APEX Q1 FY27 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹257 Cr
verification pending
Revenue YoY
0%
reported change
EBITDA
₹33 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apex Frozen Foods reported Q1 FY27 results with flat revenue at ₹257 crore as volume decline of 22% YoY (2,624 MT vs 3,315 MT) was offset by 15% higher realization at ₹930/kg. EBITDA surged 79% to ₹33 crore with margin expansion of 560bps to 12.7%, driven by improved shrimp realizations, stable farm-gate prices, and cost efficiency measures. PAT more than doubled to ₹22 crore (144% YoY). The company saw significant geographical mix shift with USA share rising to 70% (from 54%) on tariff certainty, while EU/UK fell to 25% due to transportation disruptions and testing bottlenecks. Management targets ~12,000 MT production for FY27 with stable margins, flagging freight cost doubling and farm-gate price increases as headwinds. EU-UK FTA benefits expected Q1 FY28; CVD/ADD reviews pending September-December 2026.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 12,000 metric tons for full year FY27, up from Q1 run rate of 2,624 MT, expecting labor issues to resolve and supply to normalize in subsequent quarters.
- EBITDA margins expected to hold around current 12.7% levels despite headwinds from farm-gate price increases and doubled freight costs, supported by volume growth and cost efficiency measures.
- UK FTA already implemented from July 15 with non-tariff barriers still pending; EU FTA expected by December 2026/January 2027 with full P&L impact visible from Q1 FY28.
- Countervailing duty review expected around December with potential 5.77 percentage point reduction if US government accepts India government justifications on duty drawback and RoDTEP schemes.
Risks flagged
- Q1 volumes fell 22% YoY due to April labor shortage and shipment delays. While management expects recovery in Q2, logistics disruptions from ongoing geopolitical tensions and equipment shortages remain unpredictable factors.
- Analyst asked about potential refunds from the period when US tariffs were at 50%. Management explicitly stated no refunds received yet and no clarity on timing, creating uncertainty around potential future income.
- Sales to EU/UK declined to 25% from 39% due to testing/certification requirements at origin. Despite UK FTA implementation, non-tariff barriers persist, and management could not provide specific timeline for resolution.
- Russia business expected to start Q2-Q3 but not yet in Q1; Australia remains at discussion stage pending customer audits. Japan market re-initiated but contribution minimal in near term.
Key quotes
- The freight costs compared to Q4 of last year and now between these three four months it's it has increased more than doubled uh so that is another part which we are watching and heading carefully.
- We have not received any refunds of the tax... as of now there are no refunds yet and whether it would be sometime next year or the year after that we do not know as there are certain regulatory issues.
- The margins during the Q first quarter Q1 were attributed to the stable far prices and also a good set of realization in rupees and going forward once these FTAs are fully implemented... we could see even more volume growth.
Research modules