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NSE: ULTRACEMCO
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Coromandel International Ltd.
NSE: COROMANDELBasic MaterialsAgricultural Inputs
- Last close
- ₹1,718.00
- Day change
- −₹58.60 (−3.30%)vs
- Market cap
- ₹50,755 crIndian rupees
- Research updated
- 1 report
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About Coromandel International
Coromandel International Ltd. is a prominent player in the agricultural sector, specializing in the production and distribution of fertilizers. It stands out as one of India's leading agri-solutions providers, offering a diverse range of products, including phosphatic fertilizers, crop protection chemicals, and specialty nutrients. The company's products are integral to enhancing the productivity and sustainability of agricultural practices, thereby supporting the primary sector's backbone in India. Coromandel International Ltd. also makes significant strides in research and innovation, constantly developing new formulations to meet the evolving demands of the agriculture industry. The company's extensive network encompasses farmers, industry partners, and distribution channels, ensuring accessibility and efficiency. Its market significance is underscored by its strategic operations that not only aim to boost agricultural output but also contribute to the broader economic discourse on food security and sustainable farming practices. Headquartered in Secunderabad, India, Coromandel International Ltd. plays a crucial role in reinforcing the agricultural infrastructure, aligning with national priorities aimed at achieving greater self-sufficiency in food production.
- Sector
- Basic Materials
- Industry
- Agricultural Inputs
- Listing
- NSE: COROMANDEL
- Chief executive
- Mr. S. Sankarasubramanian B.Sc, ICWA
- Employees
- 6,299
- Headquarters
- Chennai, India
- ISIN
- INE169A01031
- Website
- coromandel.biz
Public research · Report of
Business model & financial foundation
Coromandel International (NSE: COROMANDEL), Fertilisers, crop protection and allied farm inputs: revenue of ₹31,480 crore in FY26 (+30.7% on FY25), an EBITDA margin of 10.2%, net profit of ₹1,956 crore and net cash of ₹2,979 crore.
- Revenue, FY26 (₹ crore)
- 31,480
- consolidated
- Revenue growth, FY26
- +30.7%
- on FY25
- EBITDA margin, FY26
- 10.2%
- EBITDA (Operating EBITDA excluding other income and one-offs) / revenue
- Net profit, FY26 (₹ crore)
- 1,956
- to owners
- Return on equity, FY26
- 16.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,979
- Net debt including current liquid investments; net cash negative
- Market capitalisation (₹ crore)
- 57,612
- at the close of 13 Oct 2026
Company profile
Murugappa-group farm-input manufacturer and distributor controlled by E.I.D.-Parry (India) Limited. The group reports Nutrient and other allied business and Crop Protection segments, including fertilisers, speciality nutrients, organic compost, agricultural technology and mining. NACL and BMCC consolidation changes make FY26 group growth and capital employed non-comparable with the preceding year without scope adjustments.
| Item | Value |
|---|---|
| Legal name | Coromandel International Limited (formerly Coromandel Fertilisers Limited) |
| Exchange and ticker | NSE: COROMANDEL; BSE: 506395 |
| ISIN | INE169A01031 |
| CIN | L24120TG1961PLC000892 |
| Sector | Materials |
| Industry | Fertilisers, crop protection and allied farm inputs |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2021 (59th AGM)) |
| Market capitalisation | ₹57,612 crore (13 Oct 2026) |
| Shares outstanding | 29.50 crore (FY26) |
| Price | ₹1,690 (close, 13 Oct 2026) |
| 52-week range | ₹1,651 - ₹2,499 (to 13 Oct 2026) |
| Website | https://www.coromandel.biz/ |
Corporate structure and shareholding
Parent: E.I.D.-Parry (India) Limited.
