Venky's poultry profit turns positive as oilseed profit falls

Venky's (India) Limited's poultry and poultry products segment reported Rs 10.12 crore of profit before tax and interest in the quarter ended 30 September 2026, reversing a Rs 58.31 crore loss a year earlier, while oilseed profit fell to Rs 86 lakh amid high, volatile soya seed prices and lower de-oiled-cake realisations.

How did Venky's poultry segment perform in Q2 2026?

Venky's poultry and poultry products segment moved to a Rs 10.12 crore profit before tax and interest in Q2 2026 from a Rs 58.31 crore loss in Q2 2025. Management attributed the year-on-year change to better operational efficiency and improved realisations in a quarter it describes as generally off-season for poultry because of festivals and fasting periods.

Poultry revenue was Rs 513.57 crore in the quarter ended 30 September 2026, compared with Rs 367.55 crore a year earlier and Rs 515.89 crore in the quarter ended 30 June 2026. Although revenue was broadly flat sequentially, segment profit declined from Rs 76.25 crore in Q1 2026 to Rs 10.12 crore in Q2 2026.

For the half year ended 30 September 2026, poultry revenue increased to Rs 1,030.55 crore from Rs 843.27 crore in the prior-year half. The segment made Rs 26.37 crore before tax and interest, against a Rs 63.97 crore loss in the corresponding 2025 period, extending the year-on-year turnaround beyond the September quarter.

Why did Venky's oilseed profit fall in Q2 2026?

Venky's oilseed segment reported Rs 86 lakh of profit before tax and interest in Q2 2026, down from Rs 30.95 crore in Q1 2026 and Rs 10.18 crore in Q2 2025. Management said volatile and high soya seed prices, together with lower realisations from de-oiled-cake sales, affected segment profitability.

Oilseed revenue was Rs 494.15 crore in the September 2026 quarter, compared with Rs 527.91 crore in the June 2026 quarter and Rs 368.88 crore a year earlier. The Rs 33.76 crore sequential revenue decline coincided with a Rs 30.09 crore reduction in segment profit, while management identified input costs and de-oiled-cake selling prices as the stated drivers of the pressure.

The half-year comparison was more favourable than the standalone quarter. Oilseed revenue rose to Rs 1,022.06 crore in the half year ended 30 September 2026 from Rs 586.90 crore a year earlier, while profit before tax and interest increased to Rs 31.82 crore from Rs 20.23 crore. The Q2 result of Rs 86 lakh means the June quarter accounted for most of the first-half segment profit.

What did Venky's animal health business contribute in Q2 2026?

Venky's animal health products segment contributed Rs 23.06 crore of profit before tax and interest in Q2 2026, compared with Rs 27.27 crore in Q2 2025 and Rs 30.31 crore in Q1 2026. Management described the segment's performance as satisfactory, while the reported result was lower in both comparisons.

Animal health revenue was Rs 98.50 crore in Q2 2026, up from Rs 91.24 crore a year earlier but below Rs 113.67 crore in Q1 2026. For the six months ended 30 September 2026, revenue rose to Rs 212.17 crore from Rs 188.22 crore, and segment profit increased to Rs 53.37 crore from Rs 44.39 crore.

Animal health was the largest contributor to Q2 segment profit at Rs 23.06 crore, ahead of poultry at Rs 10.12 crore and oilseed at Rs 86 lakh. Its revenue was smaller than poultry's Rs 513.57 crore and oilseed's Rs 494.15 crore, showing that the three segments had different profit contributions despite their revenue scales.

How did Venky's segment performance translate into company profit?

Venky's total segment profit before tax and interest was Rs 34.04 crore in Q2 2026, compared with a Rs 26.52 crore loss in Q2 2025 and Rs 77.52 crore in Q1 2026. Poultry's move from a Rs 58.31 crore loss to a Rs 10.12 crore profit was the principal year-on-year change, while animal health and oilseed remained profitable in both September quarters.

After interest expense of Rs 3.82 crore and other unallocable expenditure, net of unallocable income, of Rs 9.31 crore, Venky's reported profit before tax of Rs 20.91 crore in Q2 2026. That compared with a Rs 35.08 crore loss before tax in Q2 2025, when interest expense was Rs 5.04 crore and other unallocable expenditure was Rs 3.72 crore.

Profit for the period was Rs 14.61 crore in Q2 2026, against a Rs 26.53 crore loss in Q2 2025. Basic and diluted earnings per share were Rs 10.37, compared with negative Rs 18.83 a year earlier; Venky's stated that the quarterly earnings-per-share figures were not annualised.

Where were Venky's assets and liabilities allocated at September 2026?

Venky's poultry segment held assets of Rs 901.03 crore at 30 September 2026, compared with Rs 905.45 crore at 30 June 2026 and Rs 814.27 crore at 30 September 2025. Oilseed assets were Rs 692.71 crore, down from Rs 799.49 crore in the preceding quarter but above Rs 664.34 crore a year earlier.

Animal health assets were Rs 234.00 crore at 30 September 2026, compared with Rs 217.86 crore at 30 June 2026 and Rs 289.55 crore a year earlier. Total segment assets were reported at Rs 1,827.76 crore, and unallocable assets of Rs 425.42 crore took total assets to Rs 2,253.58 crore.

Poultry liabilities were Rs 254.99 crore at 30 September 2026, below Rs 271.94 crore at 30 June 2026 and Rs 295.18 crore a year earlier. Oilseed liabilities declined to Rs 34.43 crore from Rs 155.04 crore in Q1 2026, while total liabilities, including Rs 246.93 crore of unallocable liabilities, were Rs 606.96 crore.

Conclusion

Venky's September-quarter results show a year-on-year earnings reversal led by poultry, whose profit before tax and interest changed from a Rs 58.31 crore loss to a Rs 10.12 crore profit. Animal health delivered the largest Q2 segment profit at Rs 23.06 crore, while oilseed's Rs 86 lakh result reflected the cost and realisation pressures identified by management.

The unresolved matter to watch is whether volatile soya seed prices and lower de-oiled-cake realisations continue to affect oilseed after profit fell from Rs 30.95 crore in Q1 2026 to Rs 86 lakh in Q2 2026. Poultry's next-quarter performance will also indicate whether the Q2 recovery, achieved during a period management calls seasonally off-season, is sustained.