Coromandel International Limited — Q3 FY26
Coromandel delivered a resilient Q3 FY26 despite headwinds from extended rains, sharp raw material cost inflation, and INR depreciation.
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.
75%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Volume vs price growth in crop protection sales up 21%
Asked by Nirav, Anvil Wealth
Management gave segment growth rates but did not isolate volume growth from price/mix for the overall 21%.
no exact volume percentage givenapproximated volume growth equal to value growth
Read the exchange
Question
For nine months, if we see we have clocked close to around 21% increase in the sales as compared to last nine months of FY 2025. So if you can just share how much was the volume growth out of this 21% sales growth that we have achieved?
S Sankarasubramanian (Managing Director and CEO)
Export has grown by 30%, and domestic B2B institution segments have moved by 36%. Domestic formulation B2C business has moved up by 5%. I would say volume and the value, more or less, it's aligned. We can take volume growth also in the same level.
Partial answer
High priority
Reason for margin improvement in crop protection
Asked by Nirav, Anvil Wealth
Management listed factors but did not quantify the contribution of each to margin improvement.
no quantification of margin driversattributed to multiple factors without specifics
Read the exchange
Question
The improvement of margins is because of the higher volumes, and we would have achieved operating leverage out of our plants with the increased capacity utilization. The second part possibly could be the price increase, or is it because of the launch of newer products?
S Sankarasubramanian (Managing Director and CEO)
The new products have helped in the domestic formulation business segment. But actually, that has to really play out. Our growth has come from the export segment, where we have grown in terms of volume as well as in terms of price. And being export-oriented, the currency also has helped us.
Answered
Medium priority
Impact of EU FTA and CNY appreciation on exports
Asked by Nirav, Anvil Wealth
Management clearly stated current export composition to Europe and acknowledged potential benefits without overpromising.
Read the exchange
Question
With the FTA being signed with Europe, and B, with this Chinese currency getting appreciated by close to around 9% over the last one month, how does it will help us in terms of improving our exports to Europe?
S Sankarasubramanian (Managing Director and CEO)
We currently export predominantly bioproducts to Europe. Not much of agrochemicals. With elimination of duties up to 12%-13%, I think it will improve the export competitiveness. We need to explore this further. At this point in time, it has not really played out for us.
Answered
High priority
Mancozeb capacity expansion percentage
Asked by Nirav, Anvil Wealth
Management provided exact percentages for both completed and planned expansions.
Read the exchange
Question
We mentioned in the opening remarks that we have expanded the mancozeb capacity and further evaluating to expand. So if you can share in percentage terms also how much we have expanded or debottleneck for mancozeb and how much more we are planning to add.
S Sankarasubramanian (Managing Director and CEO)
We have expanded 20%, and now we are planning to expand another 30%.
Partial answer
High priority
Need for price hikes in fertilizer to maintain margins
Asked by Soumya, Avendus Spark
Management avoided a direct yes/no on price hikes, instead reiterating annual EBITDA guidance.
did not directly answer whether price hikes are neededfocused on annualized target instead
Read the exchange
Question
Taking the current raw material prices, be it sulfur, ammonia, and phosphorus subsidy into consideration, so do we need price hikes? Does the industry need price hikes? And in our case, do we need price hikes to have our normalized margins of close to INR 5,000 EBITDA above them?
S Sankarasubramanian (Managing Director and CEO)
On an annualized basis, this EBITDA of INR 5,000-5,500 is still achievable for the current year as well. But there will be some drop in the margins in the current situation with the higher sulfur price and the current depreciation and not so compensating subsidy.
Answered
Medium priority
Phosphorus price for the quarter
Asked by Soumya, Avendus Spark
Management clearly stated the current price and that it has not been decided for the quarter.
Read the exchange
Question
And the phosphorus price, has it been decided for the quarter, sir, and what would that be?
S Sankarasubramanian (Managing Director and CEO)
Not yet. Currently, the $1,290 remains. As the industry is not keen to increase its price any further, looking at the various aspects, the industry will be pushing for cost reduction in phosphorus price.
