Consolidated Total Income (Q4 FY'25): Rs. 5,114 crores, up 28% from Rs. 3,996 crores in Q4 FY'24.
Quote: “In terms of the turnover , the Company recorded a consolidated total income of Rs. 5,114 crores during the quarter…”
Consolidated Total Income (Full Year FY'25): Rs. 24,444 crores, up 10% from Rs. 22,290 crores in FY'24.
Quote: “…and Rs. 24,444 crores for the full year vis-à-vis the corresponding period of… Rs. 22,290 crores for the full year. This registers a growth of 28% for the quarter and 10% for the full year.”
Reason for Revenue Growth: “The increase in revenues has been mainly on account of growth in volumes registered across all our businesses.”
Consolidated EBITDA (Q4 FY'25): Rs. 426 crores, up from Rs. 273 crores in Q4 FY'24.
Quote: “As far as profitability is concerned , the consolidated EBITDA for the quarter was Rs. 426 crores against Rs. 273 crores during the corresponding quarter of previous year.”
Consolidated EBITDA (Full Year FY'25): Rs. 2,628 crores, up from Rs. 2,399 crores in FY'24.
Quote: “For the full year, it was Rs. 2,628 crores against Rs. 2,399 crores during the last year.”
Reason for EBITDA Growth: “The increase in EBITDA is mainly due to volume growth across the businesses and margin expansion in our CPC business.”
Subsidy/Non-Subsidy EBITDA Share (Full Year FY'25): 70% subsidy, 30% non-subsidy (vs. 72% / 28% in FY'24).
Dividend: Final dividend of Rs. 9 per share (Rs. 6 normal + Rs. 3 one-time special).
Quote: “The Board had approved a final dividend of Rs. 9 per share. This includes a normal final dividend of Rs. 6 per share and a one-time special dividend of Rs. 3 per share.”
Subsidy Received (Q4 FY'25): Rs. 2,190 crores (vs. Rs. 2,165 crores in Q4 FY'24).
Subsidy Received (Full Year FY'25): Rs. 8,082 crores (vs. Rs. 9,198 crores in FY'24).
Subsidy Outstanding (as of March 31, 2025): Rs. 1,654 crores (vs. Rs. 1,377 crores on March 31, 2024).
Quote: “As of today, we have received our subsidy claims till the third week of March. Subsidy outstanding as on 31st March 2025, was at Rs. 1,654 crores.”
Crop Protection Business Growth (FY'26): Expected high double-digit turnover growth.
Quote: “I would suggest we should look at high-end, double-digit growth for the next year across these three segments… our turnover for the next year can be on the high double-digit side, supported by a healthy profitability margin…”
Fertilizer EBITDA per ton: Management expects to sustain the Rs. 4,500 - Rs. 5,000 per ton margin.
Quote (Somaiah Valliyappan): “Sir, also earlier we used to give our manufactured EBITDA per ton guidance. We used to have this Rs. 5,000 per ton. So does that still hold good…?”
Quote (Sankarasubramanian S.): “Yes, we should be able to sustain that margin.”
Long-term Fertilizer EBITDA Jump: The guided 40% jump in EBITDA per metric ton for the fertilizer business in two to three years remains intact, expected post-commissioning of new PA-SA and granulation plants.
Quote: “When the plant gets commissioned, the value addition of the plant flows in, we should see that sort of improvement. That is likely to happen in the fourth quarter when PA-SA plant gets commissioned.”
Growth: Overall revenue and EBITDA, volume growth across all businesses, margin expansion in CPC. Phosphatic fertilizer sales volume up 13%, SSP sales volume up 18%, Crop Protection revenue up 7% (Formulation up 16%, Export up 5%, Bio up 9%), Crop Protection EBIT up 25%.
Decline: Subsidy received for the full year was lower than the previous year, though Q4 was slightly higher.
NACL Industries Acquisition: Definitive agreement signed to acquire a controlling stake. Expected closure by Q2 FY'26.
Quote: “During the year, the Coromandel signed a definitive agreement to acquire controlling stake in NACL Industries… We expect the transaction closure and regulatory approvals to come through by Q2 of this year.”
Increased Shareholding in BMCC (Senegal): Increased to 54%, making BMCC a subsidiary. BMCC achieved operational profitability in the last two quarters.
Quote: “Company has obtained all requisite approvals from Government of Senegal and has increased the shareholding in the mining Company BMCC to 54%. With this, BMCC has become a subsidiary of Coromandel.”
Long-term Contract with Ma’aden: For supply of DAP and NPK fertilizers (initially 300,000 tons, potential up to 0.5 million tons annually).
Quote: “Company has also signed a long-term contract with Ma’aden… for the long-term supply of DAP and NPK fertilizers.”
Quote (Prashant Biyani): “Right. And, sir, regarding our agreement with Ma’aden, annually how much fertilizers do we plan to import with them in total?”
Quote (Sankarasubramanian S.): “Right now, the contract is for 300,000 tons and we can potentially go up to 0.5 million tons.”
