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Meghna Rathod    

Mumbai, India

An individual with masters degree in IT. Working as an computer teacher in school from last 5 years. I am highly interested in equity market and value investing. Looking forward to learn more in this sector and enhance my knowledge.

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Contributor since: 2023








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Coromandel International Ltd

Business Research

Business Analysis of Coromandal International Limited

Coromandel International Ltd is one of India's leading agri solutions provider. It offers a diverse range of products and services across the farming value chain. It specializes in fertilizers, crop protein, bio pesticide, specialty nutrients, organic fertilizers, etc.

Industry Analysis

Global: Increasing population and wealth to drive up global food consumption 

Global agritrend:

Rising consumption & resource exhaustion (Natural resource Pressure):


A decade of accelerated growth …

India: … with unparalleled value creation in Agri sector over the next 10 years in India

India: The opportunity and imperative for value creation in Agri sector over the next 10 years are large…

Coromandal Business Model

Products of the company


Fertiliser range including unique and micro nutrient enriched products ensures that the balanced nutrition needs of crops are met.

  • No. 1 Private sector Phosphatic Player in India.
  • 16.7% consumptionbased market share.
  • No.1 Single Super Phosphate (SSP) player in India
  • 16.1% consumptionbased market share.
  • 4.4 million Tons Annual Capacity (NPK+SSP)
  • 34% sales from unique products

Speciality nutrients

Speciality nutrients solutions addresses soil deficiencies and improves nutrient use efficiency, besides offering primary, secondary and micro nutrients

  • Amongst the market leaders in Speciality nutrients including Water Soluble Fertiliser and sulphur segment.
  • Largest Organic fertiliser marketer in India with  annual sales of 2.2 lakh tons

Organic fertilisers

The company use the organic elements of urban waste and plant residues to produce organic solutions and address soil health.

Crop Protection:

  • 6th Largest Indian Agro Chemical Player.
  • Global presence across  80+ Countries
  • 90,000+ tons manufacturing capacity per annum
  • 60+ brand based Product portfolio

Bio Products

  • Largest neem based Azadirachtin manufacturing globally
  • Significant presence in the  US, Canada and Europe


  • India’s largest Agri retail chain
  • Wide network of 750+ stores
  • One-stopshop for Agri requirements
  • 3 million+ farmers direct connect

Coromandal - India Footprints

The company's headquartered in Secunderabad, Telangana8 and have divisional offices in Bangalore, Vijayawada, Pune, Indore, Noida and Kolkata. Company's products are sold in more than 80 countries. Company have 20000+ dealers across India and also provide farm advisory and services to 2 crore+ farmers annually through 2000+ marketing and agronomist teams. To expand the reach and leverage collective expertise, partner with leading organisations globally in technology, research, sourcing and farm mechanisation. Company have subsidiaries, strategic investments/ JVs and global offices in multiple geographies. The company's global subsidiaries and regional offices export more than USD 100 million worth of Crop Protection solutions, including Biopesticides and Crop Nutrition products.

Company's Global Presence

Product's Performance


With an installed capacity of close to 3.5 million tons, Coromandel is the largest private-sector marketer and manufacturer of DAP and NPK fertilisers. Manufacturing units located at Visakhapatnam, Kakinada and Ennore have the flexibility to produce multiple grades and can produce 14 products. The Company enjoys a considerable market presence in the Southern, Eastern and Western regions of the country. Further, with its 7 SSP plants spread across the country, the Company offers alternate economical phosphate fertilisers with a pan India presence. During the year, its manufacturing facilities operated with required caution, which ensured safe operations and improved production during the year.

The fertiliser units operated at 84% capacity, with a 1% increase in the production volumes. The plants continued to strengthen their operational efficiencies and operated flexibly using multiple sources of rock and acid. The new phosphoric acid plant commissioned in 2019 improved its utilisation levels registering record acid production and reducing the Company’s raw material import dependence.

