Kaveri Seed Company Limited has informed the Exchange about Transcript of Q3 & FY 2025-26 Results Conference Call made on Tuesday, 10th February, 2026.
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Kaveri Seed reported 9M FY26 revenue of Rs. 1,221.56 crore (up 16.94% YoY) and net profit of Rs. 308.91 crore (up 4.9%). Q3 FY26 revenue grew 16.08% to Rs. 173.65 crore, but net profit was modest at Rs. 7.46 crore, with EBITDA up only 1.14% due to a ~500 basis points fall in gross margins from high cost of production in cotton, maize and rice that could not be passed to farmers. Strong volume growth was seen in research paddy (+51%), sunflower (+94%), mustard (+64%) and exports (+86% in revenue). Cash on books fell to Rs. 309 crore from Rs. 409 crore, largely due to inventory build-up of about Rs. 200 crore and higher receivables of Rs. 250 crore (vs Rs. 175 crore). Management guided that gross margins should normalize to 45-48% going forward and that capital allocation options including buybacks will be reviewed in Q1 FY27.
Q3 results showed margin pressure from excess maize inventory across the industry and inability to pass on higher costs, but management's guidance on margin normalization to historical levels and continued strong volume growth in non-cotton segments provides comfort. Pending income tax demands of Rs. 56 crore and Rs. 70 crore remain an overhang, though management expects resolution within six months.