Coromandel International Limited — Q3 FY25
Coromandel reported a stellar Q3 FY25 with consolidated revenue of INR 7,049 crore (+28% YoY) and EBITDA of INR 722 crore (+102% YoY), driven by record NPK volumes (11.4 lakh to...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Declined
High priority
Volume growth for mancozeb in 9M FY25 vs 9M FY24 and price capture
Asked by Nilesh Shah, Envision Capital
Management explicitly declined to provide the requested data.
refused to share specificsdeferred to later
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Question
if you can share what was the volume growth for mancozeb in nine months of FY25 vis-à-vis of nine months of last year, as well as if you can share that recently we have seen the prices of mancozeb in the international market moving up. So how much of that is captured in Q3, and how much is still left to be captured going forward?
Sankarasubramanian S (Managing Director and CEO)
we'll not get into specifics on the product pricing and volume at this stage.
Evasive
High priority
Production of technicals in FY25 and FY26 and new products
Asked by Nilesh Shah, Envision Capital
Management avoided giving specific production numbers and redirected to pipeline discussion.
reframed the questionno number given
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Question
last year we produced close to around 70,000 tons of technicals out of our 90,000 tons of production capacity. So how are we looking FY25 and FY26 in terms of the production of technicals, even the kind of newer products we have launched on the formulation side?
Sankarasubramanian S (Managing Director and CEO)
it may not be appropriate to look at absolute volume technicals because more and more new products are coming in... Rather, we should look at whether we have got pipeline for new generation molecules...
Partial answer
High priority
SSP volume growth outlook and margin per ton
Asked by Nilesh Shah, Envision Capital
Management gave margin range but did not provide specific volume growth numbers for FY25/FY26.
no specific volume growth number given
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Question
how do you see the volume growth for SSP in FY25 and FY26? And also if you can share what sort of margins per ton we are currently making on the SSP side?
Sankarasubramanian S (Managing Director and CEO)
SSP is definitely revert. In fact, current year performance is much better... margins are in the range of INR 1,500-INR 2,000, but it can potentially go up with the increase in share of this upgrade.
Answered
High priority
Drivers of strong POS volume and Q4 dispatch growth
Asked by Prashant Biyani, Elara Capital
Management explained drivers and explicitly stated Q4 will not see double-digit growth.
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Question
POS volume this quarter has been very strong across India in both Urea and Complex. What is driving this, and would it mean that Q4 dispatches should again be seeing double-digit growth for us?
Sankarasubramanian S (Managing Director and CEO)
overall monsoon conditions, reservoir levels, and crop acreages, the consumption has gone up significantly... It won't be a double-digit growth. It will be as per our plan.
Evasive
Medium priority
FY26 volume growth breakdown between manufacturing and trading
Asked by Prashant Biyani, Elara Capital
Management did not provide a specific volume growth number or clear split.
no number givenvague
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Question
For FY26, what kind of volume growth are you looking at? And it will be contributed by incremental volumes would be contributed through manufacturing or trading?
Sankarasubramanian S (Managing Director and CEO)
It will be a combination of both. Very difficult to put a number...
Partial answer
Medium priority
Decline in non-subsidy, non-CP EBITDA segment
Asked by Prashant Biyani, Elara Capital
Management disputed the premise but did not provide segment EBITDA numbers to clarify.
questioned analyst's mathno specific numbers
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Question
there is a dip in non-subsidy, non-CP EBITDA from the segment which comprises of Spectrum Organic Nutrients, retail, and others. Is the reading right? And if yes, what is driving this decline?
Sankarasubramanian S (Managing Director and CEO)
I don't know how you arrive at the math... There is only a correction or a reduction in the bio business. The rest of the segments have grown well.
Answered
High priority
Supply chain for new granulation trains and rock phosphate acquisitions
Asked by Arjun Khanna, Kotak Mahindra Asset Management
Management provided detailed update on supply chain and Baobab ramp-up, addressing the question.
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Question
we are setting up new granulation trains. So we had acquired a stake in Baobab Mining. Any other such acquisitions on the anvil? We had talked about securing rock phosphate. We haven't seen any such acquisitions or such tie-ups post this one.
Sankarasubramanian S (Managing Director and CEO)
For the new granulation capacity, the phosphoric acid required INR 200,000. We are putting up a new plant... we don't anticipate any challenge in terms of securing rock phosphate for the new plant.
Partial answer
Medium priority
Retail business turnover and scaling plans
Asked by Arjun Khanna, Kotak Mahindra Asset Management
Management declined to give absolute numbers but provided growth percentages.
no absolute turnover givenonly growth percentage
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Question
What would the turnover be of this business, say, in the third quarter and in nine months? And in terms of year on year, how are we looking at scaling this up going forward?
Sankarasubramanian S (Managing Director and CEO)
As for the segmental, we don't put out the separate top line and profitability. But what I can say is that it has grown significantly on Q3 alone. The top line growth is 20%.
Answered
High priority
Volume growth contribution from core vs northern markets and expansion plans
Asked by Somaiah Valliyappan, Avendus Capital
Management provided specific volume numbers for northern markets and explained expansion.
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Question
the volume that we have done, 11% growth. Could you help us understand how much was contributed from our core regions and how did we benefit from the northern market expansion?
Sankarasubramanian S (Managing Director and CEO)
This quarter, basically Rabi season, the activity is more in the northern markets... The volumes, almost 3.1 lakh tons, have come from north and central. If I have to compare... they've run 1.6. So almost we can say we have doubled our numbers.
Answered
High priority
Timeline for 40% jump in fertilizer margin and SSP contribution
Asked by Ankur Periwal, Axis Capital
Management confirmed the 40% margin jump target and timeline, and clarified SSP is included.
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Question
We had highlighted earlier around 40-odd% jump in overall fertilizer margin. Just wanted to understand the timeline for it and whether the SSP change... is a top-up to that 40% jump or is including in that guidance?
Sankarasubramanian S (Managing Director and CEO)
That number remains intact. And as soon as this plant gets commissioned... we should be able to achieve this sort of a jump in EBITDA margin probably in two years down the line. And that also includes the portfolio of SSP as well.
Evasive
Medium priority
Volume growth expectation in exports next year
Asked by Ramesh Sankaranarayanan, Nirmal Bang Equities
Management did not provide a specific volume growth percentage, only qualitative statements.
no specific number givenvague
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Question
In terms of the volume growth expectation in exports next year on this base, what is a realistic assessment of volume growth possible for the industry in your company?
Raghuram Devarakonda (Executive Director of CPC, BioProducts and Retail)
the outlook is quite positive... volume becomes an important play... our growth expectation is buoyant in both actives as well as formulations. But as a company... its outlook for formulation growth is on the higher side in exports.
Answered
High priority
SSP 1 million ton blend composition and profitability
Asked by Rohit Gurav, Quest Investment
Management provided specific blend ratio and margin target for SSP business.
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Question
when we are talking of, say, reaching SSP 1 million ton, so what kind of a blend will be... and how the profitability part... will be having a higher than the SSP or sitting somewhere in what kind of a range?
Sankarasubramanian S (Managing Director and CEO)
the value-added products with urea SSP and GroPlus, out of 1 million ton, when we reach, at least I expect 60% to come from these two products... blended margin with this sort of a combination should go to INR 2,500 per ton.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Retail top line growth 20% in Q3 | 20% | 28% | Understated vs filing |
| Retail bottom line growth 17% | 17% | 122.81% | Understated vs filing |
| Specialty nutrients EBITDA margin 20-25% | 20% | 10% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.