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.
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.
32%Questions answered6Evaded / deflected11Questions audited
Partial answer
High priority
Feed division outlook and margin impact of price hike in Q4 FY27.
Asked by Roaksha, Equest Securities
Management acknowledged the price hike but did not quantify the margin impact or the quantum of the hike.
no quantum givendeferred to future price hike
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Question
So is there something I am missing on and how you are seeing the fit division to perform in FY27 and secondly from the margin perspective which implies you have taken a meaningful price hike in fourth quarter FY27 what is the quantum of that and how you are seeing uh margins to pan out in FY27 especially from the feed division.
Management (unidentified)
We have taken a price increase uh in February of the fourth quarter. So the impact is not there uh much because only one month we had the improved price and that is also not a full price impact because we are going another price uh hike right now.
Evasive
Medium priority
Export growth target of 19,000 MT in FY27 seems conservative.
Asked by Roaksha, Equest Securities
Management did not address the conservatism relative to peers or FTAs, only gave generic step-by-step reasoning.
no specific growth driversvague reasoning
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Question
So when the management is aspiring for around 19,000 odd metric on export in FY27 which implies like 10 to 12 odd person sort of growth. But when we compare it with the peers or even the benefit of FTAs, doesn't the man management sound bit conservative on that front or am I missing something over here?
Management (unidentified)
I think uh generally uh if you've seen um I think um look at last 10 years uh every year um there's year on year year on year year on year increase last 10 years if you even put it with so this business cannot increase exponentially uh at one point it has to be built step by step.
Answered
Medium priority
Capex plans for feed and processing over next 2-3 years.
Asked by Roaksha, Equest Securities
Management gave a clear and direct answer with no hedging.
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Question
Uh so so are there any capex required both in terms of the feed or in terms of the processing fund? Uh are we aspiring for any major capex over next two to three odd years?
Management (unidentified)
Right now we don't foresee any big uh capex in the next two years.
Partial answer
Medium priority
Scale and burn rate of pet care business.
Asked by Roaksha, Equest Securities
Management provided scale and distribution details but did not answer the burn rate question.
no burn rate given
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Question
Uh so what is the scale of the petare business right now and considering the initial burn what is the burn rate which we are seeing and how the distribution is expanding can you just highlight on qualitative engineer
Management (unidentified)
We've been increasing the cost of from uh 53 tons to right now 100 tons with uh goal of 8 800 metric tons by end of this year. Our distribution network uh as of now we have uh uh 31 distributors in 13 uh in 13 cities.
Answered
High priority
Importer of record for US and quantum of tariff refunds.
Asked by Arjun Karna, Kotak Mutual Fund
Management clearly identified the importer and provided a quantitative estimate of the refund.
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Question
Is Avanti feeds or its subsidiaries uh the uh importer on record for this and what is the tune of uh uh these reciprocal tariffs that we have asked uh for uh reimbursement
Management (unidentified)
api frozen foods private limited is the importer of record in US. So uh ape itself import the goods and do the customs clearance... Roughly it will come around 15 to $20 million.
Evasive
High priority
Why capacity utilization is not scaling faster than 10-15%.
Asked by Arjun Karna, Kotak Mutual Fund
Management did not explain why growth is limited to 10-15% or what prevents faster scaling.
no specific constraintsvague seasonality explanation
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Question
So does that mean those additional capacities are unmanned at this time or is the difficulty in sourcing of uh uh uh uh the shrimp and hence uh step by step. So just if you could run us through what prevents us from scaling up capacities faster than the 10 15% uh that have been uh mentioned.
Management (unidentified)
Um so there are few things um um to answer that uh uh question. Um overall uh the capacity that we stated is about 26 or 28,000 metric tons. Um but this business is very seasonal.
Declined
Medium priority
Effective capacity given seasonality and max rated capacity.
Asked by Arjun Karna, Kotak Mutual Fund
Management refused to answer and directed the analyst to email.
deferred to email
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Question
So what would be the effective capacity of this 26 or 28,000 tons given that there are probably uh uh two seasons at max. Uh so uh in terms of what is the max rated capacity of this?
Management (unidentified)
See uh it uh maybe uh we can if you send an email then
Evasive
Low priority
Impact of potential US-India trade deal on input costs.
Asked by Arjun Karna, Kotak Mutual Fund
Management did not address the potential future benefit of lower-cost imports under a trade deal.
dismissed current importsdeferred to government policy
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Question
Now as part of it uh we would probably be importing some of the agri products from there such as say DDGS or maybe red sorghum. Now uh in terms of our input materials, this ideally should come at a lower price uh uh than uh in uh the agree inputs available in India. Uh is this a right understanding and are these possible substitutes uh for the higher priced agree inputs available in the country?
Management (unidentified)
No, we are not we are not importing anything from US products. We have absolutely sir. ... We have to see you know today we cannot see because it is a policy of the government to permit or not to permit.
Evasive
Medium priority
Change in value-added shrimp mix from FY25 to FY26 and FY27 outlook.
Asked by Arjun Karna, Kotak Mutual Fund
Management gave a qualitative historical overview but did not quantify the change or provide FY27 guidance.
no quantitative comparisonno FY27 outlook
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Question
We've been talking of moving into more value addition so uh in terms of value added shrimp say for FI26 uh how is that changed versus FI25 and how do we envisage this changing in FI27
Management (unidentified)
We've done a lot of work over here where we're doing a lot more value added products uh than what we were doing 10 years ago... we do a wide range of uh uh products with uh and we also have a partnership with the food ingredients company.
Evasive
Medium priority
Should processing margins improve with higher utilization and throughput?
Asked by Arjun Karna, Kotak Mutual Fund
Management did not answer whether margins would improve, only stated current margins are better than peers.
no forward guidancedeflected to current margin comparison
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Question
Should we assume that going forward with better utilization higher throughput uh the beta margin should move north for the processing piece?
Management (unidentified)
I would generally say if you compare to our peers, if you look do a general analysis, you will see that our margin structure is much better because we do all these products. So we're already upwards of a general market uh margin level because of these products.
Partial answer
High priority
Expected revenue and profit growth over next 2-3 years.
Asked by Indigenous Minister
Management gave a 10-15% growth target but heavily caveated with uncertainty, no profit growth specifics.
vague rangeuncertainty caveat
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Question
My question is in next two two three year uh company is expecting how much percentage of revenue growth and profit growth.
Management (unidentified)
So it overall the the target if you put around 10 to 15% growth with the present global situation it will be a big achievement because today we are in a situation where many things are uncertain.
Evasive
Medium priority
Competitive position vs Ecuador and other geographies.
Asked by Roaksha, Equest Securities
Management did not address cost competitiveness vs Ecuador or emerging geographies, only stated market positions.
no cost comparisonno emerging threats
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Question
So earlier when we are highlighting we we were detrimental compared to the equivalent cost how we are positioned right now and if something else is emerging in terms of the other geographies can you highlight?
Management (unidentified)
Um I I would uh say it Equinox continues to be uh large the largest exporter. Um India also continues to be one of the largest exporters and number two in the US market.