Coromandel International Ltd
Coromandel International Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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39 extracted metrics + investor summaries across FY13–FY26.
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Technical Indicators
Growth Rate
AI Analysis — Bull vs Bear
Coromandel International is a ₹61,856 Cr market cap agri-solutions leader that posted 30.7% revenue growth in FY26 to ₹31,480 Cr, though net profit grew only 3.48% to ₹2,009 Cr due to margin pressures. The stock trades at a PE of 34.7x with a near-zero net debt position, reflecting its strong balance sheet against a backdrop of slowing profit growth and sector cyclicality.
- FY26 revenue grew 30.7% YoY to ₹31,480 Cr, demonstrating strong topline momentum after 9.2% growth in FY25
- Net debt-to-equity ratio stands at 0.0x, providing a virtually debt-free balance sheet with significant capacity for future capex or acquisitions
- 10-year compounded profit CAGR of 19% reflects a sustained long-term earnings trajectory across cycles
- Crop protection segment contribution rose from 10% in FY25 to 12% in FY26, indicating successful diversification beyond fertilisers into higher-margin businesses
- EBITDA grew 14.3% YoY to ₹3,452 Cr in FY25 (pre-tax basis), showing operating leverage even during input cost volatility
- 10-year stock price CAGR of 23% and 5-year CAGR of 20% demonstrate consistent long-term wealth creation
- Expansion into bio-products, specialty nutrients, nano fertilisers, and agri-drone spraying opens new addressable markets beyond traditional fertilisers
- 5-year compounded sales CAGR of 17% outpaces the broader Indian chemicals sector average, reflecting market share gains
- TTM compounded profit growth is -6%, indicating near-term earnings compression despite strong revenue growth
- PE ratio of 34.7x is elevated for a fertiliser-heavy business where margins are subject to government subsidy timing and raw material volatility
- Net profit grew only 3.48% to ₹2,009 Cr in FY26 despite 30.7% revenue growth, signalling significant margin erosion from input cost inflation and subsidy lags
- 3-year compounded profit CAGR of -1% shows earnings have essentially stagnated over the medium term despite revenue recovery
- Dividend yield of just 0.53% offers minimal income return relative to the stock's valuation premium
- Stock has delivered -11% return over the past 1 year, underperforming broader indices and indicating market scepticism on near-term earnings
- ROE has declined from a 5-year average of 20% to 16% in the last year, suggesting diminishing capital efficiency
- Heavy dependence on fertiliser segment (approximately 88% of FY25 revenue) exposes the company to subsidy policy changes and raw material price swings in phosphoric acid and ammonia
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Net profit dips on cost pressure Aug 1
Q1FY27 net profit fell to ₹382 crore despite revenue growth, squeezed by high input costs and subsidy gaps.
- Revenue up 15% YoY in Q1 Aug 1
Coromandel reported ₹8,215 crore revenue in Q1FY27, a 15% year-on-year increase indicating strong topline momentum.
- Dividend approved at 64th AGM Jul 23
Shareholders approved FY26 financials and final dividend at the AGM held on July 23, 2026, along with re-election of director Arunachalam Vellayan.
- Q1FY27 earnings call held Jul 25
Coromandel hosted its analyst/investor conference call on July 24, 2026 at 2:30 PM IST and uploaded the audio recording and investor presentation per SEBI norms.
- AGM governance outcomes disclosed Jul 23
The 64th AGM on July 23, 2026 completed all statutory approvals including financials, dividend, and director re-election.
