Coromandel International delivered a strong financial performance in Q3 FY26 despite challenging market conditions, with consolidated revenue growing 26% year-on-year to INR8,863 crores. The company's diversified business portfolio demonstrated resilience, with the Crop Protection segment leading growth momentum.

Financial Performance Overview

The company reported comprehensive financial results across key metrics for the quarter and nine-month period:

For the nine-month period ending December 2025, total income reached INR25,759 crores, marking 33% growth. The subsidy business maintained its dominant position, accounting for 82% of revenue for both the quarter and nine-month period.

Crop Protection Business Delivers Strong Growth

The Crop Protection and Bio business segment emerged as the star performer, reporting standalone revenue of INR785 crores with 24% growth. EBIT expanded dramatically by 74% to INR158 crores, driving margins from 14% to 20%.

The export segment benefited from strong demand for key molecules, particularly Mancozeb, with the company expanding capacity by 20% and planning an additional 30% expansion. New product sales contributed 25% of revenue on a year-to-date basis, reflecting successful portfolio diversification.

Fertilizer Business Navigates Headwinds

The fertilizer division faced significant challenges from rising raw material costs and currency depreciation. Despite these headwinds, the business achieved record quarterly production of 9.9 lakh tons, representing 18% growth over the previous year.

Key raw material prices experienced significant volatility during the quarter. Sulphur prices surged to $550 per ton, while phosphoric acid prices increased from $1,250 to $1,290. The company implemented price corrections of 3-4% on key grades to offset input cost pressures.

Operational Highlights and Strategic Initiatives

Coromandel continued expanding its operational footprint across business segments. The retail business added 84 new stores in Q3, bringing the total count to 1,113 stores with 20% year-on-year growth. The company's backward integration projects at Kakinada for sulfuric acid and phosphoric acid production are progressing on schedule for commissioning in the current quarter.

The Senegal mining operation has stabilized and become the largest rock phosphate exporter from the country, targeting annual production of 3.5 lakh tons. The Nano products business achieved 68% growth with over 4,000 KL marketed in the nine-month period, establishing market leadership in Nano DAP.

Subsidiary Performance and Integration

NACL Industries, the recently acquired subsidiary, showed improvement despite challenging market conditions. The company successfully completed a rights issue to retire high-cost debt and improve operational efficiency. Management indicated that integration synergies are being actively pursued across R&D, manufacturing, and marketing functions.

The Board approved an interim dividend of INR9 per equity share, representing 900% on the face value of INR1. Subsidy collections remained robust at INR2,571 crores for the quarter, with outstanding subsidies at INR3,785 crores as of December 2025.

Coromandel International Limited has formally submitted applications to stock exchanges seeking reclassification of Algavista Greentech Private Limited (AGPL) from promoter group to public category shareholders. The company made the application to BSE Limited on February 2, 2026, and to National Stock Exchange of India Limited on February 3, 2026.

Application Timeline and Process

The reclassification process began with AGPL's initial request on December 18, 2025, followed by board approval on January 29, 2026. The company has now completed the formal application submission to both exchanges under reference number 2025-26/103.

Regulatory Framework and Requirements

The reclassification request is being processed under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The application seeks no-objection certificates from both exchanges for reclassifying AGPL from promoter and promoter group category to public category shareholders.

Current Shareholding Position

According to the application submitted to exchanges, AGPL currently holds no equity shares in Coromandel International Limited. The shareholding details provided to exchanges show:

Compliance and Documentation

AGPL has provided undertakings in their request letter to comply with all requirements specified in Regulation 31A (4) of the Listing Regulations. The application follows the regulatory framework requiring intimation under Regulation 31(A)(8) of the Listing Regulations.

The reclassification remains subject to receiving no objection from both stock exchanges. The application was signed by B Shanmugasundaram, Company Secretary & Compliance Officer, with digital certification dated February 3, 2026.