Animal Feed industry

8 companies · ₹22,623 cr · 3 with AI deep dives · Q2FY27 report

Volume holds up, but war-driven fuel, packaging and milk costs pass through only partly, squeezing margins

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 6.9%

Revenue YoY: +18.5%
EBITDA margin: 6.9%; -450bps YoY
Price, 1 year: -8.1%; 0% of names up
P/E vs own 5y: -12.9%; 14.6x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	5,698 cr	4,590 cr	+24.1%	4,807 cr	+18.5%	5,698 cr	0.0%
EBITDA margin	6.9%	7.2%	-30bps	11.4%	-450bps	11.4%	-450bps

Revenue

Jun 26: 5,698 cr

Exhibit 4Screen

P/E below the sub-industry median of 14.63x, 5y ROCE above its median of 14.12%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (8 of 8)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Godrej Agrovet Ltd	₹11,759 cr	26.5x	14.1x	20.3%	8.4%	+9.2%	Unlock
Avanti Feeds Ltd	₹9,115 cr

Exhibit 6What managements said

from Food Products earnings calls · as of 2026-09-30

headwindWar-linked energy, packaging, palm oil and freight inflation across the panel11 managements

At least 11 managements tie input inflation to the West Asia/Iran conflict. The figures they give: Britannia industrial fuel +69% YoY and palm oil +20%+; Prataap palm oil and…

BRITANNIA (Q1FY27): “LPG and PNG prices shot through the roof in April and May”

headwind6 managements mixed7 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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