Transcript of conference call held on May 08, 2026
COROMANDEL · price
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Coromandel reported Q4 FY26 consolidated revenue of INR 6,068 crores (19% YoY growth) and full-year revenue of INR 31,827 crores (30% growth). EBITDA for Q4 was INR 494 crores and full-year EBITDA reached INR 3,232 crores. The company achieved record fertilizer sales of 4.3 million tons with 17.5% market share. However, net profit declined to INR 115 crores in Q4 (vs INR 578 crores last year) due to INR 71 crores impairment and absence of prior year's land sale income of INR 347 crores. Management flagged significant margin pressure in fertilizer business due to sharp raw material price increases (Ammonia at $840-850/ton, Sulphur at $800/ton) following Middle East supply disruptions, with current NBS subsidy rates insufficient to cover costs. Government discussions on additional compensation are ongoing. Crop protection standalone business grew 15% to INR 3,054 crores with EBITDA margins of ~19%.
The stock faces near-term margin pressure in fertilizer business due to raw material inflation not fully covered by current subsidy rates. However, diversification into crop protection (INR 4,000 crores combined with NACL), backward integration at Kakinada, and new product launches (Nano DAP with 50% market share) provide growth visibility. Government support for fertilizer subsidy will be critical for near-term profitability.