Feed : Key ingredient is Copra along with other grains , this is the key variable that determines the margins. High Coconut oil price is the indicator, if oil price is high they can earn better margins.
Ice Cream : I think they are on the right track, I have checked their google reviews, for every review there is one standard response, a dedicated social media team to monitor these channels will help
Milk + Mil Products : Zero profit , Zero margin business. I am wondering how come other players (state players like KMF/ Nandini, Milma etcc… ) making good money ?
They appear to be serious by hiring a consulting firm to look into the bueinss but unless they conduct calls it is really hard to know what is going on inside.
I have asked around people based in Kerala, they said in feeds they are number one. Very strong brand recall.
Risks :
There are government players in the feed , who get substantial discounts so they sell the feed cheap
Same with Milk
Godrej Agrovet is into all the product categories Feeds, Milk Products including Ice creams (Creamline acquisition )
Promoters + One retial share holder has in total 51% stake , very illiquid stock hard to find decent quantitity to buy.
Discl : Tracking Postion
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