Coromandel International
Coromandel International
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Growth Rate
AI Analysis — Bull vs Bear
Coromandel International has a market capitalisation of about Rs 57,280 crore and trades at a P/E of 32.2 and a P/B of 4.56. TTM sales grew 24%, but TTM profit fell 6%, and ROE has dropped from a 10-year average of 22% to 16% last year. The stock has compounded at 23% a year over 10 years but is down 10% over the past year.
- Over the long term, profit has compounded at 19% a year across 10 years, well ahead of 11% sales growth over the same period. That suggests margins and operating leverage have improved over the full cycle.
- Revenue momentum has picked up sharply: TTM sales grew 24%, against a 3-year sales CAGR of only 2%. That points to a volume and realisation recovery after a flat period.
- Returns on capital have been high for a long time, with average ROE of 22% over 10 years and 20% over 5 years. That is solid for a fertiliser and agrochemical business with heavy working capital needs.
- Shareholder returns have been steady, with stock CAGR of 23% over 10 years and 20% over both 3 and 5 years. The business has created value across multiple agri cycles.
- Sales compounded at 17% a year over 5 years, well above the 10-year sales CAGR of 11%. That shows the business can grow its top line when monsoons and subsidies are favourable.
- The stock is down 10% over 1 year even though TTM sales grew 24%. Part of the recent profit weakness may already be reflected in the price.
- The company pays a regular dividend, with a yield of 0.57%. That points to consistent cash generation and a willingness to return capital, even if the yield is modest.
- Margins are under pressure: TTM profit fell 6% while TTM sales grew 24%. Higher revenue is not turning into higher earnings, which points to input cost or pricing pressure.
- Medium-term earnings have stalled, with 3-year profit CAGR at -1% and 3-year sales CAGR at just 2%. Earnings have made little progress over the last three years.
- ROE has trended down, from 22% over 10 years to 20% over 5 years, 17% over 3 years and 16% last year. Returns on capital have been declining steadily.
- A P/E of 32.2 is a rich multiple for a business whose profits shrank 6% on a TTM basis and 1% a year over 3 years. The valuation leaves little room for further earnings disappointment.
- The P/B of 4.56 is high relative to last year's 16% ROE. At these levels, investors are paying for a recovery in returns that has not happened yet.
- The stock returned -10% over 1 year, against a 20% CAGR over 3 years. Market sentiment has weakened recently as profit growth slowed.
- The 0.57% dividend yield gives little income support if the stock re-rates lower. Returns depend mostly on earnings growth coming back.
- Profit growth has slowed from a 19% 10-year CAGR to 8% over 5 years and -1% over 3 years. That pattern points to exposure to swings in raw material costs (phosphoric acid, ammonia), government subsidy rates and the monsoon.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Senegal subsidiary guarantee adds liability Sep 16
Coromandel issued a USD 15.5 million corporate guarantee for its Senegal subsidiary, Baobab Mining & Chemicals Corporation, to secure a Citibank N.A. working capital facility. This creates a contingent liability for the parent, though the exposure is modest relative to the company's size.
- ₹71.63 lakh GST demand Sep 22
Jodhpur GST authorities raised a demand of ₹71.63 lakh plus a ₹12.66 lakh penalty for FY20 over an input tax credit (ITC) mismatch. The amount is immaterial to financials, but it adds to routine tax litigation risk.
- ₹58.66 crore large trade Sep 24
About 3,02,247 shares changed hands on NSE at ₹1,940.90 each, for a combined value of ₹58.66 crore. This is an unconfirmed real-time signal, and buyer/seller identities await official exchange disclosure.
TL;DR: The recent news flow for Coromandel is light. It has no clear positive triggers and only minor negatives: a small FY20 GST demand of about ₹84 lakh including penalty, and a USD 15.5 million guarantee backing its Senegal phosphate mining subsidiary. Neither item materially changes the fundamental picture. The ₹58.66 crore large trade at about ₹1,941 shows institutional interest but no clear direction. The trend looks stable rather than improving or getting worse, so the next moves will likely depend on monsoon-driven fertiliser demand, subsidy policy and progress on backward integration through the Senegal operation.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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.
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