Coromandel International Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 10,294.13 Cr (+6.63% YoY) and PAT growth of -34.04% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 10,294.13 Cr (+6.63% YoY) |
| PAT (Q2) | Rs. 523.37 Cr (-34.04% YoY) |
| EBITDA margin | 9.15% (-273 bps YoY) |
| EPS (Q2) | Rs. 18.14 (-33.58% YoY) |
Q2 FY27 revenue grew 6.63% YoY with Crop Protection up 22.42% and on track for the FY 20-25% guidance, but consolidated PAT fell 34.04% YoY as raw-material costs grew 23.66% against unchanged Kharif NBS subsidy rates. H1 cash conversion was weak (CFO/PAT 0.06x) with subsidy receivables at 3,535.41 crore and negative FCF of −586.71 crore. The H2 margin recovery path hinges on the pending Rabi NBS rate notification and subsidy collection pace.
| Driver | What happened | Verdict |
|---|---|---|
| Fertilizer revenue behind-to-in-line (August complex sales −34%, rain deficit — per pre-call note, web-sourced, dated) | Consol revenue +6.63% YoY; Nutrient segment +4.40% YoY — muted as expected, but positive | Partially |
| CP in-line, recovery from July | CP +22.42% YoY (consol) — stronger than in-line | Played out |
| Margins compressing ($1,700 phos acid, doubled sulphur, weak rupee — per pre-call note, web-sourced, dated) | EBITDA margin 9.15% vs 11.88%; PAT-to-owners −33.67% | Played out |
| No mid-season NBS revision | Filing note 5: Kharif rates applied; Rabi pending | Played out |
| Subsidy receivable the swing factor | 3,535.41 vs 3,254 at Jun-26 — deteriorated | Played out |
| Costly inventory rebuild on lag protection | Inventories +22.13% to 8,798.27; Q2 drawdown only 99.50 vs 849.72 yr-ago | Played out |
| DAP trading H2 normalisation; Sarigam confirmation; EBITDA/ton quantification | Not addressed in the filing — remains open for the earnings call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| CP revenue growth FY27 +20–25% | Q4 FY26 earnings call (May 8, 2026) | Consol CP +22.42% YoY (Q2), +42.67% (H1) | On Track |
| Subsidy recognised per notified Rabi NBS rates | Q2 FY27 results filing, note 5 | Recognised at Kharif rates; Rabi notification pending | Too Early |
| Sarigam CP commissioning (Q2 FY27); granulation (Q4 FY27); NACL 9–10% margins; 500-drone fleet; DAP-trading H2 normalisation | Q4 FY26 / Q1 FY27 earnings calls | No disclosure in this filing | Too Early / Cannot assess |
| Elevated raw-material costs weigh on the fertilizer business | Q1 FY27 press release framing | Nutrient segment margin 8.25% vs 11.35%; EBITDA −17.83% YoY with materials +23.66% vs revenue +6.63% — continuing | Confirmed |
| Government "prompt" on subsidy collections | Prior-quarter earnings calls | Subsidy receivable 3,535.41, +63.06% since Mar-26, +10.52% vs year-ago close of ~3,199 — seasonal build is normal, but the stock is larger YoY and H1 build is 1,367.27 | Contradicted |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.