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Operating performance in line

* CRIN reported overall revenue of INR96.5b (est. INR85.8b) in 2QFY26, up ~30% YoY. Nutrient & other allied business revenue grew 28% YoY to INR86.6b, while crop protection business revenue grew 42% YoY to ~INR10.7b.

* Total manufactured fertilizer volume (NPK + DAP) dipped 1% YoY to ~1.1mmt, and total phosphate fertilizer manufacturing volumes (including SSP) declined 2% YoY to 1.29mmt.

* EBITDA margins contracted 120bp YoY to 11.9% (est. 13%); RM costs as % of sales: 76.3% in 2QFY26 vs. 74.9% in 2QFY25; employee costs: 2.7% vs. 2.5%, freight costs: 4.1% vs. 5% and other expenses: 5% vs. 4.5%. EBITDA grew 18% YoY to INR11.5b (in line).

* EBIT margin for Nutrient & other allied business dipped 130bp YoY to 11.4%, while EBIT margin for crop protection business contracted ~80bp YoY to 13.6%.

* Adj. PAT stood at ~INR8.1b (in line), up 21% YoY for the quarter.

* CRIN’s 1HFY26 revenue/EBITDA/Adj. PAT grew 37%/30%/34% to INR167b/ INR19.3b/INR13.1b. Total manufactured fertilizer volume (NPK + DAP) grew 4% YoY to ~2mmt, and total phosphate fertilizer manufacturing volumes (including SSP) grew 4% YoY to 2.38mmt.

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