Godrej Agrovet Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 2,994.98 Cr (+16.65% YoY) and PAT growth of +21.83% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,994.98 Cr (+16.65% YoY) |
| PAT (Q2) | Rs. 102.75 Cr (+21.83% YoY) |
| EBITDA margin | 7.40% (-122 bps YoY) |
| EPS (Q2) | Rs. 5.99 (+24.53% YoY) |
Revenue growth accelerated to 16.65% YoY with Animal Nutrition delivering 32.01% segment-profit growth despite maize inflation, but EBITDA was flat (+0.16%) with margin down 122 bps as material costs outpaced revenue. H1 operating cash flow turned negative at Rs.(142.20) Cr on a Rs.474.91 Cr inventory build, cash fell to Rs.3.72 Cr, and H1 PBT of −3.33% YoY leaves management's mid-teens FY27 PBT growth guidance dependent on a sharp H2 acceleration.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "revenue growth likely continues off the soft base" | +16.65% YoY | Played out |
| Margins | "likely compressing at the gross level, with partial offsets" | EBITDA margin 7.40% vs 8.61% | Played out |
| Crop Care swing factor | weak monsoon vs undemanding base | Revenue +27.89%; result −5.55 (loss) | Partially |
| Feed margin bridge | un-passed maize inflation to squeeze cattle-feed economics | AN result +32.01% despite CoM +23.27% — better than feared | Contradicted |
| Dairy pressure | milk inflation to keep Dairy PBIT negative | (3.87), loss widened QoQ | Played out |
| Oil Palm realisations | duty cut a H2 headwind; Q2 only clipped at the end | VO margin −388 bps YoY; duty cut effect still ahead | Partially |
| Guidance delivery | precise FY27 range owed "by end of quarter 2" | Filing silent; H1 PBT −3.33% vs mid-teens target — remains open for the call | Not observable in filing |
| Working capital strain | implicit from inflation + Q1 cost pattern | CFO H1 −142.20, CFO/PAT −0.62x | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 consolidated PBT growth: "mid-teens" | Reaffirmed on the Q1 FY27 earnings call ("we had given a guidance of roughly around mid-teens"), originally set at the Q4 FY26 call | H1 FY27 PBT −3.33% YoY; Q2 PBT before JV +4.90% — H1 | Off track |
| FY27 consolidated revenue growth: double-digit; precise range promised "by the end of quarter 2" | Q1 FY27 call: "I'll be in a better position to tell you by the end of quarter 2" | H1 +12.90% YoY; Q2 +16.65% — growth); range not in the filing — the results document contains no updated guidance | On Track |
| Animal Nutrition double-digit revenue growth | Prior earnings-call guidance | Q2 +13.95% | On Track |
| Crop Care full-year guidance promised "more by end of quarter 2" | Q1 FY27 call | Not contained in the results filing | Too Early |
| Oil Palm capex Rs.300–350 Cr (group Rs.350–400 Cr) | Q4 FY26 call | H1 consolidated PPE acquisition Rs.171.58 Cr — run-rate within envelope | On Track |
| Crop Care recovery expected in H2 off a soft base | Q1 FY27 call, CEO "cautiously optimistic" | Q2 revenue +27.89% but segment result swung to (5.55) from +16.33 — revenue yes; profit no | Too Early |
| Oil Palm margin dip in Q1 was "phasing", to be recovered by year-end | Q1 FY27 call | Q2 Vegetable Oil margin still 388 bps below year-ago (17.74% vs 21.62%) | Not yet visible |
| AN growth led by volume and operating leverage | Q1 FY27 call | AN result +32.01% on revenue +13.95%, margin +92 bps | Confirmed |
| Balance-sheet efficiency focus (FY26 NWC 25 days vs 39) | Prior calls / AGM | H1 CFO −142.20; inventories +467.38 vs March | Contradicted this half |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.