loader2
Login Open ICICI 3-in-1 Account

Godrej Agrovet Results: Latest Quarterly Results & Analysis

Open Free Trading Account Online with ICICIDIRECT
+91
Godrej Agrovet Ltd. 06 Nov 2025 12:08 PM

Q2FY26 Quarterly Result Announced for Godrej Agrovet Ltd.

Agricultural Products company Godrej Agrovet announced Q2FY26 results

  • Revenue: Rs 2,567 crore compared to Rs 2,449 crore during Q2FY25, change 5%.
  • EBITDA: Rs 221 crore compared to Rs 236 crore during Q2FY25, change -6%.
  • EBITDA Margin: 8.6% for Q2FY26.
  • PBT: Rs 125 crore compared to Rs 138 crore during Q2FY25, change -10%.
  • PAT: Rs 84 crore compared to Rs 96 crore during Q2FY25, change -12%.
  • PAT Margin: 3.3% for Q2FY26.

Sunil Kataria, Managing Director, Godrej Agrovet, said: "Godrej Agrovet delivered volume-led revenue growth across most segments, with strong margin improvements, despite softness in the Standalone Crop Protection segment. The Animal Feed business sustained its growth momentum while enhancing segment margins. The Vegetable Oil segment reported stellar improvement in revenue and profitability, driven by higher realizations and operational efficiencies, including record Oil Extraction Ratio (OER) and increased FFB arrivals. Astec significantly reduced losses both sequentially and year-on-year, supported by higher volumes and stronger margins in the enterprise category. The Dairy business continued its upward trajectory, with healthy revenue growth (excluding bulk sales) and resilient margins despite higher milk procurement costs and increased investments in advertising and marketing. Our Poultry and Processed Foods business recorded robust margin expansion, led by strong growth in the branded category and a 19% increase in Yummiez revenue, reinforcing our strategic focus on value-added products."

Result PDF

Agricultural Products company Godrej Agrovet announced Q1FY26 results

  • Revenues: Rs 2,614 crore compared to Rs 2,351 crore during Q1FY25, change 11.2%.
  • EBITDA: Rs 282 crore compared to Rs 235 crore during Q1FY25, change 19.6%.
  • EBITDA Margin: 10.8% for Q1FY26.
  • PBT: Rs 188 crore compared to Rs 151 crore during Q1FY25, change 24.9%.
  • PAT: Rs 149 crore compared to Rs 132 crore during Q1FY25, change 13.0%.
  • PAT Margin: 5.7% for Q1FY26.

B. S. Yadav, Managing Director, Godrej Agrovet, said: Godrej Agrovet Limited reported strong financial performance for Q1FY26 with notable growth in revenues, profitability, and operational efficiencies. The growth in profitability was mainly driven by robust volumes & improved operational efficiencies in the Vegetable Oils business supported by significant reduction in losses in Astec Lifesciences.

In the Animal Feed business, while overall volume growth was a healthy 8%, segment revenue & underlying margins were flat due to lower realizations. In the domestic Crop Protection business, the segment revenue grew marginally by 5% and segment margins were similar year-on-year due to lower net realizations in respect of in-house & in-licensing categories. In our Dairy business, early rains and higher milk procurement prices impacted profitability while segment revenue was flat. In our Poultry & Processed foods business, revenues declined primarily due to lower volumes in live bird category which is in line with our strategy to reduce salience in this category & profitability was impacted due to muted realizations in live bird category. While the branded revenues were flat, contribution margins improved YoY.

Astec LifeSciences reported a growth in revenue of ~ 31% on account of higher volumes in both Enterprise & CDMO categories. EBITDA losses reduced significantly primarily on account of lower raw material costs and higher volumes.

