Any current/future new fundraising through debt or equity?

The company currently holds a strong cash balance of over Rs. 3,000 Cr (cash and investments combined). There is no mention of any immediate plans for new fundraising through debt or equity in the provided pages. Cash is primarily intended to fund ongoing and planned capital expenditure programs, organic growth, and potential inorganic expansion. The company is open to capital for further expansion and new opportunities, including specialty chemicals and CDMO, which may require future capex. For now, the company appears to be focusing on utilizing existing cash reserves for capex and growth ra

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

FY '25 capex estimated at Rs. 1,200 Cr to Rs. 1,500 Cr across multiple businesses. Major capex includes new Sulphuric Acid (SA) and Phosphoric Acid (PA) plants at Kakinada expected by FY '27. Setting up multipurpose plants (MPPs) for crop protection chemicals at Ankleshwar and Dahej; expected 18-20 months for commissioning. Debottlenecking granulation capacity by 3.5 lakh tons at Kakinada and Vizag. Nano DAP facility commissioning pending government approvals. Expanding retail stores by 100+ in FY '25, including new geographies like Tamil Nadu. Investment in specialty chemicals, including fluo

Future growth expectations in sales/revenue/volumes?

Specialty Nutrients (SND) expected to grow healthily by over 10-15%, with Rs. 600 Cr current turnover and plans to double sulfur production capacity (Page 11, 15). Nano DAP product anticipated to see significant growth; potential to replace 20-25% of imported DAP over 3-4 years; commercial sales started recently with encouraging market response (Page 9, 10, 17, 18). Retail business expanding rapidly, planning to open around 100 new stores in FY '25, targeting ~850 stores, including new markets like Tamil Nadu; achieved Rs. 1,700 Cr revenue previously (Page 10). Crop Protection Chemicals (CPC)

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

Fertilizer margins expected at Rs. 4,500 to Rs. 5,000 per ton in FY '25, driven by revised government subsidies and operational efficiencies. Specialty Nutrient business projected to grow significantly, especially with the doubling of sulphur production capacity and Nano DAP expansion. Non-subsidy businesses (including specialty chemicals, bio-products, and drones) targeted for healthy growth of 10-20% over next 2-3 years. Specialty Chemicals capex of Rs. 1,200-1,500 Cr expected to start contributing revenue and profits by FY '27 after plant commissioning. Retail segment and specialty

Current/ Expected Orderbook/ Pending Orders?

Dhaksha, Coromandel's drone business, has an order book of approximately Rs. 250 Cr. The current order book is expected to be executed in the first half of the year. As the logistic drone orders are completed, repeat orders from the government are anticipated. The company is actively working on R&D for various types of drones beyond current offerings. Coromandel is in advanced discussions with three innovator companies for CDMO services, expecting traction in 2-3 years.

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Coromandel International LtdQ1 FY24Fertilizers & Agrochemicals

Coromandel International Ltd Q1 FY24 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 3

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 3

→Specialty Nutrients (SND) expected to grow healthily by over 10-15%, with Rs. 600 Cr current turnover and plans to double sulfur production capacity (Page 11, 15).
→Nano DAP product anticipated to see significant growth; potential to replace 20-25% of imported DAP over 3-4 years; commercial sales started recently with encouraging market response (Page 9, 10, 17, 18).
→Retail business expanding rapidly, planning to open around 100 new stores in FY '25, targeting ~850 stores, including new markets like Tamil Nadu; achieved Rs. 1,700 Cr revenue previously (Page 10).
→Crop Protection Chemicals (CPC) registering strong 20% volume growth; margin pressures expected to ease with new products and operational efficiencies (Page 4, 15).
→Mining volume from Senegal expected to increase to 2.5-3 lakh tons aiding backward integration and operating leverage (Page 15).
→Specialty Chemicals segment progressing; last year Rs. 50 Cr revenue with growth expected as capex and integration come online by FY '26-FY '27 (Page 14).
→Drone business (Dhaksha) with Rs. 250 Cr order book for H1, potential for scaling revenues in FY '26-FY '27 (Page 8).

Margin guidance

Category 3

→Fertilizer margins expected at Rs. 4,500 to Rs. 5,000 per ton in FY '25, driven by revised government subsidies and operational efficiencies.
→Specialty Nutrient business projected to grow significantly, especially with the doubling of sulphur production capacity and Nano DAP expansion.
→Non-subsidy businesses (including specialty chemicals, bio-products, and drones) targeted for healthy growth of 10-20% over next 2-3 years.
→Specialty Chemicals capex of Rs. 1,200-1,500 Cr expected to start contributing revenue and profits by FY '27 after plant commissioning.
→Retail segment and specialty nutrient distribution (SND) expected to grow over 10-15%, strengthening overall earnings.
→Operational efficiencies from backward integration (e.g., Senegal mining, new sulphuric acid plant) to improve margins without price hikes.
→Drone business (Dhaksha) expected to grow revenues with mid to high teens EBITDA margins as localization and scale improve.
→Management focuses on margin expansion through cost optimization, product mix, and value-added products rather than price increases.

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Fundraise plans

→The company currently holds a strong cash balance of over Rs. 3,000 Cr (cash and investments combined).
→There is no mention of any immediate plans for new fundraising through debt or equity in the provided pages.
→Cash is primarily intended to fund ongoing and planned capital expenditure programs, organic growth, and potential inorganic expansion.
→The company is open to capital for further expansion and new opportunities, including specialty chemicals and CDMO, which may require future capex.
→For now, the company appears to be focusing on utilizing existing cash reserves for capex and growth rather than raising new funds through debt or equity.

Order book

→Dhaksha, Coromandel's drone business, has an order book of approximately Rs. 250 Cr.
→The current order book is expected to be executed in the first half of the year.
→As the logistic drone orders are completed, repeat orders from the government are anticipated.
→The company is actively working on R&D for various types of drones beyond current offerings.
→Coromandel is in advanced discussions with three innovator companies for CDMO services, expecting traction in 2-3 years.

Capex plans

Yes

→FY '25 capex estimated at Rs. 1,200 Cr to Rs. 1,500 Cr across multiple businesses.
→Major capex includes new Sulphuric Acid (SA) and Phosphoric Acid (PA) plants at Kakinada expected by FY '27.
→Setting up multipurpose plants (MPPs) for crop protection chemicals at Ankleshwar and Dahej; expected 18-20 months for commissioning.
→Debottlenecking granulation capacity by 3.5 lakh tons at Kakinada and Vizag.
→Nano DAP facility commissioning pending government approvals.
→Expanding retail stores by 100+ in FY '25, including new geographies like Tamil Nadu.
→Investment in specialty chemicals, including fluorination chemistries and leveraging CPC plant assets.
→Ongoing R&D and capacity build-up for Dhaksha drones; order book approx. Rs. 250 Cr.
→Open to inorganic growth opportunities and capex for future expansions in specialty chemicals and CDMO segments.

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