Coromandel International Ltd
Coromandel International Ltd
CommoditiesCoromandel International Ltd is one of India's leading agri solutions provider. It offers a diverse range of products and services across the farming value chain. It specializes in fertilizers, crop protein, bio pesticide, specialty nutrients, organic fertilizers, etc.[1] Revenue Breakup The company's business is divided among 2 main segments i.e. nutrient and other allied products (~85% of revenues) and crop protection (~15% of revenues).[2] Fertilizers Business The company sells various types of phosphatic fertilizers in the domestic market. It has ~40% share in the unique grade fertilizer sales in India. Overall, it is the 2nd largest phosphatic seller in India and largest single super phosphate (SSP) seller with a market share of ~15%.[3] It has a leading position in the states of Andhra Pradesh and Telangana; India's largest complex-fertiliser markets.[4] Crop Protection Business Under this business, the company sells a wide range of crop protection products under its 60+ brands based portfolio. It is 3rd largest manufacturer of mancozeb globally and exports accounts for ~37% of revenues of the business.[5] Biologicals Business The company has a rich product pipeline with research on compounds from plant extracts and microbial bio-pesticides. It is a leading manufacturer of azadirachtin in the world with ~65% export share. It exports to USA, Canada and Europe.[6]
Coromandel International offers strong long-term compounding with 10-year stock CAGR of 24% and consistent ROE of 17-22%. Despite a 1-year stock decline of 13% and elevated PE of 32.2x, robust TTM sales growth of 31% and overwhelming analyst consensus (89% Buy) support accumulation at current levels.
Key Fundamentals
MidcapFertilizersChemicalsTechnical Indicators
Key Insights
Weaknesses
2- Promoter holding has decreased over last quarter: -0.51%
- Debtor days have increased from 30.3 to 49.2 days.
Growth Rate
AI Analysis — Bull vs Bear
Coromandel International offers strong long-term compounding with 10-year stock CAGR of 24% and consistent ROE of 17-22%. Despite a 1-year stock decline of 13% and elevated PE of 32.2x, robust TTM sales growth of 31% and overwhelming analyst consensus (89% Buy) support accumulation at current levels.
- Exceptional long-term wealth creation with 10-year stock CAGR of 24%, significantly outperforming broader market indices
- TTM revenue growth of 31% signals strong demand momentum in fertilizers and crop protection segments
- Overwhelming analyst consensus with 88.89% Buy ratings (8 out of 9 analysts) and zero Sell recommendations
- Consistent return on equity averaging 17-22% over 3-10 year periods, indicating efficient capital deployment
- Compounded sales growth of 17% over 5 years demonstrates sustained business scalability
- TTM profit growth of 16% shows earnings continue to expand despite margin pressures in commodity business
- Market cap of Rs 59,702 Cr provides institutional-grade liquidity and index inclusion benefits
- 10-year compounded profit growth of 19% demonstrates long-cycle earnings resilience across commodity cycles
- PE ratio of 32.2x is elevated for a commodities business, pricing in significant growth expectations
- 1-year stock return of -13% indicates near-term price weakness and potential de-rating risk
- Debtor days increased from 30.3 to 49.2 days, a 62% deterioration signaling working capital stress or channel credit extension
- 3-year compounded profit growth of 0% suggests earnings stagnation over the medium term despite revenue growth
- Promoter holding decreased by 0.51% in last quarter, potentially signaling insider caution
- Dividend yield of only 0.53% offers minimal income support during periods of capital depreciation
- 3-year compounded sales growth of just 2% indicates revenue plateaued before recent TTM spike, raising sustainability questions
- Price-to-book ratio of 4.86x leaves limited margin of safety for a cyclical commodity-linked business
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Special window for share transfers Jun 10
Coromandel opened a special window until February 4, 2027, for transfer and dematerialisation of physical securities purchased before April 1, 2019. Transferred shares will be locked in for one year.
