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.
neutral
medium
✓ Verified against BSE filing
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.
67%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Impact of UK/EU trade deals on shrimp market size
Asked by Nitan AI, Ink Capital
Management gave a clear affirmative answer with specifics on market access and demand.
Read the exchange
Question
given that if these when these trade deals are implemented the duty reduction is substantial. Do you see the end market size as a whole increasing?
Nichles (likely Nicholas, role not stated)
Yes, I would definitely say that the market access into EU and UK would be better. There'd be higher demand coming from these markets. Yes, 100%.
Partial answer
High priority
Impact of weather on fish meal raw material availability
Asked by Nitan AI, Ink Capital
Management described the situation but did not quantify the impact on costs or margins.
no quantitative impact givendeferred to government action
Read the exchange
Question
one of our core raw materials fish will be very heavily impacted by this weather condition... how are you reading it for both the countries?
Unnamed (likely Mr. Ramaswamy or similar)
the fish meal... catches from the ocean... last year it was not so good... this year their catches have been fairly good... prices have gone up... definitely going to be a big challenge for us and we have made representation to the government to bring some sort of regulatory mechanism.
Evasive
Medium priority
Stability of shipping rates and container movement for exports
Asked by Nitan AI, Ink Capital
Management acknowledged the question but gave no specific assessment of impact.
no concrete answerdeferred to wait and watch
Read the exchange
Question
the shipping rates and the container movement on our export front are they stable given the Middle East situation?
Nichles (likely Nicholas)
Currently we don't have any changes... we don't expect so much but of course there should be some disruption... I don't think there's any immediate direct effect, but there'll be some kind of trickle down effect... we need to wait and watch.
Partial answer
High priority
Outlook for processing volume in FY27 given trade agreements
Asked by Arjun Ka, Kota mutual funds
Management gave a positive outlook but did not provide a specific volume target for FY27.
no specific number givenguidance deferred
Read the exchange
Question
we have given a target of 16,500 for FI26... How do we look at FI27 given these trade agreements?
Nichles (likely Nicholas)
we do expect better market access so our quite robust for the year 27 but our guidance I need to relook at it because we're finalizing some of those numbers with the change in compared structures.
Answered
Medium priority
Farmer sentiment on feeding more due to positive shrimp outlook
Asked by Arjun Ka, Kota mutual funds
Management gave a clear affirmative answer on farmer sentiment.
Read the exchange
Question
do you see farmers feeding more going forward because that impacts both feed and processing?
Nichles (likely Nicholas)
It's quite positive... everyone in the supply chain is positive even the importers are positive... definitely everyone is happy about it.
Partial answer
High priority
Operating leverage and pricing strategy as volumes increase
Asked by Arjun Ka, Kota mutual funds
Management gave a directional answer but no quantitative margin outlook.
no specific margin guidancedeferred to long-term
Read the exchange
Question
do you see operating leverage kick in for us as volumes move up or potentially we would try to price a little bit more competitively?
Nichles (likely Nicholas)
I wouldn't say that we would price very competitively because we have better market access... it's more of a long-term perspective... theoretically it should give better margin recovery.
Answered
High priority
Feed business growth outlook for FY27 and FY28
Asked by Ronak Sha, Equid Securities
Management gave a specific growth expectation of at least 10%.
Read the exchange
Question
how the company is seeing the business in FY27 and 28 and can we expect a mid to high single digit sort of growth rate?
Unnamed (likely Mr. Ramaswamy)
we expect that there should be minimum 10% growth in the feed volume consumption if not more because this area culture going up and farmers are also very positive.
Answered
Medium priority
Reason for gross margin improvement in feed division in Q3
Asked by Ronak Sha, Equid Securities
Management explained the reason for margin improvement clearly.
Read the exchange
Question
when we see the third quarter's number we can see a few improvement into your gross margin. So have we taken some price hike?
Unnamed (likely Mr. Ramaswamy)
the averaging of the raw material cost has really given that additional advantage in the Q3... the prices earlier low prices will have some impact on the Q3 raw material prices also.
Answered
Medium priority
Reason for steep increase in opex in processing division
Asked by Ronak Sha, Equid Securities
Management gave a specific reason for the opex increase.
Read the exchange
Question
there was some steep increase in your opex into the third quarter. So can you explain the reason for that?
Nichles (likely Nicholas)
The major reason for going off the opex was because of the reciprocal tariff which was at highest at 50% during Q3 FI 2026. So that is the reason major jump you can see in OPEX.
Deflected
Medium priority
Target markets for all business segments in FY27
Asked by Sor Banik, Divas Consultants
Management did not answer the question and deferred to a future call.
deferred to next callno specific markets given
Read the exchange
Question
in FY27 what are the target markets for all the business segments that we're looking for?
Unnamed (likely Mr. Ramaswamy)
we are in the process of preparing the budgets for the 26-27 I think we'll be able to share with you sometime the next call we should be able to give you more details on that.
Partial answer
Medium priority
Market penetration strategy for pet food business
Asked by Akilesh Raat, Riddanta Private Limited
Management discussed product focus but did not provide a concrete market penetration plan.
no specific market share targetsno timeline for penetration
Read the exchange
Question
how we are going to penetrate the market and the market is surrounded and dominated by some few key players.
Writer (likely a manager) and then Mr. Ramaswamy
right now we are concentrating mostly on the product itself... product is going to be the key... also we're going to soon launch new products which will compete with the bigger brands with better quality.
Answered
High priority
Possibility of gaining market share in shrimp processing
Asked by Karan Sharma, Kan Capital
Management gave a clear answer on market share progression and growth strategy.
Read the exchange
Question
do you see any possibility of gaining reasonable market share considering your market share volume wise has been quite stagnant?
Nichles (likely Nicholas)
when we formed the JV with Thai union for the processing division we were not even top 10 importers now we climb the rank and amongst the top importers for frozen shrimp today... every year they continue to grow the business step by step.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Feed division gross margin for 9 months at 16% | 16% | 13% | Overstated vs filing |
| Full year feed margin expected around 14.5-15% | 14.75% | 13% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.