Q2 FY27 results analysis · November 13, 2026
Godrej Industries Q2 FY27 Results Analysis: PAT Surges 131% On One-Time Gain, Revenue Jumps 45% (GODREJIND)
+36.2%PAT year on year, Rs. 671.13 Cr
Source: Quarterly results filing (NSE)
Quick summary
Godrej Industries Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 7,302.98 Cr (+45.10% YoY) and PAT growth of +36.20% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 13, 2026 |
|---|---|
| Revenue (Q2) | Rs. 7,302.98 Cr (+45.10% YoY) |
| PAT (Q2) | Rs. 671.13 Cr (+36.20% YoY) |
| EBITDA margin | 7.78% (+440 bps YoY) |
| EPS (Q2) | Rs. 16.62 (+130.80% YoY) |
Quarter Snapshot
Consolidated revenue grew 45.1% YoY to Rs.7,302.98 Cr with broad-based segment growth, but the reported owners' PAT surge of +130.8% is entirely attributable to a one-time Rs.374.77 Cr GCPL stake-sale gain; normalized owners' PAT fell ~18.3% YoY. Estate & Property PBIT fell 81.8% YoY, Crop Care and Dairy turned loss-making, and finance costs rose 38.3% YoY against negative H1 operating cash flow of Rs.(4,854.12) Cr. GPL's FY27 booking guidance remains on track at 42.7% coverage, but the investment case rests on the normalized earnings picture and the debt-funded growth model rather than headline PAT.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| GPL Q2 bookings checkpoint | "supportive backdrop for GPL's Q2 bookings checkpoint against the >Rs.39,000 Cr FY27 guidance" | H1 Rs.16,659 = 42.7% of guidance; Q2 Rs.8,008, H1 +7% YoY — absolute), Partially (growth pace decelerated | Played out |
| Chemicals margin vs 13.72% Q1 | "tariff and feedstock backdrop pressures the Chemicals margin bridge against the 13.72% Q1 PBIT margin" | Q2 margin 8.51% | Played out |
| Interest line "a further drag" | "finance costs already at Rs.745.14 Cr in Q1 (+29.30% YoY)… the interest line is a further drag" | Rs.807.24, +38.3% YoY, +8.3% QoQ | Played out |
| Late-quarter relief is Q3, not Q2 | "relief is more likely a Q3 tailwind than a Q2 one" | Management: rest of year "expected to return to normal minus the tail winds" | Played out |
| Veg Oils margin compression | "Veg Oils margin compressed 270 bps to 11.56%" (Q1 print) | Q2 margin 18.05% (vs 11.56% Q1, 16.36% YoY-ago) | Contradicted this quarter |
| GCPL momentum | "GCPL's +19% sales/+9% volume momentum" | +19% sales (15% CC), 8% volume, NP +14% | Played out |
| GAVL Crop Care recovery | "GAVL's Crop Care recovery — the first results under Executive Chairperson Pirojsha Godrej" | Revenue +27.9% YoY (Rs.272.11) but result Rs.(5.55) vs Rs.16.33 | Partially |
| GPL OCF path to ~Rs.9,000 Cr | "leave a heavy Q2–Q4 lift after Q1's Rs.399 Cr OCF" | GPL OCF not in filing — group H1 CFO Rs.(4,854.12) — remains open for the call | Not observable in the filing |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| GPL residential bookings > Rs.39,000 Cr, FY27 | GPL FY27 booking guidance stated by management with prior-quarter results ("a 20% increase over FY26") | H1 Rs.16,659 = 42.7% of the floor (Q2 Rs.8,008; H1 +7% YoY) | On Track |
| GPL operating cash flow ~ Rs.9,000 Cr, FY27 | GPL FY27 guidance from prior-quarter communications | GPL-level OCF not disclosed in this filing; H1 collections Rs.9,666 (+25%) exceed the full-year OCF target, but collections ≠ OCF | Too Early |
| GPL deliveries 13.5 mn sq ft, FY27 | GPL FY27 delivery guidance | 2.5 mn sq ft delivered in Q2 | On Track |
| GPL ROE 20% by FY28 | GPL guidance from prior communications | Not disclosed this quarter | Too Early |
| Chemicals capex + M&A Rs.750 Cr by 2028 | Chemicals investment guidance ("on track" as of FY26) | No incremental spend update in this filing | Too Early |
| "Strong growth continues, with some margin pressure" (H1 FY27 headline) | GIL performance update, Nov 13, 2026 | Total income +22.8% H1 YoY, but PBDIT/total income fell to 22.13% from 26.45%; PBT −19.9% H1 YoY — growth confirmed, but profit levels fell, not just margins | Partially |
| Chemicals: "the rest of the year is expected to return to normal minus the tail winds" (war-driven demand/inflation tailwinds fading) | Performance update, Godrej Chemicals highlights | Q2 margin 8.51% already well below Q1's 13.72% peak; revenue +26%, volumes +13% — directionally consistent so far | Too Early |
| GPL management "confident of sustaining healthy growth… expecting to grow ahead of the market" | GPL earnings communications (prior quarter) | H1 bookings +7% YoY vs Q1's +22%; Q2 bookings Rs.8,008 below Q1's Rs.8,651 — on track in absolute terms vs guidance | Contradicted for H1 pace |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| GPL bookings (Rs. Cr) | 8,505 | 8,421 | 10,163 | 8,651 | 8,008 |
| Chemicals PBIT margin % | 9.16 | 7.69 | 3.63 | 13.72 | 8.51 |
Key Investment Insights
Key Positives
- Consolidated revenue from operations grew 45.1% YoY to Rs.7,302.98 Cr; H1 revenue +34.3% YoY
- Every segment grew revenue YoY except Others: Estate & Property +31.4%, Finance & Investments +111.9%, Chemicals +26.1%, Veg Oils +17.5%, Animal Nutrition +14.0%
- Chemicals growth driven by +13% volumes and +10% exports (27% of segment revenue)
- GCPL (associate) sales +19% (+15% constant currency) on 8% underlying volume; net profit +14% YoY
- GPL collections of Rs.5,318 Cr in Q2 (+31% YoY) — best-ever Q2 per the performance update; H1 collections Rs.9,666 Cr (+25%)
- GPL H1 bookings of Rs.16,659 Cr cover 42.7% of the >Rs.39,000 Cr FY27 guidance — On Track
- Bombay HC quashed Rs.175.07 Cr Wadala differential-rent demands, extinguishing the contingent liability
- Veg Oils PBIT margin expanded to 18.05% from 16.36% YoY; Animal Nutrition PBIT +32.1% YoY
Risk Factors
- Reported owners' PAT +130.8% YoY is a one-time-gain artifact; normalized owners' PAT fell ~18.3% YoY after removing the Rs.374.77 Cr GCPL stake-sale gain
- PBT (pre-associates, pre-exceptional) fell 19.1% YoY; total segment PBIT fell 9.2% YoY despite +33.3% total income growth
- Estate & Property Development PBIT fell 81.8% YoY with margin collapsing from 34.59% to 4.78%
- Crop Care swung to a Rs.(5.55) Cr loss (vs Rs.16.33 Cr profit) and Dairy turned loss-making at Rs.(3.87) Cr
- Finance costs rose 38.3% YoY to Rs.807.24 Cr; gross D/E rose to 2.49x from 2.11x YoY after a Rs.750 Cr NCD at 8.50%
- H1 consolidated CFO was negative Rs.(4,854.12) Cr (CFO/PAT −4.06x); growth funded by debt and stake monetization
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