Result PDF

Agricultural Products company Godrej Agrovet announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • The consolidated revenues from operations remained flat at Rs 2,134 crore in Q4FY25 as compared to Rs 2,134 crore in Q4FY24.
  • Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs 160 crore in Q4FY25 as compared to Rs 164 crore in Q4FY24.
  • Company reported Profit before tax*, excluding non-recurring & exceptional items, of Rs 74 crore in Q4FY25 as compared to Rs 83 crore in Q4FY24.

FY25 Financial Highlights:

  • FY25 consolidated revenue from operations was Rs 9,383 crore as compared to Rs 9,561 crore in FY24.
  • Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs 845 crore in FY25 as compared to Rs 757 crore in FY24.
  • Company reported Profit before tax*, excluding non-recurring & exceptional items, of Rs 485 crore in FY25 as compared to Rs 434 crore in FY24.

B. S. Yadav, Managing Director, Godrej Agrovet, said: In the FY25 Godrej Agrovet Limited (GAVL) continued to create value for its stakeholders by focusing on margin expansion initiatives across all its businesses. As a result of this, I am delighted to share that FY25 was the best year of profitability for Standalone Godrej Agrovet Limited. On a consolidated basis as well, profitability improved across all businesses except Astec LifeSciences and Poultry & Processed Foods and Profit before tax (excluding non-recurring & exceptional items) grew by 12%. This growth in profitability was primarily driven by exceptional performance of the domestic Crop Protection business, Vegetable Oil business and margin expansion in Animal Feed business.

The domestic Crop Protection business delivered stellar performance primarily driven by higher volumes of in-house products. The performance of the Vegetable Oil business improved significantly on the back of improved end-product prices. Animal Feed business recorded a significant increase in segment margins led by favorable commodity positions and cost optimization. Our Dairy business continued to build on the remarkable turnaround and profitability improved year-on-year due to focused efforts on improving operational efficiencies and improved milk spread.

The Poultry business recorded a decline in topline and profitability. Decline in topline was on account of lower volumes in live bird category in line with our strategy to improve the salience of branded categories. While volumes in the branded category improved, elevated input costs & unfavorable product & channel mix adversely impacted profitability.

For Astec Lifesciences, FY25 proved to be another challenging year as it was severely impacted by continued demand-supply imbalance, volume headwinds and price corrections in both enterprise and contract manufacturing portfolios.

During the year, Godrej Agrovet continued to focus on achieving the long-term sustainability targets guided by the Godrej Group's Good & Green vision. For second year in a row, we have been included in “A” list – leadership band of Climate Disclosure Project’s (CDP) climate disclosures & also for Water & Forests (Palm Oil) disclosure. GAVL’s CDP scores are ahead of the global averages. We achieved good progress in achieving 2025 sustainability targets led by (a) 81% of energy consumption from clean renewable energy sources as against target of 90% and (b) being a water positive company already conserving 16 times more water than the consumption. The Company has also been conferred with CII’s coveted & prestigious Climate Action Programme ‘CAP 2.0 Award’ in “Oriented” category.

Result PDF

Agricultural Products company Godrej Agrovet announced Q3FY25 results

  • Revenues: Rs 2,355 crore compared to Rs 2,294 crore during Q3FY24, change 2.7%.
  • EBITDA: Rs 233 crore compared to Rs 188 crore during Q3FY24, change 23.7%.
  • EBITDA Margin: 9.9% for Q3FY25.
  • PBT: Rs 163 crore compared to Rs 125 crore during Q3FY24, change 30.4%.
  • PBT margin: 6.9% for Q3FY25.
  • PAT: Rs 124 crore compared to Rs 109 crore during Q3FY24, change 13.8%.
  • PAT margin: 5.2% for Q3FY25.

B. S. Yadav, Managing Director, Godrej Agrovet, said: Driven by stellar performances in Vegetable Oil business, Animal Feed business and Poultry business; Godrej Agrovet has reported robust growth in profitability in Q3FY25. Although topline growth remained modest, EBITDA margins surged significantly, improving by ~200 basis points compared to Q3FY24.

