Motilal Oswal's research report on Godrej Agrovet
Godrej Agrovet (GOAGRO), a leading agribusiness company with a diversified presence across multiple segments, is well placed to leverage the growing domestic crop protection industry and the increasing realizations in the palm oil segments. Despite a challenging macroeconomic environment, the company’s domestic crop protection segment delivered a strong performance in FY25, led by robust growth in the in-house portfolio, particularly the Hitweed herbicides. With a favorable monsoon outlook for CY25 and a planned expansion into new crops and geographies, we expect this momentum to continue in FY26.
Outlook
Moreover, with the VAP mix expected to cross ~40% in the dairy segment, along with price hikes and stabilization in live bird prices in the poultry segment, we expect a CAGR of 12%/21%/28% in revenue/EBITDA/PAT over FY25-27. We reiterate our BUY rating on the stock with an SOTP-based TP of INR980.
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