Financial Performance Overview

Q2 FY27 Standalone Performance:

  • Revenue: ₹2,995 crore, up 17% YoY (vs. ₹2,564 crore in Q2 FY26)
  • EBITDA: ₹222 crore, flat YoY (vs. ₹221 crore)
  • EBITDA Margin: 7.4% vs. 8.6% YoY (120 bps decline)
  • Profit Before Tax: ₹131 crore, up 5% YoY (vs. ₹125 crore)
  • PBT Margin: 4.4% vs. 4.9% YoY (50 bps decline)
  • Profit After Tax: ₹103 crore, up 22% YoY (vs. ₹84 crore)
  • PAT Margin: 3.4% vs. 3.3% YoY (10 bps improvement)

H1 FY27 Standalone Performance (Excluding Non-Recurring Items):

  • Revenue: ₹5,847 crore, up 13% YoY (vs. ₹5,167 crore)
  • EBITDA: ₹480 crore, down 4% YoY (vs. ₹503 crore)
  • EBITDA Margin: 8.2% vs. 9.7% YoY (150 bps decline)
  • Profit Before Tax: ₹303 crore, down 3% YoY (vs. ₹313 crore)
  • PBT Margin: 5.2% vs. 6.1% YoY (90 bps decline)
  • Profit After Tax: ₹229 crore, down 2% YoY (vs. ₹233 crore)
  • PAT Margin: 3.9% vs. 4.5% YoY (60 bps decline)

Non-Recurring Items H1 FY27:

  • Employee separation costs provision: ₹4 crore (EBITDA & PBT impact)
  • Remeasurement of Deferred Tax: ₹5 crore (PAT impact)

Segment-Wise Performance Q2 FY27

Animal Nutrition (46% of revenue):

  • Revenue: ₹1,387 crore, up 14% YoY
  • Volume: 411,000 MT, up 3% YoY
  • Cattle feed volume: +8% YoY
  • Layer feed volume: +15% YoY
  • EBIT: ₹93 crore, up 32% YoY
  • EBIT Margin: 6.7% vs. 5.8% YoY (90 bps improvement)
  • EBIT/MT: ₹2,254, up 28% YoY

Oil Palm (27% of revenue):

  • Revenue: ₹784 crore (excluding trading revenues of ₹25 crore), up 28% YoY
  • FFB Volume: +14% YoY
  • CPO Realizations: ₹136,000/MT, up 23% YoY
  • PKO Realizations: ₹250,000/MT, up 20% YoY
  • EBIT: ₹143 crore (excluding trading margin of ₹0.9 crore), up 4% YoY
  • EBIT Margin: 18.2% vs. 22.4% YoY (420 bps decline)
  • Plantation acreage increased by ~13,000 hectares in H1 FY27
  • Khammam oil palm complex and CPKO refinery commissioned

Crop Care (7% of revenue):

  • Revenue: ₹198 crore, up 42% YoY
  • EBIT: ₹25 crore, down 23% YoY
  • EBIT Margin: 12.6% vs. 23.3% YoY (1,070 bps decline)
  • Strong traction of Ashitaka® with ~6X sales in H1 vs. LY

Astec Lifesciences (2% of revenue):

  • Revenue: ₹73 crore, down 3% YoY
  • Enterprise: ₹57 crore (vs. ~₹61 crore LY)
  • CDMO: ₹15 crore, up 15% YoY (vs. ~₹13 crore LY)
  • EBITDA: (₹19) crore vs. (₹6) crore YoY
  • EBITDA Margin: (26%) vs. (7%) YoY (1,900 bps decline)
  • Includes ₹3 crore write-down to net realizable value

Creamline Dairy (14% of revenue):

  • Revenue: ₹415 crore, up 6% YoY
  • VAP growth: +12% YoY
  • H1 VAP salience: ~49% vs. ~44% LY
  • EBITDA: ₹5 crore, down 72% YoY
  • EBITDA Margin: 1.2% vs. 4.6% YoY (340 bps decline)
  • EBITDA + working media declined ~60% vs. LY
  • GTM revamp pilot commenced

Godrej Foods (7% of revenue):

  • Revenue: ₹198 crore, up 8% YoY
  • B2C growth: +50% YoY
  • B2C salience: ~38% vs. ~27% LY
  • EBITDA: ₹5 crore, down 23% YoY
  • EBITDA Margin: 2.7% vs. 3.7% YoY (100 bps decline)
  • EBITDA + working media: ₹11 crore, up 12% YoY
  • EBITDA + working media Margin: 5.8% vs. 5.6% YoY (20 bps improvement)

ACI-GAVL JV Performance:

  • Volume: 122,000 MT, up 21% YoY
  • Revenue: ₹503 crore, up 32% YoY
  • PBT: ₹34 crore, up 4% YoY
  • PBT Margin: 7% vs. 9% YoY (180 bps decline)
  • PAT: ₹25 crore, up 20% YoY
  • PAT Margin: 5% vs. 6% YoY (50 bps decline)

Operating Environment Context

  • El Niño intensified into 'super' event in Q2
  • Monsoon ended ~13% short with wide spatial and temporal deviations
  • Reservoirs at 10-year low
  • Geopolitical volatility kept input costs high and volatile
  • Commodity inflation felt across businesses, particularly milk, packaging and feed inputs
  • Elevated CPO and PKO prices supported oil palm realizations

Strategic Progress Update

Animal Nutrition: Premium portfolio grew ~20% YoY; exited shrimp business

Oil Palm: First phase of CPKO refinery commissioned for specialty fats; Khammam mill commissioned in July 2026

Crop Care: First maize herbicide rolled out; strong traction of Ashitaka®; strong scale-up of Takai® and Ghassnash®

Astec: Four AI opportunities identified; two under development; dedicated BD team being established

Creamline Dairy: VAP salience increased from ~44% in H1 LY to ~49% in H1 FY27

Godrej Foods: B2C growth of ~42% in H1 vs. LY; H1 salience up from ~26% to ~35% LY

ACI-GAVL: Strong H1 volume growth across segments; increased market share; new sales development capability in place

ESG Update

  • Renewable energy portfolio: 79.3%
  • Scope 1 & 2 GHG emission reduction: -11.1% (Target: 37.5% reduction by FY35 vs FY20 baseline)
  • CDP Climate & Forest (Palm) rating: A- (Leadership band)
  • EcoVadis sustainability rating: Gold (December 2025)
  • Solar rooftops at >20 manufacturing sites; ~7,500 MWh generated in H1 FY27
  • Published 1st Sustainability Report aligned to GRI framework

Awards and Recognition

  • SAP INDUS ALM Award 2026 for SAP S/4HANA-led digital transformation
  • CII-FACE Food Safety Award for Godrej Foods, Ludhiana plant
  • Top 30 Supply Chain Companies ranked by ISCM
  • Top 25 CSCO award from ISCM
  • Supply Chain Planning Champion Award from ISCM
  • Fulcrum Awards for CCB Ashitaka® and Spin the Wheel Campaign

Shareholding Pattern

Key investors as of September 30, 2026 include Temasek, Nippon MF, Life Insurance Corporation of India, FSSA Investment Managers, DSP MF, UTI MF, White Oak, Kotak MF, and Invisage Capital.