Godrej Agrovet delivered a strong and consistent performance in Q4 FY26, concluding the fiscal year on a positive note. Consolidated revenues for the quarter grew 9% year-on-year to INR2,333 crores, while profit before tax (PBT), excluding non-recurring and exceptional items, rose 16.80% to INR87 crores. The performance was driven by broad-based volume-led growth, disciplined margin management, and a favorable business mix across key segments.

Full-Year FY26 Financial Performance

For the full year ended March 31, 2026, the company surpassed a significant milestone with consolidated revenues exceeding INR10,000 crores. The following table summarizes the key financial metrics for Q4 FY26 and full-year FY26:

FY26 also saw a meaningful reduction in working capital, translating into stronger operating cash flows and a tangible improvement in return on capital employed, which moved from approximately 16% to 20%.

Segment-Wise Performance

The company's key business segments demonstrated varied but largely positive momentum during Q4 FY26 and the full year.

Animal Nutrition delivered another strong quarter, with Q4 volumes growing 15% year-on-year, significantly ahead of industry growth. Cattle feed volumes increased sharply by 24%, supported by strong performance of new products, favorable commodity positions, and continued cost optimization. A pet food manufacturing arrangement with GCPL's Godrej Pet Care Food business contributed approximately INR9.50 crores to segment profit in Q4, recorded under other income due to the contract manufacturing structure of the arrangement.

Oil Palm concluded a landmark year in FY26, marked by the highest-ever area expansion, strong volume growth, and an all-time high oil extraction ratio (OER). The OER for Q4 FY26 stood at 20.77%, compared to 19.76% in Q4 FY25. Out of approximately 6,37,000 FFB processed annually, approximately 60,000 tons were processed in Q4, reflecting the seasonally weak nature of the quarter. Management noted that approximately 65% of the sharp jump in oil palm profitability in FY26 was attributable to internal operational efforts rather than pricing factors.

Crop Care remained impacted in Q4 FY26 due to carry-forward of inventory in the co-marketing channel, leading to lower volumes of in-house products, partially offset by improved sales of selected specialty products.

Astec LifeSciences achieved EBITDA break-even in FY26, continuing its strong turnaround momentum. In Q4 FY26, both revenue and EBITDA recorded robust year-on-year growth, driven by higher volumes in the CDMO category, improved realizations, and better capacity utilization. Enterprise products constituted approximately 48% of revenue in FY26, while CDMO and new products constituted approximately 52%. Exports accounted for approximately 53% of total revenue in FY26. Approximately 47% of total imports for Astec were sourced from China in FY26.

Creamline Dairy recorded approximately 5% year-on-year revenue growth (excluding bulk sales) in Q4 FY26. Profitability remained under pressure due to elevated milk procurement costs, though value-added product salience improved to approximately 40%, up from approximately 38% in the prior year. During FY26, the company also acquired the remaining stake in Creamline Dairy.

Godrej Foods Limited saw EBITDA margins improve significantly in Q4 FY26, driven by margin expansion in both the Live Bird and Yummiez categories. Branded revenue salience remained above 80% in FY26.

Outlook and Strategic Direction for FY27

Management outlined broad directional guidance for FY27 across business segments:

Capex for FY27 is expected to be in the range of approximately INR350 crores, with approximately 75% to 80% allocated to growth capex. Approximately 50% of capex deployment is directed towards the oil palm business. After accounting for capex requirements of approximately INR400 crores, management expects a cash surplus of approximately INR100 crores to INR125 crores for the full year FY27.

Astec Leadership Strengthening and Strategic Priorities

In line with a focus on harnessing group expertise in chemicals, Astec's Board was augmented with Mr. Vishal Sharma as Non-Executive Chairperson and Mr. Mathew Eipe as Independent Director. Mr. Arijit Mukherjee, who served as COO of the business, joined the Board as Executive Director to lead the business going forward. Management indicated that any structural decisions regarding the chemicals business would be communicated over the coming two to three quarters, with an assurance that the interests of all minority shareholders would be protected.

