Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - The intimation of Analyst/ Investor meet to be held on 18/09/2026
Source: Bse
Godrej Agrovet Limited (GODREJAGRO)
Micro CapFMCG stocks · Micro cap · NSE
Godrej Agrovet Limited (GAVL) is a diversified Indian agri-business company with segments including Animal Nutrition, Oil Palm, Crop Care, Dairy, and Poultry. Its subsidiary, Astec LifeSciences, focuses on Crop Protection chemicals and CDMO. GAVL aims for volume-led growth, margin expansion, and a strategic shift towards value-added and branded portfolios.
₹634.15
+1.30 · +0.21%
Market cap ₹12,173 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 09:04 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
41NeutralMACD − · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 57
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GODREJAGROD candles · FIT view+6.1%Latest close ₹634.15 on 2026-10-19
Bar
+1.1%
RSI
49
MACD hist
-2.65
52W pos
67%
2026-10-19O ₹627.05H ₹641.05L ₹624.60C ₹634.15Vol 86,224 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GODREJAGRONifty FMCGNifty 500
- GODREJAGRO
- +10.9%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- +16.5 pp
Chart stats
19 Oct 2026- From 52W high
- -9.2%
- 52W range position
- 67%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.46x
- Avg traded value
- ₹11.9 Cr
- 20D price channel
- ₹603.5 - ₹698.4
₹698.4
₹506.1 - ₹698.4
₹20.6
Latest completed session
20-session average
23.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +9.2% · PAT -14.1% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-39.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -14% YoY · margin compression · Rev +9% YoY · +22% QoQ
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,855 Cr | +9.2% | +22.4% |
| EBITDA | ₹240 Cr | -11.1% | +72.7% |
| Operating margin | 8.0% | -200 bps | +200 bps |
| PAT | ₹128 Cr | -14.1% | +25.5% |
| PAT margin | 4.5% | -122 bps | +11 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.90
- P/B
- 5.97
- EV/EBITDA
- 12.94
- Market Cap
- 12173.00Cr
Profitability
- ROE
- 20.90%
- ROCE
- 19.20%
- ROA
- 6.90%
- Dividend Y
- 1.74%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.77
- Interest Coverage
- 6.27×
- Altman Z
- 4.45
- Book Value
- 106.00
Cash Flow
- FCF Yield
- 9.29%
- FCF Positive Y
- 7/5
- OCF
- 1281.00 Cr
- EPS TTM
- 23.22
Shareholding
- Promoter Hold
- 67.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,855+22.4% vs prev
Net Profit
₹ CrLatest: 128+25.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 49.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 49 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
65
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.1%
3M return
+10.9%
6M return
+3.0%
1Y return
-4.0%
RS 1D
+3
RS 20D
+7
Sector rank
#13
Industry rank
#7
Stage evidence
- Price is 7.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
10 Sept 2026
S2 age
26 trading sessions
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 91.76+1.25%
RS vs Nifty 50092
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation3/30
Growth10/25
Quality14/20
Balance Sheet9/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 9.3%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -39.7%.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
25.9
PB
6.0
EV/EBITDA
12.9
ROE
20.9%
ROCE
19.2%
FCF Yield
9.3%
Debt/Equity
0.8
MoS
-39.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
51
Previous: 51
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-39.7%
Previous: -39.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
51
51
51
51
51
51
51
51
51
51
51
51
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹235.33
-169.5% MoS
Growth-justified P/E
19.6
Growth-justified Value
₹453.95
-39.7% MoS
PEG
2.02
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KRBL
Micro
KRBL Limited
Agro Processing
match 59
57
12.0
11.7%
-16%
FAIR VALUE
GAEL
Micro
Gujarat Ambuja Exports Limited
Agro Processing
match 57
35
19.0
9.7%
-189%
WATCHLIST
GOKULAGRO
Micro
Gokul Agro Resources Limited
Agro Processing
match 55
77
15.0
30.0%
+67%
DEEP VALUE
EIDPARRY
Large
EID Parry India Limited
Agro Processing
match 54
34
15.2
7.8%
-57%
WATCHLIST
INDIAGLYCO
Micro
India Glycols Limited
Agro Processing
match 52
69
7.0
11.3%
+85%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-02T20:25:33.057Z
Management commentary snapshot
GAVL delivered strong Q4 FY26 results with consolidated revenues up 9% YoY to INR 2,333 crores and PBT (ex-exceptional) up 16.8% YoY to INR 87 crores. Full-year revenues surpassed INR 10,000 crores, reflecting broad-based volume-led growth, disciplined margin management, and improved business mix.
