GODREJ AGROVET LTD (NSE: GODREJAGRO) Q1 2026 Earnings Call dated Aug. 07, 2025
Corporate Participants:
Unidentified Speaker
Nadir Godrej — Chairman and Non-Executive Director
Nadir Godrej — Chairman and Non-Executive Director
Balram Yadav — Managing Director
Burjis Godrej — Executive Director
S. Varadaraj — Chief Financial Officer
Arijit Mukherjee — Chief Operating Officer
Analysts:
Unidentified Participant
Probal Sen — Analyst
Abhijit Akella — Analyst
Aejas Lakhani — Analyst
Siddharth Gadekar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Godrej Agrovet Limited Q1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star 100 on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prabhul Sen from ICICI Securities. Thank you. And over to you sir.
Probal Sen — Analyst
Thank you. Moderator. Good afternoon everyone and thank you for making the time to join us on this Godrej Agrovex Q1FY26 earnings conference call from the company. We have with us members of the Senior Management including Mr. Nader Godrej, Chairman of the Company, Mr. Balram S. Yadav, Managing Director, Mr. Sunil Kataria, the CEO and Managing Director designate, Mr. S. Vardaraj, Chief Financial Officer, Mr. Burgess Godrej, Managing Director of Aztec Life Sciences and Mr. Arijit Mukherjee, Chief Operating Officer, Aztec Life Sciences. As is usually the case, we would like to begin the call with brief opening remarks from the management following which we’ll have the forum open for an interactive Q and A session.
Before we start, I would like to point out that some statements made in today’s call may be forward looking in nature and a disclaimer to this effect has been included in the earnings presentation shared by the company with you earlier. I would like to now invite Mr. Nadiv Godlish to make the initial remarks. Over to you, Sir.
Nadir Godrej — Chairman and Non-Executive Director
Good afternoon everyone. I welcome you all to the Gogric Aggrevet Earnings call. Before I commence with the business update, I would like to take this opportunity to express our heartfelt appreciation and thank Balram for his extraordinary contributions to the company over the years. His unwavering commitment and visionary leadership marked by wisdom and integrity has left an indelible mark. I would like to wish him joy, good health and fulfilling experiences. I would also like to take this opportunity to welcome Sunil Kataria who will take over from Bazaar. Sunil has had a distinguished track record of driving growth and building high performing teams and his rich experience will bring immense value to the organization.
I wish him all the very best. Now I will comment on the business update for quarter one fiscal year 26. Ghogrej Aggrevet Limited reported strong financial performance for quarter one fiscal year 26 with notable growth in revenues, profitability and operational efficiencies. The growth in profitability was mainly driven by robust volumes and improved operational efficiencies and in the vegetable oils business supported by significant reduction in losses in Aztec Life Sciences. The company recorded consolidated revenue from operations of rupees 2,614 crore in quarter one fiscal year 26 as against 2,351 crore in quarter one fiscal year 25, registering a growth of 11%.
Profit before tax also improved from 151 crore rupees in quarter one fiscal year 25 to 188 crore in quarter one fiscal year 26. Coming to the key financial and business highlights of each of our business segments in animal feed, while overall volume growth was a healthy 8% segment, revenue and underlying margins were flat due to lower realizations. Volume growth was recorded across all key categories led by broiler feed at 13%, cattle feed at 11% and layer feed at 4%. Our vegetable oil segment revenue and margins improved significantly in quarter one fiscal year 26 as compared to quarter one fiscal year 25 on the back of increased average realizations of crude palm oil and palm kernel oil coupled with higher fresh fruit bunch arrivals higher by 50% year on year.
Oil extraction ratio also improved year on year. Standalone crop protection segment revenue grew marginally by 5% year on year on the back of an increase in volumes in the in house category. Lower net realizations in respect of in house and in licensing categories on account of channel mix and higher discounts resulted in the segment margins being marginally lower but in line with our expectations, I am pleased to announce the launch of a new in license maize herbicide introduced under the brand name Ashitaka in July 2025. Astec Life Sciences revenue improved by 31% year on year primarily on account of higher volume in both the Enterprise and CDMO categories.
