Cattle feed volume growth
24%
+24% YoY
Cattle feed volumes increased sharply by 24% in Q4, significantly ahead of industry growth.
GODREJAGROVET
Other
15 May 2026
Godrej Agrovet Ltd — Q4 FY26
Godrej Agrovet delivered a strong Q4 FY26 with consolidated revenue of ₹2,333 crore (+9% YoY) and PBT growth of 16.8% to ₹87 crore.
✓ Verified against BSE filing
2-Min Summary
Godrej Agrovet delivered a strong Q4 FY26 with consolidated revenue of ₹2,333 crore (+9% YoY) and PBT growth of 16.8% to ₹87 crore. Full-year revenue crossed ₹10,000 crore milestone at ₹10,233 crore (+9% YoY), with PBT up 17.2% to ₹569 crore. Performance was driven by volume-led growth in animal nutrition (cattle feed volumes +24%), record oil palm area expansion and extraction ratio improvement, and Aztec Life Sciences turning EBITDA positive. Management guided for early double-digit revenue growth and mid-teens PBT growth in FY27, with capex of ~₹350-400 crore and free cash flow of ₹100-125 crore. Key risks include potential El Niño impact on monsoons and Iran war uncertainty affecting palm oil prices and crop protection demand.
Key Numbers
Oil extraction ratio (Q4)
20.77%
+101 bps YoY
Oil extraction ratio improved to 20.77% in Q4 from 19.76% last year, indicating better productivity.
Aztec CDMO revenue share
52%
flat YoY
CDMO contributed 52% of Aztec revenue in FY26; enterprise 48%. Mix expected similar for next two years.
Branded revenue salience (Godrej Foods)
80%+
+2pp YoY
Branded revenue salience remained above 80% in FY26, up from 78% last year, driven by strategic shift.
Management Guidance
Early double-digit revenue growth in FY27
Management targets early double-digit consolidated revenue growth for FY27, driven by volume growth across segments.
revenueMid-teens PBT growth in FY27
Targeting mid-strong double-digit (mid-teens) PBT growth for FY27, building on FY26's 17.2% growth.
growthCapex of ~₹350-400 crore in FY27
Capex expected around ₹350-400 crore, with 75-80% growth capex, ~50% allocated to oil palm.
capexFree cash flow of ₹100-125 crore in FY27
After capex, company expects free cash flow surplus of ₹100-125 crore in FY27.
otherKey Risks
El Niño impact on monsoons
Below-normal monsoon predictions could affect crop protection and animal feed demand, though management believes impact may be mitigated by geographic skew and demographic dividend in oil palm.
medium · analyst_questionIran war and palm oil price volatility
The Iran war creates uncertainty in palm oil prices due to correlation with crude oil; management is taking a quarter-by-quarter view.
medium · management_commentaryAztec China raw material dependency
Aztec sourced 47% of imports from China; currency depreciation and supply chain disruptions pose risks, though net exporter status provides a natural hedge.
medium · analyst_questionCrop care business recovery delay
Crop care business recovery may be delayed due to carry-forward inventory; full recovery expected only from Q2 FY27.
low · management_commentaryNotable Quotes
We'd like to focus on getting an early double-digit revenue growth across put together at a console level along with the way our PBD has improved this year would like to again target a mid strong double digit mid-teens kind of a PBT growth also for the next year.
If the Middle East war continues it will probably be bad for the crop protection business but good for oil palm. So for agrovet overall the impact either way may not be very great.
We are in the process of evaluating what is the most optimal structures and how it will go forward... the interest of all minority shareholders will be protected and our endeavor is actually to make sure that we enhance shareholder value for everyone.