Coromandel International FY26 Results: Revenue Up 30%, Nano Business Emerges as Market Leader

Coromandel International Limited has announced its financial results for the quarter and full year ended March 31, 2026, reporting a 30% increase in consolidated total income to Rs 31,827 crore for FY26. The Board of Directors, which convened on May 7, 2026, approved the audited financial results and declared a final dividend of Rs 2 per equity share. The company's post-results conference call highlighted a standout performance from its Nano business, which emerged as a market leader with approximately 50% market share and 60% volume growth, alongside a major EPS shortfall attributed to delays in NBS (Nutrient Based Subsidy) adjustments, higher input costs, and reduced government reimbursement rates that weighed on operating margins despite the strong revenue growth.

Consolidated Financial Performance

The company delivered robust top-line growth for the full year, driven by strong performance across its Nutrient and Crop Protection businesses. While consolidated Profit After Tax (PAT) declined by 8% to Rs 1,898 crore due to exceptional items, the underlying operational performance remained resilient with EBITDA growing by 23% to Rs 3,232 crore. The consolidated results, including exceptional items, are presented below:

Metric: FY25 FY26 % Change Q4 FY25 Q4 FY26 % Change Total Income (Rs Cr): 24,444 31,827 30% 5,114 6,068 19% EBITDA (Rs Cr): 2,628 3,232 23% 426 494 16% PBT before Exceptional Items (Rs Cr): 2,381 2,688 13% 384 298 -22% Exceptional Items (Rs Cr): 347 (71) — 347 (71) — PBT after Exceptional Items (Rs Cr): 2,728 2,617 -4% 731 228 -69% PAT (Rs Cr): 2,055 1,898 -8% 578 115 -80%

Standalone Results and Dividend

On a standalone basis, Coromandel International reported a 26% increase in total income to Rs 30,882 crore for FY26, with PAT rising by 3% to Rs 2,009 crore. The standalone PBT before exceptional items grew 15% to Rs 2,868 crore for the full year. The Board approved a final dividend of Rs 2 per share, equivalent to 200% on the face value of Rs 1 per share. Combined with the interim dividend of Rs 9 per share paid in February 2026, the total dividend for FY 2025-26 amounts to Rs 11 per equity share, representing 1100% on the face value.

Metric: FY25 FY26 % Change Q4 FY25 Q4 FY26 % Change Total Income (Rs Cr): 24,428 30,882 26% 5,113 5,748 12% EBITDA (Rs Cr): 2,656 3,116 17% 438 464 6% PBT before Exceptional Items (Rs Cr): 2,485 2,868 15% 411 387 -6% Exceptional Items (Rs Cr): 100 (125) — 100 (125) — PBT after Exceptional Items (Rs Cr): 2,585 2,743 6% 511 261 -49% PAT (Rs Cr): 1,941 2,009 3% 389 154 -60%

Nano Business Emerges as Market Leader

A key highlight from the concall was the strong performance of Coromandel International's Nano business, which has established itself as a market leader. The Nano segment achieved approximately 50% market share, supported by 60% volume growth during the period. The company reported sales of nearly 42 lakh Nano bottles, a performance underpinned by extensive field trials and sustained farmer engagement initiatives. The following table summarises the key metrics for the Nano business:

Parameter: Details Market Share: ~50% Volume Growth: 60% Nano Bottles Sold: Nearly 42 lakh Key Drivers: Field trials and farmer engagement

Margin Pressures: NBS Subsidy Delays and Input Cost Headwinds

Despite the strong revenue performance, the company reported a major EPS shortfall during the concall, driven by a combination of structural and policy-related headwinds. Delays in NBS subsidy adjustments created a timing mismatch in revenue recognition, while higher input costs weighed on profitability. Reduced government reimbursement rates further compressed operating margins, limiting the translation of top-line growth into bottom-line gains. These factors collectively explain the divergence between the company's 30% revenue growth and the 8% decline in consolidated PAT for FY26.

Operational Highlights

During the year, the Nutrient business operated its plants at full capacity and managed raw material sourcing efficiently, ensuring timely availability of fertilisers. Coromandel International successfully commissioned a 2000 TPD Sulphuric Acid plant and a 650 TPD Phosphoric Acid plant at Kakinada, with an investment of approximately Rs 1,100 crore, strengthening backward integration capabilities and supporting India's Atmanirbhar Bharat vision in fertilisers. The company's rock phosphate project in Senegal also ramped up output during the year, securing raw material supplies for the new phosphoric acid plant. The fertiliser granulation capacity expansion project at Kakinada is progressing as per plan and is scheduled for completion by Q4 FY26-27.

The Crop Protection business recorded 16% revenue growth with a 55% rise in profitability, supported by sustained traction for key molecules, improved export volumes, and new domestic product introductions. Subsidiary NACL Industries Ltd achieved a successful turnaround, reporting a 28% increase in revenue and returning to profitability. The Agri Retail business expanded its network to 1,200 centers, adding over 300 new stores across existing and new geographies during FY26.

Strategic Diversification Beyond Fertilizers

In the concall, the company outlined plans to reduce its exposure to risks inherent in the fertilizer business, including vulnerability to government policy changes and dependence on weather conditions. Coromandel International indicated its intent to diversify beyond the fertilizer segment as a strategic measure to build a more resilient and balanced business portfolio. This diversification strategy reflects the company's recognition of the structural challenges posed by subsidy-linked revenue models and the unpredictability of agricultural cycles.

Management Commentary

Commenting on the results, Mr. S. Sankarasubramanian, MD & CEO, Coromandel International, stated: "Coromandel's Nutrient business delivered a steady performance in FY26, navigating a dynamic operating environment marked by supply disruptions, volatile raw material prices and sharp currency movements. During the year, the Company strengthened its position in the phosphatic fertiliser segment, registering 7% growth and achieving sales of 4.3 million tons, supported by strong farmer engagement and entry into new markets. Company's Crop Protection business recorded strong momentum during the year, delivering healthy 16% revenue growth with 55% rise in profitability. Our subsidiary NACL Industries Ltd achieved a successful turnaround during the year through focused operational improvements and reported a 28% increase in revenue and returned to profitability. The Company's Agri Retail business continued to scale up its network to 1200 centers, adding over 300 new stores across existing and new geographies in FY26."

Earnings Conference Call

Coromandel International held its conference call on May 8, 2026, at 02:30 PM IST to discuss the Q4FY26 results. The call was hosted by Elara Capital and featured Managing Director & CEO Mr. Sankarasubramanian S and Chief Financial Officer Mr. Deepak Natarajan. In compliance with Regulation 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the conference call has been uploaded on the company's website at https://www.coromandel.biz/investors/investor-call-transcripts/ . The investor presentation for the conference call is also available on the company's website at https://www.coromandel.biz/investors/corporate-presentation/ .

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