Coromandel Posts Revenue Growth Amid Margin Pressures, Advances Strategic Expansion
Coromandel International Limited, one of India’s leading agri-solutions providers, announced its financial results for the quarter and half-year ended September 30, 2026. The Company continues to strengthen its leadership across fertilizers, crop protection, bio-products, specialty nutrients, organic fertilizers and agri-retail while making notable advances in agri-drone spraying and other digital initiatives that drive sustainability and farm productivity.
The Company reported 6% revenue growth during the quarter and 10% in H1; however, EBITDA declined, largely reflecting the margin pressure in Fertilizer business due to spurt in raw material costs triggered by ongoing Middle East crisis not adequately covered by subsidy.
Update on Key Initiatives
Company’s long term strategic initiatives remain on track. The new NPK fertilizer capacity is progressing well and is expected to be completed by Q4 FY27. In Crop Protection, additional capacity for one of its key molecules is expected to come on stream during Q3. The Company also plans to set up a launch plant for fluoro intermediates to support phased R&D-to-commercial scale-up and strengthen its capabilities in specialty chemistry. The Retail business continued expansion of its store footprint and opened close to 100 new stores during the quarter, taking the network to over 1300 stores.
Commenting on the results, Mr. S. Sankarasubramanian, Managing Director & CEO, Coromandel International Limited, said:
“Coromandel delivered a resilient performance in a challenging business environment experienced during Q2, reflecting the strength of its diversified portfolio, customer connect and market presence across Indian and global geographies. The Company sharpened its focus on differentiated offerings, launching ten new products across the Nutrients and Crop Protection businesses during the quarter.
In the Fertilizer business, deficit rainfall, elevated raw material prices and lower Nutrient Based Subsidy rates for the Kharif season impacted product offtake and margins in the NP/NPK segment. Despite these headwinds, Coromandel continued to support the farming community, supplying ~3.3 million tons of fertilizers during H1, while strengthening its leadership in the phosphatic segment, with market share improving to 19% from 17% last year.
The newly commissioned Phosphoric acid and sulphuric acid plant at Kakinada helped mitigate external supply disruptions and enabled value accretion through timely support by the Government. Going forward, we expect the NBS rates for the Rabi season to appropriately reflect movements in raw material prices and support the continued promotion of balanced nutrition.
The Crop Protection business recorded revenue growth of 22% during the quarter, supported by healthy performance in export markets. In the domestic market, amid softer consumption conditions, we continued to strengthen the portfolio with a sharper focus on differentiated and unique combination products.
The Retail business widened its reach across key agricultural markets while broadening its portfolio of products and services. Its specialty nutrients, organic and biological businesses delivered strong performance, reflecting increasing farmer adoption of differentiated and sustainable crop solutions.”
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