While FMCG giants were busy “destocking” thanks to GST 2.0 chaos, Patanjali decided to meditate its way to record revenues — ₹9,798 crore, the company’s highest ever. Baba Ramdev might call it divine karma; the CFO calls it “tax refund contribution.” Coincidence or cosmic cash flow? In the Bhagavad Gita, Krishna says, “Yoga is skill in action.” Patanjali seems to be practicing a rather profitable form of it. Read on — the balance between palm oil, biscuits, and bhakti only gets more interesting.
2. At a Glance
Revenue ₹9,798 Cr – Highest ever; apparently the swadeshi hunger is real.
EBITDA ₹603 Cr – Grew 22%; yoga for margins.
EBITDA Margin 6.1% – Barely a stretch, but steady.
PAT ₹697 Cr (H1) – Tax refund did the Surya Namaskar.
Edible Oil Revenue ₹6,971 Cr – Still 70% of mix; palm trees pay bills.
FMCG Revenue ₹2,914 Cr – Up 34% QoQ; biscuits leading the revolution.
Oil Palm Margin 24.1% – Better than meditation returns.
Asthana: “MS Dhoni continues to endorse our edible oils.” (Translation: Even Captain Cool couldn’t escape the branding yoga.)
Asthana: “We aim to reach 50% FMCG mix in four years.” (Translation: Someday, we’ll be less oily and more FMCG-y.)
Rajesh (CFO): “We’ve implemented SAP HANA and AI for inventory.” (Translation: From ashram accounts to algorithmic accuracy.) 🧘♂️
Asthana: “85% of our portfolio is now taxed at 5%.” (Translation: Even the GST gods now favor Patanjali.)
4. Numbers Decoded
Segment / Metric
Q2FY26 (₹ Cr)
YoY Growth
Margin %
Comment
Total Revenue
9,799
+20.9%
—
Record-breaking quarter
EBITDA
603
+22.1%
6.1%
Margins meditating calmly
Edible Oils
6,971
+17.1%
3.5%
Still the oily heart
Oil Palm Plantation
599
+25% est.
24.2%
Cash crop nirvana
FMCG (Foods + HPC)
2,914
+34.3% QoQ
12.3%
Biscuits and ghee lift spirits
Biscuits
500
+16.5% YoY
9.8%
Doodh rules 72% of segment
Ghee
448
+26% YoY
—
Festive calories, festive profits
Nutrela (TSP)
159
+14% QoQ
18.8%
Protein with purpose
HPC
659
+17.7% QoQ
27.7%
Soap margins squeaky clean
Cash Balance / Debt
High / High
—
—
Borrowed for working capital “energy flow”
Summary: Record revenues, FMCG margin boost, and strong palm plantations. Tax refunds added a divine glow to the balance sheet.
5. Analyst Questions
Q: How will Patanjali defend market share against FMCG competition? A: “We stand for Ayurveda and Swadeshi.” (Translation: Competitors have ads, we have blessings.)
Q: When will FMCG be 50% of total revenue? A: “In four years.” (Translation: By the next Kumbh Mela, hopefully.)
Q: Palm oil growth drivers? A: “1 lakh hectares under cultivation.” (Translation: The cows may be sacred, but the palms are profitable.)
Q: Any GST disruption impact? A: “Retailers delayed orders.” (Translation: We practiced patience — and logistics yoga.)
