Coromandel International Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Coromandel International Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Coromandel International reported Q4 FY26 consolidated revenue of INR 6,068 crores, up 19%, and EBITDA of INR 494 crores, up 16%, while net profit fell to INR 115 crores from INR 578 crores due to an exceptional land-sale gain last year and an impairment on Dhaksha investments this year. For the full year, revenue reached INR 31,827 crores and EBITDA was INR 3,232 crores, with the crop protection business and NACL subsidiary showing strong growth in revenue and profitability. Management described a challenging raw material environment due to the Middle East crisis affecting Ammonia and Sulphur supply and pricing, and said discussions with the government on additional fertilizer subsidy support were ongoing.
Numbers mentioned
Consolidated revenue: INR 6,068 crores (Q4 FY26)
p. 9
“The company recorded a consolidated total income of INR 6,068 crores during the quarter and INR 31,827 crores during the financial year FY25-26.”
Deepak Natarajan, page 9 of the filed PDF · View the filing
Consolidated EBITDA: INR 494 crores (Q4 FY26)
p. 9
“From a profitability point of view, the consolidated EBITDA for the quarter stands at INR 494 crores against INR 426 crores in the previous year.”
Deepak Natarajan, page 9 of the filed PDF · View the filing
Net profit after tax: INR 115 crores (Q4 FY26)
p. 10
“The net profit after tax for the quarter stands at INR 115 crores in comparison to INR 578 crores in the previous year’s same quarter.”
Deepak Natarajan, page 10 of the filed PDF · View the filing
Full year revenue: INR 31,827 crores (FY26)
p. 9
“On a full year basis, Coromandel has reported highest ever revenue of INR 31,827 crores and EBITDA of INR 3,232 crores.”
S. Sankarasubramanian, page 9 of the filed PDF · View the filing
Full year EBITDA: INR 3,232 crores (FY26)
p. 9
“On a full year basis, the consolidated EBITDA stands at INR 3,232 crores against INR 2,628 crores last year.”
Deepak Natarajan, page 9 of the filed PDF · View the filing
Full year net profit after tax: INR 1,898 crores (FY26)
p. 10
“And the net profit after tax for the full year stands at INR 1,898 crores against INR 2,055 crores in the previous year.”
Deepak Natarajan, page 10 of the filed PDF · View the filing
Subsidy received: INR 10,649 crores (FY26)
p. 10
“For the full year, we have received INR 10,649 crores as subsidy.”
Deepak Natarajan, page 10 of the filed PDF · View the filing
Subsidy outstanding: INR 2,168 crores (end of March 2026)
p. 10
“Subsidy outstanding at the end of March stands at INR 2,168 crores compared with INR 1,654 crores in the previous year.”
Deepak Natarajan, page 10 of the filed PDF · View the filing
Standalone crop protection revenue: INR 3,054 crores (FY26)
p. 7
“Our standalone crop protection business of Coromandel, the revenue moved up by 15% to go up to INR 3,054 crores, led by higher sales across segments.”
S. Sankarasubramanian, page 7 of the filed PDF · View the filing
Standalone crop protection profitability: INR 569 crores (FY26)
p. 7
“Profitability of crop protection business has grown by 55% to reach INR 569 crores, benefiting from favorable demand for its key molecules across exports and domestic market.”
S. Sankarasubramanian, page 7 of the filed PDF · View the filing
NACL revenue: INR 1,585 crores (FY26)
p. 8
“NACL has made significant progress with revenue moving up by 28% to register INR 1,585 crores of top line and EBITDA of INR 103 crores against last year’s losses.”
S. Sankarasubramanian, page 8 of the filed PDF · View the filing
DAP and NPK sales volume: 4.3 million tons (FY26)
p. 6
“On the marketing front, we delivered record sales of 4.3 million tons of DAP and NPK, a growth of 7% over last year.”
S. Sankarasubramanian, page 6 of the filed PDF · View the filing
Phosphatic market share: 17.5% (FY26)
p. 6
“Our consumption has reached the peak of 4.1 million tons, making us the largest player with the highest market share of 17.5% in the phosphatic sector in the country.”
