Gokul Agro Q2 FY27 Results (NSE: GOKULAGRO)
Signal: Growth reaccelerated
The read
The key inflection is a third consecutive quarter of YoY margin expansion: EBITDA margin rose 75bps to 3.69% after increasing 90bps in Q4FY26 and 120bps in Q1FY27, while revenue growth decelerated to 13% from 38% in Q2FY26; the thesis is shifting toward sustained profitability improvement through value-added products, branded distribution, exports and newer businesses rather than revenue growth alone.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,481.02 Cr | +13% | N/A |
| Net profit | ₹150.03 Cr | +40% | |
| EPS | ₹4.95 | +45% | |
| EBIT margin | 3.69% |
P&L walk
Revenue grew 13% YoY to ₹7,481.02 crore, while EBITDA rose 41% to ₹275.95 crore and EBITDA margin expanded 75bps to 3.69%, supported by product diversification, value-added launches, exports, newer biodiesel contributions and operating efficiencies; PAT increased 40% to ₹150.03 crore.
Key positives
- EBITDA grew 41% YoY to ₹275.95 crore versus revenue growth of 13% to ₹7,481.02 crore, and EBITDA margin expanded 75bps to 3.69%.
- Margin expansion continued for a third consecutive quarter, following +90bps in Q4FY26 and +120bps in Q1FY27.
- PAT increased 40% YoY to ₹150.03 crore and H1FY27 PAT rose 54% YoY to ₹273.77 crore, indicating profitability growth remains ahead of revenue growth.
- The company added branded-market reach through Vitalife expansion, modern retail initiatives and a 650+ dealer and distributor network, while launching new value-added products such as Rich Chef.
- Biodiesel became fully operational and management reported optimum capacity utilisation across all plant locations.
Key concerns
- Revenue growth slowed to 13% YoY in Q2FY27 from 38% in Q2FY26, while the filing does not quantify volume growth, realisation growth or product-level contribution.
- Reported EBITDA includes other income; total income of ₹7,492.24 crore exceeded revenue of ₹7,481.02 crore by ₹11.22 crore, making the operating margin comparison less pure.
- The filing describes planned capacity additions and renewable-energy investments but provides no quantified capex plan, commissioning timetable or returns target.
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