Venky’s (India) Limited delivered a stunning quarterly turnaround in Q4 FY26, with consolidated net profit surging 662.2% year-on-year to ₹101.37 crore from just ₹13.30 crore in Q4 FY25 — one of the sharpest profit recoveries seen in India’s listed poultry and agri-processing sector. EBITDA jumped 411.5% year-on-year to ₹129.76 crore from ₹25.40 crore, with EBITDA margin expanding a remarkable 878 basis points to 11.8% from just 3.01% — an extraordinary single-year margin recovery.
Revenue from operations rose 30.5% year-on-year to ₹1,100.47 crore from the year-ago quarter, and grew 14.6% sequentially from Q3 FY26. EPS for the quarter stood at ₹72.0 — up 662.3% year-on-year.
What drove the extraordinary turnaround?
The recovery is driven by a combination of factors across all three of Venky’s business segments — with poultry prices, animal health product demand, and oilseed realisations all moving favourably simultaneously.
Poultry and Poultry Products: The core recovery
The Poultry and Poultry Products segment — Venky’s largest business — delivered a spectacular operational improvement. Segment revenue grew 17.2% year-on-year to ₹552.36 crore and 10.2% sequentially. Segment EBIT surged 1,860.9% year-on-year to ₹80.79 crore — a near-20x improvement — with EBIT margin expanding to 14.6% from a deeply depressed base, representing a 1,375 basis point year-on-year improvement and 492 basis point sequential expansion.
The poultry segment’s recovery reflects the normalisation of broiler chicken prices after the extended period of overcapacity and price depression that had severely compressed margins through FY25. India’s poultry industry went through a painful correction cycle — feed cost inflation combined with oversupply drove prices below profitable levels for extended periods. The Q4 FY26 data suggests that the industry has meaningfully corrected, with Venky’s poultry EBIT margin of 14.6% representing a healthy operating level for an integrated poultry producer.
Animal Health Products: Consistent strength
The Animal Health Products segment continued its trajectory of consistent profitability. Revenue grew 21.1% year-on-year to ₹105.95 crore with 8.7% sequential growth. EBIT rose 75.2% year-on-year to ₹31.13 crore. EBIT margin at 29.4% — expanding 907 basis points year-on-year and 530 basis points sequentially — confirms this segment as Venky’s highest-margin business and a consistent contributor to group profitability through both the difficult and recovery phases.
Oilseed: The surprise outperformer
The Oilseed segment delivered the sharpest revenue acceleration of all three businesses. Revenue surged 55% year-on-year to ₹476.51 crore with 22% sequential growth — making it the fastest-growing segment in Q4 FY26. EBIT jumped 338.7% year-on-year to ₹25.18 crore with 180.7% sequential growth. EBIT margin reached 5.3% — up 342 basis points year-on-year and 299 basis points sequentially. The oilseed segment’s strong performance reflects elevated global oilseed prices, improved crushing margins, and the positive spillover of the broader commodity price environment driven by the Middle East conflict on India’s agricultural commodity markets.
Sequential momentum equally impressive
While the year-on-year numbers capture the turnaround magnitude, the sequential momentum is equally significant for forward-looking investors. EBITDA grew 85.7% from Q3 FY26. PAT grew 108.7% sequentially. EBITDA margin expanded 451 basis points from Q3. EPS grew 108.7% sequentially. Across all metrics, the business is not just recovering from a depressed year-ago base — it is accelerating in absolute terms with each passing quarter, suggesting that the favourable conditions in poultry pricing and oilseed realisations persisted and strengthened through Q4.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a registered financial advisor before making any investment decisions. Business Upturn does not hold any position in the securities mentioned.