TL;DR: Coromandel's topline is growing robustly at 15% YoY to ₹8,215 crore, but profitability is under pressure from elevated input costs and subsidy timing gaps. Shareholder returns remain intact with an approved dividend. The key risk is whether margin compression persists if subsidy reimbursements remain delayed and raw material costs stay elevated in coming quarters.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,693 | 6,988 | 5,464 | 3,913 | 4,729 | 7,433 | 6,935 | 4,988 | 7,042 | 9,654 | 8,779 | 6,004 | 8,165 |
| Expenses | 4,988 | 5,933 | 5,115 | 3,650 | 4,238 | 6,471 | 6,222 | 4,579 | 6,260 | 8,508 | 7,980 | 5,516 | 7,409 |
| Operating Profit | 706 | 1,055 | 349 | 263 | 490 | 962 | 713 | 409 | 782 | 1,147 | 800 | 488 | 756 |
| OPM % | 12% | 15% | 6% | 7% | 10% | 13% | 10% | 8% | 11% | 12% | 9% | 8% | 9% |
| Other Income | 44 | 45 | 59 | 84 | 54 | 65 | 114 | 473 | 84 | 116 | 83 | -6 | 50 |
| Interest | 41 | 46 | 38 | 62 | 57 | 66 | 73 | 66 | 68 | 102 | 84 | 89 | 89 |
| Depreciation | 48 | 54 | 64 | 63 | 65 | 69 | 71 | 85 | 121 | 102 | 147 | 165 | 203 |
| PBT | 661 | 1,000 | 306 | 222 | 422 | 892 | 683 | 731 | 677 | 1,059 | 653 | 228 | 514 |
| Tax % | 25% | 25% | 25% | 26% | 27% | 26% | 26% | 21% | 26% | 25% | 25% | 50% | 26% |
| Net Profit | 494 | 755 | 228 | 164 | 309 | 659 | 508 | 578 | 502 | 793 | 488 | 115 | 382 |
| EPS in Rs | 16.8 | 25.71 | 7.85 | 5.45 | 10.56 | 22.55 | 17.37 | 19.67 | 17.13 | 27.31 | 17.15 | 4.74 | 12.91 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,306 | 11,481 | 10,031 | 11,083 | 13,225 | 13,137 | 14,182 | 19,111 | 29,628 | 22,058 | 24,085 | 31,480 | 32,602 |
| Expenses | 10,450 | 10,712 | 9,048 | 9,822 | 11,775 | 11,400 | 12,193 | 16,954 | 26,726 | 19,678 | 21,508 | 28,248 | 29,412 |
| Operating Profit | 856 | 769 | 983 | 1,261 | 1,450 | 1,737 | 1,989 | 2,156 | 2,902 | 2,380 | 2,577 | 3,232 | 3,190 |
| OPM % | 8% | 7% | 10% | 11% | 11% | 13% | 14% | 11% | 10% | 11% | 11% | 10% | 10% |
| Other Income | 50 | 87 | 54 | 55 | 8 | 35 | 76 | 141 | 171 | 223 | 703 | 262 | 243 |
| Interest | 210 | 221 | 224 | 178 | 251 | 235 | 106 | 75 | 190 | 187 | 262 | 343 | 364 |
| Depreciation | 105 | 106 | 101 | 99 | 114 | 158 | 173 | 173 | 182 | 229 | 290 | 534 | 616 |
| PBT | 592 | 529 | 712 | 1,038 | 1,093 | 1,379 | 1,786 | 2,050 | 2,701 | 2,188 | 2,728 | 2,617 | 2,454 |
| Tax % | 32% | 32% | 33% | 33% | 34% | 23% | 26% | 25% | 25% | 25% | 25% | 27% | — |
| Net Profit | 402 | 357 | 477 | 691 | 720 | 1,065 | 1,329 | 1,528 | 2,013 | 1,641 | 2,055 | 1,898 | 1,778 |
| EPS in Rs | 13.8 | 12.27 | 16.35 | 23.64 | 24.63 | 36.36 | 45.3 | 52.08 | 68.46 | 55.78 | 70.14 | 66.31 | 62.11 |
| Div. Payout % | 33% | 33% | 31% | 27% | 26% | 33% | 26% | 23% | 18% | 11% | 21% | 3% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 30 |
| Reserves | 2,173 | 2,605 | 2,862 | 2,867 | 3,329 | 4,288 | 5,121 | 6,329 | 7,878 | 9,390 | 11,058 | 12,528 |
| Borrowings | 2,288 | 2,677 | 2,228 | 2,728 | 2,954 | 2,019 | 385 | 395 | 393 | 492 | 780 | 1,506 |
| Other Liabilities | 3,872 | 3,871 | 3,526 | 4,224 | 4,261 | 3,812 | 3,360 | 4,532 | 5,934 | 5,933 | 7,049 | 10,397 |