EBITDA also improved year on year primarily on account of higher volumes and lower raw material costs in the enterprise category coupled with better capacity utilization. In quarter one fiscal year 26, our dairy segment revenues remained flat as compared to quarter one fiscal year 25 while milk volumes increased by 2% year on year. Unseasonable rains in the months of April May temporarily impacted the sale of value added products. VAP EBITDA margins declined primarily due to increase in milk procurement prices, compression of markets and key value added products due to early raise and increased spends in advertising and marketing.
The poultry and processed food segment recorded a decline in revenue and margins primarily due to lower volumes and muted realizations in the live birth category. As we continue to focus on growing the branded business and reduce Our exposure to the live birth category GDL joint venture in Bangladesh ACI GO rate recorded revenue decline of 20% year on year in quarter one fiscal year 26 due to volume contraction across categories in the backdrop of a challenging political and economic environment. That concludes our business and financial performance update for the quarter. With this I close my opening remarks.
We will now be happy to answer your questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may please press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, to ask a question, please press Star and one now. Participants who wish to ask questions may please press Star and one at this time. The first question is from the line of Abhijit Akela from Kotak Securities.
Please go ahead.
Abhijit Akella
Yeah, good afternoon and thank you so much for taking my questions. First of all, if it’s possible to share any update on your outlook for fiscal 26, you’ve already shared with us last quarter that you expected 16 to 18% top line growth at GAZL and various business wise commentary as well. But if it’s possible in light of the performance of the quarter gone by and pricing pressure in some of the segments, so it’s possible to update your outlook, that would be very helpful.
Balram Yadav
So after the first quarter I think we still maintain the top line growth to be in early teens. And once you become questions about different segments, we will talk about different segments also. But we maintain the same expectation for profit and you must have seen that we have grown profit in quarter one by 25% over quarter one last year.
Abhijit Akella
All right sir, thank you. Just on the crop protection business, if I may drill in one level deeper on the new product Ashitaka, if it’s possible to share any outlook or expectations you might have regarding market potential for the product. And we had a target of growing revenues in that domestic business by 30% this year. Yet there is, you know, competition and pricing pressure I guess in some of our key products. So what would be the key driver for this kind of growth in the upcoming year?
Balram Yadav
I must briefly you that we did not have a very good quarter as far as agri products are concerned. And we expect that in Q2 since the pina season has not gone well because of erratic rainfall, we might have Some returns in Q2 which will be more than what we had provisioned for. It is only towards the end of August that we come to know because till about middle of August some season continues in different parts of the country. So by the end of August we will know that what would be the actual return. But definitely we know that it will be much more than what we had provisioned for.
Having said that, I must also tell you that the rainfall has been extremely good and we have several products to be sold in our rapid season. So we expect to catch up. i n r apidly in some of the products. But the kind of setback we have had in China cannot be covered by the other products we have. So let us see. I think definitely we will maintain a EBIT margin of close to 28 to 30%. That is what the indication we had given on static date. Because last year 40 plus percent was an outlier. But top line growth. We will be only able to come to know once the season is fully over. Having since you have asked about Ashitaka, I must tell you yes, that is a very very important product for us going forward.
Theoretical potential of ashika is about 200 crores. And. And we believe that we will get there in three, four years. But I must tell you, I must marry Ashitaka story with our corn story in the country now corn acreages are going up. You know this year also till now about 7% acreage in corn has gone up. Prices of corn are very high. It is a very profitable crop for our farmers. Largely because of the ethanol story being played out. We strongly believe cellular growth will be maintained in Rabi also. So Ashikaga potential may be much higher than our expectations in time to come.
Because we will produce about 3738 billion tonnes of corn this year. And we will be just head to mouth because poultry demand as well as ethanol demand is rising. So my sense is that in two to three years time we have to get to about 45 million tonnes of corn which will mean that from something like 9.4 9.5 billion hectares we will have to go to 11 million hectare area under quant. So this is the good opportunity for Ashitaka. So we believe that our expectations from Ashitaka will be revised further upwards as the time passes regarding the pricing pressure.
