Godrej Agrovet is a diversified agribusiness spanning animal feed, crop protection, oil palm, dairy and processed foods, reporting into a quarter shaped by one of the worst monsoon seasons since 2015 (87% of LPA) and sharply higher feed and milk costs. The print will speak to whether management delivers the precise FY27 revenue-growth range and Crop Care full-year guidance it promised by end of Q2, and how cattle-feed and Dairy margins absorb maize and milk procurement inflation.
| Results date | November 06, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,855.22 Cr (+9.21% YoY) |
| Previous quarter PAT | Rs. 128.31 Cr (-13.79% YoY) |
| Previous quarter EBITDA margin | 8.9% |
| Market cap | Rs. 11,452.33 Cr |
| CMP | Rs. 595.2 |
The Board of Directors will meet on November 6, 2026, to consider and approve the unaudited financial results for the quarter and half year ended September 30, 2026 (Q2/H1 FY27).
The Q2 FY27 earnings conference call is scheduled for November 6, 2026, at 4:00 p.m. IST, organized by ICICI Securities. Speakers include Mr. Burjis Godrej (Chairperson), Mr. Sunil Kataria (CEO & MD), Mr. Ravishankar A. (CFO) and Mr. Arijit Mukherjee (COO, Astec LifeSciences).
The central question for this quarter is whether management delivers on the promises it made on the Q1 call: a more precise FY27 double-digit revenue-growth range and full-year Crop Care guidance, both committed 'by the end of quarter 2'.
The input complex moved against the company through the quarter — maize rose from Rs. 23/kg to Rs. 28/kg in three months, feed costs rose 40-60% per industry sources, and cow milk procurement ran about 30% higher than last year — with only 60-70% of maize inflation historically passed through, making the pass-through ratio and cattle-feed EBIT/tonne (guided at Rs. 2,050-2,150, currently at the higher end) the key margin bridge to watch.
The monsoon season ended at 87% of LPA, down 12.6% and the worst since 2015, with El Niño set to peak in November — a complication because guidance explicitly excluded a 'real, real El Niño impact', so watch for the guidance itself to be re-drawn. Crop Care faces a soft Q2 FY26 base of Rs. 139 Cr (-30% YoY), while Q1 momentum was positive in the two largest segments — Animal Nutrition revenue +12.6% with cattle feed volumes +15%, and Oil Palm +28.9% with OER at 18.8%.
On Oil Palm, the 24 September duty cut on crude palm oil (BCD 10% to 5%, effective duty 16.5% to 11%) and softer late-September Malaysian prices (4,674 ringgit/MT on 25 Sep) frame an H2 realisation debate, even as the company targets 17,000-18,000 hectares of area expansion and executes Rs. 300-350 Cr of oil palm capex.
This is also the first call for CFO Ravishankar A. (effective October 1, 2026), with the Crop Care CEO transition effective November 24-25, 2026 adding to the agenda.
Delivery of the promised precise FY27 guidance range: Management set this call as the deadline for sharper numbers.
Crop Care full-year guidance and H2 recovery thesis: Crop Care is the flagged soft spot after a 40%-deficit June.
Oil Palm execution and realisation outlook: Oil Palm is the structural growth engine, but realisations turned mid-quarter.
Feed margin bridge and Dairy profitability: Input inflation is the dominant margin story of the quarter.
Astec tracking and leadership transition: Guidance and organisational changes both converge on this call.
Management committed on the Q1 FY27 call to a more precise double-digit consolidated revenue-growth range 'by the end of quarter 2', alongside full-year Crop Care guidance. It has also reaffirmed mid-teens FY27 PBT growth, though Q1 FY27 PBT fell 10.46% YoY against that.
Management is 'cautiously optimistic' about a Crop Care recovery in H2 FY27, citing a softer base, potential for better weather and new product launches, with full-year guidance promised by end of Q2. The Q2 monsoon was described as having played 'a little erratic', and the season ultimately ended 12.6% below normal.
Management affirmed cattle feed EBIT/tonne guidance of Rs. 2,050-2,150 and said it is performing at the higher end of that range. Cattle feed volumes grew 15% in Q1 FY27 against overall Animal Nutrition segment volume growth of 7%.
Management stated that 'nothing crosses our bridge... until we are doing an IRR of around 16% to 18%' on new oil palm assets. Two key investments — the integrated complex and specialty fats — are underway under the Rs. 300-350 Cr FY27 capex envelope.
In Q1 FY27, Animal Nutrition revenue grew 12.6% with cattle feed volumes up 15% and Bangladesh volumes up 15%, while Oil Palm segment revenue rose 28.9% with OER at 18.8% vs 18.4%. Crop Care was the outlier, with revenue down 16.2% on one of the driest Junes in over a decade.
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