Coromandel International: Business Overview & Financial Analysis
Coromandel International Limited is an Indian agri-solutions provider headquartered in Hyderabad, Telangana, and a flagship company of the Murugappa Group. The company operates across the agricultural inputs value chain, manufacturing and marketing phosphatic fertilisers, specialty nutrients, crop protection chemicals, bio-products, and organic fertilisers. Servicing domestic and international farming markets, Coromandel International Limited also runs an extensive rural retail chain across southern and central India alongside technology-enabled farm advisory services.
Business Segment Revenue Breakdown of Coromandel International (Q1 FY27)
Coromandel International generates its operating revenue through two core business divisions, led by its nutrient and crop protection lines.
- Nutrient & Other Allied Business – Rs 6,951 crore (84.8%)
- Crop Protection Business (Consolidated) – Rs 1,251 crore (15.2%)
- Total Consolidated Revenue from Operations – Rs 8,165 crore (100.0%)
The Nutrient business represents the largest revenue driver, encompassing phosphatic fertilisers, Single Super Phosphate (SSP), specialty nutrients, and organic fertilisers. The Crop Protection segment comprises technical-grade molecules, formulations, bio-pesticides, and the consolidated operations of NACL Industries Limited.
Latest Quarterly Financial Performance of Coromandel International (Q1 FY27)
Coromandel International recorded top-line revenue expansion alongside margin tightening during the first quarter of FY27.
- Consolidated Revenue from Operations – Rs 8,165 crore (+16.0% YoY)
- Consolidated Operating EBITDA – Rs 761 crore (-3.0% YoY)
- Operating EBITDA Margin – 9.3% (down 200 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 382 crore (-24.0% YoY)
- Basic EPS (Not Annualised) – Rs 12.90 per share (vs Rs 17.20 in Q1 FY26)
Consolidated top-line revenue grew by 16.0% year-on-year to Rs 8,165 crore in Q1 FY27, supported by volume growth in crop protection chemicals. Net profit after tax dropped 24.0% to Rs 382 crore due to higher raw material import costs and unadjusted subsidy rates in phosphatic fertilisers.
Crop Protection & Specialty Businesses Profile of Coromandel International (Q1 FY27)
Coromandel International operates a global crop protection business supplying insecticides, fungicides, herbicides, and plant growth regulators.
- Consolidated Crop Protection Revenue – Rs 1,251 crore (+73.0% YoY)
- Standalone Crop Protection Revenue – Rs 870 crore (+20.0% YoY)
- Standalone Crop Protection PBIT – Rs 159 crore (+44.0% YoY)
- Standalone Crop Protection PBIT Margin – 18.0% (+300 bps YoY)
- Strategic Subsidiary Consolidation – NACL Industries Limited (became subsidiary in August 2025)
The crop protection segment acted as an operational counterweight to fertiliser margin pressure, delivering 73.0% consolidated growth following the full integration of NACL Industries. Standalone PBIT margins expanded 300 basis points to 18.0% due to favorable product mix and higher capacity utilization.
Fertiliser Volumes & Market Dynamics of Coromandel International (Q1 FY27)
Coromandel International tracks primary sales volumes across manufactured and imported fertiliser product lines.
- Manufactured NPK & DAP Sales Volume – 0.89 million MT (-0.5% YoY)
- Imported NPK & DAP Sales Volume – 0.12 million MT (-43.7% YoY)
- Total NPK & DAP Primary Sales Volume – 1.01 million MT (-8.6% YoY)
- Single Super Phosphate (SSP) Sales Volume – 0.22 million MT (+18.6% YoY)
- Muriate of Potash (MOP) Sales Volume – 0.01 million MT (+9.5% YoY)
- Urea Sales Volume – 0.26 million MT (-4.0% YoY)
Overall fertiliser volume contraction was largely concentrated in the imported NPK and DAP segment, which fell 43.7% due to supply chain tightening. Manufactured NPK and DAP sales held resilient at 0.89 million MT, while Single Super Phosphate (SSP) volumes rose 18.6%.