TL;DR: Limited news flow for Coromandel this period, with only a routine administrative update on physical share transfers. No material headwinds or positive catalysts emerged. The lack of news suggests stable operations with no immediate risks or growth triggers visible from recent coverage.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,476 | 5,693 | 6,988 | 5,464 | 3,913 | 4,729 | 7,433 | 6,935 | 4,988 | 7,042 | 9,654 | 8,779 | 6,004 |
| Expenses | 5,089 | 4,988 | 5,933 | 5,115 | 3,650 | 4,238 | 6,471 | 6,222 | 4,579 | 6,260 | 8,508 | 7,980 | 5,516 |
| Operating Profit | 387 | 706 | 1,055 | 349 | 263 | 490 | 962 | 713 | 409 | 782 | 1,147 | 800 | 488 |
| OPM % | 7% | 12% | 15% | 6% | 7% | 10% | 13% | 10% | 8% | 11% | 12% | 9% | 8% |
| Other Income | 47 | 44 | 45 | 59 | 84 | 54 | 65 | 114 | 473 | 84 | 116 | 83 | -6 |
| Interest | 52 | 41 | 46 | 38 | 62 | 57 | 66 | 73 | 66 | 68 | 102 | 84 | 89 |
| Depreciation | 45 | 48 | 54 | 64 | 63 | 65 | 69 | 71 | 85 | 121 | 102 | 147 | 165 |
| PBT | 337 | 661 | 1,000 | 306 | 222 | 422 | 892 | 683 | 731 | 677 | 1,059 | 653 | 228 |
| Tax % | 27% | 25% | 25% | 25% | 26% | 27% | 26% | 26% | 21% | 26% | 25% | 25% | 50% |
| Net Profit | 246 | 494 | 755 | 228 | 164 | 309 | 659 | 508 | 578 | 502 | 793 | 488 | 115 |
| EPS in Rs | 8.38 | 16.8 | 25.71 | 7.85 | 5.45 | 10.56 | 22.55 | 17.37 | 19.67 | 17.13 | 27.31 | 17.15 | 4.74 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Expenses | 10,450 | 10,712 | 9,048 | 9,822 | 11,775 | 11,400 | 12,193 | 16,954 | 26,726 | 19,678 | 21,508 | 28,264 |
| Operating Profit | 856 | 769 | 983 | 1,261 | 1,450 | 1,737 | 1,989 | 2,156 | 2,902 | 2,380 | 2,577 | 3,216 |
| OPM % | 8% | 7% | 10% | 11% | 11% | 13% | 14% | 11% | 10% | 11% | 11% | 10% |
| Other Income | 50 | 87 | 54 | 55 | 8 | 35 | 76 | 141 | 171 | 223 | 703 | 277 |
| Interest | 210 | 221 | 224 | 178 | 251 | 235 | 106 | 75 | 190 | 187 | 262 | 343 |
| Depreciation | 105 | 106 | 101 | 99 | 114 | 158 | 173 | 173 | 182 | 229 | 290 | 534 |
| PBT | 592 | 529 | 712 | 1,038 | 1,093 | 1,379 | 1,786 | 2,050 | 2,701 | 2,188 | 2,728 | 2,617 |
| 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 |
| 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 |
| Div. Payout % | 33% | 33% | 31% | 27% | 26% | 33% | 26% | 23% | 18% | 11% | 21% | 17% |
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 | 10,439 |
| Total Liabilities | 8,362 | 9,182 | 8,645 | 9,848 | 10,574 | 10,149 | 8,895 | 11,285 | 14,235 | 15,845 | 18,917 | 24,503 |
| Fixed Assets | 1,380 | 1,320 | 1,328 | 1,327 | 1,309 | 2,032 | 2,015 | 2,092 | 2,200 | 3,112 | 4,139 | 6,790 |
| CWIP | 46 | 42 | 22 | 48 | 191 | 65 | 90 | 141 | 399 | 235 | 396 | 296 |
| 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 | 15,374 |
| Total Assets | 8,362 | 9,182 | 8,645 | 9,848 | 10,574 | 10,149 | 8,895 | 11,285 | 14,235 | 15,845 | 18,917 | 24,503 |
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 | 49 |
| 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 | 24 |
| Working Capital Days | 11 | 24 | 40 | 27 | 42 | 65 | 64 | 41 | 37 | 46 | 28 | 57 |
| ROCE % | 19% | 15% | 18% | 23% | 23% | 26% | 32% | 35% | 38% | 26% | 23% | 23% |
Documents
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Company Information
Coromandel International Ltd is one of India's leading agri solutions provider. It offers a diverse range of products and services across the farming value chain. It specializes in fertilizers, crop protein, bio pesticide, specialty nutrients, organic fertilizers, etc.[1] Revenue Breakup The company's business is divided among 2 main segments i.e. nutrient and other allied products (~85% of revenues) and crop protection (~15% of revenues).[2] Fertilizers Business The company sells various types of phosphatic fertilizers in the domestic market. It has ~40% share in the unique grade fertilizer sales in India. Overall, it is the 2nd largest phosphatic seller in India and largest single super phosphate (SSP) seller with a market share of ~15%.[3] It has a leading position in the states of Andhra Pradesh and Telangana; India's largest complex-fertiliser markets.[4] Crop Protection Business Under this business, the company sells a wide range of crop protection products under its 60+ brands based portfolio. It is 3rd largest manufacturer of mancozeb globally and exports accounts for ~37% of revenues of the business.[5] Biologicals Business The company has a rich product pipeline with research on compounds from plant extracts and microbial bio-pesticides. It is a leading manufacturer of azadirachtin in the world with ~65% export share. It exports to USA, Canada and Europe.[6]