Coromandel International (COROMANDEL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹10,294.13 crore (+7% YoY) and total income ₹10,348 crore (+6%); EBITDA was ₹944 crore (-18%) and PAT ₹523.37 crore (-34%).

• H1 FY27 consolidated revenue was ₹18,458.90 crore (+11%) and total income ₹18,563 crore (+10%); EBITDA was ₹1,705 crore (-12%) and PAT ₹904.93 crore (-30%).

Financial highlights

• Q2 depreciation rose 49% YoY to ₹152 crore and finance costs rose 36% to ₹138 crore; H1 depreciation rose 60% to ₹355 crore and finance costs 34% to ₹227 crore.

• Subsidy business was 81% of Q2 total income and 58% of profitability, versus 83% and 72% a year earlier; H1 shares were 79% and 53%, versus 83% and 70%.

• Subsidy receipts were ₹3,086 crore in Q2 and ₹4,478 crore in H1; September-end outstanding subsidy was ₹3,535.41 crore, versus ₹3,199 crore a year earlier; ~₹1,200 crore more arrived in October.

• H1 operating cash flow was -₹1.91 crore standalone and ₹53.76 crore consolidated, versus ₹1,945.21 crore and ₹1,971.48 crore in H1 FY26.

• Net debt-to-equity was 0.0x; book value per share was ₹454, up 10% YoY. Q2 basic EPS was ₹18.1 and H1 EPS ₹31.1, down 34% and 30%, respectively.

Outlook and guidance

• Management expects a stronger H2 on revised Rabi NBS support, moderating input costs and seasonal recovery; precise FY27 EBITDA-per-ton guidance may follow after another quarter.

• Revised NBS rates could permit 10%-15% MRP moderation for some NP grades, subject to final notification, input costs and available margin headroom.

• Rabi outlook was cautiously positive as rainfall replenished soil moisture and sowing picked up, though aggregate acreage remained behind the prior year at the reported stage.

• Kakinada granulation plant commissioning is targeted by February, with full-capacity operation planned next year and differentiated grades prioritized.

• Backward integration is expected to add value in H2; the PA plant returned to full capacity after sulfur support, with $300-$350 spreads described as reasonable.