COROMANDEL · Chemicals · filed 6 Nov 2026
Coromandel International Ltd. reported revenue of ₹10,294 cr for July to September 2026, +6.6% on the year and +26.1% on the quarter. That is slower than this quarter has grown in recent years (+18.1% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹33,242 cr, +16.2% on the four before.
Operating profit (EBITDA) was ₹931 cr, a margin of 9.0%, −293 bps on the year and −34 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.1% to 12.0%, averaging 9.7%. Operating costs grew +10.2%, faster than revenue at +6.6%, so operating profit grew less than sales.
Net profit was ₹523 cr, −34.0% on the year and +37.2% on the quarter, with earnings per share of ₹18.11. Profit before other income, one-offs and tax grew faster, at −30.8%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹1,508 cr, −36.7% on the four before.
Agri inputs are seasonal and move with the monsoon and with subsidy payments, so quarters are best compared with the same quarter a year earlier.
On earnings per share of ₹52.98 over the last four quarters, the stock at ₹1,756.90 trades at 33.2 times trailing earnings.
Less than half the profit turned into operating cash. Working capital, or something else?
Operating cash flow for the first half ₹53.8 cr against profit of ₹905 cr.
Source: Cash flow statement
Operating margin slipped on the year.
EBITDA margin 9.0%, −293 bps on the year (−34 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹2,867 cr | ₹2,076 cr | ▲ 38.1% |
| Inventory | ₹8,798 cr | ₹7,204 cr | ▲ 22.1% |
| Cash | ₹457 cr | ₹423 cr | ▲ 8.1% |
| Bank balances | ₹58.6 cr | ₹71.3 cr | ▼ 17.9% |
| Short-term borrowings | ₹951 cr | ₹787 cr | ▲ 20.9% |
| Trade payables | ₹11,247 cr | ₹8,827 cr | ▲ 27.4% |
| Net block | ₹4,444 cr | ₹4,416 cr | ▲ 0.6% |
| Capital work in progress | ₹615 cr | ₹296 cr | ▲ 107.6% |
| Equity | ₹13,409 cr | ₹12,558 cr | ▲ 6.8% |
| Total assets | ₹27,946 cr | ₹24,503 cr | ▲ 14.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹53.8 cr | ₹1,971 cr |
| Capital expenditure | −₹640 cr | −₹708 cr |
| Investing cash flow | ₹178 cr | −₹1,537 cr |
| Financing cash flow | −₹198 cr | −₹342 cr |
| Dividends paid | −₹58.9 cr | −₹265 cr |
Operating cash flow was 0.06× profit. Receivables at 28 days of sales (+4 days against the last year end). Inventory at 87 days of sales (+3 days).
No emphasis of matter.
Previous period ₹0.0 cr (—).
Re-appointment of Mr. Sudarshan Venu (DIN: 03601690) as an Independent Director of the Company for second term of 5 years from February 3, 2027…
Tax: Consolidated tax expense of ₹182.98 crore (current tax ₹190.84 crore, deferred tax credit ₹7.86 crore) on Profit before tax of ₹706.35 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Subsidy receivable (₹ cr) | 3,535 | — | 2,168 |
| Nutrient and Other Allied Business Segment Revenue (₹ crore) | 9,042 | 6,951 | 8,661 |
| Crop Protection Segment Revenue (₹ crore) | 1,308 | 1,251 | 1,069 |
Government subsidies receivable increased to ₹3,535.41 crore as of September 30, 2026 (vs ₹2,168.14 crore as of March 31, 2026). Note 5 specifies that pending notification of NBS rates for Rabi 2026-27, subsidy income is recognized based on existing Kharif NBS rates.
Subsidy balance expanded due to Kharif season dispatches; Rabi 2026-27 NBS rate notification is awaited.
Consolidated inventory increased to ₹8,798.27 crore as of September 30, 2026 (vs ₹7,204.11 crore as of March 31, 2026) to prepare for H2 Rabi seasonal placement across retail and distribution channels.
Inventory build reflects normal seasonal stocking ahead of the Rabi agricultural season.
Read using the Agriculture, fertilisers and agrochemicals framework (named in the filing read). Primary valuation lens: P/E through the season.
Read more closely in this sector: Age of subsidy receivables · Channel inventory build.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Nutrient and other allied business | ₹9,042 cr | ▲ 4.4% | ₹746 cr | ▼ 24.1% |
| Crop protection | ₹1,308 cr | ▲ 22.4% | ₹130 cr | ▼ 10.2% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,464 cr | ₹3,913 cr | ₹4,729 cr | ₹7,433 cr | ₹6,935 cr | ₹4,988 cr | ₹7,042 cr | ₹9,654 cr | ₹8,779 cr | ₹6,004 cr | ₹8,165 cr | ₹10,294 cr |
| YoY | — | — | −17% | +6% | +27% | +27% | +49% | +30% | +27% | +20% | +16% | +7% |
| EBITDA margin | 6.4% | 6.7% | 10.4% | 12.9% | 10.3% | 8.2% | 11.1% | 12.0% | 9.1% | 8.1% | 9.4% | 9.0% |
| Other income, % of PBT | 19% | 38% | 13% | 7% | 17% | 65% | 12% | 11% | 13% | −3% | 10% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 27% | 26% | 26% | 21% | 26% | 25% | 25% | 50% | 26% | 26% |
| Net profit | ₹228 cr | ₹164 cr | ₹309 cr | ₹659 cr | ₹508 cr | ₹578 cr | ₹502 cr | ₹793 cr | ₹488 cr | ₹115 cr | ₹382 cr | ₹523 cr |
| YoY | — | — | −37% | −13% | +123% | +252% | +62% | +20% | −4% | −80% | −24% | −34% |
| Core profit YoY | — | — | −40% | −13% | +130% | +87% | +61% | +14% | +0% | −9% | −22% | −31% |
| EPS | ₹7.85 | ₹5.45 | ₹10.56 | ₹22.55 | ₹17.37 | ₹19.67 | ₹17.13 | ₹27.31 | ₹17.15 | ₹4.74 | ₹12.98 | ₹18.11 |
| Flags | · | 1 | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Coromandel International Ltd. reported revenue of ₹10,294 cr (+6.6% on the year) and net profit of ₹523 cr (−34.0% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −30.8% on the year, against −34.0% for reported profit.
1 check raised a question: Less than half the profit turned into operating cash. Working capital, or something else?
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