Coromandel International Limited (COROMANDEL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Coromandel International is one of India's largest fertilizer and crop protection companies, and its Q2 FY27 print arrives against a backdrop of sharply higher global raw material costs and a Kharif season that ended without a mid-season NBS subsidy revision. The quarter will speak to two things: how far fertilizer margins compressed with phosphoric acid settling at $1,700 per tonne versus $1,360 in Q1, and whether the Sarigam crop protection expansion commissioned on schedule.

Coromandel International Limited Q2 Results Date and Time

A board meeting is scheduled on November 6, 2026, to approve unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026, under Regulation 29 of SEBI LODR (Ref. No. 2026-27/045).

What to expect from Coromandel International Limited's Q2 FY27 results

The central question for Coromandel's Q2 FY27 is how much margin compression the fertilizer business absorbed after the phosphoric acid contract stepped from $1,360 in Q1 to $1,700 for Q2 and landed sulphur more than doubled to roughly $1,050–1,100 per tonne — the level management said makes backward-integration economics unviable. The quarter's pivotal policy offset did not materialise: Kharif NBS rates notified on April 9, 2026 remained the applicable regime through September 30, matching management's explicit warning that without a revision "it can have an impact in Q2 as well."

The company raised MRPs by 25%–30% across fertilizer grades, which management itself flagged as a demand-destruction risk at the farmer level, while August industry fertilizer sales fell 10.33% YoY with other complexes down 34%. Offsets include company-specific share gains — primary fertilizer market share rose to 22% in Q1 FY27 from 18% — and a Crop Protection backdrop where domestic demand recovery began from July with firmer exports, supportive of the guided 20%–25% FY27 CP revenue growth path.

The subsidy receivable of Rs. 3,254 crores at June 30, 2026, with Rs. 568 crores received in July, remains the swing factor for working capital, and the call will likely cover whether management reinstates formal FY27 EBITDA-per-ton guidance after declining it in May.

Key Things To Watch

Subsidy and NBS rate outcome: The single biggest swing factor for the quarter.

• Whether Kharif NBS rates were revised mid-season — the April 9, 2026 notification governed the full quarter, against management's warning that without revision "it can have an impact in Q2 as well"
• Subsidy outstanding trend from Rs. 3,254 crores at June 30, 2026, after Rs. 568 crores was received in July
• Whether management delivers the committed subsidy vs non-subsidy EBITDA split (subsidy was 48% of EBITDA in Q1 FY27)

Fertilizer EBITDA per ton

• Q2 fertilizer EBITDA/ton versus the sub-Rs. 3,500 Q4 FY26 print and the over-Rs. 5,000 FY26 average, with the quantified impact of $1,700 phos acid and doubled sulphur
• Whether the Rs. 6,500/ton NPK target — already flagged as "may not be realized in the current quarter due to a spurt in input prices" — stays open-ended
• Whether production stayed throttled after Q1 FY27's 6.9 lakh tons, cut to optimise inventory amid volatile raw material prices

Sarigam crop protection commissioning: Targeted for Q2 FY27 — the quarter under review.

• Confirmation that the Sarigam expansion for a key molecule commissioned in Q2 FY27
• CP revenue growth against the 20%–25% FY27 target, after standalone CP revenue grew 20% YoY at an 18% PBIT margin in Q1 FY27
• NACL margin path toward the guided 9%–10% stabilisation

Capacity projects and growth targets

• Brownfield granulation project (7.5 lakh tons) tracking toward Q4 FY27 commissioning; NPK Kakinada 1 million ton toward Q3 FY27
• Retail store count trajectory against the 2,000-store blueprint (over 1,200 outlets at Q1 FY27) and drone fleet build toward the 500-drone FY27 target
• DAP trading normalisation — guided for H2 FY27 — with October Saudi cargoes clearing Hormuz after the quarter closed

GST appeals and other updates

• Updates on the four GST demand orders from August–October 2026 totalling about Rs. 6.25 Cr in tax plus penalties and interest, all under appeal, with the company stating no significant financial impact
• Whether management moves from "extraordinary times" caution toward reinstating formal FY27 guidance
• Battery chemicals update — management had indicated six months for further updates on purified phosphoric acid refinement