Godrej Agrovet (GODREJAGRO) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenues grew 11.2% year-over-year to INR 2,614 crore, with EBITDA up 19.6% and PAT up 13.0%, driven by strong Vegetable Oil and Astec LifeSciences performance, while Animal Feed, Dairy, and Poultry & Processed Foods faced margin pressures.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, with limited review reports carrying unmodified opinions from auditors.

• Leadership transition announced: Sunil Kataria to succeed Balram S. Yadav as CEO and MD.

• ESG initiatives advanced, with significant progress in renewable energy, water positivity, and GHG emission reduction.

Financial highlights

• Consolidated revenue from operations rose to INR 2,614 crore in Q1 FY26 from INR 2,351 crore in Q1 FY25; net profit after tax was INR 168.89 crore, up from INR 136.39 crore.

• EBITDA margin improved to 10.8% from 10.0% year-over-year; PAT margin stable at 5.7%.

• Profit before tax increased to INR 188 crore from INR 151 crore year-over-year; basic EPS for Q1 FY26 was INR 8.78, up from INR 7.09.

• Animal Feed segment saw 8% volume growth but flat revenue and margins due to lower realizations and higher input costs.

• Vegetable Oil segment revenue up 113.3% and segment margin up to 18.9% on higher CPO/PKO realizations and fruit bunch arrivals.

• Crop Protection revenue reached INR 402.57 crore with EBIT of INR 116.46 crore, up from INR 364.50 crore and INR 86.76 crore in Q1 FY25.

• Dairy segment revenues flat; milk volumes up 2% but margins compressed due to higher procurement prices and increased ad spend.

• Poultry and processed foods segment revenue and margins declined due to lower volumes and muted realizations in livestock.

Outlook and guidance

• Maintains early teens top-line growth guidance for FY26, with profit growth expectations unchanged.

• Crop Protection domestic business targets 30% revenue growth for the year, with margin guidance at 28%-30%.

• Astec LifeSciences expects EBITDA breakeven for FY26 and targets INR 500 crore turnover, with CDMO business aiming for over INR 300 crore revenue.

• Dairy segment aims to maintain 6%-7% EBITDA margins (including media spend) and increase value-added product salience to 50% in two years.

• Continued focus on branded offerings and scaling down live bird segment in Poultry & Processed Foods.