Coromandel International (CRIN) continued to deliver healthy operating performance in 2QFY26 (EBIT up 15% YoY), supported by continued traction in crop protection (EBIT up 34% YoY) and nutrients and allied (EBIT up 16% YoY). A favorable agricultural scenario, supported by above-normal monsoon and high reservoir levels, is expected to sustain the growth trajectory. Moreover, the rising demand for crop protection products, easing global agrochemical channel inventories, the integration of NACL Industries (a company primarily engaged in the agrochemical sector and specializing in crop protection products like insecticides, fungicides, and herbicides), capacity expansion, introduction of new molecules in the crop protection segment, and the rising consumption of NPK are expected to reinforce growth going forward.
OutlookWe have modeled the acquisition of NACL Industries completed during the quarter and raised our revenue estimates by 5%/7%/8% and earnings estimates by 4% for FY26/FY27/FY28, respectively. We value the company at ~28x FY27E EPS to arrive at a TP of INR2,800. Reiterate BUY
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