Vegetable Oil business delivered strong growth in profitability in Q3FY25 driven by higher realizationsin respect of end products coupled with an improved Oil Extraction Ratio (OER) compared to same period previous year. Animal Feed business also witnessed a remarkable improvement in segment margins due to favorable commodity positions. While overall volumes grew marginally as compared to Q3FY24, sequential volume surged by 10%. This growth was primarily driven by strong performance in the cattle, broiler, and layer feed segments. In Poultry business, while live bird volumes decreased in line with our strategy to focus on branded business, branded volumes improved marginally resulting in decline in topline. Profitability improved significantly due to higher realizations in the live bird segment compared to Q3FY24.

Astec's EBITDA losses improved sequentially in Q3FY25, narrowing from Rs 18 crore in Q2FY25 to Rs 4 crore. This was due to higher CDMO volumes but offset by lower realizations in the key Enterprise products. EBITDA losses also narrowed YoY from Rs 17 crore in Q3FY24 to Rs 4 crore in Q3FY25. We expect to see improvement in performance in the coming quarters. In Domestic Crop Protection business lower sales volumes in in-license category negatively impacted segment revenue and margins during Q3FY25. This decline was primarily attributed to localized extreme weather events in key markets and subdued crop prices.

Result PDF

Agricultural Products company Godrej Agrovet announced Q2FY25 results

  • Revenue: Rs 2,449 crore, compared to Rs 2,571 crore during Q2FY24, change -4.8%.
  • EBITDA: Rs 221 crore, compared to Rs 215 crore during Q2FY24, change 2.9%.
  • EBITDA Margin: 9.0% for Q2FY25.
  • Profit before Tax: Rs 123 crore compared to Rs 134 crore during Q2FY24, change -8.3%.
  • PBT Margin: 5.0% for Q2FY25.
  • Profit after tax (PAT): Rs 104 crore compared to Rs 105 crore during Q2FY24, change -1.1%.
  • PAT Margin: 4.3% for Q2FY25.

B. S. Yadav, Managing Director, Godrej Agrovet, said: Godrej Agrovet continued to deliver robust improvement in profitability with the exception of Astec LifeSciences and Poultry business. EBITDA margins (excluding non-recurring items) improved in Q2FY25 by ~70 bps and ~130 bps excluding Astec as compared to Q2FY24. All the segments, with the exception of Astec LifeSciences and the Poultry business achieved growth in profitability.

Domestic Crop Protection business achieved a significant improvement in segment margins, primarily due to lower doubtful debts & control over fixed costs. Topline declined compared to the previous year due to erratic rainfall across key states which resulted in reduction in spraying opportunities in herbicides category. Animal Feed business also witnessed a remarkable improvement in segment margins due to favorable commodity positions & cost optimization measures. However, the overall volume growth was impacted by subdued growth in cattle feed due to lower milk prices, while the Layer and Broiler feed grew y-o-y & sequentially. Dairy business continued its upward trajectory, with profitability significantly improving compared to Q2FY24. Consistent operational efficiency improvements and a favorable milk spread contributed to this improved performance. In the Vegetable Oil business, higher realizations in respect of end products coupled with an improved Oil Extraction Ratio (OER) led to enhanced segment margins in Q2FY25 compared to same period previous year, despite lower FFB arrivals.

Astec LifeSciences topline & profitability was severely impacted due lower realizations in key enterprise products coupled with lower-than-expected volumes in CDMO segment due to cautious approach adopted by CDMO customers. However, gradual uptick in demand resulted in sequential improvement in performance. In a seasonally weak quarter for the Poultry business, while live bird volumes decreased in line with our strategy to focus on branded business, branded volumes improved marginally resulting in shrinking of topline. Profitability was severely impacted due to unfavorable channel & product mix and elevated input cost.