| Entity | Holding | Business |
|---|---|---|
| Coromandel Chemicals Limited | 100% | Group chemical/investment subsidiary; holds BMCC and Stuccoedge interests. |
| Dare Ventures Limited | 100% | Group venture-investment subsidiary. |
| CFL Mauritius Limited | 100% | Mauritius group subsidiary; detailed activity not separately retrieved. |
| Coromandel Brasil Ltda | 100% | Brazil group subsidiary; detailed activity not separately retrieved. |
| Coromandel Australia Pty Limited | 100% | Australia group subsidiary; detailed activity not separately retrieved. |
| Coromandel America S.A. | 99.98% | Brazil group subsidiary; detailed activity not separately retrieved. |
| Coromandel Agronegocios de Mexico S.A. de C.V. | 100% | Mexico group subsidiary; detailed activity not separately retrieved. |
| Sabero Argentina S.A. | 95% | Argentina group subsidiary; detailed activity not separately retrieved. |
| Parry America Inc. | 100% | USA group subsidiary; detailed activity not separately retrieved. |
| Coromandel International (Nigeria) Limited | 99.99% | Nigeria group subsidiary; detailed activity not separately retrieved. |
| Coromandel Mali SASU | 100% | Mali group subsidiary; detailed activity not separately retrieved. |
| Coromandel Technology Limited | 100% | Group technology/investment subsidiary; holds Dhaksha investment. |
| Dhaksha Unmanned Systems Private Limited | 58.01% | Drones/unmanned systems;FY26 goodwill impaired after order-execution delays. |
| Coromandel Insurance and Multi Services Limited | 100% | Group insurance/multiservices subsidiary; formerly Coromandel Solutions Limited. |
| Baobab Mining and Chemicals Corporation S.A. | 71.51% | Senegal rock-phosphate mining through CCL; FY25 associate-to-subsidiary transition. |
| Gadde Bissik Phosphates Operations Suarl | n.d. | Senegal step-down mining subsidiary included in BMCC AOC1 numbers; percentage not separately retrieved. |
| Coromandel Vietnam Company Limited | 100% | Vietnam group subsidiary; detailed activity not separately retrieved. |
| NACL Industries Limited | 53.69% | Crop-protection subsidiary since8August2025. AOC1 FY26holding53.69% differs fromnote38B53.73%. |
| NACL Spec-Chem Limited | 53.69% | NACL step-down subsidiary; AOC1 effectivegroup shareholding,not necessarily immediateparent percentage. |
| NACL Agri Solutions Private Limited | 53.69% | NACL step-down subsidiary; AOC1 effectivegroup shareholding. |
| NACL Multi-Chem Private Limited | 53.69% | NACL step-down subsidiary; AOC1 effectivegroup shareholding. |
| LR Research Laboratories Private Limited | 53.69% | NACL step-down subsidiary; AOC1 effectivegroup shareholding. |
| NACL Industries (Nigeria) Limited | 53.69% | NACL step-down subsidiary; operations notcommenced andsharecapital notsubscribed perAOC1note4. |
| Nagarjuna Agrichem (Australia) Pty Limited | 53.69% | NACL step-down Australia subsidiary;AOC1 effectivegroup shareholding. |
FY26 AOC1 holdings;NACL chain usesreported effectivegroup percentages. Associates:CCP Philippines40%;Nasense14% acquired8August2025. JV Stuccoedge60% viaCCL since24November2025;notes1/40/AOC1 sayJV butBoardp280 sayssubsidiary:preferauditednotes,retainconflict. Gaddepercentage missing;foreignAOC1periods mostly31December2025.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 56.88% | 56.86% | 56.35% | |
| Promoter holding pledged | 0.01% | 0.01% | 0.01% | |
| Foreign institutions | 14.45% | 13.02% | ||
| Domestic institutions | 15.88% | 18.20% | ||
| of which mutual funds | 13.06% | 13.69% | ||
| Retail | 7.29% | 7.06% | 6.87% | |
| Other | 5.50% | 5.56% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Coromandel manufactures and markets farm nutrients and crop-protection products, alongside specialty nutrients, retail/agri services and upstream rock/acid integration. Farmers and the distribution channel buy inputs; nutrient subsidy is a separate government-dependent component of economics and cash collection. Manufacturing throughput, imported/traded volumes and farmer PoS consumption are distinct. Two reportable segments are Nutrient and allied businesses and Crop Protection.
