COROMANDEL
Mid CapCoromandel International Limited
Industrials
Coromandel International Limited is an Indian agri-input company, primarily engaged in the manufacturing and marketing of fertilizers (Nutrients segment) and crop protection chemicals (CPC segment). It also offers specialty nutrients and organic fertilizers, serving the agricultural sector across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -80% YoY · margin compression · Rev +20% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,004 Cr | +20.4% | -31.6% |
| EBITDA | ₹488 Cr | +19.3% | -39.0% |
| Operating margin | 8.0% | +0 bps | -100 bps |
| PAT | ₹115 Cr | -80.1% | -76.4% |
| PAT margin | 1.9% | -967 bps | -364 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 consolidated revenue grew 20% YoY to ₹6,004 Cr, but PAT plunged 80% YoY to ₹115 Cr due to a sharp decline in Nutrients segment PBIT and exceptional items. Full-year FY26 revenue rose 31% YoY to ₹31,480 Cr, while PAT declined 8% YoY to ₹1,898 Cr.
While full-year revenue growth was strong, the significant Q4 PAT decline and overall margin contraction (EBITDA and PAT) raise concerns. The Nutrients segment's Q4 PBIT drop is a key issue, partially offset by strong performance in the CPC segment, boosted by an acquisition. Exceptional items also impacted Q4.
CPC Segment Growth
Consolidated CPC revenue grew 50% YoY in FY26 and 54% YoY in Q4 FY26, with PBIT up 41% and 19% respectively.
Urea Sales Volume
Urea sales volume increased 66.6% YoY in FY26 and 42.8% YoY in Q4 FY26 for the Nutrients segment.
Imported NPK+DAP Sales Volume
Imported NPK+DAP sales volume grew 54.8% YoY in FY26 and 26.1% YoY in Q4 FY26.
NACL Industries Acquisition
NACL Industries Limited became a subsidiary of Coromandel effective August 8, 2025, contributing to consolidated CPC segment growth.
Exceptional Items
The company reported -₹71 Cr in exceptional items in Q4 FY26 and FY26, impacting PAT.
Nutrients Segment PBIT Decline (Q4)
Nutrients segment PBIT declined 18% YoY in Q4 FY26, despite a 15% increase in sales.
Overall Margin Contraction
Consolidated EBITDA margin decreased from 9% to 8% in Q4 FY26 and from 11% to 10% in FY26. PAT margin also declined.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both quarterly (Q4) and annual (FY) comparisons are essential. Q4 shows recent momentum and specific challenges (e.g., Nutrients PBIT drop, exceptional items), while FY provides a broader view of annual performance and strategic impact (e.g., NACL acquisition).
Revenue from Operations (Consolidated)
Q4 FY26: ₹6,004 Cr (+20% YoY); FY26: ₹31,480 Cr (+31% YoY).
EBITDA (Consolidated)
Q4 FY26: ₹494 Cr (+16% YoY); FY26: ₹3,232 Cr (+23% YoY).
PAT (Consolidated)
Q4 FY26: ₹115 Cr (-80% YoY); FY26: ₹1,898 Cr (-8% YoY).
EBITDA Margin (Consolidated)
Q4 FY26: 8% (vs 9% Q4 FY25); FY26: 10% (vs 11% FY25).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Nutrients Segment PBIT Trend | Q4 FY26 PBIT down 18% YoY. | Reversal of PBIT decline and margin improvement in the Nutrients segment. |
| Consolidated Margin Trend | FY26 EBITDA margin 10% (vs 11% FY25), PAT margin 6% (vs 9% FY25). | Stabilization and expansion of consolidated EBITDA and PAT margins. |
| Integration of NACL Industries | NACL became a subsidiary in August 2025, boosting CPC segment. | Continued strong performance and synergy realization from the acquired entity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -15.7% / mo · near 52W low
Technical chart
COROMANDELdaily · 1Y-17.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 45. Wait for confirmation.
- SMA20 falling (~10.2% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 84th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 56.4%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 84th pctile, median 68 · Mid: 59th pctile, median 76
88 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.4%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸ROCE is 22.8%.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 25.70
- P/B
- 4.11
- EV/EBITDA
- 14.17
- Market Cap
- 51631.00Cr
Profitability
- ROE
- 17.00%
- ROCE
- 22.80%
- ROA
- 7.75%
- Dividend Y
- 0.63%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -1.06%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 9.38×
- Altman Z
- 5.21
- Book Value
- 426.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 1558.00 Cr
- EPS TTM
- 66.31
Shareholding
- Promoter Hold
- 56.35%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.