Kaveri Seed Company (KSCL) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue was INR 815 crore, down 13.78% from INR 945 crore year-over-year, with EBITDA at INR 285 crore versus INR 332 crore and net profit at INR 271.3 crore compared to INR 316 crore.

• The quarter was impacted by a 40% deficit in monsoon rainfall, affecting sowing and demand for premium products, especially maize and rice.

• Cotton volumes remained flat year-over-year despite illegal cotton and reduced acreage.

• New product launches increased their share across cotton, maize, rice, and vegetables.

• Approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2026, reviewed by the Audit Committee and Board.

Financial highlights

• Non-cotton revenue was INR 601.57 crore, down 17.19% year-over-year; cotton revenue was INR 213.43 crore, down 2.47% year-over-year.

• Export business grew nearly fivefold, from INR 1.1 crore to INR 5.79 crore.

• Hybrid rice remained the largest non-cotton segment at INR 247.07 crore; selection rice revenue grew marginally to INR 159.07 crore.

• Maize revenue dropped 42.87% due to a sharp fall in sowing acreage.

• Standalone revenue from operations for Q1 FY27: ₹81,500.29 lakhs; consolidated: ₹74,250.48 lakhs.

Outlook and guidance

• Expectation of maize demand recovery in Q2 as rainfall improves, especially in Karnataka.

• Rabi season anticipated to be encouraging due to full tanks and higher maize prices.

• Revenue gap from Q1 expected to narrow over the next three quarters, with potential for sales recovery in Karnataka.

• Medium- to long-term growth guidance maintained at 15%-20% CAGR, driven by new hybrids and product pipeline.

• Spill-over demand is expected if rainfall improves in Q2 FY27.