Result PDF

Agricultural Products company Godrej Agrovet announced Q1FY25 results:

  • The Company reported consolidated revenues from operations of Rs 2,350.8 crore in Q1FY25 as compared to Rs 2,510.2 crore in Q1FY24
  • Consolidated EBITDA increased to Rs 253.7 crore from Rs 206.7 crore in Q1FY24, a growth of 23% YoY
  • Profit Before Tax increased to Rs 168.9 crore from Rs 124.5 crore in Q1FY24, a growth of 36% YoY

Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet, said: Godrej Agrovet continued to demonstrate strong growth in profitability and margin expansion in the first quarter of FY25. The growth in profitability was mainly driven by robust volumes & improved realisations in the domestic Crop Protection business and margin expansion in Animal Feed and Dairy businesses.

In the domestic Crop Protection business our segment margins improved significantly from 32% in Q1FY24 to 45% in Q1FY25 due to robust volume growth and higher realizations across most categories. In our Animal Feed business our segment margins improved remarkably due to favorable commodity positions while the volume growth was impacted due to subdued milk prices and lower placements. Profitability of the Dairy business improved significantly as compared to Q1FY24 due to consistent improvement in operational efficiencies and improved milk spread. In our Poultry business, volumes from branded products increased by 17% YoY and revenues declined primarily due to lower volumes in live bird business as business continued to focus on branded products.

Astec LifeSciences was adversely impacted by challenging market conditions. The continued pricing and demand headwinds in the enterprise products resulted in lower volumes and also necessitated write down of inventories. Deferral in execution of CDMO orders further compressed margins and led to a sharp drop in Astec’s profitability. Vegetable Oil business suffered from fall in Fresh Fruit Bunch (FFB) arrivals and lower Oil Extraction Ratio (OER).

Result PDF

Agricultural Products company Godrej Agrovet announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • The company reported consolidated revenues from operations of Rs 2,134 crore in Q4FY24 as compared to Rs 2,095 crore in Q4FY23
  • Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs 164 crore in Q4FY24 as compared to Rs 76 crore in Q4FY23
  • Company reported Profit before tax, excluding non-recurring & exceptional items, of Rs 83 crore in Q4FY24 as compared to Rs 2 crore in Q4FY23

FY24 Financial Highlights:

  • FY24 consolidated revenues from operations increased to Rs 9,561 crore from Rs 9,374 crore in FY23
  • Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs 757 crore in FY24 as compared to Rs 564 crore in FY23
  • Company reported Profit before tax, excluding non-recurring & exceptional items, of Rs 434 crore in FY24 as compared to Rs 280 crore in FY23

Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited, said: The FY24 augured well for Godrej Agrovet in terms of robust surge in profitability over FY23. This growth in profitability was primarily driven by exceptional performance of domestic crop protection business, structural turnaround of dairy business, market share gains in Animal Feed and robust volume & margin growth in branded products in our poultry business.

Domestic crop protection business delivered stellar performance primarily driven by higher volumes of in-house and in-licensed products. Animal Feed business recorded double-digit growth in volumes in cattle feed and fish feed categories and significant increase in segment margins led by softened commodity prices and higher realizations in the aforementioned categories. Our Dairy business achieved remarkable turnaround and returned to profitability. This was driven by focused efforts on improving operational efficiencies and improved milk spread. The Poultry business also recorded robust improvement in profitability on the back of higher live bird prices and increase in volumes of branded product portfolio.

In our Vegetable Oils business, lower end-product prices, which came off record highs of FY23 and normalized during FY24, resulted in lower segment margins as compared to FY23. For Astec Lifesciences, FY24 was a challenging year as it was severely impacted by acute demand-supply imbalance which resulted in unremunerative realizations in respect of its key enterprise products.

During the year, Godrej Agrovet also focused on achieving the long-term sustainability targets guided by the Godrej Group's Good & Green vision. We are one of the two agricultural companies in Indian agriculture sector to be included in “A” list – leadership band of Climate Disclosure Project’s (CDP) climate disclosures. GAVL’s CDP scores are ahead of the global averages. We achieved good progress in achieving 2025 sustainability targets led by (a) 77% of energy consumption from clean renewable energy sources as against target of 90% and (b) being a water positive company already conserving 20 times more water than the consumption."