FY26 exact segment revenues were nutrients INR27,726.87 crore and CPC INR3,968.25 crore, less INR215.58 crore intersegment elimination to consolidated INR31,479.54 crore. Segment PBIT is not operating EBITDA. Subsidy recognition/recovery and product revenue recognition are audit KAMs.
| Segment | revenue, FY26 (₹ crore) | Share | pbit, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Nutrient and other allied business | 27,727 | 87.5% | 2,464 | 82.8% | 6,461 | 65.9% |
| Crop protection (incl. bio; NACL from 8 Aug 2025) | 3,968 | 12.5% | 511.0 | 17.2% | 3,349 | 34.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Paradeep Phosphates (PARADEEP) | Closest complex-phosphatic manufacturer and integration comparator. |
| Chambal Fertilisers and Chemicals (CHAMBLFERT) | Subsidy cash flow and distribution comparator; urea policy differs. |
| Fertilisers and Chemicals Travancore (FACT) | |
| Deepak Fertilisers and Petrochemicals (DEEPAKFERT) | Specialty nutrients and integration; industrial chemicals materially differ. |
| UPL (UPL) | Global generics crop protection and leverage/cycle comparator. |
| PI Industries (PIIND) | Crop protection technical exports; higher CSM differentiation. |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 22,058 | 24,085 | 31,480 |
| Materials + traded goods purchases + signed inventory change | 16,482 | 17,854 | 23,669 |
| Employee benefits expense | 697.5 | 784.0 | 1,049 |
| Other expenses incl. freight and distribution | 2,480 | 2,819 | 3,546 |
| Operating EBITDA excluding other income and one-offs | 2,399 | 2,628 | 3,216 |
| Other income | 231.4 | 358.7 | 347.9 |
| Depreciation and amortisation | 228.6 | 290.4 | 533.6 |
| Finance costs | 186.6 | 262.4 | 342.6 |
| Exceptional items (signed; + gain, - expense) | 0.00 | 346.8 | -70.6 |
| Profit before tax after associates and exceptional items | 2,188 | 2,728 | 2,617 |
| Total tax expense (current + deferred) | 547.8 | 672.8 | 719.0 |
| Profit for year including non-controlling share | 1,641 | 2,055 | 1,898 |
| PAT attributable to non-controlling interests (signed) | -1.55 | -11.8 | -58.0 |
| Share of JV/associate profit or loss (signed) | -26.5 | -53.4 | -0.06 |
| PAT attributable to owners | 1,642 | 2,066 | 1,956 |
| Diluted EPS in INR | 55.75 | 70.12 | 66.31 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net trade receivables (excl. govt subsidy receivable) | 1,394 | 1,229 | 2,076 |
| Government subsidies receivable | 1,377 | 1,654 | 2,168 |
| Inventories | 4,613 | 4,770 | 7,204 |
| Trade payables incl. acceptances | 5,293 | 6,030 | 8,827 |
| Equity attributable to owners | 9,420 | 11,088 | 12,558 |
| Balance sheet non-controlling interests | 26.9 | 134.9 | 575.3 |
| Cash and cash equivalents | 1,127 | 254.8 | 422.5 |
| Bank balances other than cash equivalents | 1,846 | 3,284 | 71.3 |
| Current investments, liquid, money-market and arbitrage mutual funds | 623.0 | 861.6 | 1,840 |
| Inter-corporate deposits with financial institutions | 0.00 | 784.6 | 1,564 |
| Borrowings, current + non-current, excl. leases | 51.8 | 232.2 | 867.2 |
| Lease liabilities current + non-current | 440.3 | 548.2 | 639.0 |
| Net debt including current liquid investments; net cash negative | -3,492 | -4,929 | -2,979 |
| Company net debt, capital note 32.1, excludes current mutual funds | -2,869 | -4,068 | -1,140 |
| Property, plant and equipment, net | 2,386 | 2,607 | 4,416 |
| Capital work-in-progress | 205.3 | 352.5 | 296.0 |
| Total assets | 15,852 | 18,928 | 24,503 |
| Issued equity shares in crore, incl. treasury shares | 29.44 | 29.46 | 29.50 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities | 1,428 | 2,464 | 1,558 |
| Cash PPE/intangible purchases incl. CWIP and advances (outflow positive) | 526.9 | 850.6 | 1,540 |
| CFO less cash capex | 900.8 | 1,613 | 17.1 |