| Total Liabilities | 8,362 | 9,182 | 8,645 | 9,848 | 10,574 | 10,149 | 8,895 | 11,285 | 14,235 | 15,845 | 18,917 | 24,461 |
| Fixed Assets | 1,380 | 1,320 | 1,328 | 1,327 | 1,309 | 2,032 | 2,015 | 2,092 | 2,200 | 3,112 | 4,139 | 6,737 |
| CWIP | 46 | 42 | 22 | 48 | 191 | 65 | 90 | 141 | 399 | 235 | 396 | 348 |
| Investments | 352 | 477 | 388 | 221 | 201 | 211 | 214 | 243 | 287 | 854 | 1,031 | 2,044 |
| Other Assets | 6,583 | 7,343 | 6,907 | 8,252 | 8,873 | 7,840 | 6,576 | 8,809 | 11,348 | 11,644 | 13,351 | 15,331 |
| Total Assets | 8,362 | 9,182 | 8,645 | 9,848 | 10,574 | 10,149 | 8,895 | 11,285 | 14,235 | 15,845 | 18,917 | 24,461 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 86 | 18 | 915 | 263 | 526 | 1,862 | 4,150 | 2,078 | 591 | 1,428 | 2,464 | 1,558 |
| Investing | -216 | -61 | -79 | 38 | -597 | -220 | -1,245 | -1,622 | 640 | -1,333 | -2,638 | -559 |
| Financing | -64 | 8 | -864 | -1 | -244 | -1,723 | -2,263 | -443 | -543 | -363 | -698 | -831 |
| Net Cash Flow | -194 | -34 | -28 | 300 | -314 | -82 | 642 | 14 | 688 | -269 | -872 | 168 |
| Free Cash Flow | -6 | -89 | 834 | 134 | 255 | 1,606 | 3,958 | 1,801 | 22 | 910 | 2,030 | 22 |
| CFO/OP | 27 | 25 | 120 | 49 | 62 | 128 | 232 | 119 | 45 | 86 | 123 | 71 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 47 | 52 | 59 | 52 | 50 | 48 | 14 | 5 | 7 | 23 | 19 | 24 |
| Inventory Days | 96 | 98 | 88 | 109 | 127 | 109 | 98 | 94 | 69 | 102 | 98 | 111 |
| Days Payable | 131 | 135 | 150 | 162 | 147 | 135 | 110 | 100 | 83 | 119 | 123 | 136 |
| Cash Conversion Cycle | 12 | 15 | -3 | -2 | 30 | 22 | 2 | -1 | -7 | 6 | -7 | -1 |
| Working Capital Days | 11 | 24 | 40 | 27 | 42 | 65 | 64 | 41 | 37 | 46 | 28 | 35 |
| ROCE % | 19% | 15% | 18% | 23% | 23% | 26% | 32% | 35% | 38% | 26% | 23% | 22% |
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Company Information
Business Segments [1] a) Nutrient and Other Allied Business (88% in FY26 vs 90% in FY25):: i) Fertilizers: [2] [3] [4] [5] It manufactures NPK, DAP, SSP, MOP, and urea. It is India's 2nd-largest manufacturer and marketer of phosphatic fertilizers, the largest manufacturer and marketer of SSP, the largest private-sector NPK player, and a pioneering leader in the Nano DAP segment. It also holds a 35% share in the unique products segment and a 17.5% market share on a consumption basis. ii) Specialty Nutrients: [4] [3] The company is the pioneer & market leader in India's specialty nutrients segment, offering water-soluble fertilizers, secondary and micronutrients, and nano fertilizer products. iii) Organic Fertilizers: [6] [3] The company markets organic fertilizers, producing a range of products derived from natural sources such as city waste, sugarcane molasses and its by-products, oil cakes, and gypsum. b) Crop Protection (12% in FY26 vs 10% in FY25):: i) Crop Protection: [7] [8] [3] The company manufactures and markets a range of insecticides, fungicides, herbicides, plant growth regulators, technicals and formulations in India and international markets. It is the country's 4th-largest