Coromandel International Ltd

- There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript. - The document mentions a recent rights issue of INR 250 crores by NACL to reduce high-cost debt, which has lowered borrowing costs. - The company has made significant investments (over INR 3,000 crores in last two years) across business segments but no new fundraising plans have been detailed. - Management indicates a cautious approach for large-scale investments, focusing on realizing value from current investments before considering fresh investments. - No mention of upcoming debt or equity fundraising specifically related to Dhaksha, CDMO, or other segments. - Overall, no announcements or plans for new fundraising through debt or equity have been disclosed in this call.

- Dhaksha facility is expanding to a larger place, expected to be ready by May 2026, supporting defense and agriculture drone product scaling. - Investment in fluorination chemistry is planned in coming quarters to enhance CDMO capabilities organically. - Capacity expansion at Dahej plant by 10,000 tons for Mancozeb; payback in less than one year, with an additional 20,000-ton expansion at Sarigam underway, expected by mid-2026. - Strengthening R&D to introduce new products over next 6-9 months. - Setting up a Technical MAP plant and seaweed granulation capacity in specialty nutrient business, expected to generate revenue in coming years. - Focus on optimizing current investments before making large-scale fresh investments in CDMO space. - Leveraging collaboration with Nagarjuna and other partners for CDMO and crop protection growth.

- Crop Protection Business: Expected revenue growth of 20%-25% driven by new product introductions, increased formulations, and expanded domestic B2C market presence. - Active Ingredient Volumes: Growth anticipated from additional Mancozeb capacity at Dahej and Sarigam, mainly for exports. - Formulation Business: Planning aggressive growth of 20%-25% with six new product launches and increased imports of active ingredients. - Overall CPC Business: Sustained growth anticipated with export recovery and broadening product portfolio. - Nano DAP Segment: Strong presence with ~50% market share and growing international market penetration. - Retail Business: Over 30% growth in 2025-26 with expansion into new states and digital engagement. - Drone Business (Dhaksha): Expected growth as facilities and strategic collaborations expand. - Fertilizer Segment: Market share growth at 17.5%, finished goods inventory supports sales recovery; new granulation capacity coming online by December for volume increase.

- Coromandel expects growth driven by additional capacity in Mancozeb (10,000 tons at Dahej, 20,000 tons at Sarigam) with paybacks under 1-2 years. - Crop protection business is targeting aggressive growth of 20%-25% in domestic formulations with six new product launches. - Export business is strong, supported by volume growth and new product registrations. - EBITDA margins in crop protection likely to sustain around 19%, helped by currency depreciation. - Fertilizer margins face pressure due to raw material inflation; government subsidy adjustments are awaited to stabilize margins. - Non-subsidy EBITDA share stood at 34% indicating diversification. - Consolidated revenues hit a record INR 31,827 crores; EBITDA INR 3,232 crores indicating operational strength. - Synergy from NACL acquisition expected to stabilize margins (~9%-10%) and enable cross-selling. - Longer-term CDMO opportunities are developing but expected to take 2-3 years to mature.

- Dhaksha, the defense segment initiative by Coromandel, is in a recovery mode. - The first order execution for Dhaksha is expected in the current year (FY27). - Successful execution of the first order is anticipated to boost confidence for repeat orders across various defense segments. - The facility for Dhaksha is moving to a larger location, expected to be ready by May. - The company is strengthening R&D and plans to introduce new products over the next 6 to 9 months to realize the value of investments. - The long lead time in execution of some drone business orders has led to impairment, indicating challenges in order fulfillment timelines. - Overall, the orderbook in defense segments like Dhaksha is on an improving trajectory with expected growth in the near future.