1. Opening Hook
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 theBhagavad 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.
- Stock Debt ↑ + Cash ↑ –Borrowed enlightenment from banks.
3. Management’s Key Commentary
Sanjeev Asthana (CEO):“This is our highest ever quarterly performance.”(Translation: Finally, a quarter worth tweeting about.)
Asthana:“We’ve consolidated food, FMCG, and HPC under one umbrella.”(Translation: Less Excel headache, more headline impact.)
Asthana:“Palm oil imports dropped, soybean oil surged.”(Translation: Global geopolitics decided our profit mix.)🌴
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.)
Q:Why higher borrowings despite cash?A:“Working capital and