With strong demand for SSP products, the Business worked towards maximising SSP output and achieved record production volumes of 7.3 Lakh MT, including the higher output of granulated SSP. The Business revived its Pali unit in Maharashtra to further improve its production and is further exploring other options to ramp up its capacity. In line with the Atmanirbhar Bharat vision for promoting local manufacturing, Coromandel has commenced the installation of a new 1500 ton per day sulphuric acid plant at Visakhapatnam during the year. Considering the essential nature of fertilisers, this investment will improve the self-sufficiency and availability of phosphatic fertiliser in the country. The Company engaged in smart sourcing in a highly disrupted supply chain and diversified its sources to improve operational flexibility. Long term contracts with key suppliers ensured that raw material availability challenges were mitigated.

During the year, Business launched a new product, “Groshakti Plus”, which offers improved nutrient availability along with` balanced nutrition through zinc. Coromandel’s value-added product Groplus SSP continued to gain widespread market acceptance with strong volume growth over the previous year.

Coromandel - Phosphatic/ SSP fertiliser sale - in lakh ton

Crop Protection

The global Crop Protection industry is estimated to grow by 5.0% to USD 65 billion in 2021, on the back of a robust economic recovery post the outbreak of COVID-19. 

Global Crop Protection Industry  ($ billion)

The Crop Protection industry witnessed a major impact owing to reduced availability of migrant farm labour, issues surrounding delays of shipments in ports, availability of raw materials boosting product prices, reduced demand for biofuels and fibrous crops such as cotton, and significant currency movements.

CPC Business Performance

Coromandel’s Crop Protection business registered the highest ever turnover, growing by 20% to Rs 2511 crores. Being the 6th largest player in the country for crop protection, Business benefits from strategically placed manufacturing facilities across India. With the shift in the market toward differentiated combinations, the Business has made significant efforts to upgrade its portfolio from old generics to patented combinations.

Despite the Covid-19 pandemic during the year, plants continued to operate safely with increased emphasis on safety protocols and necessary support was provided to the employees and their families to face the difficult times. By implementing manufacturing excellence initiatives in the technical plants, the Business has improved the first-time pass rate and increased productivity. A major thrust was given to safety improvements, improving instrumentation and revamping infrastructure at all plants.


The Business has a range of Azadirachtin based biopesticides for the crop protection segment and other plant extract-based biostimulants besides anti-transpirants and nonionic spreaders. The state-of-the-art Azadirachtin manufacturing facility located at Cuddalore, Tamil Nadu, is the largest in the world. During the year, the Bioproducts business registered moderate growth, driven by its improved reach in domestic markets. 

The Business undertook cost-intensive interventions for producing best-inclass pure Azadirachtin to overcome neem seed availability and qualityrelated challenges.

The manufacturing facility operated without much disruption by taking adequate Covid precautions. Despite the raw material quality challenges, the unit produced Azadirachtin with superior technical purity by continuous improvement and innovation in the extraction process, especially from neem seeds with very low per cent Azadirachtin. 


Coromandel has successfully pioneered the rural retail model in India and operates a network of around 750 rural retail outlets across Andhra Pradesh, Telangana and Karnataka, which are supported by a 2,000-member strong team. 

Besides contributing to the Company’s growth and profitability, the Retail Business goes a long way in strengthening the Company’s connect and engagement with the farmers. 

During the challenging times of Covid-19, retail continued to serve the farming community and took utmost safety measures and sensitised customers about pandemic related safety protocols.

Speciality Nutrients

Coromandel’s Speciality Nutrients business is committed to addressing the key concerns in farming, such as inadequate crop nutrition practices, decreasing fertiliser use efficiency, and low factor productivity. This Business reinforces the Company’s efforts to improve Indian farm productivity by supplementing/correcting secondary and micronutrient deficits and organic carbon deficiency prevailing in Indian soils, thereby providing optimum and balanced nutrition for yield and quality enhancement.

The Company uses its manufacturing and marketing capabilities to deliver high-quality Bentonite Sulphur, water-soluble fertilisers, micronutrients, liquid fertilisers and organic nutriboosters.

