Crop Protection Revenue
₹723 Cr
+31% YoY
Revenue grew 31% to ₹723 crore; EBIT up 77% to ₹111 crore, driven by early monsoon and new product launches.
BMCC Rock Production Run-Rate
300-400K tonnes
N/A (first year of capacity)
Senegal mine expected to produce 300-400K tonnes in FY26, doubling in two years with minimal investment.
Drone Spraying Coverage
25,000 acres
N/A (new initiative)
Covered 25,000 acres in Q1; targeting 5,00,000 acres for FY26 by doubling drone fleet.
What Changed vs Last Quarter
NEW
Manufacturing EBITDA of ₹5,000 per tonne to sustain
Management expects normative EBITDA of ₹5,000 per metric ton to sustain during FY26, despite input cost volatility.
NEW
Granulation plant commissioning in Q4 FY27
The 7.5 lakh tonne granulation project is on track and expected to be commissioned in Q4 of FY27 (Jan-Mar 2027).
NEW
Backward integration plant commissioning in Q4 FY26
The phosphoric acid and sulphuric acid backward integration project is 70% complete and likely to be commissioned in Q4 of current financial year.
NEW
Target 5,00,000 acres drone spraying in FY26
Company plans to double drone fleet and cover 5,00,000 acres of drone spraying in the current year.
DROPPED
Fertilizer EBITDA per ton of INR 5,000 sustainable
Management confirmed the target of INR 5,000 per ton EBITDA for the fertilizer business remains intact for FY26.
DROPPED
PA/SA plants commissioning in Q4 FY26
The phosphoric acid and sulfuric acid plants at Kakinada are 45% complete and on track for commissioning in the last quarter of FY26.
DROPPED
Crop protection revenue growth in high double digits
Management expects high double-digit revenue growth in crop protection for FY26, supported by new products and export demand.
DROPPED
NACL acquisition to close by Q2 FY26
Regulatory approvals for the NACL acquisition are expected by Q2 of the current financial year.
NEW RISK
Volatility in sulphur and phosphoric acid prices
Sulphur prices peaked at $300+ and have softened to $225, but further volatility could impact margins. Management noted marginal reduction in value addition due to higher sulphuric acid costs.
NEW RISK
DAP supply tightness and price risk
China's DAP exports have dried up, tightening global supply. While management expects softening post-Rabi, any supply disruption could impact costs and availability.
NEW RISK
NACL acquisition integration delays
SEBI clearance for NACL open offer is pending; management declined to comment on profitability timeline, indicating uncertainty.
NEW RISK
Subsidy outstanding risk
Subsidy outstanding stood at ₹2,911 crore as of June 30, higher as a percentage of revenue (41% vs historical 35%), though management attributed it to seasonal channel inventory.
RISK GONE
Raw material price volatility
Sulfur prices surged by $120/ton and phosphoric acid by $98/ton in Q4, which could compress margins if not passed through.
RISK GONE
NACL integration and debt burden
NACL carries high debt and interest costs; management was vague on timeline for debt reduction, raising execution risk.
RISK GONE
Capacity constraints before new plants
Until the Kakinada granulation plant comes online in FY27, volume growth may be limited by existing capacity, increasing reliance on trading.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q4 FY25
Management confirmed the target of INR 5,000 per ton EBITDA for the fertilizer business remains intact for FY26.
Mentioned in Q2 FY25, Q3 FY25
New granulation plant to be commissioned in 24 months, targeting commercial production from Q4 FY27.
Mentioned in Q3 FY25, Q4 FY25
Sulfur prices surged by $120/ton and phosphoric acid by $98/ton in Q4, which could compress margins if not passed through.
Fast read
Guidance and risk preview
Management expects normative EBITDA of ₹5,000 per metric ton to sustain during FY26, despite input cost volatility.
Sulphur prices peaked at $300+ and have softened to $225, but further volatility could impact margins.
View Risks →