Godrej Agrovet Q3 FY26: Revenue up 11% to ₹2,718 cr

Share price snapshot and near-term return

Godrej Agrovet Ltd (NSE: GODREJAGRO) was at ₹596.30 as on April 30, 2026, based on the provided market snapshot. The same data notes that stock prices can change during the trading session due to market conditions and other factors. Over the past one week, the stock delivered a return of -3.20%. Separately, another quote in the material shows the stock at ₹585.10, down ₹8.30 (-1.40%), indicating intraday or different timestamp pricing. A February datapoint also places the stock at ₹548.65 as of February 3, 2026, used in a one-year performance comparison. These numbers together show that the stock has seen meaningful price movement across recent months, even as the company reported higher quarterly revenues.

Q3 FY26 headline performance

For the quarter ended December 31, 2025 (Q3 FY26), Godrej Agrovet reported consolidated revenue of ₹2,718 crore, up from ₹2,450 crore in Q3 FY25. On operating profitability, EBITDA rose to ₹260 crore from ₹229 crore, and the EBITDA margin improved to 9.6% from 9.3%. Profitability strengthened further at the pre-tax line, with PBT at ₹169 crore, up from ₹138 crore, and the PBT margin at 6.2% versus 5.6%. One set of figures in the material shows PAT of ₹133 crore compared with ₹99 crore, described as excluding non-recurring items. Another performance snapshot lists net profit (Q3 FY26) at ₹114.82 crore, while an investor-presentation summary also references consolidated net profit of ₹110 crore. The differences imply that multiple definitions or reporting bases were cited across excerpts (for example, reported net profit versus adjusted numbers).

Key Q3 FY26 numbers at a glance

The table below summarises the key consolidated metrics that were explicitly presented for Q3 FY26 versus Q3 FY25.

Segment drivers: growth with mixed operating outcomes

The quarter’s consolidated performance was supported by contributions from multiple business lines. In Animal Feed, the company reported cattle feed volume growth of 21% year-on-year, while segment revenue increased to ₹1,298 crore from ₹1,274 crore. The same segment showed an underlying segment result of ₹90 crore, up from ₹77 crore, with improvements attributed to operational efficiencies and cost management, and underlying EBIT per metric tonne improving by about 4% year-on-year. The Vegetable Oil business recorded revenue of ₹618 crore versus ₹487 crore, and segment result of ₹144 crore versus ₹115 crore. Crop Protection revenue rose to ₹136 crore from ₹99 crore, but segment result slipped to ₹26 crore from ₹27 crore. The narrative also flagged ongoing challenges in Crop Protection linked to adverse weather and limited growth prospects.

Margin signals: efficiency gains versus cost pressure

Alongside the 9.6% EBITDA margin cited in the consolidated results summary, another excerpt highlighted operating margin (excluding other income) of 8.90% for Q3 FY26. That operating margin was described as slightly higher than 8.32% in Q2 FY26, but below 9.00% in the year-ago quarter. The same commentary described the situation as margin compression despite revenue growth, suggesting cost pressures that were not fully passed through in pricing. The Q3 FY26 snapshot also reported PAT margin of 4.04%, improving sequentially versus Q2 FY26 but lower than the year-ago level. Put together, the provided material points to two co-existing themes: operational efficiencies supporting EBITDA and PBT growth, and input-cost pressures affecting certain profitability measures.

Quarterly trend: sales rise, profit volatility

The excerpts provide a multi-quarter view of consolidated performance, showing sequential swings in both profit and margins.

Nine-month FY26 update and earlier-quarter context

For the nine months ended December 31, 2025, consolidated revenue was cited at ₹7,900 crore, up from ₹7,249 crore in the comparable period, representing 9.0% growth. Net profit for the nine-month period was listed as ₹343 crore versus ₹337 crore a year earlier. Another management commentary excerpt for Q2 FY26 stated consolidated revenues of ₹2,567 crore (up 5% year-on-year) and H1 FY26 revenues of ₹5,182 crore (up 8% year-on-year). It also mentioned Q2 FY26 PBT of ₹125 crore (flat year-on-year, excluding non-recurring items) and H1 FY26 PBT of ₹313 crore (up 14%, excluding non-recurring items). Taken together, the numbers show that Q3 carried forward the revenue-growth trend seen earlier in the year, while profitability remained sensitive to mix and costs.

Corporate actions and scheduled events

Godrej Agrovet’s calendar includes multiple formal milestones. A board meeting was scheduled for April 30, 2026 to review and approve standalone and consolidated audited financial results for Q4 and FY ending March 31, 2026, and to consider a potential dividend recommendation. The company also scheduled a Q4 FY26 results conference call for May 4, 2026 at 3:00 PM IST. Participants listed include Chairman Nadir Godrej, Chairman Designate Burjis Godrej, CEO and MD Sunil Kataria, CFO S. Varadaraj, and ED and COO Arijit Mukherjee. Earlier, a Q3 and nine-month results discussion was referenced for February 4, 2026 at 3:30 PM IST, and the Q3 FY26 investor presentation was approved at a board meeting held on February 3, 2026.

Valuation and dividend datapoints cited

The material includes several market-multiple references tied to the stock. One snapshot lists P/E (TTM) at 24.24x, with a comparison of sector P/E at 52x, and P/BV at 5.83x alongside book value of ₹123.83. It also cites dividend yield of 2.00% and a latest dividend of ₹11 per share, with the dividend declaration date noted as July 31, 2025. A separate valuation table shows estimated ratios of P/E 24.8x for 2026 and 18.9x for 2027, plus yield 1.88% (2026) and 2.06% (2027), presented as forward figures. These datapoints help frame how the market is pricing the company alongside its recent quarter performance.

Market impact: what the reported numbers imply

From the provided data, the immediate market relevance lies in the contrast between improved Q3 operating performance and uneven stock returns. The company posted double-digit revenue growth and higher EBITDA and PBT, while also describing headwinds in Crop Protection and cost pressure in dairy due to rising milk procurement costs. The one-week negative return and the earlier one-year underperformance statistic cited in the material (a -27.62% one-year return as of February 3, 2026, versus Sensex +8.49%) indicate that investors were weighing execution and segment risks against consolidated growth. At the same time, the scheduled board meeting and conference call create near-term catalysts for updated guidance, FY26 audited numbers, and dividend decisions. For investors tracking agribusiness exposure, the disclosed segment performance shows that gains are not uniform and that profitability can diverge even when segment revenues rise.

Conclusion

Godrej Agrovet’s Q3 FY26 disclosures point to stronger consolidated revenue and EBITDA, with PBT growth supported by margin expansion and operational efficiencies. However, the same set of excerpts highlights segment-specific constraints, particularly in Crop Protection and dairy costs, and shows volatility in quarterly profitability metrics. The next concrete milestone is the company’s Q4 FY26 results conference call on May 4, 2026, following the board meeting scheduled for April 30, 2026 to review audited FY26 numbers and consider a dividend recommendation.