Coromandel International LimitedQ1 FY27 Results & Financial Update
Coromandel International Limited: Q1 FY27 consolidated results and company financials – revenue ₹8,164.77 Cr, PAT ₹381.56 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Coromandel International price & chart
Market price₹1,765.30
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Coromandel International Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the first quarter of financial year 2027 (ended June 30, 2026), Coromandel International reported consolidated revenue from operations of Rs. 8,164.77 crore and total income of Rs. 8,214.58 crore.
The operating performance of the primary Nutrient segment faced severe pressures during the quarter due to external geopolitical headwinds, specifically the ongoing Middle East conflict, which drove a sharp escalation in raw material and input costs.
Despite higher input costs, government subsidy rates remained inadequate to fully buffer the cost inflation, compressing margins within the fertiliser business and leading to a year-on-year contraction in consolidated profitability compared to the corresponding previous period.
Mitigating the headwinds in the nutrient sector, the non-subsidy portfolio—led by a strong rebound in the Crop Protection division and continued momentum in the retail business—delivered robust growth and provided a stabilizing buffer to overall earnings.
On the operational front, the company stabilized newly commissioned Phosphoric Acid and Sulphuric Acid plants at Kakinada during the period, bolstering backward integration and securing essential raw material supply lines.
Capital expenditure projects progressed according to schedule, including the brownfield fertiliser granulation expansion adding 7.5 lakh tons of capacity and the technical molecule plant expansion at Sarigam.
The board also approved strategic capital adjustments, including the conversion of loan value into equity for subsidiary Coromandel Chemicals Limited and debt restructuring for step-down subsidiary Baobab Mining and Chemicals Corporation.
01 · Business model
What does Coromandel International do?
Coromandel International Limited is a prominent Indian agri-solutions provider operating across the farming value chain, with core activities spanning fertilisers, crop protection, bio-products, specialty nutrients, organic products, and rural retail.
The company operates through two major segments: Nutrient and other allied businesses—where it stands as India's second-largest manufacturer and marketer of phosphatic fertilisers—and Crop Protection, which markets a wide range of technical and formulation products domestically and internationally.
Coromandel maintains an extensive distribution network, operating over 1,200 rural retail outlets across Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Maharashtra, offering agronomy services, soil testing, and farm mechanization to approximately 3 million farmers.
As part of the 125-year-old Murugappa Group, the company utilizes 21 manufacturing facilities and 8 research and development centers to support continuous product innovation and process development.
02 · Historical context
What shaped the business before this quarter
During the previous year (specifically effective August 8, 2025), the company acquired a 53.08% controlling stake in NACL Industries Limited, integrating its operations and subsidiaries into Coromandel's crop protection segment.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹8,164.77 Cr |
| Total income | ₹8,214.58 Cr |
| Profit before tax | ₹513.68 Cr |
| Profit after tax | ₹381.56 Cr |
| EPS | ₹12.93 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Crop protection revenue surged by 20% year-on-year to reach Rs. 870.08 crore on a standalone basis (and Rs. 1,250.76 crore on a consolidated basis including subsidiaries like NACL), driven by strong export traction and robust B2B sales.
The Nutrient and other allied business segment recorded standalone revenue of Rs. 6,910.49 crore, supported by proactive procurement, disciplined inventory management, and sustained market share leadership in phosphatic fertilisers.
The retail business and specialty nutrients division sustained growth momentum through network expansion, enhanced farmer engagement, and higher offtake of specialty nutrients, water-soluble fertilisers, and organic products.
What drove margins
The ongoing Middle East conflict caused a sharp escalation in international raw material and input prices, which significantly increased the cost of goods sold for phosphatic and complex fertilisers.
Government-notified nutrient subsidy rates remained inadequate during the quarter to fully absorb the surge in raw material costs, creating a margin squeeze in the nutrient division.
Profitability in the crop protection business expanded substantially, with segment EBITDA rising 44% year-on-year to Rs. 159 crore, aided by an improved product mix and healthy demand for key technical formulations.
Phosphoric acid prices for Q2 settled at $1,700 per ton compared to $1,360 in Q1, reflecting international DAP and raw material increases.
The industry implemented price increases of 25% to 30% across fertilizer grades to absorb rising costs before hitting ceilings where further increases risk demand destruction.