GAVL's Q4 and FY26 performance, driven by volume growth in Animal Nutrition and Oil Palm, and Astec's turnaround, supports the long-term thesis. Management's strategic focus on value-added products, portfolio diversification in Crop Care, and capital allocation discipline are key, despite near-term input cost pressures in Dairy and monsoon uncertainty.
Growth engines
Animal Nutrition Volume-Led Growth
Animal Nutrition delivered strong Q4 volumes (+15% YoY), with cattle feed up 24%, supported by new products, favorable commodity positions, and cost optimization. Focus on East and Central India.
Oil Palm Area Expansion & Productivity
Concluded a landmark year with highest ever area expansion and all-time high oil extraction ratio. Expecting 'demographic dividend' as juvenile trees become productive.
Astec LifeSciences CDMO Focus
Astec continued strong turnaround momentum with EBITDA break-even in FY26. Robust Q4 revenue and EBITDA driven by higher volumes in CDMO category and improved capacity utilization.
Godrej Foods Branded & New Categories
Strategic shift towards branded offerings (salience >80%). Entry into new segments like momos and frozen chicken, aiming for double-digit volume growth in value-added pieces.
Capacity and execution
Oil Palm Area Expansion
The oil palm business concluded a landmark year in fiscal year '26, marked by highest ever area expansion. Next year we're gunning for even beating that record on area expansion.
Astec Capacity Utilization
Astec LifeSciences recorded robust year-on-year growth, driven by higher volumes led by the CDMO category, improved realizations, and better capacity utilization.
FY27 Capex Allocation
Overall capex requirements would be in the range of around INR 350-400 crores, with roughly 75% to 80% as growth capex. Approximately 50% of capex deployment is going towards oil palm business.
Tailwinds
Shift to Branded Animal Feed
Elevated milk procurement prices act as a positive trigger for shift from unbranded to branded compound feed business, as farmers see benefits of higher milk yield.
Oil Palm Price Correlation
Palm oil prices are strongly correlated with crude oil prices; if the Middle East war continues, it will probably be good for oil palm.
Quick Commerce for Frozen Chicken
Quick commerce provides a structural tailwind for the frozen chicken industry, aiding cold chain management and category creation.
Currency Depreciation for Exporters
Being a net exporter, currency depreciation could offer a mild positive benefit for Astec LifeSciences, providing a natural hedge to imports.
Headwinds
Geopolitical Uncertainty (Iran War)
The Iran war remains an overhang for the FY27 outlook, with its impact on palm oil prices and crop protection business being a variable.
Crop Care Inventory Carry Forward
The Crop Care business remained impacted in Q4 FY26 due to carry forward of inventory in the co-marketing channel, leading to lower volumes of in-house products.
Elevated Milk Procurement Costs
Creamline Dairy's profitability remained under pressure due to elevated milk procurement costs, though expected to cool down from Q2 FY27.
Below Normal Monsoons
Predictions for below normal monsoons (El Niño) could impact some businesses, with severity expected in August and September, though geographical impact is variable.
Risk radar
Geopolitical Impact on Commodities
The Middle East war's continuation could be bad for the crop protection business but good for oil palm, creating a mixed impact on Agrovet overall.
