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.
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.
77%Questions answered1Evaded / deflected11Questions auditedMixedNumbers vs filing
Partial answer
High priority
Revenue and margin outlook given EU FTA and US tariff reduction.
Asked by Deep Amera, IG India
Gave a revenue target but margin guidance was vague and conditional.
vague timelineno specific margin guidance beyond current
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Question
What kind of a revenue are we expecting in 2 years and how the ramp up of our facility will be seen from here and on the part of the margin what margins can we see in near future?
Management
approximately around 1,200 plus crores over the next 2 years... we would be maintaining the present sustainable EBITDA levels, we'll be able to sustain the present EBITDA levels which is 7% and odd.
Answered
Low priority
Clarify if UK is included in EU market in presentation.
Asked by Nathan, incred research
Clear and direct clarification.
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Question
When you say EU and the presentation says EU do you include UK market in that or do you exclude UK from that?
Management
No. Yeah. It's only the Europe EU block.
Answered
Medium priority
Speed of market access in UK vs EU post-FTA.
Asked by Nathan, incred research
Provided specific timeline and regulatory detail.
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Question
Do you see anything happening in a speedier manner in any one of them specifically in UK because lesser countries lesser regulation hurdles?
Management
UK FTA was signed much more in advance compared to the EU... UK of course as I stated it'll be much earlier... 50% mandatory testing of Indian shrimp consignments into the UK should most likely be relaxed much earlier.
Answered
Medium priority
Hatchery activity in January as lead indicator for farmer demand.
Asked by Nathan, incred research
Confirmed increased activity and positive momentum.
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Question
How has been the demand how has been workings in January were the hatchery very busy because that would kind of give a lead indication as what the farmers are thinking.
Management
Currently yes the stockings are going on and definitely like you rightly mentioned the hatchery operations are going in a good way... it's a positive sign for the supply going into the future.
Partial answer
High priority
Realization in USD/INR and how much tariff passed to customers.
Asked by UNI, GG Investments Limited
Gave realization number but did not quantify pass-through proportion.
no specific pass-through percentage
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Question
Regarding the realization in sales in terms of dollar and INR and in that how much of the tariff has been passed on to the customers.
Management
For the quarter it is 914 rupees... most of it has been taken care by the customers because these were brought in by the US government.
Answered
High priority
Tariff component in other expenses for the quarter.
Asked by UNI, GG Investments Limited
Provided exact figure for tariff component.
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Question
In case of other expense how much is the tariff and how much is the percentage amount?
Management
The tariffs was 50% of the FOB value... that translated to 46 crores with regard to the tariff component alone. This quarter.
Answered
Medium priority
Average farm gate price and current outlook.
Asked by UNI, GG Investments Limited
Provided specific numbers and trend.
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Question
In this quarter what is the average farm gate price and what is the current outlook of the sale?
Management
Average purchase price for the company was 327 rupees... farm gate prices have increased... currently they are little higher. They have increased by almost 30 40 rupees roughly per kilo.
Evasive
Medium priority
New orders for ready-to-eat products after EU FTA.
Asked by UNI, GG Investments Limited
Acknowledged orders but gave no quantitative detail.
no specific order numbersdeferred to future
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Question
After the EU FTA is there any new orders coming for the ready to eat products?
Management
We have been getting the ready to eat orders even before the FTA and we believe we will be continuing to grow them going forward with the FTA in place.
Partial answer
High priority
Margins at higher capacity utilization (65-70%).
Asked by Ha, Seven Rivers Holding
Gave range but not tied to specific utilization level.
no specific margin at 65-70% utilization
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Question
If we reach to a decent capacity utilization say something like 65 70%... what kind of margins can it achieve at optimal capacity utilization?
Management
We would be able to sustain the present EBITDA levels which is 7% and odd... as volumes pick up we should look at higher margin levels... between 7 10% currently and as we grow more ready to eat we should look at 10% plus.
Answered
High priority
Current US tariff rate and competitive position vs Ecuador/Vietnam.
Asked by Ha, Seven Rivers Holding
Clarified current tariff rate and explained the reduction.
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Question
US had reduced tariff from 50 to 18%... is there a specific different tariff for shrimps?
Management
They removed the penal rate of 25% for the Russian oil component... as of February 7th 2026 the 25% has been reduced thereby the net tariff impact on the company is 25%.
Answered
High priority
Revenue growth breakdown: volume vs tariff/forex contribution.
Asked by Sedad, I thought PMS
Provided specific numbers for tariff and forex impact.
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Question
On a 9 month basis the revenue is up by almost 20%... volume is just up 2%... how much of this is driven by tariff and forex component?
Management
For the 9 months the tariff component alone... 86 crores... on the exchange rate difference... 11 crores only.
Answered
Medium priority
Ready-to-eat capacity utilization this quarter vs last year.
Asked by Sedad, I thought PMS
Provided exact utilization percentages.
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Question
For this quarter and for 9 months what would be the capacity utilization of the ready to eat in comparison to the last year?
Management
Currently it is around 11% of ready to eat... last year 9 months it was 10%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue target of 1,200+ crores over next 2 years | ₹1,200 cr | ₹264 cr | Overstated vs filing |
| Current EBITDA margin sustainable at 7% | 7% | 6.5% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.