Coromandel Internationals (CRIN) 4QFY15 EBITDA was below estimate at Rs 1.6bn (-11% YoY) led by higher RM cost and low margins in non-subsidy biz (down to 12.9%, -183bps led by lower exports to Brazil). Subsidy situation further deteriorated and Mar-15 receivables are ~50% of FY15?s total subsidy.