Company Update : Coromandel International by Motilal Oswal Financial Services Ltd
Operating performance in line
* CRIN reported an overall revenue of INR70.4b (est. INR61.9b) in 1QFY26, up ~49% YoY. Nutrient & other allied business revenue grew 51% YoY to INR63.5b, while crop protection business revenue grew 31% YoY to ~INR7.2b.
* EBITDA margin expanded 40bp YoY to 11.1% (est. 12.3%); RM cost as a % of sales was 74.1% in 1QFY26 vs. 73.6% in 1QFY25. Employee costs stood at 3.2% vs. 3.9%, freight costs were 5.4% vs. 6.0%, and other expenses came in at 5.9% vs. 5.9%. EBITDA surged 55% YoY to INR7.8b (in line).
* EBIT margin for the Nutrient & other allied business contracted 30bp YoY to 9.9%, while for the crop protection business it expanded ~400bp YoY to 15.3%.
* Adj. PAT stood at ~INR5b (in line), up 62% YoY.
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