#### **Overview** Coromandel International Limited is one of India’s leading integrated agri-solutions providers and a flagship company of the Murugappa Group. The company operates in two core business segments: **Nutrient & Allied Businesses** and **Crop Protection**, delivering end-to-end farming solutions from sowing to harvest. With a mission of creating value for over 20 million farmers annually, Coromandel has established a strong presence across the agricultural value chain, combining innovation, backward integration, digital technology, and direct farmer engagement. Headquartered in Chennai, Coromandel serves domestic markets pan-India and exports to over 80 countries across the Americas, Europe, Africa, and Asia-Pacific. It is listed on Indian stock exchanges and benefits from a robust balance sheet with top-tier credit ratings. --- #### **Key Business Segments and Product Portfolio** 1. **Nutrient & Allied Businesses** - **Phosphatic Fertilizers**: Coromandel is the **second-largest manufacturer and marketer of phosphatic fertilizers in India**, and the **largest private-sector NPK producer**, with a consumption market share of ~18%. It is also the **market leader in Single Super Phosphate (SSP)** with ~15% market share. - Complex and DAP sales reached **4.0 million tons in FY2024–25**, achieving record primary sales of **11 lakh tons in phosphatic fertilizers** (Aug 2025). - Offers differentiated, fortified grades like **GroSmart (24-24-0-8)**, **GroPlus**, and **Paramfos Plus**, tailored to improve crop yield and nutrient uptake. - **Organic Fertilizers**: The **leading marketer of organic fertilizers in India**, with a product portfolio including City Compost, Neem Oil Cake, Kash, PROM, CMS, and gypsum. Brands like **‘Virasat – for Generations’** promote long-term soil health. - **Specialty Nutrients**: A high-growth segment with **EBITDA margins of 18–20%**, growing at 15–20% annually. - Core offerings include **water-soluble fertilizers (e.g., Fitsol, AcuSpray), secondary & micronutrients (e.g., Bentonite Sulfur, AcuMist series), and nano fertilizers**. - Launched innovative products like **Areca Shakti, Coffee Bliss, Pixibud, Pixigrow, Grovibe, and Nanozyme**, targeting specific crop growth stages. - The business has **commercialized a new Urea SSP complex fertilizer** combining nitrogen and phosphorus (Feb 2025). - **Nano Fertilizers (Flagship Innovation)**: A pioneer in India, Coromandel launched patented **Nano DAP** and **Nano Urea**, marketed under the Gromor brand. - **Nano DAP** substitutes conventional DAP, showing **40% of national sales volume** across key markets. It uses cross-linked polymers with particles <50nm for high leaf absorption. - A **1 crore (10 million) bottle/year production plant** was commissioned in Kakinada, supported by a **Nano Technology Centre in Coimbatore**. - Plans to expand into **Nano NPKs** and export markets. 2. **Crop Protection** - Offers **technical-grade and formulated agrochemicals** (insecticides, herbicides, fungicides, plant growth regulators) under over 50 brands. - Aims to be a **leading domestic crop protection player** post-acquisition of NACL Industries. - **In-licensed Nitenpyram**, a globally recognized insecticide for sucking pests, and launched **Prachand**, a patented paddy-protecting product developed with ISK Japan. 3. **Bioproducts** - **World’s largest manufacturer of neem-based Azadirachtin**, operating a dedicated facility in Cuddalore, Tamil Nadu. - Products certified organic by **IMO and DNV**; 60% of bioproducts are exported to the US, EU, and Canada. - Diversifying into **microbial solutions (biofertilizers, soil health promoters), non-Azadirachtin plant extracts, and bio-stimulants**. - Launched innovative products like **Biocharm**, **Azamax**, **Adhiraj**, and **Quite (neem-based mosquito repellent)**. --- #### **Manufacturing and Supply Chain Resilience** - **18–21 Manufacturing Facilities** across India producing fertilizers, crop protection chemicals, bioproducts, and specialty nutrients. - **Backward Integration Projects**: - **Kakinada Phosphoric & Sulphuric Acid Complex**: Commissioning underway (target: early 2026), expected to meet 50% of site acid needs. - **Doubled sulfuric and phosphoric acid capacity** in Visakhapatnam (Jul 2024). - **BMCC (Senegal)**: Holds **54% stake** in this rock phosphate mining entity; Senegal rock will meet **~40% of feedstock** for Kakinada. - Strategic supplies from **Tifert (Tunisia), Foskor (South Africa), and YCAS (India)** ensure diversified raw material sourcing. - **Captive Supply Advantage**: Owns mines, acid plants, and granulation units, reducing import dependency and optimizing cost/quality. Operates **6–7 acid suppliers** and can blend 4–5 rock/acid grades. - **Capacity Expansion** - **7.5 lakh ton NPK granulation plant** at Kakinada (target: FY2026–27); once complete, it will be **India’s largest integrated phosphatic complex**. - **Multi-Product Plants (MPPs)** being built at Dahej and Ankleshwar for technical-grade agrochemicals. - **₹500 crore investment** for Kakinada brownfield expansion; **₹1,000 crore committed** for future capex in CDMO and specialty chemicals. --- #### **Retail and Farmer Services (Mana Gromor)** - Operates a **network of ~900–1,000 rural retail outlets** across **Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Maharashtra**. - Expanded rapidly in FY24–25 