Portfolio and Strategic Shifts

Management highlighted several strategic shifts underway across the business. In Crop Care, two new products are being scaled up in FY27: Ashitaka, a maize herbicide launched in December, and TAKAI, a multi-crop insecticide with lead application in paddy. These two products, which contributed approximately 3% of revenues in FY26, are targeted to contribute approximately 16% to 18% of Crop Care revenues in FY27. In Animal Nutrition, new brands including Dhanlaxmi (targeting Maharashtra and Karnataka) and Bypro Plus (an upgrade in southern markets) are gaining traction. Businesses currently under strategic review include the Shrimp, Seeds, and Cattle Genetics businesses, while the Live Bird trading business is being progressively wound down. Management also reiterated its long-term aspiration for oil palm to derive approximately 50% to 55% of its portfolio from value-added products by approximately FY31.

Management Commentary on Macro Factors

Management acknowledged the potential impact of below-normal monsoon predictions from IMD and Skymet on the business, noting that the severity is expected to be concentrated in August and September. For the Crop Care business, management highlighted that the South region — a key geography for the segment — is projected to remain within normal monsoon range, potentially limiting the adverse impact. On oil palm, management expressed confidence that the current year's plantation business would not be materially affected by El Niño, citing planned interventions and a "demographic dividend" from juvenile trees entering productive stages over the next five years. On palm oil pricing, management noted that the outlook had turned more uncertain following geopolitical developments in the Middle East, given the strong correlation between palm oil and crude oil prices through the biodiesel channel, and indicated a quarter-by-quarter approach to pricing strategy.

Godrej Agrovet Limited has announced its audited financial results for FY26, reporting robust performance with consolidated revenue surpassing ₹10,000 crore for the first time and all-time high profitability. The board meeting held on April 30, 2026, approved the financial results and recommended a final dividend of ₹11 per share. Following the results announcement, the company held a conference call with investors and analysts on May 4, 2026. The audio recording of this conference call is now available on the company's official website.

FY26 Consolidated Financial Performance

The company delivered strong financial performance in FY26, with consolidated revenue reaching ₹10,233 crore, representing a growth of 9.1% year-on-year. Profit after tax (PAT) stood at ₹440 crore, an increase of 13.9% compared to the previous year. EBITDA for the year was recorded at ₹936 crore with a margin of 9.1%, excluding non-recurring and exceptional items. On a reported basis, EBITDA stood at ₹969 crore with a margin of 9.5%, while reported PAT was ₹445 crore. The statutory auditors provided an unmodified opinion on both standalone and consolidated financial results.

Q4 FY26 Results

For the quarter ended March 31, 2026, the company reported consolidated revenue of ₹2,333 crore, up 9.3% year-on-year. Excluding non-recurring items, Q4 PAT stood at ₹74 crore, EBITDA at ₹173 crore with a margin of 7.4%, and profit before tax at ₹87 crore. On a reported basis, Q4 EBITDA was ₹207 crore (+29.5%), PBT was ₹120 crore (+61.9%), and PAT was ₹102 crore (+54.7%). The standalone profit before tax for Q4 FY26 was ₹81.45 crore with total revenue of ₹1,725.06 crore.

CEO Commentary on Performance

Commenting on the performance, Mr. Sunil Kataria, Chief Executive Officer & Managing Director, highlighted that FY26 marked a strong year of delivery with consolidated revenues surpassing ₹10,000 crore, growing by 9% year-on-year, while profitability registered a robust 17% growth. He emphasized the strength of the company's growth strategy of moving towards a value-added portfolio, disciplined execution and sharp focus on improving the quality of earnings. The year was led by exceptional performance in Oil Palm and Animal Nutrition businesses, with Oil Palm delivering outstanding performance through strong volume growth, peak oil recovery and margin expansion.

