Gokul Agro Resources Q2 FY27 results: net profit up 44.5% to ₹146.20 crore, revenue up 12.7%

How did Gokul Agro Resources perform in Q2 FY27?

Gokul Agro Resources’ consolidated Q2 FY27 revenue was ₹7,481 crore, up 12.7% from ₹6,638 crore in Q2 FY26 and 41.6% from ₹5,282 crore in Q1 FY27. Total income rose 12.7% year on year to ₹7,492.24 crore and 41.5% sequentially. Standalone revenue for the quarter was ₹6,821.25 crore, while standalone profit attributable to owners was ₹129.29 crore.

Consolidated EBITDA was ₹264.73 crore in Q2 FY27, up 42.2% from ₹186.15 crore in Q2 FY26 and 29.8% from ₹203.95 crore in Q1 FY27. The EBITDA margin was 3.5%, compared with 2.8% a year ago and 3.9% in the previous quarter. Profit before tax rose 40.8% year on year to ₹195.37 crore and 23.4% sequentially to ₹158.32 crore.

The company reported a consolidated net profit of ₹146.20 crore in Q2 FY27, against ₹101.15 crore in Q2 FY26 and ₹122.64 crore in Q1 FY27. Profit attributable to owners was ₹150.03 crore, compared with ₹101.32 crore a year ago and ₹122.64 crore in the previous quarter. Basic EPS was ₹4.95, lower than ₹6.86 in Q2 FY26 but higher than ₹4.16 in Q1 FY27.

What changed in Gokul Agro Resources' costs and profit?

Total expenses increased ₹788.19 crore year on year to ₹7,297 crore in Q2 FY27, with cost of materials up ₹85.10 crore to ₹4,794 crore, employee cost up ₹4.29 crore to ₹20.80 crore, finance costs up ₹23.23 crore to ₹65.56 crore and depreciation up ₹0.71 crore to ₹15.02 crore. Other expenses declined ₹10.49 crore to ₹129.70 crore, while other income increased ₹1.97 crore to ₹11.21 crore.

Tax expense rose ₹11.44 crore year on year to ₹48.87 crore, compared with ₹37.43 crore in Q2 FY26 and ₹35.35 crore in Q1 FY27. There was no exceptional item in the quarter. The filing does not state reasons for the year-on-year movements in the cost lines, other income or tax.

Against Q1 FY27, total expenses rose ₹2,160 crore, led by cost of materials at ₹4,794 crore and finance costs at ₹65.56 crore. Employee cost was ₹20.80 crore, depreciation was ₹15.02 crore and other expenses were ₹129.70 crore. Other income fell to ₹11.21 crore from ₹13.06 crore, while tax rose to ₹48.87 crore from ₹35.35 crore. No exceptional item was reported.

How did the first half of FY27 go?

For H1 FY27, Gokul Agro Resources reported consolidated revenue of ₹12,762.97 crore, up ₹1,200.43 crore or 10.4% from H1 FY26. Total income was ₹12,787.24 crore, up ₹1,206.56 crore or 10.4% from ₹11,580.68 crore. Profit before tax rose 54.9% to ₹353.69 crore from ₹228.35 crore.

Net profit for H1 FY27 was ₹268.84 crore, up ₹96.08 crore or 55.6% from ₹172.76 crore in H1 FY26. Basic EPS was ₹9.11, down ₹2.60 or 22.2% from ₹11.71 in the year-ago period. The company’s presentation reported H1 FY27 EBITDA of ₹493 crore and PAT of ₹274 crore, while the consolidated financial-results basis used here reports the figures above.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹7,606.60 crore, compared with ₹4,928.42 crore at 31 March 2026. Total equity rose to ₹1,696.58 crore from ₹1,422.81 crore, while borrowings increased to ₹594.86 crore from ₹570.96 crore. Cash and cash equivalents fell to ₹134.01 crore from ₹152.77 crore.

Inventories increased to ₹4,391.92 crore at 30 September 2026 from ₹2,322.61 crore at 31 March 2026. Trade receivables rose to ₹748.65 crore from ₹591.63 crore, and trade payables increased to ₹4,994.82 crore from ₹2,653.66 crore.