Definitely pricing pressure has come because other competitors for the same product have come. Gracia is also shared by the principal with other companies. So definitely that competition grows. We cannot enjoy same level of margins. So idea is to expand to different crops. We have already got labels for several other vegetable crops not Only chili. So we believe horizontal expansion in terms of crops and area will definitely maintain glacier volumes and profitability.
Abhijit Akella
Thank you sir, that is helpful. And on Aztec Life Sciences, if it’s possible to share your updated expectations in terms of how you are seeing the industry scenario plus any impact at all of these US tariffs that have been recently announced.
Burjis Godrej
So Aztec is expected to report EBITDA breakeven for this financial year. The volumes of the enterprise product have improved over the last two years, but there’s been no major improvement observed in the price realization. The gross margins in enterprise segment are positive in the current quarter, which is a good sign and it’s a sign of recovery. And we’re also seeing raw material prices reducing which is another positive sign. Regarding impact of US tariffs. There is a lot of uncertainty prevailing in terms of what the final tariff rate will be. We understand that trade negotiations are still in progress.
We’ll be able to comment once we get further updates. But thankfully our exposure to the US in the form of exports is only ranges from about 7 to 10% of our total sales. Our major customers are in South Korea and Japan.
Abhijit Akella
Thank you. And just one last thing for me before I get back in the queue. Just within the vegetable oil segment, what would the percentage share of value added products be? Within total revenues and also profits if it’s possible to bring those out.
Balram Yadav
So today 80% of our sales is now value added which is mostly olene, sterine and pfad. Because I must also tell you that you need to understand one thing about this business. Today there is a actually government dropped the import duty on CPO by 10%. So earlier the differential between refined and CPO was 8.75% which went to about 18% plus that suddenly refinery has become profitable and that is why we are passing all our CPU through our refinery. However, if you take the last year’s case, it was not the case. Last year the refining margins were either very low or negative.
So we disposed of most of the oil as cpoa because our focus is to maximize profit. So this will be the, I would say entrepreneurial decision you will have to take month on month, quarter on quarter. In this particular business, the incremental profit of the refinery Segment is about 1 to 1 and a half crores depending on 1 to 1.5% depending on prices. To add to our value added story, we are in the process of setting up a PKO refinery hydrogenation which will also enable us to get into funder value added products which will like bakery, fats, shortenings, Et cetera.
So I think we have started this journey and our strategy is to convert more and more of our crude palm oil and palm kernel oil into value added products.
Abhijit Akella
Thanks a lot sir. I’ll get back in the queue for any more. All the best.
operator
Thank you sir. Ladies and gentlemen, to ask a question please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Aegis Lakhani from Unifee amc. Please go ahead.
Aejas Lakhani
Yeah, hi team Badam. Sir, on firstly on animal feed, could you just explain that comment that is there in the PPT which states that you have had a higher utilization of the vendor invoice discounting which resulted in higher input costs and lower finance costs. So could you please explain that?
S. Varadaraj
So in the past, this is Vardaraj. In the past that’s where we have sort of from time to time, you know, taken benefit of the vendor invoice discounting program by taking extended credit on our purchases. Now what it does is that whenever you take extended credit on our purchases, that cost goes and sits as part of the material cost, thereby impacting the segment results. Okay. And that is the reason why we have kind of talked about the underlying segment margins as well. Trust this clarifies the question.
Aejas Lakhani
Okay. Okay. Sir, the second question is on palm oil. Could you first call out what is the quantum of FFV bunches that we got in this quarter?
Balram Yadav
Sure. Yeah. So FMP is improvement is 52% over last year. And Q1FY26 we got lakh and 78,000 tons. Q1FY25 we got about lakh and 17,000 tons. So which is a 52% increase. I must say that this is an extraordinary quarter as far as palm oil palm business is concerned because we have never seen such a good FFP arrival in the first quarter. It is because of largely because of early rains. I must also say that we are seeing extremely good oil extraction ratios in the first quarter which we had never seen in part in quarter. On one of FY26 we had 18.37% oil extraction ratio as compared to quarter one of FY25 which is 17.98%.
