Kaveri Seed Company (KSCL) Q2 25/26 earnings summary

Executive summary

• Revenue from operations grew 17.09% year-over-year to INR 1,031.91 crore for H1 FY26, with EBITDA up 11.12% and net profit up 7.9%.

• Board recommended and declared a 250% dividend (INR 5 per share) for FY 2025-26.

• Un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were reviewed and approved by the Board on 6 November 2025.

Financial highlights

• Standalone H1 FY26 revenue from operations rose 17.09% to Rs. 1,041.91 crore; EBITDA up 11.12% to Rs. 333 crore; PAT up 7.90% to Rs. 301.45 crore year-over-year.

• Consolidated H1 FY26 revenue up 14.54% to Rs. 1,077.43 crore; EBITDA up 10.14% to Rs. 347.63 crore; PAT up 7.12% to Rs. 310.96 crore year-over-year.

• Cash on books declined to INR 363 crore from INR 559 crore.

• Maize volumes rose 29.7% and revenue increased 56.8% year-over-year.

• Hybrid rice revenue up 21.48%, selection rice up 11.01%, and vegetable seed revenue up 31.06%.

Outlook and guidance

• Management is bullish on maize and vegetable segments for the second half and expects continued strong growth.

• Exports projected to grow 25%-30% year-over-year, targeting INR 35 crore for FY26.

• Q3 and Q4 expected to outperform prior year in both revenue and profitability.

• Industry expected to double hybrid seed market size to $6 billion by 2030.

• Interim dividend of Rs.5 per share recommended for FY 2025-26, reflecting confidence in ongoing performance.