Feed sales volume (Q3 FY26)
1,18,127 MT
-10.5% QoQ
Sequential decline due to seasonal aquaculture slowdown; YoY down from 1,32,049 MT.
AVANTIFEEDS
Other
2026-02-??
Avanti Feeds Ltd — Q3 FY26
Avanti Feeds reported Q3 FY26 consolidated gross income of ₹1,447 crore, up 3% YoY but down 13% sequentially, reflecting seasonal feed volume decline.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Avanti Feeds reported Q3 FY26 consolidated gross income of ₹1,447 crore, up 3% YoY but down 13% sequentially, reflecting seasonal feed volume decline. PBT grew 21% YoY to ₹222 crore, aided by lower raw material costs in feed and improved realizations in processing. Feed division PBT margin was 16% for 9M FY26, but management expects full-year PBT margin to moderate to 14.5-15% due to rising fish meal and soybean meal prices. Processing division saw 39% YoY revenue growth, driven by higher volumes and better realizations. The US tariff situation has improved with the removal of IEEPA-based duties, though a 10% import surcharge remains. Pet care sales reached ₹1.36 crore in Q3, with a manufacturing facility under development. Guidance for FY27 is preliminary, with expectations of 10%+ feed volume growth. Key risk: sustained raw material inflation could compress margins in Q4.
Key Numbers
Processing sales volume (9M FY26)
12,996 MT
+28% YoY
Higher volumes driven by improved demand and market access.
Fish meal price (Q3 FY26)
₹117/kg
+19% QoQ
Sharp increase from ₹98/kg in Q2; current price at ₹145/kg, pressuring margins.
Pet care sales (Q3 FY26)
₹1.36 crore
+43% QoQ
Continued growth from ₹0.95 crore in Q2; dog food contributes 60-65% of revenue.
Management Guidance
FY26 feed sales target of ~5,55,000 MT
Management expects full-year feed sales volume to reach around 5,55,000 MT, implying strong Q4 volumes.
Management guidance revenueFY26 PBT margin guidance of 14.5-15%
Full-year PBT margin expected to be 14.5-15% for the feed division, down from 16% in 9M due to raw material cost pressures.
Management guidance marginsFY26 processing export target of ~16,500 MT
Shrimp processing exports are estimated at 16,500 MT for FY26, up from 14,149 MT in FY25.
Management guidance revenueFeed volume growth of at least 10% in FY27
Management expects minimum 10% growth in feed sales volume in FY27, driven by positive farmer sentiment and expanded culture area.
Management guidance growthKey Risks
Rising raw material prices
Fish meal and soybean meal prices have increased sharply, with fish meal at ₹145/kg currently, which could compress feed margins in Q4.
high · management_commentaryUS tariff uncertainty
Although IEEPA tariffs were removed, a new 10% import surcharge under Section 122 has been imposed, with potential increase to 15%, creating ongoing uncertainty for exports.
high · management_commentaryPet care project execution delay
The pet food manufacturing facility is still in design and approval stage; management could not provide a clear timeline for commissioning, indicating potential delays.
medium · analyst_questionCompetition from e-commerce private labels
Amazon has launched its own pet food brand, which could pose a threat to Avanti's online sales channel, though management downplayed the risk.
low · analyst_questionNotable Quotes
The prices of fish meal increased in Q3 FY26 to 117 per kg from 98 in Q2 and increased from 93 per kg in Q3 FY25.
It is a positive development to see withdrawal of 25% duty imposed as a penalty for import of Russian oil. It has given much needed relief to the export of shrimps to USA.
We do see it as a threat that distributor can start his own page but he won't be able to give the same discounts as the company's being able to give.
Frequently Asked Questions
What was Avanti Feeds's revenue in Q3 FY26?
Avanti Feeds reported revenue of ₹1,384 Cr in Q3 FY26, representing a +2.99% change compared to the same quarter last year.
What guidance did Avanti Feeds management give for FY27?
FY26 feed sales target of ~5,55,000 MT: Management expects full-year feed sales volume to reach around 5,55,000 MT, implying strong Q4 volumes. FY26 PBT margin guidance of 14.5-15%: Full-year PBT margin expected to be 14.5-15% for the feed division, down from 16% in 9M due to raw material cost pressures. FY26 processing export target of ~16,500 MT: Shrimp processing exports are estimated at 16,500 MT for FY26, up from 14,149 MT in FY25. Feed volume growth of at least 10% in FY27: Management expects minimum 10% growth in feed sales volume in FY27, driven by positive farmer sentiment and expanded culture area.
What are the key risks for Avanti Feeds in FY27?
Key risks include Rising raw material prices — Fish meal and soybean meal prices have increased sharply, with fish meal at ₹145/kg currently, which could compress feed margins in Q4.; US tariff uncertainty — Although IEEPA tariffs were removed, a new 10% import surcharge under Section 122 has been imposed, with potential increase to 15%, creating ongoing uncertainty for exports.; Pet care project execution delay — The pet food manufacturing facility is still in design and approval stage; management could not provide a clear timeline for commissioning, indicating potential delays.; Competition from e-commerce private labels — Amazon has launched its own pet food brand, which could pose a threat to Avanti's online sales channel, though management downplayed the risk..
Did Avanti Feeds meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Avanti Feeds 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 verified against official BSE/NSE filings.