Kaveri Seed Q2FY26 Concall Decoded – When Maize Went Brrr and Cotton Caught a Cold 🌽🧵

1. Opening Hook

When a seed company’s quarterly performance starts looking like a biotech startup’s chart, you know something sprouted right. Kaveri Seed just delivered double-digit growth while cotton played dead and maize went Hulk mode. Illegal cotton seeds still roam free like stray dogs, but Kaveri’s maize and hybrid rice are now flexing their hybrid biceps.

And with the government dreaming of doubling maize output by 2035, Kaveri seems ready to be India’s seed dealer to the ethanol revolution. Keep reading—because this story has floods, illegal cotton, and a 250% dividend. 🌧️💸

2. At a Glance

• Revenue up 17.1%: ₹1,042 crore—seeded success, harvested growth.
• EBITDA up 11%: ₹333 crore—fertile performance, but weeds remain.
• Net Profit up 7.9%: ₹301 crore—steady crop despite pests.
• Cash down to ₹363 crore: More in seeds, less in the bank vault.
• Q2 loss ₹15 crore: Off-season blues hit hard.
• Dividend 250%: Because why not fertilize shareholders too?

3. Management’s Key Commentary

“Revenue grew 17.09% to ₹1,041.91 crore; PAT up 7.9%.”
(Translation: The seeds are growing faster than the profits, but at least something’s sprouting 🌱.)

“Maize volumes rose 29.7%, revenues up 56.8%.”
(Maize is the new cotton. Investors, take note—this crop has swagger.)

“Cotton sales impacted by illegal seed usage.”
(Ah yes, the Indian gray market—where even seeds go rogue.)

“Hybrid rice revenues up 21%, selection rice up 11%.”
(Rice might be slow, but at least it’s not going extinct like cotton margins.)

“R&D spend around ₹15–20 crore per quarter; depreciation up.”
(Translation: Labs are humming; accountants are crying.)

“Inventory high but saleable; cotton stock lasts 3–4 years.”
(Seeds age better than some promises in Indian agriculture.)

“Exports to touch ₹35 crore, up 30% YoY.”
(Slow and steady global sprouting. 🌍)

4. Numbers Decoded