Sales Volume (Q3)
2,754 MT
-5% YoY
Volume declined due to US tariff impact, partly offset by EU growth.
APEXFROZENFOODS
Consumer
10 Feb 2026
Apex Frozen Foods Limited — Q3 FY26
Apex Frozen Foods reported a strong Q3 FY26 with revenue of ₹264 crore (+15% YoY) and EBITDA of ₹17 crore (+147% YoY), driven by higher EU sales and improved realizations.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Apex Frozen Foods reported a strong Q3 FY26 with revenue of ₹264 crore (+15% YoY) and EBITDA of ₹17 crore (+147% YoY), driven by higher EU sales and improved realizations. EBITDA margin expanded 344 bps to 6.5% as raw material costs fell. PAT surged to ₹10 crore from ~₹0.5 crore last year. Key drivers include EU market growth (+22% YoY) and US tariff reduction from 50% to 25% effective Feb 2026, which is expected to boost volumes. Management guided for revenue of ₹1,200+ crore over two years and capacity utilization improvement to ~50% by FY27. Risks include rising farmgate prices and potential anti-dumping duty increase from 1.35% to 3.5%.
Key Numbers
EU Sales Growth (Q3)
22% YoY
+22% YoY
Strong growth in European Union market, reflecting diversification success.
Non-US Export Share (9M)
51%
+14pp YoY
Diversification reduced US dependence from 63% to 49% of sales.
Capacity Utilization (FY26)
33-35%
Flat YoY
Low utilization offers significant headroom; target ~50% by FY27.
Management Guidance
Revenue target of ₹1,200+ crore in 2 years
Management expects revenue to exceed ₹1,200 crore over the next two years, driven by higher capacity utilization and favorable trade agreements.
Management guidance revenueEBITDA margin sustainability at 7-10%
Management expects to sustain current EBITDA margins of ~7% and improve to 7-10% as volumes scale, with potential for 10%+ from ready-to-eat products.
Management guidance marginsCapacity utilization target of ~50% by FY27
Plans to increase capacity utilization from current 33-35% to around 50% by FY27, driven by volume growth from US and EU markets.
Management guidance growthNew market entry in Australia and Russia by Q1 FY27
Expects to commence sales in Australia and Russia by Q1 FY27, with initial volumes small but potential for growth.
Management guidance expansionKey Risks
Rising farmgate prices
Raw material prices have increased by ₹30-40/kg recently, which could pressure margins if not offset by higher realizations.
medium · management_commentaryAnti-dumping duty increase
US anti-dumping duty on Indian shrimp is set to rise from 1.35% to ~3.5% effective Q4 FY26, increasing costs for US exports.
medium · analyst_questionUS demand elasticity post-tariff reduction
It remains unclear whether US consumer demand will sustain at higher price levels after the tariff reduction, potentially limiting volume recovery.
medium · data_observationCompetition from Ecuador
Ecuador remains a strong competitor in the US market with lower tariffs, and its supply is stable at 1.4-1.5 million MT, which could cap India's market share gains.
medium · analyst_questionNotable Quotes
Our non-US export business has grown from around 37% in 9 months of FY24 to nearly 51% in 9 months of FY26, reflecting our continued efforts to expand across geographies and reduce dependence on any one single region.
We are very confident that with these changes in the market at the EBITDA level, the present level would be sustainable going forward.
The customers are looking towards buying from India rather than having to deal with any lesser dependable sources.
Frequently Asked Questions
What was Apex Frozen Foods's revenue in Q3 FY26?
Apex Frozen Foods reported revenue of ₹264 Cr in Q3 FY26, representing a +15% change compared to the same quarter last year.
What guidance did Apex Frozen Foods management give for FY27?
Revenue target of ₹1,200+ crore in 2 years: Management expects revenue to exceed ₹1,200 crore over the next two years, driven by higher capacity utilization and favorable trade agreements. EBITDA margin sustainability at 7-10%: Management expects to sustain current EBITDA margins of ~7% and improve to 7-10% as volumes scale, with potential for 10%+ from ready-to-eat products. Capacity utilization target of ~50% by FY27: Plans to increase capacity utilization from current 33-35% to around 50% by FY27, driven by volume growth from US and EU markets. New market entry in Australia and Russia by Q1 FY27: Expects to commence sales in Australia and Russia by Q1 FY27, with initial volumes small but potential for growth.
What are the key risks for Apex Frozen Foods in FY27?
Key risks include Rising farmgate prices — Raw material prices have increased by ₹30-40/kg recently, which could pressure margins if not offset by higher realizations.; Anti-dumping duty increase — US anti-dumping duty on Indian shrimp is set to rise from 1.35% to ~3.5% effective Q4 FY26, increasing costs for US exports.; US demand elasticity post-tariff reduction — It remains unclear whether US consumer demand will sustain at higher price levels after the tariff reduction, potentially limiting volume recovery.; Competition from Ecuador — Ecuador remains a strong competitor in the US market with lower tariffs, and its supply is stable at 1.4-1.5 million MT, which could cap India's market share gains..
Did Apex Frozen Foods meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Apex Frozen Foods Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.