Sharekhan's research report on Coromandel International
Company reported a revenue of Rs. 4,988 crore (up 27.5% y-o-y), with strong performance in both Nutrient & Allied business and the Crop Protection business. Operating profit of Rs. 426 crore (up 56% y-o-y) was led by the revenue growth and increase in margin in the CPC business. Focus on backward integration and investment in CDMO, specialty chemicals and drone business would drive long-term growth.
Outlook
We maintain a Buy with a revised PT of Rs. 2,535, assigning a multiple of 26x on FY27 EPS due to backward integration and increasing presence in non-fertilizer business. At CMP, the stock trades at a valuation of 27.4x/22.8x to its FY26E/FY27E EPS.
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