Apex Frozen Foods Limited — Q2 FY26
Apex Frozen Foods delivered a strong Q2 FY26 with revenue of ₹238 crore (+19% YoY) driven by higher realizations of ₹870/kg (+25% YoY).
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
92%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Are EU barriers removed for Indian shrimp exports?
Asked by Nitan Navasti, Incred Research
Management confirmed major barriers removed but did not provide specific timeline or volume impact.
acknowledged removal of some barriers but did not quantify impact
Read the exchange
Question
Now that India EU seem to be on the right track for trade... have a lot of those barriers gone off or are there still some barriers which stand in your way?
Management
the major barriers have already been totally we have overcome all those barriers thanks to the efforts by government of India.
Answered
High priority
Are EU regulations for Indian shrimp now equal to Vietnam's?
Asked by Nitan Navasti, Incred Research
Management clearly explained current tariff and testing differences and stated FTA expected by year-end.
Read the exchange
Question
are the regulations currently for approving our exports to EU in line with Vietnam... is at least the hindrance reduced to the level of Vietnam or is it still more to go?
Management
Vietnam has an FTA... at 0% tariff... while we are at 4.3%... testing on Indian consignments... at 50%... once the FTA is done by the end of this year that will totally keep us on par.
Answered
High priority
What is the potential of new markets like Australia and Russia?
Asked by Bala Murali Krishna, Omen Investment Advisor
Management provided specific growth targets and timelines for both markets.
Read the exchange
Question
what is the potential of those markets and do they have any plans to explore to those markets?
Management
Australia... we can easily take it up in the first year five and grow it to almost 10% of the overall business... Russia... we should be able to start... at least Q4.
Answered
Medium priority
What is the trend in farm prices?
Asked by Bala Murali Krishna, Omen Investment Advisor
Management gave a clear assessment of stable farm prices and farmer sentiment.
Read the exchange
Question
farm prices how's the trend now as of earlier there is a drop because of any improvement in the farm prices
Management
the farmgate prices have been quite stable for the past 3 to four months... the confidence at the farm level is good.
Answered
High priority
Why did other expenses increase 100% YoY?
Asked by Bala Murali Krishna, Omen Investment Advisor
Management directly attributed the increase to US tariffs and explained it is compensated by customers.
Read the exchange
Question
the other expenses are also increased quarter quarter only almost 100% by one year so what are the reason for this price and other expenses
Management
the other expenses increase is mainly in relation to the tariffs... the tariff which you are aware which is being paid in the case of US market the 50% tariff... that obviously gets factored... part of the other expenses.
Answered
High priority
How will you increase capacity utilization from 30%?
Asked by Sharon, SVS family office
Management gave a specific target of 50% utilization within one year.
Read the exchange
Question
since our capacity utilization is only 30%. So how are you thinking to unlock this or what could be the factors that could drive for unlocking this capacity utilization going forward?
Management
we do plan to increase our utilization of our capacity even further and rather take it up to 50% minimum over the next one year for sure.
Partial answer
Medium priority
What revenue potential at 80-85% capacity utilization?
Asked by Sharon, SVS family office
Management provided volume target but avoided translating to revenue, citing tariff uncertainty.
gave volume target instead of revenuedeclined to give revenue number
Read the exchange
Question
if I reach up to the 80% or 85% of the capacity utilization... what would be the potential revenue?
Management
if we are able to achieve a 70% utilization... we should be looking at around 20,000 metric tons in the due course in the next few years.
Answered
High priority
What are steady-state margins at higher utilization?
Asked by Sharon, SVS family office
Management clearly stated a target EBITDA margin range of 10-12%.
Read the exchange
Question
the current margins whatever I'm seeing should also be incremental... what is the steady state margins you will be getting in this business?
Management
a 10 to 12% margin is doable for sure on an EBITDA level... as long as the realization also continues to grow.
Answered
High priority
How much of 22% realization increase is due to tariffs and rupee depreciation?
Asked by Sedat Shri Kumar, I thought PMS
Management quantified tariff impact as ~9% of sales and rupee depreciation as ~5-6 rupees per dollar.
Read the exchange
Question
the H1 FY26 realization is higher by 22% compared to the last half year... how much of that is due to increase in tariff and... rupee depreciation?
Management
the tariff component was around 9%... we had to pay around 39 crores roughly around 40 crores... rupee depreciation... we roughly had around five rupees 5 to six rupees compared to last year.
Answered
Medium priority
What is the tariff amount in other expenses?
Asked by Uni, Geot Investment Limited
Management provided a specific number: 40 crores for H1.
Read the exchange
Question
the tariff impact if I want to understand in other expenses how much is the tariff amount if we can verificate it
Management
for the half year it was 40 crores.
Answered
High priority
Do you maintain 2,500 ton additional volume expectation from RTE facility?
Asked by Uni, Geot Investment Limited
Management confirmed the 2,000-2,500 ton target for next fiscal year.
Read the exchange
Question
the RT facility... you mentioned about 2,500 additional volume. So if you maintain that is what I am asking.
Management
next year we should be... in only the RT we should be looking at 2,000 to 2,500 metric tons as stated in the earlier call.
Answered
Medium priority
Are local approvals for new EU facility now obtained?
Asked by Ashok Kumar, EI company
Management confirmed approvals obtained and exports started.
Read the exchange
Question
you mentioned that after getting the EU approval for the new capacity you mentioned that there is some new local approvals which are pending. So are they gone through?
Management
Yeah they were done. We already started.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Target EBITDA margin of 10-12% | 11% | 7.2% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.