Date: November 6, 2026

Financial Performance Summary

Q2 FY27 Results (YoY Comparison)

  • Revenue: ₹2,995 crore, up 17% from ₹2,564 crore in Q2 FY26
  • EBITDA: ₹222 crore, flat compared to ₹221 crore in Q2 FY26
  • EBITDA margin: 7.4%, down 120 bps from 8.6% in Q2 FY26
  • Profit before Tax (PBT): ₹131 crore, up 5% from ₹125 crore in Q2 FY26
  • PBT margin: 4.4%, down 50 bps from 4.9% in Q2 FY26
  • Profit after Tax (PAT): ₹103 crore, up 22% from ₹84 crore in Q2 FY26
  • PAT margin: 3.4%, up 10 bps from 3.3% in Q2 FY26

H1 FY27 Results (YoY Comparison)

  • Revenue: ₹5,847 crore, up 13% from ₹5,167 crore in H1 FY26
  • EBITDA: ₹476 crore, down 5% from ₹503 crore in H1 FY26
  • EBITDA margin: 8.1%, down 160 bps from 9.7% in H1 FY26
  • Profit before Tax (PBT): ₹299 crore, down 4% from ₹313 crore in H1 FY26
  • PBT margin: 5.1%, down 100 bps from 6.1% in H1 FY26
  • Profit after Tax (PAT): ₹231 crore, down 1% from ₹233 crore in H1 FY26
  • PAT margin: 4.0%, down 50 bps from 4.5% in H1 FY26

Operational Highlights

Working Capital Management

  • Strong working capital management at 21 days (approximately ₹655 crore) compared to 32 days (approximately ₹894 crore) year-on-year

Segment-wise Performance (Q2 FY27 YoY Revenue Growth)

| Segment | Q2 FY27 Growth | H1 FY27 Growth |

| Animal Nutrition | ▲ 14% | ▲ 13% |

| Oil Palm | ▲ 28% | ▲ 28% |

| Crop Care | ▲ 42% | Flat |

| Astec LifeSciences | ▼ 3% | ▼ 6% |

| Creamline Dairy | ▲ 6% | ▲ 9% |

| Godrej Foods | ▲ 8% | ▲ 4% |

| ACI-GAVL (Bangladesh JV) | ▲ 32% | ▲ 28% |

Detailed Segment Analysis

Animal Nutrition

  • Cattle feed volume grew approximately 8% and layer feed approximately 15% vs. last year
  • Revenue growth of 14% led by approximately 11% higher realizations and approximately 3% volume growth
  • Segment result up 32% with margin improvement of 90 bps to 6.7%
  • Supported by higher realization, improved product mix, and operating efficiencies

Oil Palm

  • Revenue up 28% led by higher CPO (+23%) and PKO (+20%) realizations
  • Fresh fruit bunch (FFB) volume up by approximately 14% vs. last year
  • Segment result up 4% vs. last year
  • Higher realizations partly offset by lower OER due to drier conditions

Crop Care (Standalone)

  • Revenue up 42% on a lower base
  • Profitability significantly impacted, down 23% vs. last year
  • Margin declined to 12.6%
  • Impacted by poor cotton herbicide demand and unfavorable product mix
  • Strategic focus on diversification to newer crop-care segments helped partially mitigate EBIT decline
  • Ashitaka® (new corn herbicide) showing strong ramp-up with H1 sales six times that of last year

Astec LifeSciences

  • Q2 revenue down approximately 3% vs. last year
  • Approximately 15% growth in CDMO offset by decline in enterprise segment
  • EBITDA loss widened on lower enterprise volumes, reduced realizations and elevated input costs
  • Focus on new products, capacity utilization and cost optimization

Creamline Dairy

  • Revenue up 6% vs. last year
  • Led by pricing and approximately 12% higher value-added products
  • H1 value-added products' salience up to approximately 49% from approximately 44% last year
  • EBITDA margin down 340 bps to 1.2%
  • Impacted by elevated milk procurement, packaging, and logistics costs
  • Focus on calibrated pricing action, procurement, and cost efficiencies

Godrej Foods

  • Revenue growth of 8% led by higher realizations across brands
  • B2C segment up approximately 50% vs. last year
  • B2C salience increased to approximately 38% from approximately 27% last year
  • Adjusted EBITDA up approximately 12% vs. last year
  • Margin improved by 20 bps to 5.8%
  • Driven by favourable product mix

ACI-GAVL, Bangladesh (Joint Venture)

  • Revenue up approximately 32%
  • Led by volumes (approximately 21% growth vs. last year, broad-based across poultry, cattle, and aqua)
  • Supported by pricing
  • PBT up approximately 4%
  • PAT up approximately 20%
  • Performance achieved despite significant volatility in input costs and fuel prices

Management Commentary

Mr. Sunil Kataria, Chief Executive Officer & Managing Director, commented on the challenging macro-operating environment marked by El Niño-related weather disruptions, unprecedented geopolitical volatility and inflationary pressures.

Strategic Transformation Progress

  • Animal Nutrition: Premiumizing portfolio and exited shrimp to focus on profitable, scalable segments
  • Oil Palm: Investing for growth through plantation expansion and commissioning of Khammam complex, CPKO refinery and biogas plant
  • Crop Care: Ashitaka® scaling fast with H1 sales six times that of last year
  • Foods: B2C salience rose to approximately 38% from approximately 27%, with growth of around 50%
  • Dairy: Value-added products now make up approximately 49% of portfolio, up from approximately 44%
  • Astec: Focused on growing CDMO, new products and capacity utilization

Investor Call Details

Q2 and H1 FY27 Results Conference Call scheduled at 16:00 hrs IST on Friday, 6th November 2026.

Universal Access Numbers: +91 22 6280 1144 / +91 22 7115 8045

Toll Free Numbers:

  • Singapore: 8001012045
  • Hong Kong: 800964448
  • UK: 08081011573
  • USA: 18667462133

Online Registration link: Provided in the document

Company Background

Godrej Agrovet Limited is part of the Godrej Industries Group and operates across Animal Nutrition, Oil Palm, Crop Care, Dairy, and Foods segments. The company is the number one producer of Crude Palm Oil in India and the leading player in Animal Nutrition. The company has a CDP A- leadership band rating in Climate and Forests and is the first agri company in India with an SBTi-approved emission reduction target.