Motilal Oswal's research report on Coromandel International
Coromandel International (CRIN) reported subdued operating performance in 2QFY25 (EBIT down 10% YoY) due to a lower NBS rate and high raw material prices, partly offset by healthy performance from the crop protection business (EBIT up 24% YoY). With improved reservoir levels and forecasts of above-normal northeast monsoons, the company is expecting healthy growth in fertilizer volumes in the upcoming quarters. This, coupled with the bottoming out of agrochemical prices, should lead to better performance in 2HFY25. We maintain our FY25/FY26 earnings estimates. We value the company at ~25x Sep’26E EPS to arrive at a TP of 2,000. Reiterate BUY.
Outlook
We maintain our FY25/FY26 earnings estimates. We value the company at ~25x Sep’26E EPS to arrive at our TP of 2,000. Reiterate BUY.
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