Coromandel International Limited — Q3 FY26
Coromandel International reported a challenging Q3 FY26 with consolidated revenue of ₹8,863 crore (+26% YoY) and PAT of ₹488 crore (-4% YoY).
neutral
medium
✓ 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.
73%Questions answered1Evaded / deflected11Questions 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, only assumed alignment.
no specific volume number givenassumed volume equals value growth
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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 multiple factors but did not quantify their relative contribution to margin improvement.
no quantification of margin driversvague attribution
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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.
Answered
Medium priority
Impact of EU FTA and CNY appreciation on exports
Asked by Nirav, Anvil Wealth
Management clearly stated current exposure and potential benefits without dodging.
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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 expansion completed and planned.
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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 business given raw material costs
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 annual target
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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 no decision has been made.
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Question
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%.
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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.
Partial answer
High priority
Growth and margin outlook for crop protection standalone and consolidated
Asked by Ankur, Axis Capital
Management provided standalone margin but did not address consolidated outlook with NACL.
no consolidated margin outlook givenfocused only on standalone
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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 refused to provide any quantitative update on unit economics, citing difficulty.
no number givenqualitative onlydeflected to future moderation
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Question
Can you give some comments on current unit economics of backward integration projects, considering sulfur prices have moved roughly 5X? I think it was $100 a ton a year ago, and now it is close to $500, $550 a ton.
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
Reason for Coromandel's fertilizer volume growth vs industry decline
Asked by Darshita Shah, DSP Mutual Fund
Management clarified the discrepancy by distinguishing primary sales from consumption and provided industry data.
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Question
The DBT sales data that the company gives out in the presentation, we see DAP and NPK put together, sales growth was -1% for nine months. During the same period, the growth for us was close to 10 odd percent. Could you throw some light on where is this incremental growth coming from for us?
S Sankarasubramanian (Managing Director and CEO)
If you look at the corresponding primary sale of the industry, industry also is grown by 15%. If you look at the industry DAP, NPK sales sorry, for the quarter if you are talking about, it has moved up from 71 lakh tons to 75 lakh tons, which is 6% growth on the primary sale.
Answered
High 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.
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Question
What was the subsidy outgo share this quarter? Subsidy business.
S Sankarasubramanian (Managing Director and CEO)
Business EBITDA share, 62%.
Declined
Low priority
Revenue and EBITDA for retail business
Asked by Vipul Shah, Sumangal Investment
Management explicitly declined to provide the requested segment financials.
refused to disclose
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Question
Can you share the revenue and EBITDA for our retail business?
S Sankarasubramanian (Managing Director and CEO)
We don't put this out as a separate segment, sir. We are constrained to put this number separately.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Crop protection export grew 30% | 30% | 26% | Overstated vs filing |
| Domestic B2B institution segments grew 36% | 36% | 26% | Overstated vs filing |
| Domestic formulation B2C grew 5% | 5% | 26% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.