S. Sankarasubramanian, page 6 of the filed PDF · View the filing
Phosphoric Acid price: USD 1,360 (Q1 FY27)
p. 16
“Phosphoric Acid price was fixed at USD 1,360 as against the previous of USD 1,290.”
S. Sankarasubramanian, page 16 of the filed PDF · View the filing
Fertilizer manufacturing EBITDA per ton: less than INR 3,500 (Q4 FY26)
p. 19
“Last year, it was around INR 5,000 plus that we have mentioned and fourth quarter was compressed; it was less than INR 3,500 for fourth quarter.”
S. Sankarasubramanian, page 19 of the filed PDF · View the filing
Finished fertilizer inventory: 5.5 lakh tons (as on March 2026)
p. 15
“It may be close to 5.5 lakh tons roughly of finished fertilizers.”
S. Sankarasubramanian, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Granulation capacity expansion — commission plant · December of this financial year
stated firmly by S. Sankarasubramanian
p. 5
“We are on our way to commission this plant by December of this financial year.”
S. Sankarasubramanian, page 5 of the filed PDF · View the filing
Senegal rock phosphate volume — 30%-40% increase · current year
stated as an aspiration by S. Sankarasubramanian
p. 5
“and we are planning to increase the volume further by 30%-40% in the current year.”
S. Sankarasubramanian, page 5 of the filed PDF · View the filing
NACL EBITDA margin — 9% to 10% · next year
stated conditionally by S. Sankarasubramanian
p. 13
“Margin of NACL has improved to 6% to 7%, and that is what we indicated in the beginning, and going forward next year with the change in product portfolio, that should stabilize around 9% to 10%.”
S. Sankarasubramanian, page 13 of the filed PDF · View the filing
Domestic formulation business growth — 20%-25%
stated firmly by S. Sankarasubramanian
p. 14
“On the domestic formulation business, we are planning to grow aggressively by another 20%-25% because of the new registrations and will be launching six new products.”
S. Sankarasubramanian, page 14 of the filed PDF · View the filing
Crop protection revenue growth — 20%-25%
stated as an aspiration by S. Sankarasubramanian
p. 14
“Overall, we can see a revenue growth of 20%-25% besides the capacity-driven growth in active ingredients which were mainly for the export market.”
S. Sankarasubramanian, page 14 of the filed PDF · View the filing
Sarigam Mancozeb capacity expansion — 20,000 tons · middle of this year
stated firmly by S. Sankarasubramanian
p. 20
“In fact, we are expanding another 20,000 tons at Sarigam. That project is underway, and should come through by middle of this year.”
S. Sankarasubramanian, page 20 of the filed PDF · View the filing
CDMO revenue contribution — a year after FY28
stated as an aspiration by S. Sankarasubramanian
p. 21
“It may go into the year after that also, because once they get the proof-of-concept ready and they start listing the product and then agree to the costing, margins.”
S. Sankarasubramanian, page 21 of the filed PDF · View the filing
Fertilizer margin/EBITDA per ton guidance — FY27
stated conditionally by S. Sankarasubramanian
p. 19
“Very difficult to predict at this point of time. Let us see how it goes because it is a function of what government is going to compensate and how much we are going to look at price corrections.”
S. Sankarasubramanian, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said BMCC has turned profitable with increased volume and better cost absorption, with amortization reflecting consolidation accounting treatment of intangibles.
Answered by S. Sankarasubramanian
Asked by Ahmed Madha: How is BMCC placed financially and how will depreciation/amortization trend going forward?
p. 11
“With the increased volume of operations, better absorption of fixed costs, improved efficiencies and market linked price, it turns profitable and it will improve its margin going forward with increased volume of production.”
S. Sankarasubramanian, page 11 of the filed PDF · View the filing
Management said discussions with government on additional compensation are ongoing and it is too early to commit to numbers.
Answered by S. Sankarasubramanian
Asked by Ahmed Madha: How will fertilizer margins look given raw material inflation versus nominal subsidy increase?
p. 11
“These discussions are in early stages and in these extraordinary times, we do not want to put any number.”
