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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -14% YoY · margin compression · Rev +9% YoY · +22% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
58NeutralSMA20 +6.0% / mo · MACD +
Technical chart
GODREJAGROdaily · 1Y · AUTO+5.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 63.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.7% over last month) — short-term momentum positive.
- RSI(14) at 63 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 15% off 52W high · 27% 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.
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 9.1%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -42.0%.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 67.8%. Key concern: 1/4 latest quarters had positive YoY PAT growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · FMCG: 73rd pctile, median 78 · Micro: 81st pctile, median 73
155 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 26.40
- P/B
- 6.08
- EV/EBITDA
- 13.17
- Market Cap
- 12408.00Cr
Profitability
- ROE
- 20.90%
- ROCE
- 19.20%
- ROA
- 6.90%
- Dividend Y
- 1.71%
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
- 4.49
- Book Value
- 106.00
Cash Flow
- FCF Yield
- 9.12%
- FCF Positive Y
- 7/5
- OCF
- 1281.00 Cr
- EPS TTM
- 23.22
Shareholding
- Promoter Hold
- 67.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.