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1 — At a Glance
Six businesses, one monsoon, and a quarter where the weather picked a favourite.
Godrej Agrovet sells animal feed, palm oil, crop protection chemicals, dairy and frozen chicken. Consolidated sales for the three months to June 2026 were ₹2,855 crore. That is up 9.2 per cent from ₹2,614 crore a year earlier. Operating profit was ₹240 crore, against ₹270 crore. Net profit was ₹128 crore, against ₹149 crore. Earnings per share came in at ₹6.99, against ₹8.35.
Underneath, the segments moved in opposite directions. Animal Nutrition revenue rose 12.6 per cent to ₹1,302 crore, with cattle feed volumes up 15 per cent. Vegetable Oil revenue rose to ₹619 crore from ₹499 crore. Crude palm oil realisations were ₹1,34,783 a tonne, against ₹1,14,079 a year earlier. Crop Care went the other way, with revenue of ₹349 crore against ₹403 crore. Its segment result was ₹75.6 crore, against ₹116.5 crore.
Management attributes the Crop Care decline to a significantly delayed monsoon and slower kharif sowing. Kharif is the crop planted with the summer rains. Management describes it as one of the driest Junes in over a decade. On the earnings call, management called it one of the worst Junes in a century, with a 40 per cent rainfall deficit.
Dairy revenue rose 11.4 per cent to ₹465 crore. Its segment result was a loss of ₹1.9 crore, against a profit of ₹4.3 crore. Management cites elevated milk procurement prices and war-led packaging inflation.
Average net working capital fell to 21 days from 31, per the company’s own disclosure. Astec LifeSciences reached breakeven at the operating level, against an operating loss of ₹11 crore. The finance chief who has signed these numbers for years has applied to retire early.
2 — Introduction
Godrej Agrovet Limited describes itself as a diversified, research-focused agri-business company. Its stated aim is to raise the productivity of Indian farmers, through products that lift crop and livestock yields. It says it holds leading market positions in animal feed, crop protection, oil palm and dairy, as well as poultry and processed foods. It runs more than 60 manufacturing sites across India.
The structure is a holding arrangement as much as an operating one. Creamline Dairy Products Limited runs the Godrej Jersey dairy business in southern India. That business processes roughly six lakh litres of milk a day. Godrej Foods Limited, a wholly owned subsidiary, handles ready-to-cook chicken and frozen foods under Real Good Chicken and Yummiez. Astec LifeSciences makes agrochemical active ingredients to order, and exports to roughly 17 countries. A 50 per cent joint venture, ACI Godrej Agrovet, runs feed in Bangladesh. ICRA, a credit-rating agency, puts the holding in Creamline at 99.78 per cent in its July 2026 report. The same report puts Godrej Foods at 100 per cent and Astec at 67.03 per cent.
The stake-building has been recent and deliberate. In May 2025 the company completed the purchase of 47.38 per cent of Creamline from that company’s promoter group. That took its holding to 99.32 per cent. The 36.79 per cent bought during the June 2025 quarter cost ₹708.58 crore. A further 0.46 per cent cost ₹8.93 crore in the September 2025 quarter. In July 2025 the company put ₹199.01 crore into Astec’s rights issue, a share sale offered to existing holders.
Leadership has turned over too. Sunil Kataria took charge as chief executive and managing director on 1 September 2025, on a five-year tenure. He followed Balram Yadav, who retired on reaching the company’s retirement age. Nadir Godrej retires as chairman on 13 August 2026. Burjis N. Godrej was appointed chairperson from 14 August 2026.
The June 2026 quarter presentation opens with what the company itself calls a “structural reset focused on value creation”. The company describes that as streamlining a complex portfolio, building several growth pillars in each business, and moving away from a commodity mindset. Capital allocation is stated at ₹300 crore to ₹350 crore a year, funded from internal accruals, meaning cash the business generates itself. Live Bird Trading, the company says, will be closed.
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3 — Business Model: WTF Do They Even Do?
Six segments, and each one answers to a different god.
Animal Nutrition is the anchor, at 46 per cent of revenue in the year to March 2026. It sells feed for cattle, poultry, shrimp and fish, from among India’s largest organised feed plants. Volumes were 14,75,144 tonnes in the year to March 2025. They reached 16,46,545 tonnes the year after. That year brought Dhanalaxmi G, a premium feed for high-yielding cattle, and Bypro Plus, a high-protein formulation. Management has guided to operating profit of roughly ₹2,050 to ₹2,150 a tonne. That is an unusually specific number for a business whose customers are cows.
Oil Palm is 19 per cent, and the company is the largest domestic producer of crude palm oil and palm kernel oil. It works with farmers across the crop lifecycle, through a Samadhan Centre network expanded to 24 centres in the year to March 2026. Management describes a structural shift from a pure upstream player to an integrated upstream-to-downstream business. A specialty fats refinery is expected to start ramping up in September, aimed at food-ingredient buyers. Roughly half the plantations are in the juvenile nought-to-four-year stage, per management, productive from year four and peaking around year eight. The business is,
