ICICI Securities research report onGodrej Agrovet
We see Godrej Agrovet (GAVL) in the midst of a three- to five-year reset around a simpler, more consumer-facing portfolio. The plan combines exits from businesses and geographies with investments in brands, route-to-market reset, technical services, product development, and downstream value addition. The intent is to reduce GAVL’s reliance on a few products, crops, cities and commodities. The strategy is broad and potentially accretive, but the operating proof points are still ahead: several such businesses are in reset mode, and near-term performance remains exposed to weather, milk and feed input inflation, crop concentration, and execution.
We remain positive on its long-term prospects but adjust FY27E EPS on near-term uncertainties. Reiterate BUY and a TP of INR 845/sh.
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