1. At a Glance
Coromandel International just dropped a banger Q1: ₹7,083 Cr revenue (+49% YoY), ₹508 Cr PAT (+54%). A near debt-free agri-giant with a product range wider than an IPL cheerleader’s smile. With biologicals, crop protection, phosphatics, and Senegalese dreams — this is not your grandfather’s urea stock.
2. Introduction with Hook
Imagine a farmer, a chemist, and a VC walk into a bar. That’s Coromandel.
This company doesn’t just sell fertilizers — it moonlights as India’s agro-doctor, giving nutrients, pesticides, and biotech therapy to fields. And this quarter?
- 49% YoY revenue growth
- 508 Cr profit
- Senegal acquisition for global flex
Basically, they fertilized their financials and harvested investor applause.
3. Business Model – WTF Do They Even Do?
“Basically, they mix chemicals, package optimism, and sell it to farmers like it’s Shark Tank for Soil.”
Segments:
- Crop Nutrition (85-89%):
- Phosphatic fertilizers (2nd largest in India)
- Unique grades — 40% market share
- King of SSP (15% national share)
- Crop Protection (15%):
- 60+ brands
- 3rd largest global Mancozeb maker
- Exports = 37% of segment revenue
- Biologicals (Small but spicy):
- World’s top azadirachtin exporter (neem-based bio-pesticide)
- 65% export market share
Also now entering Senegal.
Because apparently, Desi soil success now comes with African ambitions.
4. Financials Overview – Earthy Riches
“Margins that could fertilize a dry wallet.”
TTM Summary:
| Metric | Value |
|---|---|
| Revenue | ₹26,399 Cr |
| EBITDA | ₹2,867 Cr |
| EBITDA Margin | 10.9% |
| Net Profit | ₹2,247 Cr |
| EPS (TTM) | ₹76.72 |
| ROE | 16.8% |
| ROCE | 23.2% |
| D/E Ratio | 0.07 |
Q1 FY26 Fireworks:
- Revenue: ₹7,083 Cr (+49%)
- PAT: ₹508 Cr (+54%)
- Margin improved to 11%
- EBITDA: ₹782 Cr
- EPS: ₹17.13
And this isn’t just monsoon luck — this is strategy with fertilizer dust on it.
5. Valuation – How Much for a Sack of Growth?
“If you’re okay paying 36x P/E for fertilizer, you probably also shop for apples at Nature’s Basket.”
| Metric | Value |
|---|---|
| P/E Ratio | 36.3x |
| EV/EBITDA | ~23x |
| Book Value | ₹376 |
| P/B Ratio | 6.45x |
Fair Value Estimate:
| Method | Value Range |
|---|---|
| P/E @ 28x | ₹2,100 – ₹2,300 |
| EV/EBITDA @ 18x | ₹2,000 – ₹2,250 |
FV Range: ₹2,050–₹2,300
CMP: ₹2,428
Verdict: Premium pricing for premium performance — but margin of safety is wearing a trench coat and hiding.
6. What’s Cooking – Triggers, News & Masala
“This quarter had more action than a Rajnikanth movie.”
- Senegal Stake (17.69% in BMCC):
Africa expansion — because why just fertilize India? - Capex of ₹137 Cr:
New bagging plant in Kakinada = logistics flex - Retail Expansion Ongoing:
More stores, more touchpoints, more touchy-feely farmer connect - Q1 Results:
- Revenue +49%,
- PAT +54%,
- Crop Protection back in form
- Other income ₹84 Cr:
Side hustle game strong.
7. Balance Sheet – Rich Farmer Energy
| Item | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 29 |
| Reserves | 11,058 |
| Borrowings | 780 |
| Other Liabilities | 7,049 |
| Total Liabilities | 18,917 |
| Fixed Assets | 4,139 |
| Investments | 1,031 |
| Current Assets | 13,351 |
“Debt? Almost invisible. Balance sheet? Healthier than your mom’s homemade sabzi.”
8. Cash Flow – Green All the Way
| Year | Ops CF | Invest CF | Finance CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹591 Cr | ₹640 Cr | -₹543 Cr | ₹688 Cr |
| FY24 | ₹1,428 Cr | -₹1,338 Cr | -₹363 Cr | -₹273 Cr |
| FY25 | ₹2,464 Cr | -₹2,638 Cr | -₹698 Cr | -₹872 Cr |
“Operating cash flow is mint, but capex is gobbling it like a tractor on Red Bull.”
9. Ratios – Sexy or Stressy?
| Ratio | Value | Commentary |
|---|---|---|
| ROE | 16.8% | Agri-stock, but baller returns |
| ROCE | 23.2% | Way above industry median |
| P/E | 36.3x | Slightly overpriced |
| D/E Ratio | 0.07x | Almost debt-free |
| OPM | 11% | Sweet spot for agri biz |
“ROCE this high should be illegal in fertilizer land.”
10. P&L Breakdown – From Revenue to Roots
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹29,628 Cr | ₹2,902 Cr | ₹2,013 Cr |
| FY24 | ₹22,058 Cr | ₹2,380 Cr | ₹1,641 Cr |
| FY25 (TTM) | ₹26,399 Cr | ₹2,867 Cr | ₹2,247 Cr |
“Revenue fluctuated, but profit stayed solid. These guys compost earnings volatility.”
11. Peer Comparison – The Fertilizer Fight Club
| Company | Rev (Cr) | PAT (Cr) | P/E | ROCE |
|---|---|---|---|---|
| Coromandel Intl | 26,399 | 2,247 | 36.3 | 23.2% |
| Chambal Fert. | 16,646 | 1,649 | 13.5 | 27.9% |
| FACT | 4,051 | 23 | 2,828 | 8.6% |
| Paradeep Phos. | 13,820 | 552 | 28.6 | 13.9% |
| GSFC | 9,534 | 591 | 13.9 | 6.2% |
“Coromandel is the well-dressed nerd at a party full of science fair dropouts.”
12. Miscellaneous – Shareholding, Governance, Gossip
- Promoter Holding: 56.9%
- FII Holding: 14.3% (up big-time YoY)
- DII Holding: 15.9% (booked profits maybe?)
- Public Holding: 12.85%
- No Dilution Drama: Steady equity
- Corporate Governance: Clean reports, no scams, no bonus-share circus
“This cap table looks more stable than Sensex on Budget Day.”
13. EduInvesting Verdict™
Coromandel International isn’t your average fertilizer stock — it’s the blueprint for how to grow vertically in a horizontal commodity market. With Senegal in the bag, capex scaling, robust profits, and almost no debt, this is an agri-giant with a PhD in capital discipline.
But with a P/E of 36, you’re paying for the future harvest today. Not cheap. Not irrational. Just… priced to grow.
A strong tractor in a field full of scooters. Don’t expect moonshots — expect dependable compounding.
Written by EduInvesting Team | July 24, 2025
Tags: Coromandel International, Fertilizer Stocks, Agrochemicals, Q1 FY26 Results, EduInvesting Premium
