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Coromandel International Limited — Q4 FY26
Coromandel International reported Q4 FY26 consolidated revenue of ₹6,680 crore (+19% YoY) and EBITDA of ₹494 crore (+16% YoY), driven by record fertilizer sales of 4.3 million tons (+7% YoY) and strong crop protection growth.
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Coromandel International reported Q4 FY26 consolidated revenue of ₹6,680 crore (+19% YoY) and EBITDA of ₹494 crore (+16% YoY), driven by record fertilizer sales of 4.3 million tons (+7% YoY) and strong crop protection growth. PAT fell to ₹115 crore (vs ₹578 crore) due to exceptional items: prior-year land sale gain of ₹347 crore and current-year impairment of ₹71 crore in the drone business. Full-year revenue hit a record ₹31,827 crore (+30% YoY) with EBITDA of ₹3,232 crore (+23% YoY). The fertilizer segment faced margin compression from surging raw material costs (ammonia ~$840/ton, sulfur ~$800/ton) not fully covered by subsidy. Management expects government relief but declined margin guidance. Crop protection standalone EBITDA margin improved to ~19%. Key risk: delayed subsidy pass-through could pressure H1 FY27 margins.
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Risk Intelligence
Raw material price spike and subsidy gap
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Fertilizer sales volume
4.3M tons
+7% YoY
Record sales of DAP and NPK; market share in phosphatic sector reached 17.5%.
Nano DAP volume
42 lakh bottles
+60% YoY
Market leader in nano DAP with ~50% share; strong adoption amid rising conventional fertilizer prices.
Crop protection standalone revenue
₹3,540 crore
+16% YoY
Record revenue driven by export volume growth and new product introductions (10 new products, 21% of revenue).
Retail business growth
30%+
+30% YoY
Added 300+ new stores; expanded into Maharashtra and Tamil Nadu.
What Changed vs Last Quarter
NEW
Crop protection consolidated EBITDA margin to stabilize at 9-10%
NACL integration and product portfolio changes expected to improve margins from current 6-7%.
NEW
Granulation capacity expansion commissioning by December 2026
Project to expand granulation capacity is on track for commissioning by December of this financial year.
NEW
Senegal mine output to increase 30-40% in FY27
Planned volume increase from 3.5 lakh tons to support backward integration.
UPDATED
Crop protection revenue growth 20-25% in FY27
Driven by new product launches (6 new products), capacity expansion for key molecule, and aggressive domestic formulation growth.
DROPPED
Fertilizer EBITDA margin target of ₹5,000-5,500/ton annualized
Management reiterated the annualized EBITDA margin target of ₹5,000-5,500 per ton for the fertilizer business, despite near-term pressure from higher sulfur prices and currency depreciation.
DROPPED
Backward integration projects at Kakinada to commission this quarter
The sulfuric acid and phosphoric acid plants at Kakinada are progressing as per timelines and will be commissioned during Q4 FY26.
DROPPED
Granulation train expansion to commission in Q3 FY27
The granulation train expansion is on track and will be commissioned in the third quarter of FY27.
NEW RISK
Raw material price spike and subsidy gap
Ammonia and sulfur prices surged ~$840/ton and ~$800/ton respectively, while NBS rates increased only 10%. Government may not provide timely additional subsidy, compressing H1 margins.
NEW RISK
Middle East supply disruption
80%+ of ammonia and sulfur imports transit via the Strait of Hormuz; ongoing crisis threatens Q2 availability and keeps prices elevated.
NEW RISK
Drone business impairment and execution risk
₹71 crore impairment taken on Daksha investment due to order execution delays; management is personally driving recovery but no near-term revenue visibility.
NEW RISK
Nano DAP adoption slower than expected
Despite 60% volume growth, adoption remains slow without policy intervention; farmers continue to prefer subsidized urea and DAP.
RISK GONE
Sustained high sulfur prices
Sulfur prices have surged to $550/ton from $180-200, impacting input costs. Management expects moderation but uncertainty remains.
RISK GONE
Subsidy rate inadequacy
Current NBS rates may not fully compensate for higher raw material costs and rupee depreciation, pressuring fertilizer margins.
RISK GONE
NCL integration and margin recovery
NCL's margins remain muted due to lower capacity utilization at hedge facilities; full synergy benefits may take longer.
RISK GONE
Market share decline in fertilizers
Consumption-based market share moderated to 14% in Q3 from 15% last year due to lower offtake in southern states.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
NCL's margins remain muted due to lower capacity utilization at hedge facilities; full synergy benefits may take longer.
Fast read
Guidance and risk preview
Driven by new product launches (6 new products), capacity expansion for key molecule, and aggressive domestic formulation growth.
Ammonia and sulfur prices surged ~$840/ton and ~$800/ton respectively, while NBS rates increased only 10%.
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