Coromandel International Limited

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. 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).

Business segments:

1) Crop Nutrition (89% in Q1 FY25 vs 87% in FY22): This segment includes products like:

a) Fertilizers:

b) Specialty Nutrients:

c) Organic Fertilizers:

d) Nano products:

2) Crop Protection (11% in Q1 FY25 vs 13% in FY22): The segment includes:

a) Crop Protection:

b) Bio Products:

Shareholding Pattern (December 2025):

Financial Summary:

Synopsis of Financials:

Consolidated financial performance (Q2 & H1 FY26): Revenue / income: Consolidated total income INR 9,771 cr (Q2) +30% YoY; INR 16,897 cr (H1) +38% YoY. Includes INR 245 cr from NACL (subsidiary from Aug 8, 2025).

Profitability: EBITDA INR 1,147 cr (Q2) vs 975; INR 1,929 cr (H1) vs 1,481. PAT INR 793 cr (Q2) vs 659; INR 1,295 cr (H1) vs 968.

Final Outlook:

Summary:

Coromandel International is a leading agri-input company with a strong presence in fertilizers, crop nutrients, and crop protection products. After a volatile FY24 due to subsidy normalization and demand slowdown, the company delivered a solid recovery in FY25, with revenue rising to ₹24,085 Cr and net profit reaching ₹2,055 Cr.

Margins have remained stable around 11%, supported by efficient operations, favorable raw material costs, and improved volume growth. Strong Q2 and H1 FY26 performance indicates a positive momentum, driven by higher fertilizer consumption, better subsidy inflows, and rising market share. However, the business remains sensitive to government subsidy policies and monsoon conditions.

Key Highlights:

Q2 & H1 FY26 Performance:

• Q2 Revenue: ₹9,771 Cr (+30% YoY)
• H1 Revenue: ₹16,897 Cr (+38% YoY)
• Q2 EBITDA: ₹1,147 Cr (+18% YoY)
• Q2 PAT: ₹793 Cr (+20% YoY)

Final Verdict: HOLD

Coromandel International is a fundamentally strong and well-managed agri-input player with stable profitability and leadership in phosphatic fertilizers. While long-term prospects remain positive, earnings volatility linked to subsidies and agriculture cycles limits near-term upside.

👉 HOLD for steady returns; fresh entry may be considered on market corrections.