Result PDF

Agricultural Products company Godrej Agrovet announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • The Company reported consolidated revenues from operations of Rs 2,570.9 crore in Q2FY24 as compared to Rs 2,445.3 crore in Q2FY23, a growth of 5% YoY
    • Q2FY24 consolidated EBITDA increased to Rs 214.6 crore from Rs 159.1 crore in Q2FY23, a growth of 35% YoY
    • Q2FY24 Profit before tax increased to Rs 133.8 crore from Rs 87.3 crore in Q2FY23, a growth of 53% YoY
  • H1FY24:
    • The Company reported consolidated revenues from operations of Rs 5,081.1 crore in H1FY24 as compared to Rs 4,955.2 crore in H1FY23, a growth of 3% YoY
    • H1FY24 consolidated EBITDA increased to Rs 421.4 crore from Rs 328.4 crore in H1FY23, a growth of 28% YoY
    • H1FY24 Profit before tax increased to Rs 258.3 crore from Rs 190.1 crore in H1FY23, a growth of 36% YoY

Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet, said, Godrej Agrovet continued to deliver robust improvement in profitability with a solid 53% year-on-year growth in profit before tax in Q2FY24. While revenues grew by 5% YoY, EBITDA margin improved by ~180 bps in Q2FY24 as compared to the same period last year. All the segments, with the exception of Astec LifeSciences, achieved growth in profitability.

Buoyed by upbeat volume growth as well as realizations in the in-licensed portfolio, domestic Crop Protection business successfully maintained consistent performance in the second quarter. Despite erratic rainfall in India, domestic Crop Protection business achieved an excellent growth of 53% in topline and 149% in segment results. Our food businesses continued to deliver healthy volume growth in branded products along with sustainable margin expansion. Poultry business recorded exceptional profitability in Q2FY24 in an otherwise seasonally weak quarter. Better operational efficiencies in live bird operations coupled with 14% YoY volume growth in branded business boosted profitability. Dairy business performance continued to improve sequentially and achieved EBIT breakeven in Q2FY24. This was primarily driven by lower procurement costs, operational efficiencies and a rising share of value-added products."

 

 

Result PDF

Other agriculture products firm Godrej Agrovet announced Q3FY23 results:

  • Consolidated Q3FY23:
    • Revenues from operations increased to Rs 2,323.5 crore from Rs 2,078.5 crore in Q3FY23, a growth of 12% YoY
    • EBITDA, excluding non-recurring & exceptional items, increased to Rs 159.6 crore in Q3FY23 from Rs 153.9 crore in Q3FY22, a growth of 4% YoY
    • The company reported profit before tax, excluding non-recurring & exceptional items, of Rs 87.8 crore in Q3FY23 as compared to Rs 92.9 crore in Q3FY22, a drop of 5% YoY.
  • 9MFY23:
    • 9MFY23 consolidated revenues from operations increased to Rs 7,278.7 crore from Rs 6,225.3 crore in 9MFY22, a growth of 17% YoY.
    • Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs 488 crore in 9MFY23 as compared to Rs 529.9 crore in 9MFY22.
    • Company reported Profit before tax, excluding non-recurring & exceptional items, of Rs 278.0 crore in 9MFY23 as compared to Rs 357.2 crore in 9MFY22.

Commenting on the performance, BS Yadav, Managing Director, Godrej Agrovet Limited, said: "Godrej Agrovet maintained robust volume growth in Q3 and 9MFY23 with increase in top line of 12% YoY in Q3 and 17% YoY in 9MFY23 over the corresponding previous periods. However, on the margin front, it was a challenging quarter for some of the businesses on account of adverse sector-specific macro conditions, unfavourable commodity price movements and limited transmission of input cost inflation.

