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 t...
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.
67%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
Medium priority
Why is consolidated depreciation higher than standalone, and BMCC profitability outlook?
Asked by Ahmed Madha, Unifi Capital
Explained accounting treatment but did not provide specific financial figures or future depreciation trajectory.
attributed to accounting without specific numbersno quantitative profitability trend given
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Question
if I compare the consolidated P&L and standalone P&L, there is a gap... 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
Management (unidentified)
on the mining side you are absolutely right... depreciation is more of an accounting where the mining costs are also getting amortized... BMCC has turned profitable now with increased volume of operations, better absorption of cost, improved efficiencies
Evasive
High priority
How will fertilizer margins be impacted by raw material inflation and subsidy?
Asked by Ahmed Madha, Unifi Capital
Acknowledged issue but gave no specific margin guidance or subsidy expectation.
no number givendeferred to government decisionrefused to quantify impact
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Question
on the margins of the fertilizer business for the upcoming season how should one look at it considering the very nominal increase in the subsidy numbers about 10% while the raw material prices have gone up materially
Management (unidentified)
it's too early stages... the replacement cost is very high... it definitely calls for additional compensation subsidies which we have taken up with the government... hopefully we should get the pass through on these costs
Answered
High priority
What is the opportunity from NCL acquisition and standalone CP margin trend?
Asked by Ahmed Madha, Unifi Capital
Provided specific margin and revenue figures for standalone CP business and discussed NCL synergies.
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Question
how do you see overall opportunity with the NCL acquisition done now? ... how do you see the trend changing and lastly the standalone crop protection had low growth about two and a half%
Management (unidentified)
we have done extremely well on all segments... standalone basis crop protection business has reached record turnover and record profitability... close to 19% EBITDA margin and revenue of 3,000 crores
Answered
High priority
What is the subsidy vs non-subsidy revenue share and CP business breakup?
Asked by Ankur, Access Capital
Provided specific revenue breakup numbers for subsidy share and CP business segments.
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Question
if you can give the EBITDA breaker for the full year in terms of subsidy and non-subsidy and the revenue breaker for crop protection in terms of B2B, B2C and export domestic
Management (unidentified)
business share for the full year is 57%... 66% for the year as a whole... exports will be 1450 crores, domestic will be 700 crores and domestic B2B and formulation will be 900 crores
Answered
High priority
Any RM availability concern for CP business and growth outlook?
Asked by Ankur, Access Capital
Gave clear assurance on RM availability and provided revenue growth guidance.
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Question
is there any concern from an RM availability perspective for the crop protection business or even from a pricing perspective and second how do you look at the growth going ahead
Management (unidentified)
as far as raw material supply chain is concerned on crop protection we are quite comfortable... we are able to pass through so we don't see any impact on margin... you can see a revenue growth of 20 to 25%
Answered
Medium priority
Will standalone CP EBITDA margin sustain at 19%?
Asked by Ankur, Access Capital
Confirmed margin sustainability and provided supporting reason.
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Question
on the margins do we think we will be sustaining let's say 19ish% non-NACL EBITDA margin for our business
Management (unidentified)
I don't see any challenge and also we should note that with the currency depreciation terribly helping this business significant share of exports happen
Evasive
High priority
What if government delays subsidy increase? Will finished goods prices be raised?
Asked by Ankur, Access Capital
Did not answer whether they would raise prices; deferred to government action.
no number givendeferred to governmentrefused to commit to price 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... are we looking to increase the finished good prices there as aggressively
Management (unidentified)
These are all very abnormal situations very difficult to predict... it is very important both for the sector health as well as for the farmer benefit government response favorably... we do hope that we'll have a early resolution
Partial answer
Medium priority
What is the domestic and export revenue share for CP including NACL?
Asked by Rupesh (Ru), Antique Stock Broking
Provided total revenue but not the requested breakup; promised to follow up.
deferred to laterno breakup given
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Question
if you could mention the NACL like including NACL number for the Q4 for the export revenue that will be helpful
Management (unidentified)
I need to get back to you on export revenue. Overall revenue is 584 for the full year and 361 crores for Q4. But I need to just get back to you on domestic and export break up
Answered
Medium priority
What is the finished fertilizer inventory as of March 26?
Asked by Rupesh (Ru), Antique Stock Broking
Provided specific inventory volume numbers.
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Question
could you please elaborate in terms of the finished goods inventory that you have as on March 26
Management (unidentified)
it may be close to 5.5 lakh tons roughly finished fertilizers we may be having... trading is not much probably 60,000-70,000
Answered
Medium priority
Why was standalone CP growth only 2% in Q4?
Asked by Rupesh (Ru), Antique Stock Broking
Explained reasons for low Q4 growth and reaffirmed annual growth trajectory.
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Question
if I look at Coromandel CP business for the standalone ones the growth was two and a half% for the quarter. So the primary reason was because of poor domestic business growth or mix?
Management (unidentified)
it's offseason in domestic market... exports we have moderated the sale in fourth quarter... it's a temporary slowdown... overall for the year growth 16% and that set of growth we do expect to sustain
Answered
High priority
What is the phosphoric acid price for Q1 and current sulfur/ammonia prices?
Asked by Somaya V, Aendis Park
Provided specific prices for phosphoric acid, ammonia, and sulfur.
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Question
phosphoric acid price for the quarter has it been decided? and in the international market what is the current pricing level for sulfur and ammonia?
Management (unidentified)
PA price was fixed at 1315... phosphoric price at 1360 against previous of 1290... ammonia deals around $840-$850 range... sulfur also on same level $800
Evasive
High priority
Will backward integration be accretive given high sulfur prices?
Asked by Somaya V, Aendis Park
Did not provide margin accretion outlook; cited extraordinary conditions.
no number givenrefused to quantify margin impactdeferred to normalization
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Question
for the first half of this year do we see any challenges in terms of raw material availability to run this kind of plant and also in terms of margin contribution do we see to be accretive
Management (unidentified)
these are all very extraordinary times very difficult to look at margins at this point of time... structurally the value what we originally message will come through
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Standalone CP business EBITDA margin close to 19% | 19% | 8% | Overstated vs filing |
| Standalone CP business revenue 3,000 crores | ₹3,000 cr | ₹6,004 cr | Understated vs filing |
| Consolidated CP revenue 4,000 crores | ₹4,000 cr | ₹6,004 cr | Understated vs filing |
| Consolidated CP EBITDA margin improved to 6-7% | 6.5% | 8% | Understated vs filing |
| Consolidated CP EBITDA margin expected to stabilize 9-10% next year | 9.5% | 8% | Overstated vs filing |
| CP business exports 1450 crores, domestic 700 crores, B2B 900 crores | ₹1,450 cr | ₹6,004 cr | Understated vs filing |
| NACL revenue 584 crores full year, 361 crores Q4 | ₹584 cr | ₹6,004 cr | Understated vs filing |
| Trading margin roughly 4-5% | 4.5% | 8% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.