Godrej Agrovet (GODREJAGRO) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was ₹2,994.98 crore, up from ₹2,567.42 crore; PAT rose to ₹102.75 crore from ₹84.34 crore.

• Q2 EBITDA was ₹222 crore, flat YoY, while PBT was ₹131 crore and EBITDA margin 7.4%; reported PBT including associate and JV profit was ₹143.24 crore.

• H1 revenue was ₹5,850.20 crore and PAT ₹231.06 crore; H1 EBITDA was ₹476 crore, down 5% YoY.

• Animal Nutrition and Oil Palm growth offset pressure on Crop Care, Dairy and Astec amid El Niño-related crop weakness and elevated input costs.

• The Board approved unaudited standalone and consolidated results; limited reviews carried unmodified conclusions.

Financial highlights

• Q2 PBT rose 5% YoY to ₹131 crore; EBITDA margin was 7.4%, PBT margin 4.4% and PAT margin 3.4%.

• H1 reported EBITDA was ₹476 crore (-5%), PBT ₹299 crore (-4%) and PAT ₹231 crore (-1%); excluding non-recurring items, EBITDA was ₹480 crore, PBT ₹303 crore and PAT ₹229 crore.

• Q2 consolidated total income was ₹3,016.78 crore and total expenses ₹2,886.09 crore.

• Godrej Foods B2C grew 50%, with B2C salience at 38%; prior-year launches contributed 25% of current business, per management.

Outlook and guidance

• FY27 double-digit PBT growth remains a target, though AgChem weakness and commodity volatility have made the outlook tougher; Crop Care H2 outlook remained muted.

• Oil Palm guidance calls for double-digit FFB volume growth and OER recovery, with a year-end target of 19.7% or higher, subject to conditions.

• Oil Palm EBITDA is targeted to deliver a healthy double-digit CAGR; downstream derivatives are expected to add 2 percentage points to segment EBITDA margin over 2–3 years as they scale.

• Crop Care plans 1–2 new products annually and targets seven crop segments by FY30; Astec targets CDMO at 50%–55% of its business in the midterm.

• Milk prices and dairy margin pressure are expected to persist in Q3; pricing relief is not expected over the next two quarters.