Any current/future new fundraising through debt or equity?

No explicit mention of any current or future fundraising through debt or equity in the provided transcript. The company is investing in various projects such as the phosphoric acid expansion (INR ~1,100 crore CAPEX) and MAP plant for specialty nutrients but is not indicating raising funds via equity or debt. Investments appear to be planned through internal accruals or existing resources. No references to any capital raising activities, rights issues, or debt issuance were made during the earnings call. Focus is more on organic growth, capacity expansions, and operational efficiencies rather t

Any current/future capex/capital investment/strategic investment?

Planned modular investment in TMAP plant with first phase capacity of 25,000 tons; CAPEX INR 150-170 crores. MAP project at Vizag underway to reduce dependence on imported raw materials, aiding specialty nutrient diversification. Granulation plant CAPEX ongoing to enhance specialty nutrient portfolio. Joint venture gypsum project to manufacture Plaster of Paris. Expansion of Senegal mining operations for rock supply with additional investments to scale from 300,000 to 500,000 tons. New Phosphoric Acid plant in Kakinada adding 200,000 tons capacity, targeted for 100% utilization by FY

Future growth expectations in sales/revenue/volumes?

Fertilizers: Expanding reach in new Indian markets (UP, Rajasthan, MP), doubling volumes from 100,000 to 200,000 tons in six months, aiming to take at least 1 million tons to market to support new capacity. Retail footprint growth: Targeting 1,200 stores by year-end, eventually 2,000 stores, increasing presence across key states to boost sales. Crop Protection: Domestic formulation business expected to grow 25% year-on-year; aims to reach INR 1,000 crores in turnover. Export crop protection: Focus on molecules like Mancozeb, Boscalid, Pyraoxystrobin, and Malathion with new capacity additions;

Future growth expectations in earnings/operating earnings/profits/EPS?

Phos Acid and Sulfuric Acid expansions with new capacity (7 lakh tons Phos Acid in FY27) expected to sustain at 100% utilization, driving EBITDA growth. Specialty nutrient business growing strongly (+20% revenue growth) with investments in MAP plant and granulation capacity, enhancing margins. Crop protection segment, including recent NACL acquisition, expected to cross INR 5,000 crore revenue, expanding profitability. Crop protection domestic formulations projected 25% annual growth; new product sales contributing 25% share. Expansion in fertilizer markets (UP, Rajasthan, MP) with volume targ

Current/ Expected Orderbook/ Pending Orders?

Dhaksha is currently focused on new product development and executing defense orders. Execution of defense orders depends on evaluation of existing prototypes, which is a lengthy process. The company is actively pursuing government approvals for order clearance. Once evaluation is complete and orders are confirmed, future order flow is expected to be steady. Order execution and fresh orders have taken longer than initially anticipated. No specific numerical data on current orderbook or pending orders was disclosed. Dhaksha’s other activities include expanding agri-drone services with improving

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Coromandel International LtdQ3 FY25Fertilizers & Agrochemicals

Coromandel International Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,971P/E: 27.6Market Cap: ₹58.5K CrSector: Fertilizers & Agrochemicals

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→Fertilizers: Expanding reach in new Indian markets (UP, Rajasthan, MP), doubling volumes from 100,000 to 200,000 tons in six months, aiming to take at least 1 million tons to market to support new capacity.
→Retail footprint growth: Targeting 1,200 stores by year-end, eventually 2,000 stores, increasing presence across key states to boost sales.
→Crop Protection: Domestic formulation business expected to grow 25% year-on-year; aims to reach INR 1,000 crores in turnover.
→Export crop protection: Focus on molecules like Mancozeb, Boscalid, Pyraoxystrobin, and Malathion with new capacity additions; pipeline of new molecules and contract manufacturing planned over 2-3 years.
→Specialty nutrients and bio-products: 20% growth in revenue with diversification into granulation and alternative raw materials to reduce China dependence.
→Overall: Crop protection segment, including NACL, targeting revenue of INR 5,000 crores, reinforcing position among top companies in India.

Margin guidance

Category 3

→Phos Acid and Sulfuric Acid expansions with new capacity (7 lakh tons Phos Acid in FY27) expected to sustain at 100% utilization, driving EBITDA growth.
→Specialty nutrient business growing strongly (+20% revenue growth) with investments in MAP plant and granulation capacity, enhancing margins.
→Crop protection segment, including recent NACL acquisition, expected to cross INR 5,000 crore revenue, expanding profitability.
→Crop protection domestic formulations projected 25% annual growth; new product sales contributing 25% share.
→Expansion in fertilizer markets (UP, Rajasthan, MP) with volume target increasing from 0.1 to 1 million tons supports top-line growth.
→Payback on INR 1,000 crore Phos Acid CAPEX estimated at 2-2.5 years, indicating strong margin improvement.
→EBITDA target of minimum INR 5,500 per metric ton maintained, driven by raw material cost management and efficiency gains.
→Incremental value creation expected from sulfuric acid integrated production and power generation.
→Export crop protection, particularly Mancozeb, showing volume and profitability growth, supporting overall segment expansion.

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Fundraise plans

→No explicit mention of any current or future fundraising through debt or equity in the provided transcript.
→The company is investing in various projects such as the phosphoric acid expansion (INR ~1,100 crore CAPEX) and MAP plant for specialty nutrients but is not indicating raising funds via equity or debt.
→Investments appear to be planned through internal accruals or existing resources.
→No references to any capital raising activities, rights issues, or debt issuance were made during the earnings call.
→Focus is more on organic growth, capacity expansions, and operational efficiencies rather than fundraising.

Order book

→Dhaksha is currently focused on new product development and executing defense orders.
→Execution of defense orders depends on evaluation of existing prototypes, which is a lengthy process.
→The company is actively pursuing government approvals for order clearance.
→Once evaluation is complete and orders are confirmed, future order flow is expected to be steady.
→Order execution and fresh orders have taken longer than initially anticipated.
→No specific numerical data on current orderbook or pending orders was disclosed.
→Dhaksha’s other activities include expanding agri-drone services with improving product features and battery life, supported by inputs from Coromandel.
→Progress in drone business is ongoing but financial impact is currently limited.

Capex plans

Yes

→Planned modular investment in TMAP plant with first phase capacity of 25,000 tons; CAPEX INR 150-170 crores.
→MAP project at Vizag underway to reduce dependence on imported raw materials, aiding specialty nutrient diversification.
→Granulation plant CAPEX ongoing to enhance specialty nutrient portfolio.
→Joint venture gypsum project to manufacture Plaster of Paris.
→Expansion of Senegal mining operations for rock supply with additional investments to scale from 300,000 to 500,000 tons.
→New Phosphoric Acid plant in Kakinada adding 200,000 tons capacity, targeted for 100% utilization by FY27.
→Continued debottlenecking capacities in fertilizers and CPC.
→Investment in new product registration, capacity creation for active ingredients, and downstream projects for Mancozeb and other molecules to strengthen raw material security.
→Exploration of phosphoric acid refinement for battery chemical supply chain with technology readiness expected in six months.
→Retail expansion aiming to reach 1,200 stores by FY26 and eventually 2,000 stores.

How does Coromandel International Ltd rank vs peers in Fertilizers & Agrochemicals?

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1Coromandel International Ltd

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