Kaveri Seed Company announced its Q3 and 9MFY26 results on February 9, 2026. Key highlights show strong volume growth in Maize (21.7%) and significant revenue jumps across Non-Cotton hybrids. While Cotton sales faced headwinds from illegal seeds, consolidated revenue for 9MFY26 grew by 15.51% to ₹1287.65 Crore. The outlook for Q4FY26 remains positive, focusing on spring maize and increased export business growth.
Kaveri Seed: Q3 & 9MFY26 Investor Update
Kaveri Seed Company Limited disclosed its performance update for the nine months and third quarter ending FY26 on February 9, 2026. The presentation detailed performance across various crop segments and provided a positive outlook for the final quarter.
9MFY26 Key Highlights
The performance across 9MFY26 showed strong momentum in specific segments:
- The contribution of new products to Cotton volumes significantly increased from 11% to 35%.
- Hybrid Rice volumes slightly decreased by 0.9%, although revenues grew by 17.9%.
- Selection Rice volumes grew by 7%, with revenues increasing by 14.2%.
- Maize demonstrated robust growth, with volumes increasing by 21.7% and revenues surging by 42.6%.
- Vegetable seed volumes increased by 1.5%, leading to an 11.4% rise in revenue.
Challenges noted include cotton sales being impacted by increased illegal seeds and higher production costs affecting profitability. Hybrid rice sales were also restricted in Punjab.
Q3FY26 Performance Highlights
The third quarter (Q3FY26) saw notable segment growth:
- Non-Cotton hybrids volumes increased by 6.1%, and revenues grew by 13%.
- Cotton seed volumes and revenues both registered growth.
- Research paddy volume grew substantially by 51%.
- Sunflower volume grew by 94%, and Mustard volume grew by 64%.
- Exports witnessed steep revenue growth of 86%.
A challenge noted for Rabi Maize cultivation involved commercial maize prices hovering between Rs.1200 to 1600 per quintal, significantly lower than the previous year’s Rs. 2200 per quintal.
Standalone Financial Summary (Rs in Crore)
Standalone financials show positive top-line momentum:
| Particulars | Q3FY26 | Q3FY25 | Growth (%) | 9MFY26 | 9MFY25 | Growth (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 179.65 | 154.77 | 16.08 | 1221.56 | 1044.61 | 16.94 |
| EBITDA | 25.28 | 25.09 | 1.14 | 358.39 | 324.78 | 10.35 |
| PAT | 7.46 | 15.04 | (50.44) | 308.91 | 294.46 | 4.91 |
Consolidated Financial Summary (Rs in Crore)
Consolidated performance reflects stronger top-line growth:
| Particulars | Q3FY26 | Q3FY25 | Growth (%) | 9MFY26 | 9MFY25 | Growth (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 210.21 | 174.05 | 20.78 | 1287.65 | 1114.72 | 15.51 |
| EBITDA | 28.90 | 25.45 | 13.54 | 376.53 | 341.08 | 10.39 |
| PAT | 12.68 | 14.85 | (14.60) | 323.65 | 305.14 | 6.07 |
Crop Market Size Trends (Q3FY26)
Market acreage showed mixed trends across key crops during Q3FY26:
- Maize acreage increased by 10.71% to 124.11 lakh hectares.
- Rice sowing area increased marginally by 1.28% to 486.58 lakh hectares.
- Cotton acreage was down by 2.60% (to 110.03 lakh hectares), mainly due to low Kharif sowing in Northern parts.
- Jowar acreage decreased by 5.54%.
- Sunflower sowing area saw a substantial rise, increasing by 9.3%.
Outlook for Q4FY26
Kaveri Seed Company expects continued positive trajectory into the final quarter:
- Expecting growth in spring maize in Bihar, UP, and Punjab.
- Expecting growth in summer millet in Gujarat, Rajasthan, and Western UP.
- The company anticipates good growth in the mustard product segment in the coming years.
- Export business growth rates are expected to continue improving through the next quarter and beyond.
Source: BSE