During the year, the Business ventured into the liquid fertiliser market space by introducing “AcuMist Zinc”. The product manufactured at its new liquid fertiliser plant set up in Vishakhapatnam has received an encouraging response from the farming community. The Business has also expanded its customised crop nutrition solution with the launch of “Fitsol Grapes” in the grapes segmen.

Opportunity & Strength


  • Atmanirbhar Bharat initiative in fertiliser to support capacity creation and value addition. Production Linked Incentive Scheme likely to be introduced for Crop Protection segment
  • India’s low-cost manufacturing in crop protection and high capacity provides significant potential for exports. Further, Covid 19 induced sourcing diversification approach by major global players has improved opportunities for Indian Crop Protection players
  • Improved awareness about soil health and sustainable practices to promote balanced nutrient usage, including Bio-pesticides and organic fertiliser usage
  • Acceleration of Agri technologies like drones to improve crop yield, diagnostics and application capabilities.
  • Government support for farm mechanisation through Custom hiring centres to improve penetration and drive farm productivity
  • Adopting Nano, slow-release, coated, and water-soluble fertilisers to improve nutrient use efficiency.
  • Central and State Governments’ income support schemes for farmers are increasing the disposable income in the hands of farmers for Agri inputs
  • Irrigation projects in Coromandel’s key operating markets of Telangana and Andhra Pradesh to increase the area under assured irrigation


  • Leading agriculture input solution provider having direct connect with farmers through an extensive rural retail network and its strong distributor/ dealer network.
  • High brand equity and farmers’ trust in major Agri input consuming markets
  • Diversified product portfolio to meet farmer’s requirements - focus on cropspecific, unique and differentiated products.
  • Significant captive infrastructure for manufacturing Phosphatic fertilisers, Secondary, Micronutrients, watersoluble fertilisers, crop protection chemicals and bio-products.
  • Efficient integrated manufacturing operations in fertiliser enabling supply security and low-cost production. Technical and formulation manufacturing capabilities in Crop Protection Chemicals.
  • State of the Art R&D facilities for new product development in Nutrient, Crop Protection and Bioproducts

Management of the Company

Mr. A Vellayan - Chairman

Mr. A Vellayan is the Chairman of the Company. He holds a Bachelor’s Degree in Commerce from Shri Ram College of Commerce, New Delhi, Diploma in Industrial Administration from Aston University, UK and Masters in Business Studies from University of Warwick Business School, UK. He has been conferred Doctor of Science (Honoris Causa) by Aston University, UK Mr. Vellayan is the Chairman of Indian Institute of Management, Kozhikode and Roca Bathroom Products Private Limited.

He also holds directorship in Ambadi Investments Limited, AMM Foundation and Kanoria Chemicals & Industries Limited. He held various positions in the Murugappa Group in the past. Mr. Vellayan has vast experience in Fertilisers Business, General Management and Financial Planning.

Mr. Sameer Goel Managing Director

Mr. Sameer Goel is the Managing Director of the Company. He holds a Post Graduate Diploma in Management from IIM, Ahmedabad, and a Bachelor’s Degree in Economics from St. Stephens College, New Delhi. He started his career in 1987 with GlaxoSmithKline Consumer Healthcare (GSK) as Area Sales Manager and rose from ranks in a career spanning more than 26 years.

He held various positions in GSK in India, Middle East, Africa and London. Prior to joining Coromandel, he had a brief stint in Cipla Limited as Country Head – India. He has been the Managing Director of Coromandel International Ltd since October 2015. Under his leadership, Coromandel has shown all round growth in performance and employee engagement. The Company has become debt free and it has been rewarding to all stakeholders.

He is on the board of International Fertilizer Association, representing South Asia, and on the board of Fertiliser Association of India. He also holds directorship in Tunisian Indian Fertilizers SA, Tunisia. He has been elected as the Chairman of the Confederation of Indian Industry for Telangana state for the year 2021-22 and is a member of the several national committees on agriculture.

Shareholding Pattern

Financial Performance

10 years of strong performance


I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Disclaimer - Not an recommendation. Source - Company's website, annual report and investor presentation

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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