Coromandel International Q2 results: profit falls 33% on fertiliser margin pressure

Coromandel International Q2 results for the September 2026 quarter show profit falling even as sales grew. Standalone profit after tax (PAT) was Rs 548 crore, down 33% from Rs 816 crore a year earlier, while standalone total income rose 5% to Rs 9,987 crore, according to the company’s results press release filed with the exchanges on 6 November 2026.

Coromandel International Q2 results: key numbers

Measure (Rs crore)	Q2 FY27	Q2 FY26	Change
Total income (standalone)	9,987	9,513	+5%
EBITDA (standalone)	904	1,147	-21%
PBT (standalone)	737	1,092	-33%
PAT (standalone)	548	816	-33%
Total income (consolidated)	10,348	9,771	+6%
EBITDA (consolidated)	944	1,147	-18%
PAT (consolidated)	523	793	-34%

EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit. PBT is profit before tax.

Why Coromandel’s profit fell

The company said EBITDA declined mainly because of margin pressure in its fertiliser business. It pointed to a spurt in raw material costs triggered by the ongoing Middle East crisis that was not adequately covered by subsidy. Managing Director and CEO S. Sankarasubramanian also cited deficit rainfall and lower Nutrient Based Subsidy (NBS) rates for the Kharif season, which hurt product offtake and margins in the NP/NPK segment.

Crop protection was a bright spot: that business grew revenue 22% in the quarter on healthy exports. The retail arm opened close to 100 new stores, taking its network to over 1,300.

One-time items

The press release does not mention any one-off or exceptional items in the quarter.

Half-year view and what to watch next

For the first half (H1 FY27), standalone PAT was Rs 925 crore against Rs 1,325 crore a year earlier, a 30% fall. The company says new NPK fertiliser capacity should be completed by Q4 FY27 and extra crop protection capacity should start in Q3. Management said it expects Rabi-season NBS rates to reflect raw material price movements.

In our view, the Rabi subsidy rates and raw material costs are the two numbers that will decide whether fertiliser margins recover. See more results news on ArthaWire.