Quote: “During the year, the Company has marketed 26 lakh bottles, maintaining a market share of 33%, achieving close to 80% of liquidation. Business is also seriously evaluating the export opportunities of Nano DAP…”
Specialty Nutrients: Introduced crop-specific and state-specific products. Commissioned sulfur plant to double capacity. Evaluating creating water-soluble fertilizer capacity.
Bio Products: Expanded into non-Azadirachtin plant extracts, launched VAM-based biofertilizers. Plans to launch microbial crop protection products in FY 25-26.
Crop Protection: Share from sales of new products in formulations is at 21% (up from 15%).
Market Diversification (Fertilizers): Forayed into north and central markets, making Coromandel a pan-India player.
Quote: “As part of its market diversification approach, Company has forayed into north and central markets, and have received good response, making Coromandel a pan-India player in fertilizers.”
Retail Expansion: Added 130+ Mana Gromor centers, forayed into Maharashtra and Tamil Nadu.
Backward Integration (Kakinada): Phosphoric Acid and Sulfuric Acid plants on track, expected commissioning in FY 25-26 (Q4).
Quote: “The major backward integration projects for Phosphoric Acid and sulfuric acid plants at Kakinada are on track and are expected to be commissioned in the current Financial Year 25-26.”
Quote: “…phosphoric acid, sulfuric acid are progressing well. 45% of the project has been completed… we are on track to commission this during the last quarter of the current financial year.”
Brownfield Granulation Train (Kakinada): Work initiated, expected on stream in FY 26-27.
Quote: “We have also initiated work on the Brownfield granulation train at Kakinada which is expected to come on stream in the year 26-27.”
Positive Agricultural Environment (2024-25): Aided by above-normal monsoon, higher reservoir levels, leading to higher crop sowings. Foodgrain production estimated at 331 million tons (+5% YoY).
GVA in Agriculture: Projected to grow by 4.6% in FY 24-25 (vs. 2.7% last year).
Monsoon Forecast (Kharif 2025): Normal to above-normal monsoon expected.
Irrigation Progress: Area under assured irrigation increased to 55% in 2021 (from 45% in 2010). Significant state investments in irrigation projects (Andhra Pradesh, Telangana).
Direct Income Schemes: Gaining traction (PM Kisan, Andhra Pradesh’s new scheme, Telangana’s Rythu Bharosa).
Nutrient-Based Subsidy (NBS) Rates (2025-26): P rate increased by 42%. Special package on DAP extended.
Raw Material Prices: Phosphoric acid for Q1 fixed at $1,153/ton (+$98/ton QoQ). Sulfur, sulfuric acid prices went up due to demand from China, Indonesia, Morocco.
Quote: “The phosphoric acid price for Q1 has been fixed at $1,153/ ton, reflecting an increase of $98 per ton over the previous quarter.”
Quote (Vignesh Iyer): “…what is the price that was there for phosphoric acid in Quarter 4, firstly?”
Quote (Sankarasubramanian S.): “PA prices, as I mentioned earlier, it has moved up from $1,055 to $1,153; up by $98.”
Shift in Consumption Mix (Fertilizers): NPK sales up 28% to 14 million tons, replacing DAP shortfall. Share of NPK up to 60% (from 51%).
Quote: “There has been a significant shift in the consumption mix, with NPK sales moving up by 28% to 14 million tons and replacing the DAP shortfall… Looking at the whole year number, the share of NPK has moved up to 60% as compared to 51% in the last year.”
Crop Protection Industry: Experienced reasonably stable volumes. Expected to be relatively positive in 2025 with stabilizing agrochemical prices, improved inventory, and favorable weather.
Coromandel Market Share (Fertilizers): Improved to 18% from 15% (consumption basis).
Quote: “On a consumption basis, the market share for Coromandel has improved to 18% from 15% over last year.”
Nano DAP Market Share: Maintained at 33%.
NACL Acquisition: “The proposed acquisition will position Coromandel as one of the leading players in the Indian crop protection sector…”
BMCC: Expected to meet one-third of Coromandel’s total rock phosphate requirements.
Quote: “Going forward, we do expect a consistent supply of rock phosphate from BMCC, which can meet one-third of total rock requirements for Coromandel.”
Concerns or Challenges Acknowledged by Management
#
Raw Material Price Volatility: Recent increases in sulfur, sulfuric acid, and phosphoric acid.
Quote: “Recently, sulfur, sulfuric acid prices went up as a result of demand from China, Indonesia and Morocco. The phosphoric acid price for Q1 has been fixed at $1,153/ ton…”
DAP Import Viability: Impacted by MRP restrictions and lower supplies from China.
NACL Turnaround: Requires putting processes back on track, improving procurement efficiencies, and increasing production levels.
Quote: “…we need to put the processes back on track. We will be working on procurement efficiencies which can improve the EBITDA margin.”
NACL Margin Profile: Historically lower margins (8-9%), currently suppressed due to AI price contraction. Aim to restore to 10-11%.
Quote: “NACL used to make margins in the range of 10% to 11% in the past, which came down to 4%, 5%. Our aim would be to first restore the margin back to 10% to 1