Bayer Crop Sci. Q1 FY27 Results (NSE: BAYERCROP)
Signal: Revenue declined
The read
The operating trajectory is resilient but not clean: revenue declined 4% YoY to ₹1,835 Cr, while EBITDA margin was 24.9% and PAT rose 15% to ₹321.6 Cr on pricing actions and stronger mix; the ₹6.39 Cr divestment gain and ₹88.9 Cr other income, equal to 22.1% of PBT, mean the profit uplift has a material non-operating component.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,835 Cr | -4% | N/A |
| EBIT | ₹406.4 Cr | N/A | |
| Net profit | ₹321.6 Cr | +15% | |
| EPS | ₹71.56 | N/A | |
| EBIT margin | 24.9% |
P&L walk
Revenue declined 4% YoY to ₹1,835 Cr, but EBITDA was ₹456.5 Cr at a 24.9% margin; PAT rose 15% to ₹321.6 Cr and PBT rose 20% to ₹402.1 Cr, supported by pricing actions, stronger product mix and ₹6.39 Cr of divestment income.
Key positives
- PAT rose 15% YoY to ₹321.6 Cr and PBT rose 20% YoY to ₹402.1 Cr despite revenue declining 4% to ₹1,835 Cr.
- EBITDA was ₹456.5 Cr at a 24.9% margin, with management attributing improved gross margins to favorable pricing actions and a stronger product mix.
- Corn seeds sustained momentum despite an overall acreage decline, supported by the company's hybrids and customer engagement.
Key concerns
- Revenue declined 4% YoY to ₹1,835 Cr amid challenging weather and evolving market conditions.
- Other operating expenses were higher YoY, partially offsetting the gross-margin improvement.
- Management highlighted inventory optimization and collections as key priorities, indicating working-capital execution remains important.
Earnings quality: includes non-operating other income
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