agrochemical player by value, with the capability to manufacture 20 technicals and intermediates. It is also the 2nd-largest manufacturer of Malathion globally and a major manufacturer of Phenthoate in Asia. ii) Bio Products: [4] [9] [10] Bio Products business focuses on plant-based extracts for agricultural applications, offering a comprehensive portfolio of biopesticides based on Azadirachtin, plant-derived biostimulants, anti-transpirants and non-ionic spreaders. It holds a global leadership position in the Azadirachtin market, with a presence across more than 40 countries in the Americas, Europe and Asia. Sale Volumes (in Lakh MT):[11] NPK+DAP: 42.77 in FY26 vs 39.88 in FY25 SSP: 8.41 in FY26 vs 7.73 in FY25 MOP: 0.67 in FY26 vs 0.69 in FY25 Urea: 22.65 in FY26 vs 13.59 in FY25 Geographical Split[12] Domestic: 94% in FY26 vs 95% in FY25 Exports: 6% in FY26 vs 5% in FY25 Retail Presence[13] [4] [14] The company operates India's largest agri-retail network with over 1,200 agri-retail outlets across Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra. It is supported by over 3,000 marketing professionals and serves more than 5 Mn farmers across its operating markets. It has a network of 12,000 channel partners. New Product Launches[15] In FY26, Coromandel expanded its portfolio with new launches across Specialty Nutrients, Crop Protection and Bio Products. It's key additions included Fertinex 28:28:0, GypMax, Novonese, Organovita and Summit in Specialty Nutrients; Daliso, Ghibli, Chhaava and Invicto in Crop Protection; and CoroBT, GroBT, Coroscens, CoroShakti and other biological solutions to strengthen its bio-products portfolio. Manufacturing Capabilities[4] [16] The company operates 21 manufacturing facilities across India, with a total capacity of: Fertilizers: 3.5 Mn MT SSP: 1 Mn MT Specialty Nutrients: 87,500 MT Nano Fertilizers: 10,000 KL Crop Protection Chemicals: 0.87 Lakh MT Bio Products: 22.5 MT Expansion & Backward Integration[17] [18] The company commissioned a 2,000 TPD sulphuric acid plant and a 650 TPD phosphoric acid plant at Kakinada in Q4 FY26, for Rs. 1,100 Cr. It also advanced construction of the 7.5 lakh TPA NPK granulation Train H at Kakinada, expected to increase the site's total fertilizer capacity to 30 lakh TPAby Q4 FY27. Additionally, its Senegal rock phosphate project, where the company holds a 53.8% stake, commissioned a fixed processing plant and ramped up production to secure raw material supplies for the Kakinada phosphoric acid facility. It also added a 9 KTPA technical plant at Dahej for off-patent fungicides, along with capacity additions for key technical molecules at Ankleshwar and a herbicide block expansion at Sarigam. Acquisitions[19] [17] In Aug 2025, the company acquired a 53.13% controlling stake in NACL Industries for Rs. 820 Cr. MoU[20] In Nov 2025, the company signed a non-binding MoU with the Andhra Pradesh Economic Development Board to explore investments of up to Rs. 2,000 Cr in Andhra Pradesh. Focus[21] The company expects a 20-25% revenue growth in the crop protection business.