Double-digit growth masks sharp profit decline and margin squeeze

9.2% YoY revenue growth; below prior early double-digit FY27 target

Cattle feed 15%, overall segment 12.6%; reported EBITDA per tonne ₹2,100-2,150, above guidance

Revenue growth confirmed 28.9%; segment result up 14.4%; but margins fell 19% → 17% YoY despite higher CPO realizations (+18%)

Q1 PAT down 13.8% YoY; guidance now stated as double-digit (not mid-teens); flagged Crop Care recovery uncertain until Q2-end

Confirmed; upgraded full-year revenue guidance to 20%+ (prior 20%); CDMO margins intact

Q1 revenue down 16.2%; management deferred call on FY recovery to Q2-end; cited June 40% rainfall deficit, new product ramp (Ashitaka 18-20% of Q1, Takai early-stage)

Revenue growth 11.4% confirmed; but profitability impacted by elevated milk procurement costs and packaging inflation from geopolitical disruptions; management passing only 70% of cost increases through

Prior: mid-teens PBT growth FY27. Now: double-digit growth (management stated 'still pretty confident of double-digit'). Q1 PAT −13.8% YoY; full-year visibility uncertain pending Crop Care.

Prior: 20%. Now: 'at least 20%+' (modest upgrade). Q1 revenue moderately lower but EBITDA improved to breakeven from −₹11 Cr loss. CDMO dissidence 50-52% FY27.

Q1 down 16.2% due to monsoon miss. Ashitaka/Takai contributing 18-20% of Q1 Crop Care sales (new products scaling). Management deferred FY outlook to Q2-end given 'sketchy' cotton herbicide season visibility.

Segment margin fell 19%→17% despite +18% CPO realization and improved OER (18.4%→18.8%). Management attributed to 'formula pricing' and FFB seasonality. Expects recovery in peak H2 seasons.

CDPL saw 8% volume growth (+11.5% value) but profitability hit by milk procurement inflation (+4 qtrs) and packaging costs. Management launching 18-20 month route-to-market overhaul; expects recovery via value-added mix and cost initiatives.

FFB target high single-digit to early double-digit growth (4-5yr LRP). Area expand 80k→150k hectares (17k acres added last yr); juvenile 50%, maturing 4-8yr peak. Specialty fats facility (Sep launch) expected to add ~200 bps EBITDA margin when scaled. Capex ₹300-350 Cr at 16-18% IRR.

Q1 hit by June 40% rainfall deficit. Ashitaka/Takai/ Ghassnash new product launches ramping (18-20% Q1 Crop Care sales). July better than prior year. Will call recovery by Q2-end. Astec 20%+ FY growth confirmed. Overall PBT target 'double-digit still' (softened from mid-teens).

Passed 60-70% cost to market; cattle feed +15%, fish +20%. EBIT/tonne guidance ₹2,050-2,150 maintained (slightly higher this Q). Strategic sourcing navigated commodity volatility; premium feed demand boosted by high milk prices.

Government pricing formula changes; FFB volumes flat (seasonal: prior yr early monsoon). OER held stable (18.4%-18.8%). Expects recovery in peak H2 seasons; Q1 one-off. Specialty fats will help.

Milk costs elevated 4 qtrs; passing 70% through pricing. Packaging inflation (geopolitical) expected to ease by Aug. Launching 18-20mo route-to-market overhaul under new CEO Gaurav. Pressing value-added mix (salience 42%→49%). Focus on cost initiatives & growth.

Strategic shift: live-bird down 15-20% planned over 3-4yr; B2C (Yummiez + Real Good) growing 28% volumes, 20%+ value. Targeting 65-70% B2C salience over LRP. Investment phase in automation, NPD (momos, frozen chicken). Current 32% salience.

Upgraded to 20%+. CDMO margins intact, higher than enterprise. Some H1→H2 shift in customer demand; dissidence 50-52% FY27. Q1 revenue moderately lower but EBITDA improved to breakeven.

Conscious strategy: exiting unprofitable poultry geographies. Fish feed +20%, swine growing. Cattle 55-56% of segment; fish 7%. Overall 7% vol growth reflects mix shift away from low-margin poultry.

Ashitaka/Takai combined 18-20% of Q1 Crop Care sales. Margins lower than Hitweed (in-license vs in-house) but healthy. Scale benefits & cost leverage expected as products mature.

Macro (June 40% rainfall deficit) hitting cotton herbicide (concentrated segment). Peers have different portfolio. Company diversifying (Ashitaka maize, Takai paddy, Ghassnash soybean). No execution miss vs peers—macro & portfolio-specific.

Q1 at 9.2% YoY; management stated 'still pretty confident of double-digit growth still' but flagged Crop Care uncertainty until Q2-end. Implies FY27 revenue ~₹11,300-11,600 Cr (8-10% CAGR baseline + segments).

Driven by 80k→150k hectare expansion, geographic diversification (Telangana, NE), demographic dividend (50% juvenile maturing), OER efficiencies. Phased over next 4-5 years.

Q1 revenue moderately lower but EBITDA breakeven achieved. CDMO dissidence 50-52% FY27. H1→H2 order timing shift noted; orders intact.

Q1 margin fell 19%→17% due to formula pricing & FFB seasonality. Expects peak H2 seasons, factory scale efficiencies, specialty fats early ramp to recover. Full impact multi-year post-scaling.

Navigated commodity volatility via strategic sourcing (60-70% pass-through); premium feed demand from high milk prices. Expecting structural benefits to continue.

Milk procurement costs elevated 4 qtrs; packaging inflation one-off (expect ease by Aug). Route-to-market transformation ongoing (18-20 mo). Margin recovery multi-quarter dependent on execution.

Currently 32% salience. B2C growing 28% volume, 20%+ value. Investments in NPD, automation, advertising ongoing. Full margin benefit 3-4 years post-peak scale.

Key investments: Oil Palm integrated complex (Kannan CPO mill + nursery + seed garden + refinery phased), specialty fats refinery (Sep 2026), Godrej Foods plant automation. All assumed in guidance; no new investment.

Q1 June 40% rainfall deficit hit Crop Care (−16.2% revenue) and constrained Oil Palm FFB (flat YoY despite improved practices). Monsoon erratic through Q2; Crop Care recovery call deferred to Q2-end.

Dairy milk procurement elevated 4 quarters; packaging costs spiked from geopolitical disruptions (LPG→crude oil→packaging). Management passing only 70% through pricing; profitability impacted.

New product launches (Ashitaka maize, Takai paddy, Ghassnash soybean) targeting 18-20% of Q1 Crop Care sales; full-year contribution uncertain. Company betting on diversification away from cotton herbicide (weather-sensitive, historically concentrated). Recovery outlook unclear until Q2-end.

Segment result +14.4% (revenue +28.9%); margin fell 19%→17% YoY. Attributed to government formula pricing changes & FFB seasonality. CPO realizations +18%, but gains passed to farmers/suppliers.

Prior FY26-call guidance was 'mid-teens PBT growth' for FY27. Management now states 'double-digit growth still' pending Crop Care recovery (Q2-end call). Q1 PAT −13.8% YoY; full-year PBT achievement now at risk.