1. At a Glance

Welcome toGodrej Agrovet Limited (GAVL)— India’s agri-conglomerate that milks cows, breeds chickens, squeezes oil palms, sprays crops, and somehow still has time to deal with SEBI warning letters. At ₹ 649 per share, the company commands amarket cap of ₹ 12,485 crore, but the recent 20% price fall in 3 months feels like watching your tractor slide on wet mud.

InQ2 FY26, revenue stood at ₹ 2,567 crore (+4.85% YoY), butPATdropped 17.6% to ₹ 92.6 crore.Operating marginsheld at 8%,ROE17.7%, andROCE16.6%. The balance sheet is stretched tighter than a farmer’s budget before harvest —debtrose from ₹ 1,400 crore to ₹ 1,923 crore as of Sep 2025.

Still, Godrej Agrovet isn’t your average mandi-trader. It’s the rare agribusiness that also throws a boardroom party when EBITDA margins touch 9%. But with the SEBI’s warning for delayed disclosures and a new CEO in the hot seat, the next quarter promises as much drama as a daily soap titledKhaad, Cow & Corporate Karma.

2. Introduction

Godrej Agrovet is that overachieving cousin in the Godrej family—busy running five different agribusinesses while juggling government MoUs, dairy expansions, and now, a SEBI slap on the wrist.

Founded on the noble mission of improving farmer productivity, it’s now a ₹ 10,000 crore+ machine operating from cattle feed to palm oil to pesticides to paneer. But despite its fancy R&D and premium Jersey milk ads, its stock performance has been as cold as that same Jersey milk left overnight.

In the past year, shareholders lost 10.5%, and in the last 3 months alone 20%. Meanwhile, management has been expanding into palm refineries, signing ₹ 960 crore MoUs, and bringing in a new CEO —Sunil Kataria, the ex-Godrej Consumer Products boss who knows a thing or two about turning soaps into gold.

The business is classic Godrej — heritage brand + R&D + diversification. But the real question: can this conglomerate balance milk, meat, and money without spilling any?

3. Business Model – WTF Do They Even Do?

If you ever wanted to invest in something that feeds cows, fattens chickens, crushes palm fruit, ferments milk, and sells pesticides — look no further.Godrej Agrovetis the buffet of Indian agribusiness.

Animal Feed (47%)– Their biggest revenue cow. They produce compound feed for cattle, poultry, fish, and shrimp. Even Bangladesh eats out of Godrej’s trough via their JV ACI Agrovet.

Dairy (17%)– Operated viaCreamline Dairy Productsunder theJerseybrand, selling everything from curd to lassi. They recently hiked their stake to 99.3%, so Jersey is now a full Godrej cow.

Vegetable Oil (14%)– India’s largest oil-palm processor with 30% market share. Think of them as “the Adani Wilmar of the south but with trees.” They work with 11,000 farmers managing 2 lakh hectares of plantations.

Crop Protection (13%)– Via subsidiaryAstec Lifesciences, they sell pesticides, fungicides, and regulators. Astec’s enterprise division had a bad year, proving that even chemicals can get depressed.

Poultry & Processed Foods (9%)– Their JV with Tyson Foods brings youReal Good ChickenandYummiez, the products that confuse vegetarians and excite gym-goers.

Together, this makes GAVL an agricultural Swiss-army knife: diversified, complex, and dangerous in the wrong hands.

4. Financials Overview

Annualized EPS ≈ ₹ 19.2 → P/E ≈ 34×.

Commentary:Revenue up, profits down — the classic Indian corporate diet. Input costs and flat realizations hit margins, and management called it