Coromandel International Limited — Q4 FY26
Coromandel reported record full-year revenue of INR 31,827 crore (+30% YoY) and EBITDA of INR 3,232 crore (+23% YoY), driven by strong performance in crop protection (standalone...
neutral
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✓ 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.
58%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
Medium priority
BMCC financials and depreciation trend
Asked by Ahmed Madha, Unifi Capital
Explained accounting but did not provide specific financial figures or future trends.
no specific depreciation numbers givenno forward guidance on profitability
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Question
If you can expand on how is BMCC as an entity placed in terms of financials, and also explain how the depreciation amortization of the mining asset moves forward in next year and thereafter, and how do you see the profitability trends of the BMCC entity?
S. Sankarasubramanian, Managing Director and CEO
On the mining side, you are absolutely right. The amortization expenses, depreciation is more of an accounting where the mining costs are also getting amortized... In terms of the financial health and performance of BMCC has turned profitable now.
Evasive
High priority
Fertilizer margins and subsidy outlook
Asked by Ahmed Madha, Unifi Capital
Acknowledged need for subsidy but gave no specifics on timing or amount.
no timeline givenno quantification of gapdeferred to government decision
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Question
How do you see government response coming in, whether there can be another sort of a price increase rather subsidy increase... How do you see the current situation, and what is your broad sense of how you'll be compensated for the higher raw material costs?
S. Sankarasubramanian, Managing Director and CEO
It's too early stages to this... This naturally calls for additional compensation subsidies, which we have taken up with the government. It's under discussion stage, and hopefully we should get some... A very gap still remains.
Answered
High priority
Crop protection business opportunity and NACL
Asked by Ahmed Madha, Unifi Capital
Provided specific margin and revenue figures and detailed segment performance.
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Question
How do you see the opportunity in terms of export side, in terms of scale-up of your agrochemical business? Nagarjuna's NACL's margins, how do you see the trend changing?
S. Sankarasubramanian, Managing Director and CEO
We have done extremely well on all segments... On a standalone basis, crop protection business has reached the record turnover and record profitability... close to 19% EBITDA margin on a revenue of INR 3,000 crores.
Partial answer
Medium priority
EBITDA breakup and crop protection revenue split
Asked by Ankur Periwal, Axis Capital
Provided subsidy share but not EBITDA breakup; corrected quarter vs full year.
initially gave wrong figuredid not provide EBITDA breakup, only revenue share
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Question
If you can give the EBITDA breakup for the full year in terms of subsidy, non-subsidy. The revenue breakup for Crop Protection, in terms of B2B, B2C, and export and domestic.
S. Sankarasubramanian, Managing Director and CEO
Subsidy business share for the full year is 57%... It's 66% for the year as a whole. What I said, 57, is for the quarter, and 66% for the year as a whole.
Answered
High priority
Crop protection growth outlook and margins
Asked by Ankur Periwal, Axis Capital
Provided specific growth percentage and margin sustainability view.
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Question
How do you look at the growth going ahead? You did allude towards NACL cross-selling opportunity... what sort of growth are you looking at and sustainable margins there?
S. Sankarasubramanian, Managing Director and CEO
We can see a revenue growth of 20%-25% besides the capacity-driven growth in active ingredients... I don't see any challenge. Also we should note that the currency depreciation is heavily helping this business.
Evasive
High priority
Risk if government delays subsidy increase
Asked by Ankur Periwal, Axis Capital
Did not address what company would do if subsidy is delayed.
no contingency plan givendeferred to government action
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Question
What if the government is not increasing, or maybe there is a delay in terms of increase in subsidy from the government side? Are we looking to increase the finished goods prices there as aggressively?
S. Sankarasubramanian, Managing Director and CEO
These are very abnormal situations, very difficult to predict... Government responds favorably, which they are, they are looking into it, and it should happen here and now.
Answered
Medium priority
Finished goods inventory of fertilizers
Asked by Riju Dalui, Antique Stock Broking
Provided a specific inventory volume figure.
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Question
In terms of the fertilizer business, could you please elaborate in terms of the finished goods inventory that you have as on March 26?
S. Sankarasubramanian, Managing Director and CEO
It may be close to 12.5 lakh tons, roughly finished fertilizers we may be having.
Answered
Medium priority
Reason for low Q4 crop protection growth
Asked by Riju Dalui, Antique Stock Broking
Explained the reason for low growth and provided context.
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Question
If I look at Coromandel CPC business for the standalone ones, the growth was 2.5% for the quarter. The primary reason was... poor domestic business growth or a mix?
S. Sankarasubramanian, Managing Director and CEO
It's off-season in domestic market... exports we have moderated the sale in fourth quarter... It's a temporary slowdown in fourth quarter that will come back in first quarter.
Answered
High priority
Phosphoric acid price and raw material costs
Asked by Somaiya V., Avendus Spark
Provided specific prices for phosphoric acid, ammonia, and sulfur.
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Question
My first question is on the phosphate price for the quarter. Has it been decided? In the international market, if you were to procure sulfur and ammonia, what is the current pricing level?
S. Sankarasubramanian, Managing Director and CEO
Price was fixed at INR 1,316... Around the time we fixed that phosphoric acid price at INR 1,360. Against the previous of INR 1,290... ammonia... around $840, $850 dollar range... Sulfur is also around the same level, $800 dollar range.
Evasive
Medium priority
Backward integrated capacity margin contribution
Asked by Somaiya V., Avendus Spark
Did not quantify margin impact or accretion.
no margin guidancedeferred to normalization
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Question
In terms of margin contribution, do you see it to be accretive, given the sulfur price volatility?
S. Sankarasubramanian, Managing Director and CEO
These are very extraordinary times, very difficult to look at margin at this point of time... This may be one or two quarters of challenges and pressures, but it should get normalized.
Declined
High priority
EBITDA margin guidance for the year
Asked by Vipul Kumar Shah, Sumangal Investments
Explicitly declined to provide margin guidance.
refused to give guidance
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Question
In view of the raw material inflation, what should be our margin guidance as far as EBITDA pattern is concerned for the whole year?
S. Sankarasubramanian, Managing Director and CEO
Very difficult to predict at this point of time. Let's see how it goes... I don't want to put any number now.
Answered
High priority
Manufacturing EBITDA on fertilizer side
Asked by Sheel Kumar Shah, Sameeksha Capital
Provided specific EBITDA figures for full year and Q4.
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Question
What is our manufacturing EBITDA on fertilizer side, I mean, pattern for the 4Q and for the full year?
S. Sankarasubramanian, Managing Director and CEO
Last year it was around INR 5,000+ that we had mentioned, and fourth quarter was compressed. It was less than INR 3,500, around that number.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Crop protection standalone revenue INR 3,000 crores with 19% EBITDA margin | 19% | 8% | Overstated vs filing |
| Crop protection exports INR 1,450 crores, domestic INR 700 crores, B2B INR 900 crores | ₹1,450 cr | ₹6,004 cr | Understated vs filing |
| NACL full year revenue INR 1,584 crores, Q4 INR 361 crores | ₹1,584 cr | ₹6,004 cr | Understated vs filing |
| Manufacturing EBITDA full year INR 5,000+, Q4 less than INR 3,500 | ₹5,000 cr | ₹3,232 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.