GODREJAGRO Q3 FY26 earnings call.
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Revenue
₹2,718 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
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What the record says.
Godrej Agrovet delivered a strong Q3 FY26 with consolidated revenues growing 11% YoY and profit before tax up 23% YoY (before exceptional items). The performance was driven by margin expansion, operational efficiencies, and robust contributions from vegetable oil, animal feed, poultry, and processed foods, alongside a sharp turnaround in Astec Life Sciences. Animal feed volumes grew 12% YoY, with cattle feed up 21%, while vegetable oil revenue rose 27% on higher fresh fruit bunch arrivals and record oil extraction ratio of 21%. Astec Life Sciences turned EBITDA positive at ₹5 crore, a sharp improvement from a loss last year. Management guided for continued momentum, with Astec targeting 15% revenue growth in FY27 and the crop protection business diversifying into new products. A strategic portfolio review is underway, with communication expected by early April. Key risks include unseasonal rains impacting crop protection and sustained milk procurement cost inflation in dairy.
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Guidance to track
- Management targets 15% revenue growth for Astec in FY27, led by CDMO segment growing faster than enterprise.
- Management expects to sustain EBITDA margins in the 28-30% range for the crop protection business over the medium term.
- Management reiterated guidance for Astec to achieve EBITDA breakeven for the full year FY26.
- Management expects steady-state FFB tonnage growth of 12-15% CAGR, supported by acreage expansion and productivity improvements.
Risks flagged
- Unseasonal rains and cyclones in Q3 affected crop protection volumes, and a base effect from co-marketing herbicide sales will impact Q4.
- Dairy margins remain under pressure due to high milk procurement costs, with Maharashtra seeing higher inflation than other states.
- Price pressure persists in the enterprise segment due to overcapacity in China, though it is stabilizing. Management monitors China's export tax policy changes.
- Astec's initial FY27 revenue growth guidance of 15% is below historical aspirations of 25-30%, though management calls it a base case.
Key quotes
- We are going to make some very clear sharp choices in the businesses which we clearly see as the top end of our investments and top end of our growth choices.
- The turnaround is well and truly in play now.
- We want to be a pure play branded retail organization in our foods businesses and have as less a play of trading or B2B businesses.
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