So but I must tell you that this, trees are trees. They may produce early, they may produce late, but they are likely to manage and produce the same quantity with normal productivity increase which happens with age and management. So my sense is that this year we are expecting about 15% to 18% increase in FFP arrivals over last year.
Aejas Lakhani
Understood. And sir, given that the first quarter was much better in terms of procurement, does that mean that the second quarter will be affected for any reason? Because second quarter season is the best quarter for us?
Balram Yadav
Yes. So today we definitely see that FFD arrivals continue to be at last year or slightly more than last year level. But it’s early to judge because there was a lot of rain in our areas in July. We feel that Q2 will definitely be the top quarter the way the date has been historically. I am very glad to report that OER continues to be all time high, which coupled with extremely good prices because of several reasons. So we believe that from profitability point of view, quarter two will also be extremely good.
Aejas Lakhani
Sir, I want to ask another question. Oer, because the OER in this bunch of arrivals is on the higher side, is it a fair assumption to make that for the balanced part of the year also the OER expectations on the higher side of 19.8 versus 8?
Balram Yadav
It is a fair assumption because that is the pattern we see every day that our lowest OER is in the monsoon season when the bunches are wet. And after that, once monsoon reduces and the temperatures become slightly more benign, the oil content increases. For example, I must tell you, Q4 in FY25 the OER was 19.66%. So as compared to that Q1 is lower 18.37%. But I must say that this year we are going to have an extremely good year in oer. And you know, OER is direct injection into our profitability.
Aejas Lakhani
Sir, thirdly, could you tell me about crop protection? Actually what went wrong in the crop protection this year for us? Because the season’s been fairly good. So was it to do with the channel, the product? Could you just speak a little more on the segment?
Balram Yadav
So I’m saying that we were better off in terms of market information. Most of our program digital programs had already been initiated and had reached certain levels of maturity in tracking of our stocks, et cetera. And we had improved our sales and distribution. Everything according to me was right, except the fifth season is very unique. So the rain started early, there were a lot of rains and you know, the sowing also started and most of the sowing was completed about one week or 10 days before the time. Now our pina products, particularly hickweed sac is to be sprayed at two leaf level.
Now that is the level where you need certain amount of irrigation for this to be. Unfortunately, for about three weeks there was total dry period in the areas of Vidarbha, Marathwada and several parts of the country where cotton is grown. You must have also heard about reports that just because of a dry period there has been resowing in several areas as far as cotton is concerned. And not only has anybody, all the companies which have been in the early stage herbicides for cotton, they have had huge amount of unsold material in the market. Having said that, I must say that this is one of the issues with this business and that is why efforts around to balance the portfolio improve.
Today we are very skewed towards reap but most of the products in pipeline are also focused at Ruby Crops. Ravi is increasing in salience over the past year as far as this business is concerned and we believe that Ravi will be equally balanced in two years once the new molecules which are in the different stages of are launched.
S. Varadaraj
I’d like to add that as regards Hikvid and Hikweed Max, this being we are in the midst of the season and as the season progresses we will get more and more clarity in terms of what is happening in terms of the inventory in the market, etc.
Yeah.
Aejas Lakhani
Understood, but so this, this is. I mean in the earlier part of the call you said that maybe we may have to take, you know, some returns in two queue and this will be more than provided for. This is a little conflicting to what you mentioned earlier, so could you please clarify?
Balram Yadav
So we still maintain that we will have returns. It is the eight end of the season. But the only thing is that even last year also we had seen that surprisingly our liquidation was much more than we expected. So that is why we are a little cautious. But I still reiterate that the returns will be more than expected. How much more is something which we only be able to tell towards the end of August. Also remember one more statement I made which was resowing or cotton. So even the cotton season in some of the areas is delayed.
