COROMANDEL · Chemicals · filed 6 Nov 2026
Coromandel International Ltd. reported revenue of ₹9,935 cr for July to September 2026, +5.6% on the year and +28.3% on the quarter.
Operating profit (EBITDA) was ₹902 cr, a margin of 9.1%, −310 bps on the year and +106 bps on the quarter. Operating costs grew +9.3%, faster than revenue at +5.6%, so operating profit grew less than sales.
Net profit was ₹548 cr, −32.8% on the year and +45.4% on the quarter, with earnings per share of ₹18.61. Profit before other income, one-offs and tax fell 30.8%, so the profit growth came from the business itself.
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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 9.1%, −310 bps on the year (+106 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹2,443 cr | ₹1,604 cr | ▲ 52.4% |
| Inventory | ₹8,310 cr | ₹6,819 cr | ▲ 21.9% |
| Cash | ₹397 cr | ₹401 cr | ▼ 1.1% |
| Bank balances | ₹21.9 cr | ₹19.8 cr | ▲ 10.3% |
| Short-term borrowings | ₹201 cr | ₹205 cr | ▼ 2.0% |
| Trade payables | ₹10,943 cr | ₹8,463 cr | ▲ 29.3% |
| Net block | ₹3,854 cr | ₹3,803 cr | ▲ 1.3% |
| Capital work in progress | ₹590 cr | ₹286 cr | ▲ 106.5% |
| Equity | ₹13,342 cr | ₹12,474 cr | ▲ 7.0% |
| Total assets | ₹25,954 cr | ₹22,524 cr | ▲ 15.2% |
Receivables at 25 days of sales (+6 days against the last year end). Inventory at 86 days of sales (+4 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹9,411 cr | ₹7,744 cr | ₹9,935 cr |
| YoY | — | — | +6% |
| EBITDA margin | 12.2% | 8.0% | 9.1% |
| Other income, % of PBT | 9% | 10% | 7% |
| Exceptional items | — | — | — |
| Tax rate | 25% | 25% | 26% |
| Net profit | ₹816 cr | ₹377 cr | ₹548 cr |
| YoY | — | — | −33% |
| Core profit YoY | — | — | −31% |
| EPS | ₹27.72 | ₹12.79 | ₹18.61 |
| Flags | · | · | 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 ₹9,935 cr (+5.6% on the year) and net profit of ₹548 cr (−32.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −30.8% on the year, against −32.8% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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