Fertilizers industry

28 companies · ₹1.6 L cr · 10 with AI deep dives · Q1FY27 report

Geopolitical raw-material shock exhausts inventory buffers and outpaces NBS relief, flagging Q2 margin reset

Turning upmargin troughed at 6.3% and has risen for 5 quarters to 9.4%, on positive revenue growth

Revenue YoY: +17.7%
EBITDA margin: 9.4%; -20bps YoY
Price, 1 year: -28.1%; 21% of names up
P/E vs own 5y: -24.5%; 11.6x now

Exhibit 1The quarter in numbers

constant panel of 14 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	35,704 cr	30,380 cr	+17.5%	30,329 cr	+17.7%	43,869 cr	-18.6%
EBITDA margin	9.4%	7.1%	+230bps	9.6%	-20bps	9.9%	-50bps

Revenue

Jun 26: 35,704 cr
Mar 26: 30,380 cr
QoQ: +17.5%
Jun 25: 30,329 cr
YoY: +17.7%
Peak: 43,869 cr
vs peak: -18.6%

EBITDA margin

Jun 26: 9.4%
Mar 26: 7.1%
QoQ: +230bps
Jun 25: 9.6%

Sept 26: 0 of 14 reported so far, so it is not in the trend above.

Breadth: 86% of 14 companies grew revenue year on year (was 79% a quarter earlier) and 43% expanded margin (was 43%).

Exhibit 2What it costs

7.67x - 16.02x across the panel today

The median name trades at 11.6x, -24.5% against this industry's own 5-year median of 15.4x, and -59.4% against its own peak of 28.6x.

Exhibit 3Structure

₹1.6 L cr

Coromandel International Ltd is 32.5% of this industry by market cap. The top 5 are 83.3% and the top 10 are 96.7%.

large 1mid 3small 7micro 1714 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 11.62x, 5y ROCE above its median of 12.52%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 28)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Coromandel International Ltd	₹51,327 cr	27.9x	14.9x	23.2%	10.2%	+15.9%	Unlock
Fertilizers & Chemicals Travancore Ltd

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindWest Asia shock drives sulphur, phosphoric acid and ammonia to multi-year highs6 managements

Every reporting company cited the Strait of Hormuz and Red Sea disruptions as the primary driver of input cost inflation in Q1 FY27. Sulphur surged from ~₹65,000-70,000/tonne in…

COROMANDEL (Q1FY27): “Phosphoric acid prices for Q2 has been settled at $1,700 as compared to $1,360 prevailed…”

mixed4 managements headwind2 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 3 companies

1-3

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Shiva Global Agro Industries Ltd	₹38 cr	-	7.4x	4.4%	2.5%	+17.4%	Unlock