Segment-Wise Performance

Animal Nutrition emerged as the largest revenue contributor at 46.43% of total revenue, with sales volume growing 11.6% year-on-year to 16,46,545 tons. The segment reported revenue of ₹4,941 crore and segment result of ₹347 crore. Oil Palm business delivered exceptional performance with segment result growing 67.9% to ₹384 crore, contributing 40.12% to total segment results. Crop Care reported revenue of ₹772 crore with segment result of ₹224 crore, though performance was impacted by adverse weather, sharp acreage declines in key crops, regulatory disruptions and channel inventory build-up. Creamline Dairy revenues remained broadly flat at ₹1,589 crore, with EBITDA impacted by elevated milk procurement prices. Godrej Foods Limited (GFL) reported revenues of ₹768 crore with EBITDA of ₹50 crore, as the company consciously reduced exposure to the volatile live-bird category, with branded revenue salience increasing to over 80% in FY26.

Astec LifeSciences

Astec LifeSciences delivered a strong turnaround in FY26, with revenues growing 17.5% to ₹448 crore and achieving EBITDA break-even at ₹1 crore, compared to an EBITDA loss of ₹61 crore in FY25. Improved volumes, better realizations and higher capacity utilization across Enterprise and CDMO businesses supported the recovery. In Q4 FY26, revenues grew 32.7% year-on-year to ₹159 crore with EBITDA of ₹12 crore.

Joint Venture – ACI Godrej Agrovet Private Ltd

The joint venture reported revenues (100% basis) of BDT 2,045 crore in FY26, compared to BDT 2,216 crore in FY25, a decline of 7.7% year-on-year. Q4 FY26 revenues stood at BDT 511 crore, up 8.4% year-on-year.

Working Capital Optimization and ROCE

The company achieved significant working capital optimization, with average net working capital (NWC) reducing to ₹686 crore in FY26 from ₹988 crore in FY25 and ₹1,172 crore in FY24. Average NWC in days improved to 25 days in FY26 from 39 days in FY25 and 45 days in FY24, translating to an improved return on capital employed (ROCE) of 20% in FY26, up from 16% in FY25 and 13% in FY24.

Final Dividend and AGM

The board has recommended a final dividend at the rate of 110% on equity share capital, translating to ₹11.00 per equity share of face value ₹10.00 each for FY26. This dividend recommendation is subject to shareholder approval at the upcoming 35th Annual General Meeting scheduled for August 5, 2026, at 4:00 p.m. via video conference.

ESG Initiatives and Sustainability

On the ESG front, Godrej Agrovet maintained its water-positive status with 14x water conservation, sequestering 29.59 million m³ of water against a consumption of 2.0 million m³. The company achieved a 12.4% reduction in Scope 1 & 2 GHG emissions and maintained a renewable energy portfolio of 78.9%, with solar rooftops installed at 20+ manufacturing sites generating approximately 13,500 MWh cumulatively in FY26. The company received an "A-" leadership band rating from CDP for Climate & Forest disclosure for the second consecutive year, and a "Gold" rating from EcoVadis, placing its agrochemical business among the top 5% of companies globally. Godrej Agrovet is the first agri company in India to have an approved science-based emission reduction target aligned to WB2DS, committing to a 37.5% Scope 1+2 GHG emission reduction by FY35 from a baseline year of FY20.

Shareholding Pattern

As of March 31, 2026, promoters held 67.7% of the company's shares, while other investors accounted for 18.5%. Domestic institutional investors (DII) held 7.5% and foreign institutional investors (FII) held 6.3%. Major investors include Temasek, Vanguard, LIC of India, Nippon Mutual Fund, FSSA Investment Managers, Franklin India Mutual Fund, UTI Mutual Fund, Kotak Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, and Franklin Templeton Investments.

Employee Stock Option Activities

The Nomination and Remuneration Committee approved the allotment of 30,973 equity shares under the Employees Stock Grant Scheme 2018, realizing ₹3,09,730. Additionally, the committee granted 50,507 stock options under Grant-9 at an exercise price of ₹10.00 per option, while 7,518 stock options lapsed due to employee cessation. Following the allotment, the paid-up share capital increased to ₹192,35,99,670.

Pursuant to SEBI LODR Regulations, the company published its audited financial results in Financial Express, Business Standard, Loksatta, and Mumbai Lakshdeep on May 1, 2026.