So. But it is so vast and the kind of information which is needed to be able to predict all this is not there. So that is why it is very difficult to take a informed guess on what percentage of returns, et cetera at this time of the year.
Aejas Lakhani
Understood, sir. Gracia, you said that Nissan has given it to other competitors, so could you explain? I thought that the unlicensed products. The a rrangement was such where they used our distribution network and that was mostly exclusive to us. So for what period do you have the exclusivity? When does it then get open to competition? And given that Gracia was very important in the scheme of things, could you follow what Was the size of Gracia in the crop protection business. How much do you think that will get diluted by incrementing? Hello.
operator
Ladies and gentlemen, the line for the management seems to have disconnected. Please hold while we reconnect. Ladies and gentlemen, the line for the management have been connected. Thank you. And over to you sir.
S. Varadaraj
Sorry we got disconnected. Can you please repeat the last question? Because we were not able to hear the last question.
Aejas Lakhani
Sir, my question was that Balam made a point that Gracia has now been shared by you to other competitors by Nissan. So I just wanted to understand the kind of arrangement that you have with Nissan. Is it that these products are exclusive to you for a certain duration? Is that like sort of. Is it product by product? Because they’re leveraging of our distribution network. So some semantics around how the relationship works. And secondly, could you call out what is the size of Gracia in our crop protection business? Because it’s a material product for us and incrementally how much runoff do we see from that product.
Balram Yadav
So salience for Gracia? So okay, as far as the in licensing is concerned, no Japanese company nowadays gives exclusivity to anybody. The only difference which has happened in last year is that earlier the other company used to be given material through us. Now it has been made direct. But definitely that was part of the deal that eventually they will service at least two partners in the country directly. Russian bond. We have exclusivity for some time, I think two years or three years. So exclusivity for two years in Russian month, I think three years in Russian bus.
But we’ll revert on that. But we have some exclusivity there. Even Ashitaka, which is another molecule from another Japanese company which we are launching today in different brand name, it is with one more partner. The salience of Gracia last year in the quarter one was 18%. This year quarter one is about 5%.
Aejas Lakhani
Okay, and so could you call out Gracia for the full year in FY25 and how you expect it to run off in 26?
Balram Yadav
FY21 full year was 18%. 18%. FY24 was 29%. Last year Q1 was also 5. No, sorry, but last year Q1, this year Q1 came at 5% and now we have more labels. So my sense is that if the season is good, the salient will also be beyond 18% according to us. And it is the need also because since Hitweed max have not perform in case we recover lost ground it has to be from the products like Ratchenban Garcia, Ashitaka Bounty combined double. All these products will have to be sold in higher quantities than we have budgeted for.
Aejas Lakhani
Understood. And so finally on dairy, just could you call out what has been the WAP share for the quarter? We were expecting our EBITDA margins to be in that 5, 6% range and building on that incrementally. So what happened really? Because something seems to be amiss.
Balram Yadav
Yes. So I must also tell you that we are glad to say that our salience continues to be at 42% which was at the last year level considering there was a lot of unseasonal early rain, which definitely hurt the drinks business in. Flavored drinks business in the. In this segment. The second thing is that we have started investing on brands. Our ad spends in the first quarter are 5 crores higher than the last year. And I think that those results will be seen in future because that is the strategy. Lastly, I must tell you that our EBITDA margins including working media, close to 6.5 to 7%.
And we will be able to maintain that easily. And probably once our value added products post advertising, the salience goes up. We are aiming at another percentage or 1 1/2% improvement in EBITDA plus the working media margins in time to come. So the entire effort of this business is now to increase rapidly the value added products business. And we are budgeted much higher salience in the coming year going up to 50% salience for value added products in two years.
Aejas Lakhani
Understood. But sir, just to follow up, you’re saying that even after the ad spend you are likely to do 6 to 7% EBITDA for the full year. FY26. Understood. And then finally on chicken, on live birds, what is the proportion now in the business?
Balram Yadav
So let me just Repeat, it is 6 to 7% including working media. Working media.
