Godrej Agrovet (GODREJAGRO) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw consolidated revenues grow 11% year-over-year to ₹2,718 crore, with profit before tax up 23% and EBITDA growth of 25%, driven by margin expansion, operational efficiencies, and strong segment contributions.

• Nine-month consolidated revenues reached ₹7,900 crore, up 9% year-over-year; profit before tax (excluding exceptional items) rose 17% to ₹482 crore.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved, with limited review reports carrying unmodified opinions.

• Financial statements prepared in accordance with Ind-AS and reviewed by statutory auditors.

• Animal Feed and Vegetable Oil segments delivered robust volume and margin growth, while Dairy and Crop Protection faced headwinds from higher input costs and adverse weather.

Financial highlights

• Q3 FY26 consolidated revenue was ₹2,718 crore, up 11% year-over-year; EBITDA was ₹260 crore, up 13.6%; PBT before non-recurring items was ₹169 crore, up 23.1%.

• PAT before non-recurring items grew 33.9% to ₹133 crore; EBITDA margin improved to 9.6%.

• For 9M FY26, revenue rose 9% to ₹7,900 crore, EBITDA up 8.9% to ₹763 crore, and PBT up 13.2% to ₹482 crore.

• Animal Feed segment volumes up 12% year-over-year in Q3; cattle feed volumes surged 21%.

• Vegetable Oil segment revenue up 27% year-over-year, with segment results up 25%.

Outlook and guidance

• Astec LifeSciences targets 15% revenue growth in FY27, with CDMO expected to lead growth and margins to improve as demand stabilizes.

• Crop Protection expects healthy growth ex-co-marketing impact in Q4, with new product launches and diversification underway.

• Oil Palm business expects FFB tonnage growth in the 12%-15% CAGR range, supported by acreage expansion and demographic dividend.

• Foods business to focus on branded retail, aiming for continued margin expansion and innovation.

• Continued focus on margin expansion, operational efficiency, and new product development is expected to drive future growth.