Buy Godrej Agrovet; target of Rs 980: ICICI Securities

buy

ICICI Securities research report on Godrej Agrovet

Godrej Agrovet (GOAGRO) has exhibited a pronounced and sustained recovery across its metrics over the last 12–18 months, as cost and margin gains prevailed over soft volume growth. We envisage growth gathering a stronger pace over the next 2–3 years, buoyed by: 1) steady recovery in Astec/CDMO performance, where weakness has likely bottomed out; 2) strong rainfall and reservoir levels bolstering the planting season for FY26E; 3) continued growth in the dairy segment; and 4) structural demand growth for agrochemicals (agro-chem) in India, given usage/per hectare in the country remains less than a tenth of that in developed countries. The stock has dipped 11% in last 12 months, we see material upside ahead.

Outlook

We initiate coverage on GOAGRO with a BUY rating and target price of INR 980.

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Godrej Agrovet - 26 - 09 - 2025 - icici