Delayed Rabi sowing due to extended monsoon withdrawal, lower instances of pest infestation and higher channel inventories impacted domestic agrochemicals demand. Crude palm oil prices further corrected in Q3FY23 with increased supplies from the world’s largest exporters – Indonesia and Malaysia. The dairy sector witnessed sustained rise in milk procurement prices with limited transmission. Strong recovery in live bird prices in Q3, post seasonally weak second quarter, supported profitability of the poultry sector.

Result PDF

Agricultural products company Godrej Agrovet announced Q1FY23 results:

  • Q1FY23 consolidated total income increased to Rs. 2,517.5 crore from Rs. 2,003.2 crore in Q1FY22, a growth of 25.7% YoY
  • Company reported consolidated EBITDA of Rs. 169.3 crore in Q1FY23 as compared to Rs. 180.0 crore in QFY22
  • Company reported Profit before tax of Rs. 102.8 crore in Q1FY23 as compared to Rs. 126.2 crore in Q1FY22

Commenting on the performance, Mr. B. S. Yadav, Managing Director, Godrej Agrovet Limited, said: "Godrej Agrovet started financial year 2022-23 with a robust growth in volumes and topline in the first quarter ended June 30, 2022. All of our businesses, with the exception of Crop Protection, registered a strong volume growth. We achieved year-on-year growth of 25.7% to clock total income of Rs. 2,517.5 crore in Q1 FY23. However, it was a challenging quarter in terms of profitability as most of our businesses recorded margin contraction owing to combination of factors such as high cost inventory, input cost inflation, deferment of sales and limited transmission etc. Decline in margin was witnessed in Animal Feeds, Crop Protection and Dairy businesses while Vegetable Oils and Poultry segments reported a growth in operating margin.

On Macro front, the arrival of south-west monsoon was late by few weeks and therefore, led to delay in sowing of Kharif crops, especially Cotton. Soymeal prices declined sharply in May 2022 as Government of India allowed import of GM soymeal to the tune of 0.55 million MT. Crude Palm Oil prices reached record high levels in May 2022 owing to three-week exports ban by Indonesian Government, a largest producer and exporter of palm oil. Prices have been gradually correcting since the lifting of exports ban in the last week of May. In Dairy sector, milk procurement prices continued to increase further along with other input costs as well. In Poultry sector, live bird prices were considerably higher than the previous year and remained well above the feed costs.

Our Animal Feed business recorded double-digit growth in volumes, however suffered from high cost inventories of key raw materials. Vegetable Oil business continued to reap benefits of higher oil prices and improved efficiency levels as segment results grew by 2.6x year-on-year. Standalone Crop Protection business was impacted by deferred liquidation on account of delayed Kharif sowing and lower placements to maintain channel hygiene. Astec LifeSciences reported another quarter of significant increase in topline; however, growth was constrained by deferment of revenues while margin contraction in one of the products impacted bottomline performance. Both of our Food businesses reported strong volume growth year-on-year. For Poultry and Processed Food business, Q1 was a very good quarter led by favorable demand dynamics in Real Good Chicken (RGC) and significant increase in Live Bird prices throughout the quarter. Our Dairy subsidiary, Creamline Dairy achieved further market share gains in key value-added products registering 47.6% topline growth. However, sustained rise in procurement and packaging costs led to subdued profitability

During the quarter, Godrej Agrovet successfully completed submission of Greenhouse Gas (GHG) emissions reduction roadmap target in line with Science Based Target’s (SBTi) “Well Below 20C” scenario. In doing so, GAVL became first Agri company in India to commit to reduction in Scope 1 & Scope 2 GHG emissions by 37.5% and Scope 3 emissions by 16.0% by FY 2035. We also continued to make good progress in achieving 2025 sustainability targets."

 

Result PDF

Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
Download App

Download Our App

Play Store App Store
market app