H1 FY27 operating cash flow was ₹127.57 crore, compared with ₹84.38 crore in H1 FY26. Investing cash flow was an outflow of ₹56.45 crore, against an outflow of ₹34.18 crore, while financing cash flow was an outflow of ₹89.88 crore, against an outflow of ₹40.92 crore. Capital expenditure was ₹147.60 crore, compared with ₹43.07 crore a year earlier.

How has Gokul Agro Resources done over the last 8 quarters?

Revenue reached ₹7,481 crore in Q2 FY27, the highest quarterly level in the reported series, up from ₹5,282 crore in Q1 FY27. The lowest quarterly revenue was ₹4,924 crore in Q1 FY26. Revenue has risen year on year in each of the last eight quarters.

Net profit reached ₹146.20 crore in Q2 FY27, above ₹122.64 crore in Q1 FY27, while the lowest level was ₹48.71 crore in Q4 FY25. Profit has risen year on year in each of the last eight quarters. The EBITDA margin peaked at 3.9% in Q1 FY27 and was 3.5% in Q2 FY27, compared with its low of 2.2% in Q4 FY25.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report issued by Pipara & Co LLP. It also approved a 14 MWp additional solar power project for captive consumption at the Gandhidham and Mangalore plants, with a capital outlay of ₹38 crore plus applicable taxes.

The Nomination & Remuneration Committee granted 8,47,800 stock options to eligible employees under the Gokul-Employee Stock Option Plan 2025. The same-day filings did not report a dividend or a fund raise.

What did Gokul Agro Resources' management say?

Management said no volume growth was expected in FY27 because existing refining capacity was already at optimum. About 8 lakh tonnes per annum of additional capacity across four manufacturing locations is targeted for operation by October 2027. Management expects 10% volume growth in the next year and 10%-15% year on year thereafter, based on present commodity prices, with EBITDA margin around 3.5%-4%.

Management said B2C accounted for 8% of H1 FY27 revenue, compared with around 5% in FY26, and expects the share to expand gradually. Management said B2C margins may lag initially because marketing and branding expenditure is needed before scale benefits, with less than ₹25 crore earmarked for marketing and spent in phases. The company’s CFO said, “Our inventory is protected by back-to-back selling.”

Management identified purchase deferment before the 24 September duty change as the reason for the higher end-quarter inventory and said channel normalisation was under way. It said commodity and USD/INR volatility remained risks despite physical forwards and hedging, with open inventory at 10%-15%. Biodiesel export access remains dependent on ISCC eligibility and regulatory and market requirements.

How did Gokul Agro Resources shares react?

After the filing appeared after market hours, the stock was down 2.2% after five minutes, down 0.6% after 15 minutes and down 0.7% after 30 minutes. On the reaction day, it closed up 3.1% from the previous close of ₹207.66. By the next day’s close, it was up 2.9% from that pre-results close.

On the reaction day, the median move for other Edible Oil stocks was 2.7%, while the Nifty Microcap 250 moved 0.7%. Gokul Agro Resources therefore exceeded the industry median by 0.4 percentage points on the reaction day. By the next day’s close, the industry median was down 0.8% and the Nifty Microcap 250 was down 1.9%.

Earlier results-day moves were mixed: the stock was up 0.5% on 29 July 2026, down 0.3% on 15 May 2026, down 1.9% on 5 February 2026 and up 10.4% on 12 November 2025. Earlier reaction-day moves on 12 August 2025, 20 May 2025, 11 February 2025 and 12 November 2024 were down 0.6%, down 2.5%, up 1.6% and up 1.6%, respectively.

How did other Edible Oil companies do?

Eight other Edible Oil companies had filed for the quarter, with a median revenue growth of 25.0%. Three peers grew revenue more slowly than Gokul Agro Resources, while five grew faster than the company’s 12.7% consolidated revenue growth. The company’s revenue growth was therefore below the peer median.

Among the peers for which profit was compared, five reported higher profit. Gokul Agro Resources’ consolidated net profit increased 44.5% from Q2 FY26, while its basic EPS declined 27.8% from the year-ago quarter.