05 · Demand, customers & order book
Where demand is coming from
Maintained uninterrupted fertiliser supplies to the farming community through disciplined supply chain execution and proactive inventory management amidst volatile global commodity markets.
Consumption remained stable with farmers picking up lower MRP stocks early in the quarter, though overall farmer sentiment remained cautious due to monsoon uncertainty and price variability.
Domestic crop protection formulation demand was muted due to delayed crop sowings, whereas export markets showed improvement despite cautious price-stabilization trends.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated standalone segment revenue of Rs. 6,910.49 crore and segment results (profit before interest and tax) of Rs. 469.88 crore, reflecting stable market positioning despite input-cost headwinds.
Delivered standalone segment revenue of Rs. 870.08 crore and segment results of Rs. 158.81 crore, benefiting from strong technical product traction and international export demand.
Geography and market mix
Crop protection and bio-products divisions expanded international reach, with exports contributing significantly to the strong performance in the non-subsidy portfolio.
Added 22 new retail stores during the quarter, taking total store network to over 1,200 outlets.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Operated sulphuric acid plants at moderate capacity and optimized sulphur usage to extend raw material availability amid elevated global sulphur prices.
Newly commissioned sulphuric acid and phosphoric acid plants stabilized operations, with the sulphuric acid plant achieving rated capacity and generating power as envisaged.
The granulation project is progressing as planned, with commissioning on track for Q4 of FY27.
Senegal rock phosphate mining project produced over 1.1 lakh tons during the quarter, in line with plans.
Projects, capex and execution
The brownfield fertiliser granulation project, designed to add 7.5 lakh tons of annual production capacity, progressed as planned with completion anticipated in Q4 FY27.
Capacity expansion for key technical molecules at the Sarigam facility remained on track for commercial commissioning during Q2 FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company advanced its digital farming agenda, focusing on agri-drone spraying services and specialized digital tools to promote farm productivity and agricultural sustainability.
The board approved converting approximately Rs. 108 crore of loan value into equity shares of wholly owned subsidiary Coromandel Chemicals Limited at an issue price of Rs. 39.95 per share.
Approved the restructuring of USD 9.70 million in loans given to Baobab Mining and Chemicals Corporation S.A. (BMCC)—held via Coromandel Chemicals Limited—into equity or preference instruments.
09 · Reported developments
What changed operationally
Achieved a major sustainability milestone by receiving the Responsible Care Certification, affirming adherence to top-tier health, safety, environmental, and operational standards.
Crop Protection revenue grew 20% YoY to INR 870 crores and EBIT jumped 44% to INR 159 crores, driven by strong growth in exports and B2B sales.
Retail business revenue increased by 85% YoY, benefiting from strong farmer engagement, expanded store network, and higher sales of fertilizers, specialty nutrients, and organic products, with 76% of stores profitable during the quarter.
Primary market share in fertilizers increased to 22% compared to 18% in the previous year, while point of sales market share improved to 16% as point of sales volumes rose 13% to 7.9 lakh tons.
10 · Pressure points & risks
What is not going smoothly
Geopolitical tensions in the Middle East drove up raw material costs for phosphatic fertilisers, compressing profitability as retail selling price adjustments and subsidies lagged cost increases.
Consolidated EBITDA dropped 3% YoY to INR 761 crores and net profit fell to INR 382 crores from INR 502 crores due to uncompensated raw material inflation.
Production was consciously moderated to 6.9 lakh tons (~72% capacity utilization) and sales volumes dropped 9% YoY to 10 lakh tons due to inventory optimization and high raw material volatility.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company received INR 1,392 crores in subsidy claims during the quarter and cleared claims up to the third week of June. Subsidy outstanding as of June 30 was INR 3,254 crores, with an additional INR 568 crores received in July.
Capital allocation & funding
Consolidated finance costs for the quarter were recorded at Rs. 89.02 crore, reflecting ongoing funding requirements across operations and subsidiaries.
12 · Management guidance & targets
What management is targeting from here
Management indicated a normal sustainable annual capex run-rate of approximately INR 300 crores, subject to viable return-generating opportunities.
Average EBITDA per metric ton for the nutrient business is targeted to improve from INR 5,000 to INR 6,500 under normal operating and steady-state conditions.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Stock Option Allotment
The company allotted 32,200 equity shares (including 30,400 treasury shares) during the quarter ended June 30, 2026, pursuant to the exercise of employee stock options.
