Coromandel International Limited, a key player in India’s agriculture input sector and part of the Murugappa Group, posted a resilient performance in FY2024–25, registering a 13% rise in profit after tax to ₹1,941 crore, up from ₹1,719 crore in the prior year. With a diversified portfolio that spans fertilisers, crop protection, specialty nutrients, and bio products, the company continued to deliver solid results despite global input price fluctuations and evolving policy dynamics.
The company’s Board declared a final dividend of ₹9 per share (900% on the face value of ₹1), reinforcing its consistent shareholder reward strategy and cash-generating strength. The performance underscores Coromandel’s role as a critical supplier of agricultural inputs while aligning itself with government initiatives such as Aatmanirbhar Bharat.
How Did Coromandel Perform in Q4 FY25?
During the final quarter of FY25, Coromandel posted a 27% year-on-year increase in standalone revenue to ₹5,113 crore, up from ₹4,027 crore in Q4 FY24. Operating profitability also expanded meaningfully, with EBITDA jumping 63% to ₹438 crore and PAT rising 86% to ₹389 crore during the period.
On a consolidated basis, the quarterly income came in at ₹5,114 crore and net profit surged to ₹578 crore, compared to ₹164 crore in the year-ago quarter. This significant expansion in profitability was attributed to better capacity utilisation, enhanced efficiencies, and positive response to new products across its agri-solutions portfolio.
What Are the Key Drivers Behind FY25 Full-Year Performance?
For the full year ended March 31, 2025, Coromandel recorded consolidated revenue of ₹24,444 crore, up from ₹22,290 crore in FY24. Consolidated profit after tax grew 25% to ₹2,055 crore from ₹1,641 crore a year earlier. Standalone income stood at ₹24,428 crore, a 10% increase from ₹22,308 crore in the prior fiscal.
EBITDA for the full year rose to ₹2,656 crore, from ₹2,401 crore, reflecting the success of cost control efforts and higher-margin product contributions.
The Nutrient and Allied businesses, which include phosphatic fertilisers and specialty nutrient products, accounted for ₹21,633 crore of total revenues. This segment’s annual profit before interest and tax stood at ₹2,244 crore, marginally up from ₹2,176 crore last year.
The Crop Protection division, supported by manufacturing scale-up at Dahej and a new facility at Ankleshwar, delivered revenue of ₹2,635 crore, up from ₹2,454 crore. Segmental profit before interest and tax rose sharply to ₹366 crore from ₹288 crore, underpinned by capacity utilisation gains and margin improvements.
What Strategic Initiatives Helped Deliver This Growth?
Coromandel International deepened its strategic footprint across the agri-input value chain during FY25. Notably, the company expanded its agri-retail network by adding 100 new outlets, crossing the 900-store mark. The retail business also entered two new states, Maharashtra and Tamil Nadu, extending its market reach and customer base.
The firm’s AgriTech thrust gained momentum with the introduction of agri-drone spraying services under the “Gromor Drive” initiative, alongside the rollout of nano fertiliser products aimed at enhancing nutrient efficiency and crop productivity. These innovations were met with strong farmer adoption and laid the groundwork for a tech-integrated agri-solutions platform.
Backward integration was another priority. The BMCC rock phosphate mining venture in Senegal stabilised operations, and Coromandel increased its stake to 53.8%, ensuring security of critical raw materials. Concurrently, infrastructure work for the upcoming phosphoric acid and sulphuric acid units at Kakinada progressed on schedule. A new granulation train at the same site is expected to enhance in-house NPK fertiliser production capacity.
What Leadership Changes Were Announced?
To guide its transformation journey, the company announced the appointment of Mr. Natarajan Srinivasan as Executive Vice Chairman. With extensive leadership experience, he is expected to strengthen Coromandel’s growth momentum in global markets, AgriTech integration, and backward linkages.
How Does This Performance Fit Into Industry Trends?
The broader Indian agri-input sector in FY25 witnessed challenges from erratic monsoons, fluctuating commodity prices, and subsidy rationalisation. Amid this backdrop, Coromandel’s ability to grow volumes and profits reflects its differentiated positioning. The company’s alignment with national policy imperatives—such as reducing import dependence, boosting domestic production of complex fertilisers, and digitising agri-input delivery—positions it strategically for long-term growth.
Government focus on self-reliance in fertiliser inputs has particularly benefited firms with established manufacturing bases and raw material access. Coromandel’s investments in integrated facilities at Kakinada and Senegal align with this policy push.
What Are Investors Signaling About Coromandel Stock?
Following the April 30, 2025 earnings announcement, Coromandel International’s stock witnessed a favourable uptick. Over the last five trading sessions, the share price rose over 6%, beating broader indices like the Nifty 50 and BSE Agri Index. Analysts noted that investors reacted positively to the company’s improved margins, consistent dividends, and visible execution pipeline.
Foreign Institutional Investors (FIIs) resumed buying, reversing their cautious stance from earlier in the quarter. According to exchange data, FII net inflows into Coromandel stood at ₹132 crore in the two weeks leading to the result announcement. This trend signals renewed foreign confidence in the company’s long-term fundamentals.
Domestic Institutional Investors (DIIs), including leading mutual funds, continue to maintain healthy allocations in Coromandel, with a preference for its diversified model and exposure to the rural economy.
Brokerages have reiterated ‘Buy’ or ‘Accumulate’ ratings on the stock, with upward revision of FY26 earnings forecasts. Consensus price targets lie in the ₹1,100–1,220 range, reflecting 15–20% potential upside. The forward valuation multiple of ~15x earnings is considered attractive relative to both domestic and international agri-input peers.
Among catalysts identified by analysts are the commissioning of the Kakinada acid plant, rising revenues from nano fertilisers, and cross-selling synergies from the NACL acquisition. However, risks around monsoon variability and raw material costs remain.
Coromandel’s consistent dividend policy, expanding manufacturing scale, and integration of technology-driven solutions are seen as long-term value enhancers. Most analysts advise a Buy rating for medium- to long-term investors, with short-term tactical buys around consolidation levels.
What Is the Outlook for FY26?
Looking ahead, Coromandel aims to deepen its vertical integration, enhance digital and drone-based offerings, and pursue global expansion in crop protection. With 18 manufacturing units, seven R&D centres, and over 900 retail outlets, it is well-positioned to capitalise on shifts in the Indian and global agri-input landscape.
The expected commissioning of its Kakinada facilities in early FY26 will reduce import dependence for critical raw materials and improve EBITDA margins. The BMCC mine in Senegal is also expected to contribute more significantly to raw material security in the coming quarters.
The company’s ESG commitments, recognised by the UNDP and TERI, provide a favourable narrative for long-term investors focused on sustainable agriculture. As a flagship of the ₹77,881 crore Murugappa Group, Coromandel’s strategy appears firmly aligned with rural India’s growth trajectory.
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