NSE: COROMANDEL · BSE: 506395
COROMANDEL INTERNTL. LTD
Manufactures and sells fertilizers, crop protection chemicals and specialty nutrients, with operations across 18 manufacturing facilities in India and exports to 46 countries. The Nutrient and other allied business segment generated 90.1% of segment revenue (₹276.93 cr as per the period covered by F_SEGMENTS), consisting of phosphatic fertilizers, specialty and secondary nutrients, and bio products; the company holds 22% primary fertilizer market share and was India's largest phosphatic fertilizer company by sales volume for a second consecutive year. The Crop protection segment contributed 9.9% of segment revenue (₹30.54 cr), supplying agrochemical formulations and active ingredients; in Q1 FY27 it posted record results with segment revenue +20% YoY to ₹870 cr and EBIT +44% to ₹159 cr, led by exports and B2B. A retail network of 1,200+ outlets sells inputs and farm advisory directly to farmers, with 76% of stores profitable in Q1 FY27 versus 61% a year earlier and revenue +85% YoY. Backward integration includes a Senegal rock phosphate mine (BMCC, 1.1 lakh tons produced) plus newly commissioned phosphoric and sulphuric acid plants at Kakinada, with 750 kt of granulation capacity targeted for Q4 FY27 commissioning. Materials — sulphur, ammonia, rock phosphate — are the largest cost at 54.7% of revenue, and fertilizer selling prices are largely set under the government's Nutrient Based Subsidy framework, with ₹3,254 cr of subsidy outstanding as of 30 June 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Nutrient and other allied business (90%), Crop protection (10%). Asset-heavy, subsidy-linked fertilizer manufacturing with crop protection and retail diversification
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 19,111 | 29,628 | 22,058 | 24,085 | 31,480 |
| EBITDA (ex other income) | 2,150 | 2,926 | 2,399 | 2,975 | 3,146 |
| margin % | 11.2 | 9.9 | 10.9 | 12.4 | 10.0 |
| Owners' profit | 1,528 | 2,013 | 1,642 | 2,066 | 1,956 |
| EPS, as reported (₹) | 52.09 | 68.51 | 55.81 | 70.23 | 66.41 |
| ROE % · ROCE % | 24.0 · 31.1 | 25.5 · 34.8 | 17.4 · 24.0 | 18.3 · 25.5 | 14.5 · 21.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.01 | 0.02 | 0.07 |
| Cash from operations | 1,054 | 1,615 | 1,358 | 970 | 1,558 |
| Capex | (278) | (605) | (527) | (851) | (1,540) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,433 | 6,935 | 4,988 | 7,042 | 9,654 | 8,779 | 6,004 | 8,165 |
| Profit before tax | 905 | 692 | 747 | 677 | 1,059 | 653 | 228 | 514 |
| Net profit | 659 | 508 | 578 | 502 | 793 | 488 | 115 | 382 |
| EPS (₹) | 22.57 | 17.39 | 19.70 | 17.15 | 27.34 | 17.17 | 4.75 | 12.93 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Nutrient and other allied business | 27,727 | 87.5 |
| Crop protection | 3,968 | 12.5 |
| Total, before eliminations | 31,695 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| COROMANDEL INTERNTL. LTD ◆ | 50,253 | 27.4 | 3.83 | 14.5 | 14.5 | 18.6 | 17.2 | 9.9 |
| FACT LTD | 43,930 | 1578.8 | 31.95 | 135.4 | 1.8 | 1.8 | — | (0.2) |
| CHAMBAL FERTILIZERS LTD | 14,451 | 7.5 | 1.39 | 5.4 | 18.8 | 20.7 | 10.3 | 17.5 |
| PARADEEP PHOSPHATES LTD | 14,327 | 13.4 | 2.11 | 9.2 | 14.7 | 16.5 | — | 12.5 |
| MADHYA BHARAT AGRO P. LTD | 7,399 | 11.5 | 13.46 | — | 27.3 | 16.6 | — | 17.1 |
| KRISHANA PHOSCHEM LIMITED | 6,708 | 8.4 | 11.96 | — | 32.1 | 30.2 | — | 17.9 |
| GUJ STATE FERT & CHEM LTD | 5,459 | 7.9 | 0.44 | 5.0 | 5.5 | 6.5 | 7.5 | 7.4 |
| RASHTRIYA CHEMICALS & FER | 5,327 | 11.9 | 1.04 | 7.8 | 8.3 | 8.2 | 17.4 | 7.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.4 | 10.7 | 18 of 20 | 11% |
| P/B | 3.8 | 0.9 | 19 of 23 | 18% |
| ROCE | 18.6 | 8.8 | 5 of 23 | 82% |
| ROE | 14.4 | 8.3 | 8 of 23 | 68% |
| Debt / Equity | 0.1 | 0.3 | 4 of 23 | 86% |
| EBITDA margin | 9.9 | 8.0 | 9 of 21 | 60% |
| Revenue growth | 15.9 | 16.3 | 12 of 21 | 45% |
| Profit growth | (23.9) | 6.4 | 20 of 23 | 14% |
| Market cap | 50253 | 805 | 1 of 23 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · GST order creates Rs 4.05 crore demand; company plans GSTAT appeal | regulatory legal | medium | — | — |
| 24 Oct 2026 · GST authority orders Rs 25.08 crore tax demand plus penalty and interest | regulatory legal | high | — | — |
| 9 Oct 2026 · Routine SEBI demat compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed Until Q2 FY27 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Coromandel Intl faces GST demand of Rs 71.6 lakh, plans appeal | regulatory legal | high | — | — |
| 16 Sept 2026 · Coromandel issues USD 15.5M guarantee for Senegal subsidiary BMCC facility | credit debt | medium | — | — |
| 2 Sept 2026 · Coromandel converts Rs 108 Cr loan into equity in wholly owned subsidiary | strategic transactions | medium | — | — |
| 24 Aug 2026 · Subsidiary Dhaksha opens new drone manufacturing facility in Kancheepuram | capex operations | medium | — | — |
| 21 Aug 2026 · Allotment of 44,460 equity shares under ESOP Scheme 2016 | capital market events | low | — | — |
| 21 Aug 2026 · GST appeal order for FY19 tax demand of about Rs 1.24 crore | regulatory legal | high | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.