Motilal Oswal's research report on Coromandel International
Coromandel International (CRIN) continued to deliver healthy operating performance in 3QFY26 (EBITDA up 11% YoY), supported by continued traction in crop protection (EBIT up 47% YoY). We expect sulphur prices to normalize, while benefits from backward integration are likely to cushion fertilizer margins.
Outlook
We cut our FY26 earnings estimate by 7% due to lower-than-expected earnings in 3QFY26 while maintaining our estimates % for FY26/FY27/FY28. We value the company at ~25x FY28E EPS to arrive at a TP of INR2,800. Reiterate BUY.
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