Manufacturing Facilities & Backward Integration Infrastructure of Coromandel International (FY26–FY27)
Coromandel International operates complex chemical manufacturing facilities in Andhra Pradesh, Tamil Nadu, and Gujarat.
- Major Manufacturing Hubs – Kakinada, Visakhapatnam, Ennore, Ranipet, Sarigam
- Newly Commissioned Acid Infrastructure – Phosphoric Acid & Sulphuric Acid complexes at Kakinada
- Total Acid Project Investment Outlay – Rs 1,100 crore
- Sustainability Benchmark – Responsible Care® Certification achieved across units
Operations stabilized at the newly commissioned Phosphoric Acid and Sulphuric Acid plants at Kakinada, securing key raw material inputs for downstream granulation facilities. The company holds a Responsible Care® certification, reflecting health, safety, and operational excellence standards.
Retail Distribution Network & Agri-Services of Coromandel International (FY26)
Coromandel International distributes products through a combination of company-owned retail centers and distributor networks.
- Company-Owned Agri-Retail Outlets – 750+ "Mana Gromor" centers
- Total Distribution Reach – 2,000+ dealers and 10,000+ retail touchpoints
- Digital Farming Services – Agri-drone spraying solutions and soil testing labs
The company operates over 750 rural retail outlets under the "Mana Gromor" brand, supplying fertilisers, crop protection chemicals, seeds, and farm tools directly to farmers. Digital agriculture services include custom agri-drone spraying capabilities to support sustainable farming practices.
Financial Position & Balance Sheet Health of Coromandel International (Q1 FY27)
Coromandel International operates with minimal debt and high equity coverage.
- Net Debt to Equity Ratio – 0.0x (Net Debt Free)
- Book Value per Share – Rs 439 per share (+11.4% YoY)
- Depreciation & Amortization Charges – Rs 203 crore (vs Rs 121 crore in Q1 FY26)
- Finance Costs – Rs 89 crore (vs Rs 68 crore in Q1 FY26)
The company maintained a net-debt-free balance sheet with a 0.0x Net Debt to Equity ratio as of June 30, 2026. Depreciation charges increased to Rs 203 crore following the capitalization of new acid plants at Kakinada.
Strategic Projects & Capex Roadmap of Coromandel International (FY27)
Coromandel International executes capital expenditure projects to expand fertiliser granulation and active ingredient manufacturing.
- Brownfield Granulation Project Capacity Addition – 750,000 Tonnes Per Annum (TPA)
- Targeted Granulation Project Commissioning – Q4 FY27
- Sarigam Crop Protection Capacity Expansion Target – Commissioning in Q2 FY27
Construction of the 750,000 TPA brownfield fertiliser granulation project at Kakinada progresses toward a Q4 FY27 commissioning timeline. Capacity expansion for key active ingredients at the Sarigam crop protection plant is scheduled for operational completion during Q2 FY27.
Management Commentary & Outlook of Coromandel International (Q1 FY27)
Management guidance highlights strategic priorities centered on backward integration, crop protection expansion, and cost efficiency.
- Middle East geopolitical conflicts raised raw material input prices while government subsidy adjustments lagged input cost escalation during Q1 FY27.
- Backward integration via internal phosphoric and sulphuric acid plants will lower long-term raw material sourcing volatility.
- Non-subsidy businesses, including crop protection, specialty nutrients, bio-products, and retail, are projected to contribute a growing share of profits.
- The company will complete the 750,000 TPA granulation project by Q4 FY27 to capture domestic NPK and DAP demand.
- Digital agriculture, including drone spraying services and custom nutrient management, will be scaled across primary market clusters.
Management expects operational performance to normalize as backward-integrated acid assets ramp up to full capacity. Non-subsidy divisions will continue to serve as primary growth drivers to mitigate raw material price fluctuations.
Sources & References
- Coromandel International Limited Q1 FY27 Unaudited Financial Results & Exchange Filings (July 2026)
- Coromandel International Limited Q1 FY27 Investor Presentation & Press Release (July 2026)
- BSE India & NSE Corporate Disclosures for Coromandel International Limited
- Ticker Finology Coromandel International Page
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Disclaimer
The information presented above on Coromandel International Limited has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Coromandel International Limited page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.