Synopsis: Two agri-chemical majors delivered contrasting Q4 FY26 performances—one excelled in scale and volume growth, while the other stood out for its margins and innovation-led business model.
India’s agrochemical sector is navigating a difficult phase – global demand contraction, domestic pricing pressure, elevated channel inventories, and regulatory disruptions in biologicals have weighed on the industry through most of FY26. Against this backdrop, two of the country’s most closely watched agri-input companies have reported their full-year and quarterly results, offering investors a study in contrasting business models, margin profiles, and growth strategies.
The Headline Numbers: Revenue Growth vs Margin Pressure
On the surface, Coromandel looks like the stronger Q4 performer. Revenue from operations rose 20% year-on-year to Rs 6,004 crore in Q4 FY26, against PI Industries’ consolidated revenue of Rs 1,565 crore – a 12% decline over the same period. For the full year FY26, Coromandel’s revenue surged 31% to Rs 31,480 crore, while PI’s revenue fell 16% to Rs 6,714 crore.
But revenue alone does not tell the full story. PI Industries held an EBITDA margin of 22% in Q4 FY26, even as it declined from 26% in Q4 FY25. Coromandel’s EBITDA margin stood at a much thinner 8% for the quarter and 10% for the full year. PI’s business is structurally a high-margin, innovation-driven model. Coromandel’s strength lies in scale and volume – it operates across fertilisers, specialty nutrients, and crop protection, where margins are naturally compressed.
Profitability: A Stark Contrast
Where the gap becomes very clear is in profitability. PI Industries reported a net profit of Rs 200 crore for Q4 FY26 almost 40% down from March 2025, while Coromandel’s PAT collapsed 80% to just Rs 115 crore for the same quarter. The sharp fall at Coromandel was driven by exceptional items of Rs 71 crore and higher depreciation of Rs 165 crore – largely a consequence of its acquisition of NACL Industries, which became a subsidiary in August 2025.
For the full year, PI’s PAT of Rs 1,321 crore compares with Coromandel’s Rs 1,898 crore. Coromandel wins on absolute profit, but the gap narrows sharply when you weigh in that PI achieves this from a far smaller revenue base – and with an EBITDA margin that is more than double Coromandel’s.
Segment Performance: Where Each Company Stands
Coromandel’s dominant segment remains nutrients – fertilisers including NPK, DAP, SSP, MOP, and urea. Nutrients revenue for FY26 reached Rs 27,727 crore, growing 28%. Urea volumes surged 66.6%, and total NPK+DAP volumes grew 7.3% for the full year. However, manufactured NPK+DAP volume was flat, while imports filled the growth gap. In Q4 alone, manufactured NPK+DAP fell 12.8%, indicating some production-side pressur
The Crop Protection Chemical (CPC) segment is where Coromandel is building differentiation. Standalone CPC revenue grew 16% to Rs 3,054 crore in FY26, with PBIT margin expanding meaningfully from 14% to 19%. Including newly acquired NACL Industries, consolidated CPC revenue jumped 50% to Rs 3,968 crore. This is arguably Coromandel’s most exciting segment for the future.
PI Industries operates a fundamentally different model. Its core business is custom synthesis and manufacturing (CSM) for global agrochemical innovators, along with a domestic branded agri-input business. Agchem exports declined 19% in FY26 due to global industry contraction and high base effects, while domestic agri revenue fell 7% on account of adverse weather, lower crop prices, and biological segment disruptions. However, PI commercialised five new molecules in exports and launched four products domestically in FY26 – which keeps its pipeline active and future-facing.
The Pharma Wildcard
One segment where PI is clearly gaining momentum is pharma. Through its subsidiary PI Health Sciences (PIHSL), the company reported pharma revenue growth of 40% year-on-year in FY26 to Rs 300.5 crore. In Q4 alone, growth was 23%. While still loss-making at the PBT level, enquiries from CRDMO customers jumped to 295 in FY26 from just 69 in FY25 – a sign of an accelerating pipeline. Coromandel has no comparable diversification play at this stage.
Balance Sheet and Capital Allocation
Both companies maintain a net debt-to-equity ratio of 0.0 times – a strong position. PI Industries holds surplus cash net of debt of Rs 3,427 crore, giving it significant strategic flexibility. It spent Rs 1,151 crore in capex in FY26, expanding manufacturing capacity and R&D. Coromandel, meanwhile, is deploying capital aggressively through inorganic moves like the NACL acquisition, which widens its crop protection footprint.
Who Is Winning the Race?
The honest answer is that they are running different races. Coromandel is winning on scale, volume, and revenue growth – its fertiliser business benefits from government subsidy frameworks, large distribution reach, and a strong domestic cycle. PI Industries is winning on quality of earnings, innovation depth, and long-term portfolio construction. In a recovering global agri-chem cycle, PI’s pipeline of 90-plus molecules and pharma diversification may prove to be the more durable edge. For now, Coromandel leads on topline; PI leads on margin.
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