Analysts/Institutional Investor Meet/Con. Call Updates

Ref. No: 2026-27/033 July 31, 2026 National Stock Exchange of India Limited BSE Limited, Exchange Plaza, 5th Floor, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Bandra (E), Mumbai 400 051 Mumbai 400 001. Symbol: COROMANDEL Scrip Code: 506395 Dear Sir / Madam, Sub : Transcript of conference call held on July 24, 2026 This is in furtherance to our letter dated July 24, 2026, regarding the upload on our website, the audio recording of conference call held with analysts and investors, to discuss financial results of the Company for the quarter ended June 30, 2026. We wish to submit that the transcript of the Conference Call held on July 24, 2026 has been uploaded on the website of the Company at https://www.coromandel.biz/investors/investor-call-transcripts/ pursuant to Regulation 46(2)(oa)(ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We kindly request you to take the above submission on record. Thanking you, Yours truly, For Coromandel International Limited B. Shanmugasundaram Company Secretary & Compliance Officer Encl. a/a: Coromandel International Limited Q1FY27 Earnings Conference Call July 24, 2026 MANAGEMENT: MR. SANKARASUBRAMANIAN S – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – COROMANDEL INTERNATIONAL LIMITED MR. DEEPAK NATARAJAN – CHIEF FINANCIAL OFFICER – COROMANDEL INTERNATIONAL LIMITED MODERATOR: MR. MANISH MAHAWAR – ANTIQUE STOCK BROKING LIMITED Page 1 of 20 Coromandel International Limited July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Coromandel International Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Mahawar from Antique Stock Broking. Thank you, and over to you, sir. Manish Mahawar: Thank you, Shruti. On behalf of Antique Stock Broking, I'm pleased to host today's earnings call of Coromandel International. Today, we have Mr. Sankarasubramanian S, Managing Director and CEO; Mr. Deepak Natarajan, CFO, on the call. Without further ado, I would like to hand over the call to Mr. Sankar for opening remarks. Post which we'll open the floor for Q&A. Thank you, and over to you, Mr. Sankar. S. Sankarasubramanian: Good afternoon, everyone and thank you Manish for organising the call. I will begin with an overview of the business environment experienced during the quarter and provide an update on Coromandel's operational performance. Thereafter, I will request Deepak to take you through the financial performance. On the agriculture side, India witnessed 23% of deficit rainfall on the long period average with most of the regions reporting lower rainfall. It has moderated fertilizer offtake as well in the current month. June was one of the driest months, and we have seen some recovery in the last few days, especially in Gujarat and Central regions, and this deficit has moderated to 17%. All India reservoir levels stood at 34% of capacity versus 57% last year and Southern reservoirs have come down to 28% versus 65% last year. On crop acreages, picture is slightly mixed. While there is a drop in pulses by 15%, oilseed by 6% and cotton by 6%, paddy acreages have come back to normal, aided by early monsoon in the paddy belt. With monsoon activity improving during July, sowing momentum has picked up, and we expect the acreages gap to narrow further over the coming weeks. Overall, farmer sentiment remains relatively cautious, influenced by uncertainty around monsoon and variability in agri commodity and input prices. On the regulatory side, government is quite active with a lot of policy announcements during this quarter. The government has approved national investment policy for urea, which could potentially facilitate 9 million to 10 million tons of additional domestic urea capacity over the next 8 years across 7 proposed projects. In parallel, the announcement of INR37,500 crores coal and lignite gasification scheme is expected to support the development of domestic syngas-based feedstocks and progressively reduce India's dependence on imported ammonia and other energy input over the medium term. Page 2 of 20 Coromandel International Limited July 24, 2026 The government has also initiated a pilot implementation of National Fertilizer sales framework, introducing QR code-enabled traceability across fertilizer transactions by integrating farmer, land and sales data. If scaled effectively, this initiative can be very transformative for the sector, enabling a shift from conventional distribution system to more transparent data-driven and nutrient stewardship-based farming systems. The quarter was characterized by challenging operating environment for the phosphatic sector. Global prices of key raw materials, including phosphoric acid, ammonia and sulphur remained elevated, driven by continued geopolitical uncertainties and supply disruptions. On the subsidy front, the government announced increase of about 10% in subsidy rates across Nitrogen, Phosphatic and Sulphur nutrients under the NBS regime. This rate has been announced without factoring the Middle East crisis situation. These rates do not fully compensate for the increase in global raw material costs, which happened subsequent to Middle East crisis. The industry continues to engage closely with the Department of Fertilizers on the need for a review, and we remain hopeful of a positive outcome on this front. This sort of subdued subsidy rates, especially for NP/NPK fertilizers have impacted production and imports during the quarter, which were down by 21% and 38%, respectively. On the demand side, consumption remained stable, especially farmers picking up lower MRP stocks in the first quarter and the industry maintained the same consumption sales volume of phosphatic fertilizer in the first quarter as compared to last year. Globally, there has been some impact on shortage of raw materials and production cuts announced by major manufacturers due to Middle East conflict. This has led to lower availability of key raw materials like sulphur, acid and ammonia, resulting in surge in prices. However, the fortunate point is that industry inventories remain comfortable despite lower production and imports. In fact, Urea and DAP stocks are reasonably comfortable and NPK stocks are also comfortable at this point of time to see through this kharif season. But it is very critical the industry continues to sustain production and imports in the next 2 months to ensure that the carryover inventory into rabi is augmented for the smooth completion of rabi season as well. On the crop protection sector, domestic market was muted. It's the early part of the kharif season. Demand was impacted due to delay in crop sowings. However, the export markets have shown improvement, although the market remains cautious and is waiting for price stabilization. There has been a shift in biological products globally as well as in India, and we continue to witness healthy growth driven by increased adoption of sustainable agricultural practices. In this backdrop, very happy to note that Coromandel has reported a very resilient performance, especially fertilizer business delivered very strong numbers in spite of a lot of headwinds that prevailed during this quarter. Page 3 of 20 Coromandel International Limited July 24, 2026 We have taken a conscious call to moderate production to 6.9 lakh tons compared to 8.4 lakh tons, roughly representing 72% of capacity utilization as the business prioritized inventory optimization amid volatile raw material markets. Phos acid production also got moderated to 1.2 lakh tons, more or less in line with last year. Ideally, we shou [Showing first 8,000 characters — download PDF for full document]