Godrej Agrovet LimitedQ1 FY27 Results & Financial Update
Godrej Agrovet Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,855.22 Cr, PAT ₹128.31 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Godrej Agrovet Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Godrej Agrovet Limited delivered a resilient operating performance in the first quarter of fiscal 2027, navigating a challenging macro environment characterized by delayed monsoon conditions and geopolitical cost pressures.
Consolidated sales for the quarter reached Rs. 2,852 crore, reflecting double-digit expansion over the corresponding period of the previous year, driven predominantly by volume-led growth across key operating segments.
The Animal Nutrition division recorded a standout performance, posting approximately 15% volume growth in cattle feed and stronger realisations, aided by commodity sourcing discipline and operational leverage.
The Oil Palm business benefited from higher crude palm oil and palm kernel oil realizations alongside improved oil extraction efficiencies, even as fresh fruit bunch volumes remained steady against a high base from the previous year.
Astec LifeSciences sustained its recovery trajectory by achieving EBITDA break-even and narrowing losses year-on-year, supported by higher capacity utilization and improved product margins across enterprise and CDMO categories.
The Crop Care segment faced headwinds from one of the driest Junes in over a decade, which delayed kharif sowings and reduced cotton herbicide demand, though new product introductions like Ashitaka and Takai provided partial mitigation.
Working capital management showed continued improvement, with average net working capital contracting significantly, reinforcing management's commitment to cash generation and return on capital employed.
01 · Business model
What does Godrej Agrovet do?
Godrej Agrovet Limited is a diversified, research and development-focused agribusiness company operating across animal nutrition, crop protection, oil palm, dairy, and poultry and processed foods sectors.
The company maintains a pan-India footprint, manufacturing over a million tons of high-quality animal feed annually and partnering with farmers to cultivate large oil palm plantations that help bridge India's edible oil deficit.
Specialized subsidiaries such as Astec LifeSciences Limited manufacture agrochemical active ingredients, while Creamline Dairy Products Limited and Godrej Tyson Foods Limited handle dairy and processed poultry operations respectively, complemented by a joint venture with the ACI group in Bangladesh.
The business model centers on shifting from commodity-driven agriculture toward value-added consumer portfolios, proprietary R&D, innovation-led agrochemicals, and improved extraction efficiencies.
02 · Historical context
What shaped the business before this quarter
Average net working capital improved sharply over the preceding two years, dropping from 54 days in Q1 FY25 to 31 days in Q1 FY26 and further to 21 days in Q1 FY27.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,855.22 Cr |
| Total income | ₹2,869.99 Cr |
| Profit before tax | ₹168.50 Cr |
| Profit after tax | ₹128.31 Cr |
| EPS | ₹6.99 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Animal nutrition segment revenue grew 12.6% to Rs. 1,302 crore, driven by a 7.2% increase in sales volume to 402,257 tons, led by a ~15% surge in cattle feed volumes.
Oil palm segment revenue rose 28.9% to Rs. 591 crore, supported by an 18.1% increase in crude palm oil realisations to Rs. 134,783 per MT and a 19.5% rise in palm kernel oil realisations.
Creamline Dairy revenues advanced 11.4% to Rs. 465 crore, propelled by strong volume growth and an increase in value-added product salience from 42% to 49% of sales.
What drove margins
Underlying segment result for Animal Nutrition improved by 35.8% to Rs. 102 crore, with underlying margins expanding from 6.5% to 7.8% due to strategic commodity sourcing and operating leverage.
Oil palm margins benefited from a 43 bps increase in the oil extraction ratio and higher realisations, delivering a segment result of Rs. 99 crore.
Creamline Dairy and Godrej Foods experienced EBITDA margin moderation due to elevated milk procurement prices and war-led inflation in other inputs, which could only be partially offset by pricing actions.
05 · Demand, customers & order book
Where demand is coming from
Badam flavoured milk reached 24,500 outlets with a 42% repeat rate, and 30g protein paneer achieved 200% of planned Q1 revenue with a ~20% repeat rate on quick-commerce platforms.