Aejas Lakhani
Okay, so 6 to 7% is including the media spend. So if I exclude the media spend, then EBITDA is expected to be reported. Okay, fine. Okay, I understood. And.
Balram Yadav
On the annual basis.
Aejas Lakhani
Okay. And just for chicken, could you call. What is Livebird saying?
Balram Yadav
Yeah, so live birth, you know, as a strategy we have started bringing down Live birth significantly and that is why the top line growth of this business is affected. But we are glad to say that livebird share is 15% of the total sales. 85% today are value added products.
Aejas Lakhani
Understood. So thank you and all the best.
operator
Thank you sir. Ladies and gentlemen, to ask a question, please press star and 1. Now participants who wish to ask questions May please press star and one at this time. The next question is from the line of Aman Bora from Premium Capital. Please go ahead.
Unidentified Participant
Hi. I would like to thank you guys for the opportunity to ask a few questions. My first question is about ESTEC Life Sciences. It’s good to see an improvement in volumes but does our outlook for FY26 remain the same and how do we plan to use the proceeds from the recent right issue?
S. Varadaraj
So this is Varaj, as far as the utilization of the recent rights issue is concerned. The same is being used to repay all our debts which were there in the books. And that is what the primary purpose of the rights issue has been as regards the other questions.
Burjis Godrej
Yeah. So we should report EBITDA breakeven this financial year which is a significant improvement over last financial year. And we are aiming for turnover of 500 crore.
Unidentified Participant
All right, thanks a lot. My next question is in regards to the ESTEC CDMO business. Which geography is currently showing the strongest traction in this CDMO business?
Burjis Godrej
So the CDMO business is quite diversified across various geographies. We’re targeting the major European innovators as well as the North American innovators. And the end product goes into multiple geographies. So all are important. We have strong existing relationships with Japanese and Korean companies. Now we’re targeting more of the Western innovators.
Unidentified Participant
That sounds great. In regards to the corporate structure review, can you please update us on any incremental on like any increment, anything incremental on the strategic review of the corporate structure of the business to enhance shareholder value. Something we discussed in the past.
Balram Yadav
So I think the step one was the major step where significant investment have been made. We own 100% of good food, 100% of cleanline dairy. Now the idea was that we just wanted to make the ownership very clean so that whatever portfolio decision we need to take in future we don’t have to take anybody into confidence or seek permission from anybody. So I think this is the first significant step which has been, which was the material step. Because in total we have invested close to 1250 crores in last six months in buying out partners in these two businesses.
So I’m saying that if you don’t more to follow.
operator
The line for the current participant is disconnected. The next question is from the line of Siddharth Gadekar from Aquarius. Please go ahead.
Siddharth Gadekar
Hi sir. First on the CDMO business. Last year we did roughly around 204 crore revenue. What is the target for this year. And where do we see going into FY27 and 28 on the CDMO business.
Burjis Godrej
So we’re aiming for a revenue of over 300 crore in CDMO business, CDMO and new products and that should be about 65% of our total sales.
Siddharth Gadekar
And sir, beyond 26, any items on this business?
Arijit Mukherjee
I think yeah, it depends on the pipeline and we will keep you posted as it matures because the gestation period is where it is. So we will look to grow more than 30% every year. Let’s see where this goes as the pace increases.
Burjis Godrej
We do have 10 molecules in our pipeline. It should be commercialized after FY27.
Siddharth Gadekar
Secondly, in terms of the enterprise business. We were talking about doing some refitting. To the plants and trying to diversify away from these legacy products. Where are we on that o r that is still a status quo?
Burjis Godrej
Now all the new projects which will be commercialized is based on the old plant only. So all the refitting, once we told that there are new projects on pipeline whenever the commercialization starts, the refitting will be done.
Arijit Mukherjee
In fact if you’re looking at the website you will get information about some of the old plants, the new plants which have come up in the last two, three years. That’s been the capex which has been mentioned earlier and it is those plants which will be used for the new CDMO product.
