Coromandel International (COROMANDEL) Q2 25/26 earnings summary

Executive summary

• Achieved consolidated total income of INR 9,771 crore for Q2 and INR 16,897 crore for H1, up 30% and 38% year-over-year, respectively.

• Q2 FY26 revenue from operations rose 30% year-over-year to ₹9,654 crore, with EBITDA up 18% and PAT up 20%.

• Net profit after tax for Q2 was INR 821.01 crore, up from INR 658.15 crore last year; H1 net profit at INR 1,295 crore vs INR 698 crore last year.

• Strong performance across all business segments, with notable growth in phosphatic fertilizers and crop protection.

• Successfully completed the acquisition of NACL Industries, enhancing crop protection business scale.

Financial highlights

• Consolidated EBITDA for Q2 at INR 1,147 crore (vs INR 975 crore YoY); H1 EBITDA at INR 1,929 crore (vs INR 1,481 crore YoY).

• Q2 FY26 EBITDA margin held steady at 12%, with PAT margin at 8%.

• Basic EPS (not annualized) for Q2 FY26 was ₹27.34, up from ₹22.6 year-over-year.

• Net debt to equity ratio remained at 0.0 times, indicating a strong balance sheet.

• Net cash flow from operating activities for H1 FY26 was ₹1,971.48 crores, up from ₹1,486.64 crores in H1 FY25.

Outlook and guidance

• Positive outlook for the Rabi season, supported by healthy reservoir levels and above-normal monsoon forecasts.

• Targeting 100% capacity utilization for new Phosphoric and Sulfuric acid plants in FY27.

• Crop protection segment, including NACL, expected to reach INR 5,000 crore annual revenue.

• Continued focus on expanding retail footprint and product portfolio, aiming for 2,000 stores.

• Issuance of Letter of Comfort and inter-corporate loan to NACL Industries Limited is expected to support its credit rating and operational requirements, with no adverse impact anticipated on the parent company.