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Avanti Feeds Limited — Q4 FY26
Avanti Feeds reported Q4 FY26 consolidated gross income of ₹1,516 crore, up 5.86% YoY, but PBT declined 12.8% YoY to ₹184 crore due to rising raw material costs.
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Avanti Feeds reported Q4 FY26 consolidated gross income of ₹1,516 crore, up 5.86% YoY, but PBT declined 12.8% YoY to ₹184 crore due to rising raw material costs. Feed division gross income was ₹1,068 crore, with PBT down 28% YoY as fish meal and soya bean meal prices surged. Shrimp processing exports grew 22% YoY in Q4, with PBT jumping to ₹48 crore from ₹18 crore. For FY26, consolidated gross income rose 8.9% to ₹6,279 crore and PBT grew 20% to ₹882 crore. Management guided for FY27 feed sales of ~5,80,000 MT and shrimp exports of ~19,000 MT, but flagged severe raw material inflation (fish meal doubled to ₹240/kg) and uncertainty from US tariff refunds. Key risks include inability to fully pass on cost hikes and potential El Niño impact on agriculture. The pet food segment remains nascent at ₹1.51 crore quarterly revenue.
अवंती फीड्स ने चौथी तिमाही में ₹1,516 करोड़ की कमाई की, जो पिछले साल से 5.86% ज़्यादा है। लेकिन मुनाफा 12.8% घटकर ₹184 करोड़ रह गया, क्योंकि कच्चे माल की कीमतें बढ़ गईं। फीड डिवीजन की कमाई ₹1,068 करोड़ थी, मुनाफा 28% गिरा क्योंकि मछली और सोयाबीन का दाम बढ़ा। झींगा निर्यात 22% बढ़ा और मुनाफा ₹18 से ₹48 करोड़ हो गया। पूरे साल कमाई 8.9% बढ़कर ₹6,279 करोड़ और मुनाफा 20% बढ़कर ₹882 करोड़ हुआ। अगले साल 5,80,000 टन फीड और 19,000 टन झींगा निर्यात का लक्ष्य है, लेकिन कच्चे माल की कीमतें दोगुनी हो गई हैं और अमेरिकी टैरिफ से अनिश्चितता है। पालतू जानवरों का खाना अभी छोटा कारोबार है।
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Feed sales volume Q4 FY26
1,23,725 MT
+4.7% QoQ, -4.6% YoY
Feed sales increased sequentially but declined year-on-year due to lower shrimp production.
Shrimp export volume FY26
16,976 MT
+20% YoY
Export volumes grew driven by higher demand from Europe and China.
Fish meal price Q4 FY26
₹130/kg
+11% QoQ, +43% YoY
Key raw material cost surged, pressuring feed margins.
US tariff refund estimate
$15-20 million
N/A
Refund of reciprocal tariffs collected under IEEPA, pending liquidation reviews.
What Changed vs Last Quarter
NEW
Shrimp export target FY27: ~19,000 MT
Export volume guided at approximately 19,000 MT for FY27, compared to 16,976 MT in FY26.
NEW
Feed price hike imminent
Management plans to increase feed prices in the next 1-2 weeks to offset raw material cost inflation, with quantum under evaluation.
NEW
Pet food capacity expansion to 800 MT/year
Pet food production capacity targeted to reach 800 metric tons per annum by end of FY27, up from current 100 MT.
UPDATED
Feed sales target FY27: ~5,80,000 MT
Management expects feed sales volume of around 5,80,000 metric tons in FY27, up from 5,62,260 MT in FY26.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Raw material cost inflation
Fish meal prices doubled to ₹240/kg and soya bean meal rose 45% in two months, severely impacting feed margins if price hikes are not fully passed through.
NEW RISK
El Niño impact on agriculture
Potential El Niño conditions could affect soybean and fish meal production, further escalating input costs.
NEW RISK
Capacity utilization constraints
Despite installed capacity of 26-28,000 MT, effective utilization is limited by seasonality and raw material availability, capping export growth.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
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Guidance and risk preview
Management expects feed sales volume of around 5,80,000 metric tons in FY27, up from 5,62,260 MT in FY26.
Fish meal prices doubled to ₹240/kg and soya bean meal rose 45% in two months, severely impacting feed margins if price hikes are not fully passed...
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