S. Sankarasubramanian, page 11 of the filed PDF · View the filing
Management said standalone crop protection reached record margins near 19% EBITDA, while NACL margin improved to 6-7% and should stabilize higher next year with new products.
Answered by S. Sankarasubramanian
Asked by Ahmed Madha: How is the crop protection and NACL margin trend evolving?
p. 12
“As you can see, it is close to 19% EBITDA margin and a revenue of INR 3,000 crores.”
S. Sankarasubramanian, page 12 of the filed PDF · View the filing
Management gave the subsidy EBITDA share and the crop protection revenue split by exports, B2B, and formulations.
Answered by S. Sankarasubramanian
Asked by Ankur: What is the subsidy vs non-subsidy EBITDA split and crop protection revenue breakup?
p. 14
“The exports will be INR 1,450 crores, domestic B2B will be INR 700 crores and formulation will be INR 900 crores.”
S. Sankarasubramanian, page 14 of the filed PDF · View the filing
Management said near-term quarters may be challenging due to input cost timing but expects structural value gap to eventually normalize.
Answered by S. Sankarasubramanian
Asked by Somaiah V: Will the new backward-integrated capacity be margin accretive given raw material prices?
p. 17
“There may be one or two challenging quarters, but it should get normalized and structurally the value gap what we originally envisaged will come through.”
S. Sankarasubramanian, page 17 of the filed PDF · View the filing
Management said they have diversified sourcing to Canada, South Asia, and Japan, and the main bottleneck is shipping through the Strait of Hormuz, not availability.
Answered by S. Sankarasubramanian
Asked by Akash Mehta: How is Sulphur sourcing being managed given Middle East disruption?
p. 18
“It is not Sulphur is not available. Sulphur is available in plenty. It is the movement of ship through the Strait of Hormuz which is making it difficult for us to predict anything.”
S. Sankarasubramanian, page 18 of the filed PDF · View the filing
Management said they are awaiting execution of a large pending order, have made progress on new products and defence-segment traction, and expect value realization over the next two years.
Answered by S. Sankarasubramanian
Asked by Bharat Sheth: What is the update on Dhaksha given the impairment taken this quarter?
p. 22
“We are a bit ahead of time, but it is going to make a difference in the next two years.”
S. Sankarasubramanian, page 22 of the filed PDF · View the filing
Risks flagged
Sharp rise in Ammonia and Sulphur prices due to Middle East supply disruption
p. 4
“We have seen sudden spurt in key raw materials like Ammonia and Sulphur, and availability of finished fertilizers became a challenge.”
S. Sankarasubramanian, page 4 of the filed PDF · View the filing
High dependence on Middle East for raw materials crossing the Strait of Hormuz
p. 4
“Our India dependence on Ammonia and Sulphur is upwards of 80%, and most of the shipments cross the Strait of Hormuz, and thereby this disruption in the region has led to sharp rise in commodity prices.”
S. Sankarasubramanian, page 4 of the filed PDF · View the filing
Nominal subsidy increase not reflecting raw material price rise and rupee depreciation
p. 4
“These rates do not reflect the sharp increase in raw material prices and rupee depreciation post the Middle East crisis.”
S. Sankarasubramanian, page 4 of the filed PDF · View the filing
Impairment taken on Dhaksha drone business investments and goodwill due to execution delays
p. 10
“During the quarter, we took an impairment on the investments and goodwill in the standalone and consolidated financial results of the company relating to the drones business. This is primarily due to long lead time in execution of certain orders.”
Deepak Natarajan, page 10 of the filed PDF · View the filing
Rupee volatility posing challenges despite hedging
p. 10
“during Q4, the rupee traded in a very broad range of 89.75 to 95.23 which continued to pose certain level of challenges.”
Deepak Natarajan, page 10 of the filed PDF · View the filing
Muted rabi demand due to late monsoon withdrawal
p. 5
“However, the rabi demand was muted due to late withdrawal of monsoon, leading to lower liquidation than expected.”
S. Sankarasubramanian, page 5 of the filed PDF · View the filing
Uncertainty over trading volumes due to potential DAP import non-availability
p. 20
“We have a challenge in availability, especially on DAP.”
S. Sankarasubramanian, page 20 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.