Burjis Godrej
Most of our plants are multi purpose plants so it can be used for a little bit of refitting. It can adjust to any.
Siddharth Gadekar
All right, I got it. Thank you.
operator
Thank you sir. The next question is from the line of Rinkisha from the boring amc. Please go ahead.
Unidentified Participant
Hi Dean. Just wanted to understand we’re guiding for a break even in NAFTA client plans for FY26 but we have a significant share coming from CDMO 65%. So at what kind of spreads are we seeing the Triazol business like in terms of if not you know the amount but like direction are we seeing any improvement in the trial there? And if we are not, you know looking at that and if we see supply not moving. So are we going to probably take a call on the Trizole business?
Burjis Godrej
So we expect the trizole business to continue. It is an important cash flow generator for the business. So we are going to put our efforts into growing sales on that. We are seeing improvements in gross margin for the business, improvements in raw material prices which are coming down and we’re putting a lot of efforts on growing sales in these businesses in key geographies and we also want to use Triazole as A platform for the CDMO business to do CDMO based on triazoles and similar chemistry. So that will continue to be important for us.
Unidentified Participant
Got it. But sir, in Triazole, if you’re looking to do CDMO and Triazol, we don’t have many new molecules apart from there’s only one which is launched by Corteva in 2024 and the last one was authentic inazole in 2019. So the scope for doing CDMO work using Triazole as a platform seems to be limited.
Burjis Godrej
There is hope for that. We see other companies doing that on exclusive contracts for triazoles and metconazole. We consider in the enterprise, new enterprise products and CDMO category. So we’re happy to aim for exclusivity with anyone who wants that. Additionally, there are pharmaceutical intermediates that are in the trial role class. So that is something that we can look into it.
Unidentified Participant
All right, sir. That’s all from my end .
operator
Thank you, sir. The next ladies and gentlemen, to ask a question, please press star and one now. Participants who wish to ask questions questions may please press star and one at this time. The next question is from the line of PAVAN from N N M Vala Securities. Please go ahead.
Unidentified Participant
Hi. Thank you for the opportunity. I’m audible. So my question was on mobile business. So what was it? The arrival in a FY29 for a full year and the extraction ratio?
Balram Yadav
I’ll give it to you in a minute.
Unidentified Participant
Yeah. And what we expect in a extraction b asis for FY26 ?
Balram Yadav
FFP arrival in FY25 was 5,36,000 tons. Yeah, oil extraction ratio was 19%.
Unidentified Participant
And what is expectation for FY26 in oil extraction? As we have given a 18%.
Balram Yadav
We have already grown in quarter one by 50%. But overall we will grow between 15 to 18% and OER will be better than last year. That is what our expectation is.
Unidentified Participant
And in terms of realization, considering the drop import duty dropped by the government, what we expect to realize.
Balram Yadav
So as I already said that we have shifted to refining where there is no drop in import duty. And I’ve already conveyed that we will take the calls whether to sell CPO or to sell refined oil, depending on how the defining margins are. We have that flexibility.
Unidentified Participant
Okay. In terms of crop protection standards, what do we expect in top line growth?
Balram Yadav
Top line growth we are expecting about as of now when things particularly in heatweed and heatweed products did not look to be very. Don’t look very encouraging. But we have a. We have several products will be sold in next 67 months.
Unidentified Participant
Hello sorry I couldn’t hear y our expectation.
Balram Yadav
What we are saying is that we still assessing how this final season or hit me hit me back season is going. I think the best assessment will be made sometime after 34 weeks once we know what is the situation of current stocks in the market etc so I would not hes a guess right now.
Unidentified Participant
Okay thank you.
operator
Thank you sir. As there are no further questions from the participants I now hand the conference over to management for closing comments.
Nadir Godrej
Thank you. I hope we have been able to answer all your questions. If you have any further questions or would like to know more about the company we would be happy to be of assistance. Thank you once again for taking the time to join us on this call.
operator
Thank you sir. On behalf of Godrej Aggravate limited that concludes this conference call. Thank you for joining us and you may now disconnect your lines.