Coromandel International (CRIN) incurs a major raw material (RM) cost in the form of phosphoric acid (38-40% of RM cost, based on our assumption). Consequently, the 30% YoY spike in the price of phosphoric acid in FY19YTD is likely to have exerted pressure on its margins in 1HFY19. Tackling near-term margin headwinds, too, appears to be a tough job. In this report, we, thus, attempt to analyze supply, demand and raw material (rock phosphate and sulphuric acid) cost trends, which primarily dictate the phosphoric acid prices.