Godrej Foods expanded quick-commerce market share across frozen chicken, momos, and nuggets, with nuggets market share nearly doubling to 9%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Segment revenue reached Rs. 1,302 crore with reported segment results of Rs. 84 crore, representing a 29.7% increase driven by strong cattle feed demand.
Segment revenue reached Rs. 591 crore (excluding trading revenue of Rs. 29 crore) and segment results reached Rs. 99 crore with a 16.7% margin.
Segment revenue contracted by 17.2% to Rs. 271 crore and segment results declined 37.6% to Rs. 86 crore due to delayed monsoon conditions affecting in-house cotton herbicide sales.
Revenues stood at Rs. 83 crore, down 9.2% due to product mix shifts, but achieved continued EBITDA break-even and reduced losses.
Revenues reached Rs. 465 crore with EBITDA of Rs. 7 crore, impacted by industry-wide milk procurement inflation.
Revenues remained stable at Rs. 188 crore as a 6% growth in branded volume offset a deliberate reduction in live bird volumes.
Geography and market mix
ACI Godrej Agrovet delivered robust topline growth with a 14.5% increase in sales volume to 109,191 tons and a 12.2% rise in PBT in local currency terms.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Commissioned a new automated momo manufacturing line in July 2026 to support category expansion in frozen foods.
Projects, capex and execution
Capital expenditure is projected at Rs. 300 to 350 crore per year, funded through internal accruals with a primary focus on high-margin, high-ROCE businesses.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management evaluated select plant closures, identified unprofitable sub-segments for exit, placed shrimp feed under strategic review, and decided to close live bird trading.
Scaled up Ashitaka (maize herbicide) to 30 kL, expanded Takai (insecticide) into five additional crops with 13 kL sales, and launched Ghassnash (soybean herbicide) in May 2026 with 26 kL sales.
09 · Reported developments
What changed operationally
Crude palm oil extraction efficiency improved by 43 basis points year-on-year.
10 · Pressure points & risks
What is not going smoothly
Significantly delayed monsoon and dry June conditions led to a 17.2% revenue decline and 37.6% segment result contraction in the crop care business.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Average net working capital days declined to 21 days in Q1 FY27 compared to 31 days in Q1 FY26 and 54 days in Q1 FY25, driving healthy return on capital employed.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG and renewable energy integration
GAVL's renewable energy portfolio reached 78.8%, with solar rooftops generating ~3,500 MWh across 20+ manufacturing sites, and the vegetable oil business utilizing fruit bunch residue to exceed 99% renewable energy usage.
13 · Key Q&A
The quarter, answered directly
What does Godrej Agrovet do?
Godrej Agrovet Limited is a diversified, research and development-focused agribusiness company operating across animal nutrition, crop protection, oil palm, dairy, and poultry and processed foods sectors.
What is the clearest takeaway from Q1 FY27?
Godrej Agrovet Limited delivered a resilient operating performance in the first quarter of fiscal 2027, navigating a challenging macro environment characterized by delayed monsoon conditions and geopolitical cost pressures.
What drove revenue or demand?
Animal nutrition segment revenue grew 12.6% to Rs. 1,302 crore, driven by a 7.2% increase in sales volume to 402,257 tons, led by a ~15% surge in cattle feed volumes.
What mattered most for margins or profitability?
Underlying segment result for Animal Nutrition improved by 35.8% to Rs. 102 crore, with underlying margins expanding from 6.5% to 7.8% due to strategic commodity sourcing and operating leverage.
What changed operationally beyond the headline numbers?
Commissioned a new automated momo manufacturing line in July 2026 to support category expansion in frozen foods.
What are the main pressure points disclosed for the quarter?
Significantly delayed monsoon and dry June conditions led to a 17.2% revenue decline and 37.6% segment result contraction in the crop care business.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Kharif season demand recovery: Monitor monsoon progression and subsequent kharif sowing recovery for potential rebound in crop protection volumes.
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