NSE: GODREJAGRO · BSE: 540743
GODREJ AGROVET LIMITED
Operates a diversified agri-business spanning animal feed, oil palm plantations, crop protection, dairy and poultry processing. Animal Nutrition is the largest segment at INR 4,941.54 crore in FY26, selling cattle, poultry and aquaculture feed to livestock farmers. Vegetable Oil, built on oil palm plantations and milling, generated INR 1,997.76 crore with the highest segment EBIT of INR 386.05 crore; a new integrated oil palm complex has been inaugurated at Khammam, Telangana with INR 300 crore cumulative investment, targeting plantation area growth from 10,000 ha to 30,000 ha by 2030. Crop Care (INR 1,188.31 crore) includes Astec LifeSciences, where the CDMO contract-manufacturing mix reached 52% of revenue in FY26. Dairy (INR 1,589.02 crore) is run through Creamline Dairy, with profitability under pressure from elevated milk procurement costs. Poultry and processed food (INR 768.13 crore) sells live birds and branded items like Yummiez, with live bird trading being phased out over 4-5 years. Materials are the largest cost at 70.8% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Animal Nutrition (46%), Vegetable Oil (19%), Dairy (15%), Crop Care Business (11%), Poultry and processed food (7%), Others (2%). Diversified, asset-heavy agri-business spanning plantation, feed milling, dairy processing and contract manufacturing across five core segments.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,306 | 9,374 | 9,561 | 9,383 | 10,233 |
| EBITDA (ex other income) | 648 | 523 | 701 | 816 | 833 |
| margin % | 7.8 | 5.6 | 7.3 | 8.7 | 8.1 |
| Owners' profit | 403 | 302 | 360 | 430 | 445 |
| EPS, as reported (₹) | 20.96 | 15.71 | 18.71 | 22.35 | 24.58 |
| ROE % · ROCE % | 15.6 · 18.8 | 10.8 · 14.3 | 12.3 · 15.1 | 15.5 · 19.1 | 20.6 · 21.9 |
| Debt / equity (x) | 0.58 | 0.48 | 0.45 | 0.49 | 0.68 |
| Cash from operations | (120) | 874 | 678 | 969 | 1,281 |
| Capex | (271) | (359) | (384) | (225) | (297) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,449 | 2,450 | 2,134 | 2,614 | 2,567 | 2,718 | 2,333 | 2,855 |
| Profit before tax | 138 | 138 | 74 | 188 | 125 | 139 | 120 | 169 |
| Net profit | 96 | 110 | 66 | 149 | 84 | 110 | 102 | 128 |
| EPS (₹) | 5.84 | 5.80 | 3.68 | 8.35 | 4.81 | 5.97 | 5.45 | 6.99 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Animal Nutrition | 1,270 | 11.9 |
| Vegetable Oil | 1,998 | 18.8 |
| Crop Care Business | 313 | 2.9 |
| Dairy | 1,589 | 14.9 |
| Poultry and processed food | 581 | 5.5 |
| Others | 157 | 1.5 |
| Animal Feed | 3,672 | 34.5 |
| Crop Protection Business | 875 | 8.2 |
| Poultry and Processed Food | 187 | 1.8 |
| Total, before eliminations | 10,642 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ AGROVET LIMITED ◆ | 11,224 | 25.1 | 5.19 | 13.2 | 20.6 | 17.6 | 10.3 | 8.9 |
| AVANTI FEEDS LIMITED | 9,169 | 17.3 | 2.47 | 9.7 | 17.7 | 23.5 | 8.1 | 9.0 |
| MUKKA PROTEINS LIMITED | 747 | 10.8 | 1.41 | 10.5 | 10.8 | 12.8 | — | 10.1 |
| KSE LTD. | 563 | 0.8 | 1.61 | — | 24.0 | 30.5 | — | (0.5) |
| SHIVAM CHEMICALS LIMITED | 247 | 29.6 | — | — | — | 17.8 | — | — |
| Mayank Cattle Food Limited | 63 | 8.3 | — | — | — | — | — | — |
| AJOONI BIOTECH LIMITED | 50 | 12.1 | 0.55 | — | 4.7 | 6.2 | — | 3.1 |
| NARMADA AGROBASE LIMITED | 44 | 57.5 | — | — | — | — | — | 5.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.1 | 14.7 | 6 of 8 | 29% |
| P/B | 5.2 | 1.6 | 5 of 5 | 0% |
| ROCE | 17.6 | 17.7 | 4 of 6 | 40% |
| ROE | 20.6 | 17.7 | 2 of 5 | 75% |
| Debt / Equity | 0.7 | 0.2 | 4 of 5 | 25% |
| EBITDA margin | 8.9 | 7.2 | 3 of 6 | 60% |
| Revenue growth | 9.2 | 51.8 | 5 of 6 | 20% |
| Profit growth | (13.8) | (37.4) | 2 of 5 | 75% |
| Market cap | 11224 | 405 | 1 of 8 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Quarterly compliance certificate submitted to exchanges for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Godrej Agrovet Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 23 Sept 2026 · Godrej Agrovet grants 3,347 stock options, 10,958 lapse | capital market events | low | — | — |
| 23 Sept 2026 · Grant of 3,347 stock options to employees under ESGS 2018 | capital market events | medium | — | — |
| 21 Sept 2026 · CEO of Crop Care Business Rajavelu N.K. resigns, last day Nov 25 | management changes | high | — | — |
| 21 Sept 2026 · CEO of Crop Care Business Rajavelu N.K. resigns | management changes | high | — | — |
| 21 Sept 2026 · Godrej Agrovet Crop Care CEO Rajavelu resigns; Sivaram Yadavalli named interim CEO | management changes | medium | — | — |
| 21 Sept 2026 · Godrej Agrovet: Crop Care Business CEO resigns; internal successor named | management changes | medium | — | — |
| 2 Sept 2026 · Godrej Agrovet appoints new Chief Human Resources Officer | management changes | medium | — | — |
| 2 Sept 2026 · Godrej Agrovet replies to NSE volume query; confirms no undisclosed info | compliance | low | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.