Venky's Q2 FY26 Earnings Call Transcript Reveals Poultry Segment Losses, H2 Recovery Expected
Venky's Q2 FY26 earnings call transcript details significant poultry segment losses due to low realizations and seasonal factors, offset by satisfactory AHP and Oilseed performance, with H2 recovery anticipated.
The announcement details significant Q2 financial underperformance in the core poultry business, which is a key financial indicator. However, it also provides a forward-looking positive outlook for the second half of the fiscal year, discussing strategies and market conditions, making it important for investor expectations and future stock performance.
While Q2 FY26 results for the poultry segment were very poor due to low realizations and seasonal factors, the Animal Health and Oilseed segments performed satisfactorily. Management expressed confidence in a recovery and improved performance for the poultry segment in H2 FY26 due to better realizations and declining raw material costs, leading to a balanced outlook.
* Venky's (India) Limited released the transcript of its Q2 FY26 earnings conference call, held on November 10, 2025, discussing results for the quarter and half year ended September 30, 2025. * The company's financial performance was significantly impacted by an unexpected fall in profit margins within the poultry and poultry products segment. * This decline was attributed to lower realization in day-old broiler chicks, CBF Birds, and Broiler Hatching Eggs, exacerbated by festivals (Ganesh Chaturthi, Navratri, Pitrapaksh) and abnormal rains/flooding in northern regions. * The Animal Health Products (AHP) segment registered satisfactory performance, projecting growth from ₹335 crores last year to cross ₹370 crores - ₹380 crores this financial year. * The Oilseed segment continued to improve, with better realization and anticipated stronger performance in the winter months. * Key realization declines for the 6-month period ending September 2025 compared to the previous year included: * Day-old broiler chick prices: ₹26.48 per chick (down from ₹37.22). * CBF bird per kg realization: ₹80.57 (down from ₹98.50). * Broiler hatching eggs: ₹17.02 (down from ₹27.81). * Raw material prices saw a reduction, with maize averaging ₹25,290 per metric ton (down from ₹26,421) and soya meal averaging ₹36,154 per metric ton (down from ₹43,316). * The cost of production for commercial broiler birds was approximately ₹85-₹86 per kg. Broiler chicks cost ₹28-₹30 per chick, and layer chicks ₹36-₹37 per chick. * Management expressed confidence in a recovery for the poultry segment in the second half of FY26, citing improved realizations since late October and the benefit of lower raw material costs expected in Q3. * Current broiler chick prices are ₹38-₹39 per chick, and broiler bird prices range from ₹98 to ₹106 per kg. * Capital tied up in the poultry segment was reported as ₹814 crores as of Q2 FY26. * Expansion plans for the SPF segment are ongoing, AHP capacity expansion is complete, and planning for the layer segment is scheduled for FY27-28.
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Venky's (India) Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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