Coromandel’s big investment bet faces delivery test

Agriculture-solutions provider Coromandel International Ltd’s stock has risen 22% over the past year on its push to structurally lift Ebitda margins and smoothen earnings.

- Manvi Agarwal

A ₹4,000-5,000 crore capex over FY25-28 is central to this shift. The strategy hinges on expanded scale, backward integration and a steadily rising contribution from the non-fertilizer portfolio. At the heart of the plan is scale.

Coromandel is investing heavily across its fertilizer and crop protection platforms. In fertilizers, it is expanding phosphatic granulation capacity to 5 million tonnes (mt) from 3.6 mt over the next three to five years, adding Single Super Phosphate (SSP) and Monoammonium Phosphate (MAP) capacity, and rolling out combinations such as urea-SSP. With trading included, this could take its fertilizer sales to nearly 10 mt.