Answered
Medium priority
Utilization of backward integration plant starting this quarter
Asked by Soumya, Avendus Spark
Management gave a clear utilization target of 100%.
Read the exchange
Question
The backward integration plant, which is expected to start this quarter, what is the kind of utilization that we will plan to have during the current?
S Sankarasubramanian (Managing Director and CEO)
We generally operate the plant at 100% from day one, and why not again for this project as well? So we will operate the plant at 100% capacity.
Answered
Medium priority
Mix of B2B, B2C, and exports in crop protection
Asked by Soumya, Avendus Spark
Management provided specific percentages for each segment.
Read the exchange
Question
On the crop protection, you did mention about the export B2B and B2C. What would be the rough mix? I mean, exports used to be at one point 50% of the overall portfolio. So does that still remain? And B2B and B2C, what would be the mix of these?
S Sankarasubramanian (Managing Director and CEO)
B2B is around 25%. B2C will be 30% and 40%-45%.
Partial answer
High priority
Growth and margin outlook for crop protection standalone and consolidated
Asked by Ankur, Axis Capital
Management gave standalone CPC margin but did not provide a consolidated margin outlook including NACL.
no explicit consolidated margin outlookfocused on standalone CPC margins
Read the exchange
Question
First question on the growth and your margin outlook for the crop protection business, both on the standalone basis as well as on consolidated basis, given NACL acquisition, how do you look at the growth there?
S Sankarasubramanian (Managing Director and CEO)
In the case of CPC business of Coromandel, definitely our contributions are doing good, and it is in the range of 20%, which we are confident of sustaining or improving it. For the quarter, we achieved 20%, and in the next nine months, it's 18%.
Evasive
High priority
Unit economics of backward integration given sulfur price surge
Asked by Ahmad, NC Capital
Management declined to provide any quantitative update on unit economics, citing difficulty.
no number givenqualitative only
Read the exchange
Question
With current raw material prices for sulfur as well as rock and your procurement from Senegal and sourcing strategies, can you give some comments on current unit economics of backward integration projects, considering sulfur prices have moved roughly 5X?
S Sankarasubramanian (Managing Director and CEO)
Very difficult to put any number, but all I can say is there has been a reduction in the valuation compared to what it was 6-9 months before. Fortunately, the rock prices have been moderating. That has cushioned this impact to a great extent.
Answered
Medium priority
Subsidy business EBITDA share this quarter
Asked by Naushad Chaudhary, Aditya Birla Sun Life Mutual Fund
Management provided a specific percentage for subsidy business EBITDA share.
Read the exchange
Question
What was the subsidy outgo share this quarter? Subsidy business.
S Sankarasubramanian (Managing Director and CEO)
Business EBITDA share, 62%.
Answered
High priority
EBITDA benefit expectation from backward integration projects
Asked by Naushad Chaudhary, Aditya Birla Sun Life Mutual Fund
Management confirmed the INR 400 crore EBITDA benefit expectation is maintained.
Read the exchange
Question
Initial expectation was these two projects should help us roughly INR 400 crore of EBITDA benefit annually. Given the current pricing scenario, 5%-10% here and there, but do we maintain that kind of expectation from these two projects?
S Sankarasubramanian (Managing Director and CEO)
It will be more or less the same. I don't see any challenge because it is not only because of sulfur is going up. When sulfur goes up, PA price also goes up. So as far as the valuation is concerned, I don't see any major significant shift.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Crop protection export grew 30% | 30% | 26% | Overstated vs filing |
| Domestic B2B institution segment grew 36% | 36% | 26% | Overstated vs filing |
| Domestic formulation B2C grew 5% | 5% | 26% | Understated vs filing |
| Annualized EBITDA target INR 5,000-5,500 per ton | 5,500 | 805 | Overstated vs filing |
| CPC business contribution margin 20% in Q3, 18% 9M | 20% | 9.1% | Overstated vs filing |
| Annualized EBITDA target increase to INR 6,500 per ton | 6,500 | 805 | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.