Monsoon Variability and El Niño
The severity and geographical playout of El Niño are difficult to predict, posing a variable risk to agricultural businesses, especially Crop Care.
Commodity Price Volatility
Outlook for palm oil prices is uncertain, being played quarter-to-quarter. Milk procurement prices are expected to normalize from Q2 FY27 but remain a pressure point.
Crop Care Portfolio Concentration
Historically, the Crop Care business was very centric on cotton herbicide and Gracia (chilies), making it vulnerable to bad seasons for these two crops.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 results are compared YoY to account for seasonality in agri-businesses. Full-year results provide a comprehensive view of strategic execution and the achievement of the INR 10,000 crore revenue milestone.
Sector KPIs management disclosed
Consolidated Revenue Growth
Consolidated revenues grew to INR 2,333 crores, reflecting a 9% year-on-year growth for Q4 FY26. Full year revenues reached INR 10,233 crores, representing a robust year-on-year growth of 9%.
PBT (ex-exceptional) Growth
Profit before tax excluding non-recurring and exceptional items increased by 16.8% to INR 87 crores for Q4 FY26. For the full year, PBT increased by 17.2% year-on-year to INR 569 crores.
Animal Nutrition Volume Growth
Animal Nutrition delivered another strong quarter with Q4 volumes growing 15% year-on-year, significantly ahead of industry growth. Cattle feed volumes increased sharply by 24%.
Oil Palm Extraction Ratio
The oil palm business concluded a landmark year in fiscal year '26, marked by all-time high oil extraction ratio. Q4 extraction ratio was 20.77%, up from 19.76% in Q4 FY25.
Management forward view
FY27 Growth Targets
Management targets early double-digit revenue growth and mid-teens PBT growth at a consolidated level for FY27, primarily driven by underlying volume growth.
Strategic Mindset Shift
The company is undergoing a fundamental shift from a commodity-centric thinking to a market-customer facing approach across all businesses, led by innovation and marketing.
Crop Care Portfolio Diversification
Crop Care is diversifying from a two-crop segment to a multi-crop, multi-segment product company (herbicide, insecticide, fungicide) over the next 5 years.
Shareholder Value & Capital Discipline
Management is evaluating the optimal structure for the chemicals business, assuring protection of minority shareholder interests. Will maintain stringent discipline on working capital and ROCE.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Animal Nutrition Volume Growth | Q4 volumes grew 15% YoY, cattle feed up 24% YoY. | Continued double-digit volume growth, especially in East and Central India, and sustained market share gains. |
| Oil Palm Area Expansion & Yield | Highest ever area expansion in FY26, Q4 OER at 20.77%. | Beating FY26 area expansion record in FY27 and the impact of 'demographic dividend' from maturing trees on overall yield. |
| Astec LifeSciences CDMO Growth | EBITDA break-even in FY26, strong Q4 growth driven by CDMO. | Continued CDMO-led growth, fruition of early leads in the pipeline, and achieving ~20% top-line growth for the business. |
| Crop Care Portfolio Diversification | Launched Ashitaka (maize herbicide) and TAKAI (multi-crop insecticide). | Contribution of new products to revenue (expected 16-18% of business in FY27) and successful shift to a multi-crop, multi-segment portfolio. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 73rd percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
155 docs text-extracted · 81 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · FMCG: 73rd pctile, median 79 · Micro: 81st pctile, median 73
Evidence depth
Financial-only
155 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 67.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.1%.
- ▸7 years of positive FCF.
Trust risks
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Godrej Agrovet Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - The intimation of Analyst/ Investor meet to be held on 18/09/2026
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Publication of newspaper announcement dated July 11, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Intimation of newspaper announcement published on July 1, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Intimation of newspaper announcement published on July 1, 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 7 Jul - CRISIL reaffirmed A1+ rating on Godrej Agrovet’s Rs1,500 crore commercial paper programme.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug - Intimation of newspaper publication of Financial Results for the Quarter ended June 30, 2026
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.