Coromandel International Limited — Q4 FY25
Coromandel reported a strong Q4 FY25 with consolidated revenue of INR 5,114 crore, up 28% YoY, driven by record phosphatic fertilizer volumes and a 13% volume growth.
bullish
high
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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.
63%Questions answered3Evaded / deflected12Questions audited
Evasive
High priority
How to turn around NACL and timeline for margin alignment with CPC?
Asked by Prashant Biyani, Elara Capital
Management deferred specifics until regulatory approval, no concrete timeline for margin alignment.
no timeline givendeferred to post-approval
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Question
On the NACL, how do we plan to turn N ACL, and by when can we see NACL aligning with our crop protection division margins?
S Sankarasubramanian, MD and CEO
See, right now we are waiting for the regulatory approval, which may take another two, three months, and post which we should take stock of what are the opportunities available.
Partial answer
High priority
Will the INR 1,000 crore CPC CapEx be trimmed post NACL acquisition?
Asked by Prashant Biyani, Elara Capital
Management said 'moderated' but did not quantify the reduction.
no specific number given
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Question
Sir, we also had a plan of investing INR 1,000 crore in crop protection spectrum CDMO. Now, post this acquisition, do we see that INR 1,000 crore CapEx being trimmed, and if yes, by how much?
S Sankarasubramanian, MD and CEO
No, I won't say it will be trimmed. It will be moderated because the active ingredient capacity creation can be slowed down since we have spare capacities which can be leveraged.
Answered
Medium priority
Annual fertilizer import volume from Ma'aden?
Asked by Prashant Biyani, Elara Capital
Management provided specific volume range.
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Question
Sir, regarding our agreement with Ma'aden, annually, how much fertilizer do we plan to import with them and in total?
S Sankarasubramanian, MD and CEO
Right now, the contract is for INR 300,000, and we can potentially go up to INR 500,000.
Evasive
High priority
Where do you see NACL three years from now?
Asked by Rahul Bedi, Clearwater Analytics
Management gave general direction but no quantified targets.
no specific targetsvague goals
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Question
If I take a 10,000-foot view, say three years from now, where do you actually see NSCL?
S Sankarasubramanian, MD and CEO
NSCL is to get back in terms of the capacity utilization. They have invested in Dahej facility, which is not operational fully.
Declined
High priority
Potential top line of NACL at full capacity?
Asked by Rahul Bedi, Clearwater Analytics
Management refused to give a number, calling it too early.
declined to provide estimate
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Question
At full capacity, sir, what could be the potential top line that this company could generate based on current pricing scenario?
Operator (likely misattributed, but answer from management)
Too early to comment on it, and they should at least minimum go back to the numbers what they have achieved two years before without considering any new add-ons.
Partial answer
High priority
Volumetric growth and margin outlook for crop protection?
Asked by Ankur Nahar, Axis
Management gave qualitative growth outlook but no specific volume or margin numbers.
no specific volume number givenvague margin guidance
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Question
First question on the crop production side. One, if you can highlight what has been the volumetric growth for the full financial year... Your outlook on the margin side?
S Sankarasubramanian, MD and CEO
I would suggest we should look at high-end double-digit growth for the next year across these three segments... All I can say is our turnover for the next year, our revenue can be on the high double-digit side, supported by healthy profitability margins.
Answered
High priority
Traction and potential of Nano DAP?
Asked by Naushad Chaudhary, Aditya Birla
Management provided specific sales volume and replacement target.
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Question
First one on the Nano DAP, sir, just wanted to check how the traction there. Are we experiencing repeat buying here? ... how big can this product be for us in the next three, four years?
S Sankarasubramanian, MD and CEO
During this year, we sold 2.6 million bottles, and we have seen 80%-90% of liquidation... we do expect replacement of 2 million tons of DAP in another two to three years' time.
Partial answer
Medium priority
Economics of retail stores: CapEx, working capital, profitability?
Asked by Naushad Chaudhary, Aditya Birla
Management gave qualitative description but no quantified financials.
no specific CapEx or working capital numbers
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Question
If you can help us understand in terms of overall economics, how much CapEx and working capital required, but so, what is the current financial status of all 900 put together, and how it should look like in the next two, three years?
S Sankarasubramanian, MD and CEO
In terms of investment, as of now, we are only on a rental basis. We do not own the stores. Working capital also... we are able to leverage better... Currently, we are running the business on a negative working capital.
Answered
Medium priority
What attracted you to NACL and comparison with Sabero?
Asked by Viraj Kacharia, SiMPL
Management provided detailed comparison and rationale.
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Question
First, on the NSCL part, just wanted to get your thoughts on what attracted you towards the company... what are the similarities or differences in the business or acquisition you see between NSCL and the other two?
S Sankarasubramanian, MD and CEO
See, NSCL is again more or less similar to our business model. Focuses mainly on genetic space... Comparing this to Sabero, Sabero is more of an AI play in the export market, whereas Nagarjuna has got all the three segments.
Answered
High priority
Why are NACL margins low and how to improve?
Asked by Viraj Kacharia, SiMPL
Management explained margin decline and gave restoration target.
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Question
If you look at the 10-year history, the operating margins have been around 8%-9%... Just trying to understand where is the gap in terms of the margin profile in that business.
S Sankarasubramanian, MD and CEO
NSCL used to make margins in the range of 10%-11% in the past, which came down to 4%-5%. Our aim would be to first restore the margin back to 10%-11%...
Answered
Medium priority
Fertilizer margin compression in Q4 due to sulfur?
Asked by Somaiah V, Spark Institutional Equities
Management confirmed sulfur impact and denied other factors.
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Question
The first question is on fertilizer margin in Q4. You did mention there is a slight compression there. Is it entirely attributed to sulfur, or is there anything that changed on a quarter-on-quarter basis?
S Sankarasubramanian, MD and CEO
Of course, sulfur plays the trade role, but other than that, there's no inventory impact. Rather, we have improved on the channel inventory with improved liquidation.
Answered
High priority
Is the INR 5,000 per ton EBITDA guidance still valid?
Asked by Somaiah V, Spark Institutional Equities
Management confirmed the guidance.
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Question
Sir, also, earlier, we used to give our manufactured EBITDA per ton guidance. We used to have this INR 5,000 per ton. Does that still hold good in current context?
S Sankarasubramanian, MD and CEO
Yes. We should be able to sustain that margin.