Curated by Gurdeep Singh, Amritsar, Punjab Updated: November 6, 2026, 1:39 p.m. IST
Godrej Agrovet reported a 17% year-on-year increase in consolidated revenue from operations to about ₹2,995 crore for the July–September quarter, while consolidated profit after tax rose 22% to roughly ₹103 crore. The September-quarter results show strong sales growth across several agri-businesses, but operating earnings did not keep pace: EBITDA was broadly flat at ₹222 crore and the EBITDA margin narrowed to 7.4% from 8.6% a year earlier.
The gap between sales growth and operating profit is the key detail in the results. More revenue flowed through the business, but higher input costs, weather disruption and a mixed performance across segments limited the increase in operating earnings. The higher reported net profit came despite that margin pressure, so the headline profit gain should be read alongside the flat EBITDA.
Quarterly figures at a glance
Consolidated revenue from operations: about ₹2,995 crore, up 17% year on year.
Consolidated EBITDA: about ₹222 crore, broadly unchanged.
EBITDA margin: 7.4%, down from 8.6% in the year-ago quarter.
Consolidated profit after tax: about ₹103 crore, up 22%.
First-half revenue: ₹5,847 crore, up 13%; first-half EBITDA was ₹476 crore, down 5%, and profit after tax was ₹231 crore, down about 1%.
The consolidated figures include the wider group. They differ from standalone results: standalone profit after tax was ₹132.59 crore for the quarter. The two measures cover different reporting bases and should not be compared as if they were the same business perimeter.
Animal Nutrition and Oil Palm lead the sales growth
Animal Nutrition revenue increased 14%, while the segment result rose 32%. Cattle-feed volumes grew about 8% and layer-feed volumes about 15%. These volume gains point to continued demand in key feed categories, while improved realizations also supported the segment’s performance.
Oil Palm revenue grew 28%. The increase reflected stronger realizations for crude palm oil and palm-kernel oil, alongside roughly 14% growth in fresh-fruit-bunch volumes. Segment results grew more slowly than sales, by about 4%, a reminder that higher revenue does not automatically translate into proportional profit growth when costs and input prices move at the same time.
Crop Care revenue climbed 42%, aided by the newer Ashitaka maize herbicide and a low comparison base. Profitability weakened, however: segment profitability fell about 23% and the margin was 12.6%. Poor cotton-herbicide demand linked to weather conditions and an unfavourable product mix weighed on the result. The division therefore added to the topline without contributing the same pace of earnings growth.
Other businesses show a mixed picture
Astec LifeSciences revenue was down about 3%, with weak enterprise volumes, lower realizations and elevated input costs continuing to pressure performance. Creamline Dairy revenue grew 6%, helped by pricing and value-added products, but its EBITDA margin was around 1.2% as milk procurement, packaging and logistics costs remained high.
Godrej Foods recorded 8% revenue growth, with brisker traction in its consumer-facing business. The Bangladesh joint venture also reported 32% revenue growth. These gains diversify the quarter’s sources of growth, although the smaller businesses’ contribution does not erase pressure in segments where costs or demand have been less favourable.
Working capital improves, first-half profitability remains softer
The company reported that working capital was 21 days, compared with 32 days in the year-ago period. A shorter cycle can reduce the amount of cash tied up in operations, and it is a positive counterpoint to the margin trend. In the first half, however, revenue growth of 13% coincided with EBITDA down 5% and profit after tax roughly 1% lower. That wider period shows that the second-quarter profit increase has not yet turned into stronger first-half earnings.
Management cited input-cost inflation and El Niño-related weather disruption as operating headwinds. With crop-care demand sensitive to rainfall and sowing patterns, investors will be watching for steadier demand and margin recovery in that segment. They will also be looking at whether Animal Nutrition’s volume momentum continues and whether Oil Palm can convert higher realizations into stronger segment earnings.
What to watch next
The next test is whether revenue growth begins to translate into EBITDA growth. Flat quarterly EBITDA and a 120-basis-point contraction in margin show that cost pressure remains material. Segment-level execution will matter: Animal Nutrition has delivered volume and earnings growth, Crop Care needs improved profitability, and Dairy and Astec need to manage cost and demand challenges.
Godrej Agrovet had scheduled an investor and analyst call for 4 p.m. IST on November 6 to discuss the results. The company’s commentary on input costs, crop-care recovery and the outlook for its growth projects will help explain how it plans to balance continued topline expansion with stronger operating returns.
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