Godrej Agrovet reports mixed Q2 FY'26 results amid weather challenges

Godrej Agrovet Limited reported consolidated revenues of INR2,567 crores for Q2 FY'26, representing a 5% year-on-year growth, with profit before tax (PBT) flat at INR125 crores compared to Q2 FY'25 (excluding nonrecurring items). For the first half of FY'26, consolidated revenues reached INR5,182 crores, an 8% year-on-year increase, and PBT rose 14% to INR313 crores (excluding nonrecurring items).

The Animal Feed segment delivered strong volume growth, led by an 18% year-on-year increase in cattle feed, though revenue remained flat due to softening commodity prices. Vegetable oil recorded stellar growth, with revenue up 41% year-on-year and margins expanding to 22.4%, driven by higher crude palm oil and palm kernel oil realizations and improved oil extraction ratio. Conversely, the standalone Crop Protection segment experienced a sharp 30% year-on-year revenue decline and a 62% drop in segment results, attributed to excessive rainfall and reduced acreages, which compressed margins to 23.3% from 43.1%.

Astec LifeSciences saw a 25% year-on-year revenue fall due to cautious contract manufacturing demand, though its enterprise category grew 15%, and EBITDA improved on better volumes and margins. Godrej Foods Limited reported 28% year-on-year EBITDA growth, driven by branded products, despite an overall 7% year-on-year revenue decline due to weakness in the Live Bird segment. The company is actively pursuing diversification in Crop Protection, expanding product portfolios, and focusing on operational efficiencies and volume-led growth across its businesses.