| Cash acquisition of control net of cash acquired (outflow positive) | 219.7 | 17.8 | 810.2 |
| Dividends paid (outflow positive) | 185.6 | 352.8 | 528.8 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Weighted average diluted equity shares, crore | 29.46 | 29.47 | 29.50 |
| EBITDA as published by management (rounded) | 2,628 | 3,232 | |
| Cost of raw and packing materials consumed | 13,528 | 12,912 | 17,231 |
| Purchases of traded goods | 3,221 | 4,942 | 7,854 |
| Changes in inventories, signed expense | -266.4 | 0.51 | -1,416 |
| Freight and distribution expense, inside other_expenses | 1,162 | 1,343 | 1,577 |
| Cash conversion CFO / consolidated total PAT (x) | 0.87x | 1.20x | 0.82x |
| Revenue YoY growth (%) | 9.2% | 30.7% | |
| Trade receivable growth YoY (%) | -11.8% | 68.9% | |
| Trade plus subsidy receivable growth YoY (%) | 4.0% | 47.2% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 7,433 | 6,935 | 4,988 | 7,042 | 9,654 | 8,779 | 6,004 | 8,165 |
| Materials + purchases + signed inventory change | 5,567 | 5,298 | 3,507 | 5,239 | 7,363 | 6,748 | 4,319 | 6,182 |
| Employee benefits expense | 187.9 | 204.6 | 209.3 | 225.4 | 264.8 | 285.9 | 272.7 | 300.8 |
| Other expenses incl. freight and distribution | 702.9 | 710.4 | 845.9 | 795.9 | 879.5 | 946.0 | 924.2 | 926.2 |
| Operating EBITDA excluding other income and one-offs | 974.8 | 721.8 | 426.0 | 782.1 | 1,147 | 799.6 | 487.8 | 755.7 |
| Other income | 65.0 | 113.7 | 126.0 | 83.7 | 116.5 | 83.2 | 64.5 | 49.8 |
| Depreciation and amortisation | 69.0 | 70.8 | 85.4 | 120.6 | 101.8 | 146.6 | 164.7 | 202.8 |
| Finance costs | 66.1 | 73.1 | 65.9 | 68.0 | 101.8 | 83.5 | 89.3 | 89.0 |
| Exceptional items (signed; + gain, - expense) | 0.00 | 0.00 | 346.8 | 0.00 | 0.00 | 0.00 | -70.6 | 0.00 |
| Profit before tax after associates and exceptional items | 891.9 | 683.1 | 730.8 | 677.3 | 1,059 | 652.8 | 227.7 | 513.7 |
| Total tax expense (current + deferred) | 232.8 | 175.2 | 152.4 | 175.7 | 266.0 | 164.3 | 113.0 | 132.1 |
| Net profit after tax (incl. non-controlling share) | 659.1 | 507.9 | 578.5 | 501.6 | 793.4 | 488.5 | 114.6 | 381.6 |
| PAT attributable to non-controlling interests (signed) | -4.95 | -3.86 | -1.21 | -3.42 | -11.9 | -17.4 | -25.3 | 0.74 |
| Share of JV/associate profit or loss (signed) | -12.9 | -8.48 | -16.6 | -0.04 | 0.00 | 0.00 | -0.02 | 0.00 |
| PAT attributable to owners | 664.1 | 511.8 | 579.7 | 505.0 | 805.3 | 505.9 | 139.9 | 380.8 |
| Diluted EPS (not annualised) (₹) | 22.53 | 17.36 | 19.67 | 17.12 | 27.30 | 17.14 | 4.75 | 12.92 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 9.2% | 30.7% | |
| EBITDA margin | 10.9% | 10.9% | 10.2% |
| Net margin | 7.4% | 8.6% | 6.2% |
| Return on equity | 17.4% | 20.2% | 16.5% |
| Return on assets | 10.4% | 11.9% | 9.0% |
| Net debt (₹ crore) | -3,492 | -4,929 | -2,979 |
| Net debt / EBITDA | -1.46x | -1.88x | -0.93x |
| Asset turnover | 1.39x | 1.39x | 1.45x |
| Receivable days | 23 | 19 | 24 |
| Inventory days (on revenue) | 76 | 72 | 84 |
| Payable days (on revenue) | 88 | 91 | 102 |
| Cash conversion | 0.87x | 1.19x | 0.80x |
| Capex intensity | 2.4% | 3.5% | 4.9% |
| Free cash flow (₹ crore) | 900.8 | 1,613 | 17.1 |
| Dividend payout | 11.3% | 17.1% | 27.0% |
| EPS, diluted (₹) | 55.75 | 70.12 | 66.31 |
| Book value per share (₹) | 3,19,92,27,352 | 3,76,32,25,554 | 4,25,67,00,631 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and one-offs) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including current liquid investments; net cash negative.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and one-offs).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS in INR).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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