Coromandel International Ltd

FROM STRATEGY TO IMPACT7

Dear Shareholders

Resilient Bharat Continues to Empower Coromandel's Growth Story

The agricultural sector remains central to India's growth story. In FY 2025, foodgrains production reached 354 million tons, marking a 6% increase over the previous year, underscoring the resilience of our Annadatas. Government measures such as the enhanced PM-Kisan Samman Nidhi, expanded soil health card coverage and increased agri-infrastructure spending have boosted farmer incomes and improved rural demand. On the macro front, India recorded GDP growth of 6.5%, driven by robust private investment and stable inflation near 5%. These factors continue to support agri-input producers like Coromandel, as balanced policies and favourable environment reinforce our market fundamentals.

Company Performance

Against this backdrop, Coromandel delivered solid financial results in FY 2025. We achieved revenue of INR 24,064 Cr, up 9% year-on-year and EBITDA of INR 2,656 Cr, an 11% increase. Profit after tax rose by 13% to INR 1,941 Cr. These outcomes reflect prudent financial management and operational efficiency across our value chain.

Scaling Up with Confidence: Strategic Capex and Innovation in Action

Our performance was underpinned by significant capital investments across our operations. Demonstrating "Agility in Action," we had earlier commissioned the 1,650 TPD sulphuric acid plant at Visakhapatnam and are advancing the 650 TPD phosphoric acid and 2,000 TPD sulphuric acid expansions at Kakinada.

A new granulation train at Kakinada under implementation will add a further 7.5 lakh tonnes of NPK fertiliser production capacity. We have also signed a JV agreement to convert gypsum by-product from phosphoric acid manufacturing into building material products. In crop protection, we are investing to expand the AI manufacturing capacity at Dahej. The acquisition of a majority stake in NACL Industries, subject to statutory approvals, will strengthen our domestic formulations business and broaden our portfolio in Technicals export business.

We are also opening 400 new retail outlets in the upcoming year across five states, in line with our objective to doubling retail presence over the next couple of years. We are investing in digital infrastructure, safety systems and debottlenecking projects. These capex programs, totalling nearly INR 2,000 Cr, represent the highest capital commitment undertaken by the company at any point in its history. They will be executed with a focus on safety and timely completion, underscoring the management's strong confidence in the growth potential of its core businesses and exemplifying our commitment to swift, efficient execution of growth initiatives.

Innovation remains a key growth driver. We have marketed 3 million bottles of Nano DAP till date. The Nanotechnology Center in Coimbatore is now fully operational, supporting product development in nano-enabled nutrients and bio-stimulants. Across the company, we launched 19 new products during the year, reflecting our continued emphasis on innovation and customer-centric solutions. In crop protection, we launched 10 new products, including three patented formulations, to address emerging pest challenges while maintaining safety standards.

We also accelerated Agri-tech and digital initiatives. Our Gromor Drive drone fleet, along with our retail stores have completed spraying operations on 2.2 lakh acres, saving up to 80% water compared to conventional methods. The MyGromor digital platform now serves about 10 lakh farmers, offering advisory, weather forecasts and input recommendations.

Our Digital Data Centre (DDC) initiative has started delivering tangible benefits by enabling faster and more informed decision-making. Encouraged by its success, we have now embarked on the next phase of DDC 2.0, aimed at broadening its scope and embedding data-driven intelligence deeper into our organisation. During FY 2026, we will also be investing in Artificial Intelligence modules and scalable use cases that will unlock efficiencies and enhance customer engagement. By integrating data analytics and AI across business functions, we believe we will be able to unlock significant value by improving our responsiveness, optimize planning and bring greater visibility into operations.

Purpose-Led Progress: Delivering on Our ESG Vision

Sustainability and responsible practices guide our actions. At Coromandel, our "growth focus" shall have sustainability at its core. Coromandel's ESG framework, built around minimizing resource use, protecting the planet and inclusive growth will guide us towards sustainable growth. We commissioned a 6 MLD desalination plant and a 20 MW waste heat recovery system, reducing freshwater usage by 11% and lowering carbon emissions by 13%. Zero liquid discharge at twelve production units underscores our commitment to water stewardship. We continue to maintain a healthy greenbelt presence to cover 41% of our operational land, enhancing biodiversity and community well-being. Our CSR programs reached 1 million beneficiaries through initiatives in education, rural infrastructure and health.

Building for Tomorrow: Deepening the Core and Expanding Horizons

Looking ahead to FY 2026 and beyond, our strategic priorities are clear. We will continue to strengthen the core by completing capacity expansions and securing raw material security. We will drive innovation and new product launches across nutrients and crop protection. We will also scale digital and advisory services to deepen farmer engagement and improve agri-productivity. Coromandel will also continue to evaluate investment opportunities in adjacencies and step-out areas, with a few projects under active assessment.

Welcoming the new members to Coromandel Board

I would like to take this opportunity to warmly welcome Mr. Natarajan Srinivasan and Mr. Durgashankar Subramanian to our Board. Mr. Srinivasan has been appointed as Executive Vice Chairman and brings over 35 years of experience. A senior leader from the Murugappa Group, he has held key positions including Group Finance Director and Executive

Vice Chairman of Cholamandalam Investment and Finance Company. Most recently, he led the turnaround of CG Power and Industrial Solutions, earning the "Transformative Leader of the Year" award. His strategic insights will further strengthen Coromandel's leadership and governance. Mr. Durgashankar Subramanian is currently Chairman of Mahindra Integrated Business Solutions and Sector CFO for the Aerospace & Defense businesses of the Mahindra Group. With over four decades of experience in corporate finance, M&A, investor relations and governance, he has been recognised with multiple CFO awards and was inducted into CFO India's Hall of Fame in 2023. His expertise will be a valuable addition as we pursue long-term value creation.

Thank You All for Being Our Partners in Growth

I would like to express my heartfelt appreciation to all Coromandel-ites across our factories, field locations and offices. Your passion, agility and unwavering commitment have been the backbone of our company's progress. Whether driving operational excellence, executing projects on time, supporting farmers on the ground, or innovating new solutions, your collective effort has been central to everything we have achieved. The Coromandel growth story is a reflection of your dedication and I thank each one of you for being the driving force behind our aspirations.

I would also like to thank all members of the Board for their continued support, strategic counsel, and stewardship in guiding the company's long-term priorities. A special note of appreciation goes out to our esteemed shareholders for your consistent trust, patience, and belief in Coromandel's vision. Your confidence in our strategy has encouraged us to take bold decisions, invest in future growth, and stay focused on creating sustainable value. I also extend my sincere gratitude to our channel partners and all other stakeholders - financial institutions, business associates, suppliers and communities, whose collaboration and commitment continue to propel Coromandel's journey forward.

A special note of gratitude goes to India's farmers, whose unwavering spirit and relentless commitment continue to inspire us. Their work not only sustains the nation but also drives it forward. At Coromandel, we remain deeply committed to supporting their growth and playing our role in the broader vision of nation-building.

With the ongoing support from all of you and the blessings we receive from the Almighty, I am looking forward to the exciting opportunities ahead. Together, with agility and shared purpose, we will continue to build on our strengths, explore new opportunities and deliver long-term value.