Coromandel International

COROMANDEL (₹1,824.00) presents a conflicting technical picture as of 6 November 2026. On the daily chart, price remains above the 20-period EMA and Supertrend, suggesting short-term resilience despite a significant downward gap on 6 November that closed at -4.0%. However, this daily bounce is occurring within a broader weekly and monthly downtrend, where price sits below all major moving averages and the Supertrend. The daily trend strength is weak (ADX 18.34), while the monthly trend is established (ADX 37.04). Price is positioned in the upper-middle of its 20-day range (+65.5%) but near the lower end of its 252-day range (+20.4%). Immediate resistance lies at ₹1,861.67 (2.07% above), with support clustered tightly around ₹1,796–₹1,823. Annualized volatility stands at +33.6%, and the stock is currently in a -32.2% drawdown from its available high.

Coromandel International reported Q2 FY27 results on November 6, 2026, revealing a divergence between top-line growth and bottom-line profitability. Revenue increased 6.7% year-on-year to ₹10,294 crore, yet net profit contracted by 33.7% to ₹534.2 crore. This decline was driven by a significant compression in operating efficiency, with EBITDA margins falling 270 basis points to 9.2%. Alongside financial reporting, the company announced the reappointment of Sudarshan Venu as an Independent Director for a second five-year term and confirmed the conversion of a $9.70 million loan into equity at its subsidiary, Baobab Mining and Chemicals Corporation SA.

Market commentary on the same day highlighted broader volatility, noting that global risk appetite deteriorated sharply following US market openings. Technical analysis published by The Hindu Business Line indicated that Coromandel’s shares had broken out of resistance at ₹1,810, trading at ₹1,907.45, with analysts suggesting accumulation on dips to ₹1,810 and setting profit targets at ₹2,300 against a stop-loss at ₹1,635. These technical views are external opinions and do not reflect corporate fundamentals.

Coromandel International reported unaudited financial results for the quarter and half-year ended September 30, 2026, on November 6, 2026. The company recorded a ₹10,294 crore revenue, reflecting a 6.7% year-on-year increase, while net profit declined by 33.7% to ₹534.2 crore. This contraction in profitability coincided with a significant margin compression, as EBITDA margins fell by 270 basis points to 9.2%. In parallel corporate actions, the Board approved the re-appointment of Mr. Sudarshan Venu as an Independent Director for a second five-year term (February 3, 2027, to February 2, 2032), subject to shareholder approval via Postal Ballot. The Board also confirmed the completion of converting a USD 9.70 million loan into equity shares in Baobab Mining and Chemicals Corporation S.A., a step-down subsidiary held through Coromandel Chemicals Limited. On the market front, the stock price was observed at ₹1,824 on the observation date, down from a previous reference level of ₹1,900.

Coromandel International Limited’s Board approved unaudited financial results for the half-year ended September 30, 2026, on November 6, 2026. The Board also approved the re-appointment of Mr. Sudarshan Venu as an Independent Director for a second five-year term (February 3, 2027, to February 2, 2032), subject to shareholder approval via Postal Ballot with a cut-off date of November 6, 2026. Additionally, the Board noted the completion of converting a USD 9.70 million loan into equity shares in Baobab Mining and Chemicals Corporation S.A., a step-down subsidiary held through Coromandel Chemicals Limited.

Separately, the company disclosed two GST-related regulatory orders received in late October 2026. An Order-in-Appeal from Chennai North confirmed a demand of ₹1,78,56,068 in tax, ₹2,08,43,168 in interest, and ₹17,85,606 in penalty for FY 2019-20 due to alleged ineligible Input Tax Credit; the company intends to appeal before GSTAT. Another Order-in-Original from Vadodara-II confirmed a tax demand of ₹2,50,82,496 for FY 2021-22 to FY 2024-25, along with equivalent penalty and interest, for which the company plans to appeal before the Commissioner (Appeals). In both instances, the company stated there would be no significant impact on its financials or operations.

Coromandel International demonstrates a strong operational expansion in Q1 FY2026-27, with revenue surging to ₹8,164.77 crore from ₹60.04 crore in the prior quarter and net profit rising sharply to reflect a Diluted EPS of ₹12.92. This quarterly momentum aligns with a robust TTM sales growth of 24%, although TTM net profit has contracted by 6% year-over-year, indicating margin pressure despite top-line gains. The balance sheet reflects significant capital deployment, with Fixed Assets growing from ₹3,112 crore in Mar 2024 to ₹6,737 crore in Mar 2026, funded partly by increased borrowings that rose to ₹1,506 crore over the same period. While Return on Capital Employed (ROCE) remains healthy at 22% in Mar 2026, it has declined from 26% three years ago. Earnings quality shows volatility; Cash Flow from Operations dropped to ₹1,558 crore in Mar 2026 from ₹2,464 crore in Mar 2025, and CFO/EBITDA conversion fell to 71%. The most critical next checkpoint is whether the company can sustain operating margins and cash conversion efficiency as it integrates its expanded asset base.

Coromandel International faces near-term headwinds as Q2 FY27 net profit contracted 33.7% year-on-year to ₹534.2 crore, driven by a 270 basis-point EBITDA margin compression to 9.2%, despite a 6.7% revenue rise to ₹10,294 crore. This operational pressure coincides with significant technical weakness: the stock is down 19.4% year-to-date and has suffered a maximum drawdown of 37.8%, with current price action reflecting a -32.2% drawdown from recent peaks. While daily indicators show a bullish breakout above ₹1,810, the monthly trend remains bearish, and resistance levels at ₹1,861.67 and ₹1,888.33 present immediate hurdles to sustained upside.