India’s agrochemical industry faced a difficult FY26 as weak global demand, pricing pressure in the domestic market, high channel inventories and disruptions in biological products weighed on growth.
Against that backdrop, Coromandel International and PI Industries reported sharply different performances. Coromandel expanded faster. PI Industries preserved profitability and continued to build its innovation pipeline.
Revenue Growth Favors Coromandel
Coromandel posted revenue from operations of Rs 6,004 crore in the March quarter, up 20% from a year ago.
PI Industries reported consolidated revenue of Rs 1,565 crore, down 12%.
The trend was similar for the full year.
- Coromandel FY26 revenue: Rs 31,480 crore, up 31%
- PI Industries FY26 revenue: Rs 6,714 crore, down 16%
Coromandel benefited from its larger fertiliser business and wider domestic reach.
Margins, however, remained in PI Industries’ favor.
- PI Industries Q4 EBITDA margin: 22%
- PI Industries Q4 FY25 EBITDA margin: 26%
- Coromandel Q4 EBITDA margin: 8%
- Coromandel FY26 EBITDA margin: 10%
PI’s custom manufacturing business typically delivers higher margins. Coromandel’s exposure to fertilisers and nutrients keeps profitability lower despite larger volumes.
Profit Numbers Tell A Different Story
PI Industries reported a net profit of Rs 200 crore in Q4 FY26, nearly 40% lower than a year earlier.
Coromandel’s quarterly profit after tax fell 80% to Rs 115 crore.
The decline was linked to:
- Exceptional items of Rs 71 crore
- Higher depreciation of Rs 165 crore
The increase in depreciation followed the acquisition of NACL Industries, which became a subsidiary in August 2025.
For the full year, Coromandel remained ahead in absolute profit.
- Coromandel FY26 PAT: Rs 1,898 crore
- PI Industries FY26 PAT: Rs 1,321 crore
PI, however, generated those earnings from a much smaller revenue base.
Coromandel’s Nutrients Business Remains The Mainstay
Fertilisers continued to account for the bulk of Coromandel’s business.
Its nutrients portfolio includes:
- NPK
- DAP
- SSP
- MOP
- Urea
Revenue from the segment rose 28% to Rs 27,727 crore in FY26.
Volume trends were mixed.
- Urea volumes jumped 66.6%
- Combined NPK and DAP volumes increased 7.3%
- Manufactured NPK and DAP volumes remained flat for the year
- Manufactured NPK and DAP volumes fell 12.8% in the fourth quarter
Imports helped bridge the gap in volumes.
Crop Protection Business Expands
Crop protection chemicals emerged as a fast-growing segment for Coromandel.
Standalone revenue from the business increased 16% to Rs 3,054 crore in FY26.
PBIT margin improved sharply.
- FY25 PBIT margin: 14%
- FY26 PBIT margin: 19%
After including NACL Industries, consolidated crop protection revenue climbed 50% to Rs 3,968 crore.
PI Industries Focuses On New Molecules
PI Industries derives a large part of its business from custom synthesis and manufacturing for global agrochemical companies. It also sells branded agri-input products in India.
During FY26:
- Agchem exports declined 19%
- Domestic agri revenue fell 7%
- Five new molecules were commercialised in exports
- Four products were launched in the domestic market
Lower exports reflected weak global demand and a high base. Domestic sales were affected by adverse weather, lower crop prices and disruptions in the biological segment.
Pharma Business Gains Traction
PI’s pharmaceutical business continued to grow through subsidiary PI Health Sciences (PIHSL).
Pharma revenue rose 40% year-on-year to Rs 300.5 crore in FY26.
Growth in the March quarter stood at 23%.
The business remained loss-making at the PBT level. Even so, customer enquiries from CRDMO clients increased sharply.
- FY25 enquiries: 69
- FY26 enquiries: 295
Coromandel does not have a similar diversification business.
Balance Sheets Stay Strong
Both companies maintained a net debt-to-equity ratio of 0.0 times.
PI Industries held surplus cash net of debt worth Rs 3,427 crore.
The company spent Rs 1,151 crore on capital expenditure during FY26 to expand manufacturing capacity and research and development.
Coromandel chose a different route. The acquisition of NACL Industries strengthened its presence in crop protection chemicals.
Different Strengths, Different Strategies
The two companies are pursuing different growth models.
Coromandel’s advantages lie in:
- Scale
- Distribution reach
- Fertiliser volumes
- Exposure to the domestic market
PI Industries’ strengths include:
- Higher margins
- Custom synthesis capabilities
- Product innovation
- A pipeline of more than 90 molecules
- Growing exposure to pharmaceuticals
For now, Coromandel leads on revenue and scale. PI Industries retains the edge on margins and product development.
TL;DR:
Coromandel International posted stronger revenue growth in FY26, helped by its fertiliser business and acquisition of NACL Industries. PI Industries reported lower sales but maintained higher margins, expanded its molecule pipeline and recorded strong growth in its pharma business.
AI summary:
- Coromandel’s FY26 revenue rose 31% to Rs 31,480 crore, while PI Industries’ revenue fell 16%.
- PI Industries reported a higher Q4 EBITDA margin of 22%, compared with 8% for Coromandel.
- Coromandel’s Q4 profit dropped 80% due to exceptional items and higher depreciation.
- Crop protection and pharma emerged as growth areas for Coromandel and PI Industries respectively.
- Both companies remained debt-free during FY26.