with **~100 new stores** added. - Serves **~3 million farmers directly**, offering one-stop access to agri-inputs, **crop advisory, soil testing, and mechanization**. - Flagship service models: - **Nutri Clinics**: Over 57 clinics providing soil, leaf, and water testing. - **Scientist at Store**: On-site agronomists offering customized crop nutrition plans. - **Drone Spraying (Gromor Drive)**: - Covered **220,000 acres** by Jul 2025. - Reduces water usage by **80–90%** and is being scaled to **500,000 acres** in FY25–26 with expanded fleet from **Dhaksha**. - **Farm Mechanization**: Custom Hiring and Service Centers (CHSC) in partnership with state governments. - **Digital Farming Platforms** - **MyGromor App**: - Serves **~1 million farmers** with real-time advisories, weather forecasts, pest alerts, and input recommendations. - Integrated with **Plantix’s AI Crop Doctor** for photo-based disease diagnosis in 30+ crops. - Partnerships with **Fyllo** for IoT-driven irrigation and nutrient management models. - **Krishi Shastra**: A digital agricultural bulletin distributed via WhatsApp to inform high-value farmers. - **Direct-to-Farmer e-commerce** model being piloted and scaled. --- #### **Strategic Acquisitions and Partnerships** - **Acquisition of NACL Industries**: - Acquired a **53% stake for ₹820 crores**, gaining: - **20 technical molecules**, branded formulations, and contract manufacturing (CDMO) expertise. - Access to NACL’s formulations network and export markets. - Synergies in R&D, sourcing, and distribution. - Positions Coromandel as a **pan-India crop protection leader**. - **Joint Ventures** - **Yanmar Coromandel Agrisolutions (YCAPL)**: For farm mechanization (rice transplanters, harvesters). - **CCL–Sakarni Plaster JV (60:40)**: Manufacturing and selling **phospho-gypsum-based green building materials**, converting industrial waste into value-added products. - **Global Partnerships** - **Ma’aden (Saudi Arabia)**: Long-term DAP/NPK supply agreement. - **Shell Thiogro Technology**: For sulfur-enhanced fertilizers. - **IIT Bombay-Monash Academy**, **Tamil Nadu Agricultural University (TNAU)**, and **International Fertilizer Development Centre (IFDC)**: R&D collaborations for nano-fertilizers and sustainable farming. - **EPA registration** for neem-based injectable formulations in the US. --- #### **Innovation and R&D** - **7–8 R&D Centers** with ~90 scientists across India: - **Hyderabad**: Crop Protection and Agronomic R&D. - **Vizag**: Fertilizer Technology & pilot rock-acid blending. - **Cuddalore**: Bioproducts and microbiology. - **Mumbai**: Next-gen agri-nutrients with IIT Bombay. - **Coimbatore**: **Nano Technology Centre** dedicated to nano-agriculture research. - Key innovations: - Patented **Nano DAP and Nano Urea** formulations. - **In-vitro neem-tree injection** technology with EPA approval. - Development of **slow-release, coated, and liquid fertilizers** (e.g., Novozin). - **Digital Data Center 2.0 (DDC 2.0)** leverages AI/ML for demand forecasting, churn prediction, and plant optimization. --- #### **Diversification and New Growth Avenues** - **Contract Development & Manufacturing (CDMO)**: - Entered CDMO space for **technical agrochemicals**, focusing on **SDHI fungicides and green chemistries**. - Leveraging manufacturing strengths at Dahej and Ankleshwar to serve global innovators. - **Specialty & Industrial Chemicals**: - Producing **sodium silico fluoride, fluorination chemicals, and battery-grade phosphates**. - Exploring applications in **battery materials, food-grade phosphates, and purified MAP/DAP**. - **Agri-Tech and Robotics** - Owns **Dhaksha Unmanned Systems (58% stake)**, India’s only commercial producer of **petrol-powered agricultural and defense drones** (e.g., Agrigator, SwarmGator). - Strategic investments via **Dare Ventures Limited** in agri-deep tech startups: - **Ecozen Solutions**: Solar cold storage (Ecofrost) and irrigation pumps (Ecotron). - **String Bio**: Gas fermentation using methane to produce bio-inputs and alternative proteins. - **XMachines**: Compact autonomous farm robots for seeding, weeding, and spraying. - **Urban Gardening**: Launched **Gardina** brand for soil conditioners and plant boosters. --- #### **Sustainability and ESG Leadership** - Focus on **resource efficiency, reduced environmental impact, and circular economy**: - **Nano fertilizers** reduce phosphate imports; **drone spraying cuts water usage by 90%**. - Converts **phospho-gypsum waste** into green building materials. - Promotes **balanced nutrition, bio-farming, and soil health** via organic and secondary nutrient products. - **8 million acres** under sustainable product adoption (Jul 2025). - Targets **“Made in India, for the World”**, positioning nano fertilizers as global export products. --- #### **Financial Highlights (FY2024–25 & Indicative FY2025–26)** | Metric | Details | |------|---------| | **Total Revenue** | ₹24,444 crores (FY25, incl. NACL) | | **Crop Protection & Bioproducts Revenue** | ₹2,637 crores (up 7% YoY) | | **Exports** | >₹1,000 crores (growing in Latin America, Africa, Asia-Pacific) | | **Specialty Nutrients Growth** | 12% volume growth (Aug 2025), 11% YoY in value (Jul 2025) | | **Organic Fertilizer Volume** | 29% YoY growth | | **Nano DAP Sales** | 2.5 million bottles in 9 months, ~₹100 crore revenue | | **Retail Network** | ~900–1,000 stores; 97% profitability |