14 · Management call deep dive
What management said on the conference call
Operating takeaways
14 key pointsOperated sulphuric acid plants at moderate capacity and optimized sulphur usage to extend raw material availability amid elevated global sulphur prices.
Added 22 new retail stores during the quarter, taking total store network to over 1,200 outlets.
Growth of Nano fertilizers was moderated by bans imposed by state governments in Uttar Pradesh and Maharashtra.
Participated in pilot implementations of QR code-enabled fertilizer traceability systems across 10-12 states to enhance transparency and nutrient stewardship.
Consumption remained stable with farmers picking up lower MRP stocks early in the quarter, though overall farmer sentiment remained cautious due to monsoon uncertainty and price variability.
Domestic crop protection formulation demand was muted due to delayed crop sowings, whereas export markets showed improvement despite cautious price-stabilization trends.
Newly commissioned sulphuric acid and phosphoric acid plants stabilized operations, with the sulphuric acid plant achieving rated capacity and generating power as envisaged.
The granulation project is progressing as planned, with commissioning on track for Q4 of FY27.
Senegal rock phosphate mining project produced over 1.1 lakh tons during the quarter, in line with plans.
Phosphoric acid prices for Q2 settled at $1,700 per ton compared to $1,360 in Q1, reflecting international DAP and raw material increases.
The industry implemented price increases of 25% to 30% across fertilizer grades to absorb rising costs before hitting ceilings where further increases risk demand destruction.
The company received INR 1,392 crores in subsidy claims during the quarter and cleared claims up to the third week of June. Subsidy outstanding as of June 30 was INR 3,254 crores, with an additional INR 568 crores received in July.
Management indicated a normal sustainable annual capex run-rate of approximately INR 300 crores, subject to viable return-generating opportunities.
Average EBITDA per metric ton for the nutrient business is targeted to improve from INR 5,000 to INR 6,500 under normal operating and steady-state conditions.
Important analyst Q&A
4 key pointsManagement clarified that there are no structural fertilizer shortages on the ground; sufficient stock of urea and DAP is available, and offtake is currently dictated by monsoon progress.
Sulphur prices remain unexpectedly high due to structural demand shifts from EV battery nickel leaching in Indonesia, but management views current levels as unsustainable.
The spike in consolidated depreciation includes about INR 16-18 crores from additional capex, INR 30-odd crores for mining overburden amortization, INR 21 crores for PA-SA gap intangible amortization, and INR 20 crores for NACL intangibles amortization.
Not more than 5% to 6% of the overall reported crop protection export EBITDA is attributable to foreign currency gains under the netting principle.
15 · Key Q&A
The quarter, answered directly
What does Coromandel International do?
Coromandel International Limited is a prominent Indian agri-solutions provider operating across the farming value chain, with core activities spanning fertilisers, crop protection, bio-products, specialty nutrients, organic products, and rural retail.
What is the clearest takeaway from Q1 FY27?
For the first quarter of financial year 2027 (ended June 30, 2026), Coromandel International reported consolidated revenue from operations of Rs. 8,164.77 crore and total income of Rs. 8,214.58 crore.
What drove revenue or demand?
Crop protection revenue surged by 20% year-on-year to reach Rs. 870.08 crore on a standalone basis (and Rs. 1,250.76 crore on a consolidated basis including subsidiaries like NACL), driven by strong export traction and robust B2B sales.
What mattered most for margins or profitability?
The ongoing Middle East conflict caused a sharp escalation in international raw material and input prices, which significantly increased the cost of goods sold for phosphatic and complex fertilisers.
What changed operationally beyond the headline numbers?
Operated sulphuric acid plants at moderate capacity and optimized sulphur usage to extend raw material availability amid elevated global sulphur prices.
What is management guiding or targeting from here?
Management indicated a normal sustainable annual capex run-rate of approximately INR 300 crores, subject to viable return-generating opportunities.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Sarigam Plant Commissioning: Monitor the commercial commissioning of the key molecule capacity expansion at Sarigam scheduled for Q2 FY27.
- 02
Granulation Capacity Progress: Track the execution milestones of the 7.5 lakh ton brownfield fertiliser granulation project leading up to its expected completion in Q4 FY27.
- 03
Subsidy Policy and Raw Material Trends: Observe developments in global raw material prices and government nutrient subsidy revisions for potential impacts on fertilizer segment margins.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.