Kaveri Seed Company (KSCL) Q3 25/26 earnings summary

Executive summary

• Revenue from operations grew 16.94% year-over-year to INR 1,221.56 crore for the nine months, with Q3 revenue up 16.08% to INR 173.65 crore.

• EBITDA increased 10.35% year-over-year to INR 358.39 crore for nine months; Q3 EBITDA rose 1.14% to INR 25.38 crore.

• Net profit for nine months rose 4.9% to INR 308.91 crore; Q3 net profit was INR 7.46 crore.

• New products contributed 35% to cotton volumes, up from 11% year-over-year, but cotton sales were negatively impacted by illegal seeds and higher production costs.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board on 9 February 2026.

Financial highlights

• Consolidated Q3FY26 revenue from operations grew 20.78% year-over-year to ₹210.21 crore; consolidated EBITDA for Q3FY26 rose 13.54% to ₹28.90 crore.

• 9MFY26 consolidated revenue increased 15.51% to ₹1,287.65 crore; EBITDA up 10.39% to ₹376.53 crore.

• Standalone Q3FY26 revenue grew 16.08% to ₹179.65 crore; PAT dropped 50.44% to ₹7.46 crore.

• Cash on books at end of Q3 stood at INR 309 crore, down from INR 409 crore, mainly due to inventory buildup.

• Standalone and consolidated EPS for the nine months ended 31 December 2025 were ₹60.05 and ₹63.50, respectively.

Outlook and guidance

• Expecting major growth in spring maize in Bihar, U.P., and Punjab, and summer millet in Gujarat, Rajasthan, and Western U.P. in the next quarter.

• Mustard product performance and export business growth rates projected to remain strong in upcoming quarters.

• Cost of production has stabilized and is expected to normalize margins to historical levels (45%-48%).

• The company assessed the impact of new Indian labour codes effective from November 2025 and found no material financial impact for the period.