APEX / Q1-FY27 / claim-ledger

Audit the questions that mattered.

Apex Frozen Foods · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ1-FY27 · 2026-07-15Back to quarter ↗

Questions audited

11

Answered directly

64%

Numeric claims

2

Consistency

contradicted

Question ledger

What was answered, and how?

Maza · Pinpoint X capable

deflected

How do fish meal and shrimp feed price increases affect farmers and our business, and can costs be passed through?

That question is not relevant to our company as such because we are primarily into processing and export of shrimp and not into any feed manufacturing. However, the farm prices have been raising and have been providing a good comfort level to the farmers... So we wouldn't be able to much comment on the input costs with regard to the feed manufacturing.

Maza · Pinpoint X capable

partial

What is the margin outlook for the rest of FY27 given Q1 performance?

Considering the ongoing little bit stable export realizations in dollar terms as well as the depreciated rupee combined and also our cost efficiency measures... the margins could be stable but at the same time we also have to factor in a little bit of the increase in freight costs and also to a certain extent also the increase in the farm gate prices.

Maza · Pinpoint X capable

direct

What was the realization per kg this quarter and is it holding in Q2?

The realization per kilo in rupee terms has been 950 rupees for the first quarter of FY27 when comparing it to around 850 rupees during the first quarter of FY26. We are seeing around the similar level as far as the realization terms are concerned.

Nish Partil · Share India Securities

partial

Why were volumes below 40,000 MT guided range and what explains high US volumes?

We have not given 40,000... we said we are around 12,000 metric tons in this year... because of the summer heat in April there were certain labor shortages... Our EU volumes have actually reduced because of certain delays in getting the issue clearances for shipments that got spilled over into the subsequent quarter.

Nish Partil · Share India Securities

direct

What is RTE contribution and margin differential between RTE and RTC?

It was 16% of the total volume during Q1. We expect sales volumes at least reaching 18 to 20% minimum. The margin from RTC to RTE is roughly around 50 cents per kilo between RTC and RTE.

Bala Murali Krishna · Command Investment Advisor

partial

Are shrimp farmers comfortable with current prices and what is demand outlook?

The farm prices have become more firm compared to Q1 and the prices during Q1 were not really that bad... significantly number of farmers were quite happy with the way the prices remain stable during Q1... prices have increased over the past 3 to 4 weeks and they are more firm between then and now there's almost around 6 to 7% jump in the farm pricing average.

Abishek · SNS Captive

partial

Is current realization of Rs 950 a new high compared to historical levels?

We also had similar realization in Phase 2 COVID FY22 also around these levels at that time. So that's because the unit values in dollar terms were very high because of some panic buying anticipating shortages... when you have such high level pricing for a regular commodity product it would impact the consumption.

Abishek · SNS Captive

direct

What is current capacity utilization and trajectory for FY27?

The volume capacity utilization was almost similar to last year Q1 FY26 - 38% last year, 39% this year. We believe the utilization should be consistently maintained over and above 35 to 40% through the year.

Yog · Mental Analytics

direct

Is the realization increase after adjusting for tariff reduction?

In the case of realization there are two points - one is the depreciating currency which has supported. Apart from that there has also been an increase in dollar terms. Both Q1 FY26 and Q1 FY27 had 10% tariff so it's a comparable number. Both have tariffs.

Sharon · SPS Family Office

partial

What is the key constraint preventing faster capacity ramp-up?

There is one main thing on the labor front. This was something which was unexpected by many industry players during the summer of this year early part of this year which was a big setback. Otherwise we should have clocked at least 3,000 metric tons of volumes in Q1 itself.

Shrutati · Kish Capital District

partial

When will CVD/ADD review happen and what reduction can we expect?

The countervailing duty most likely we will have the announcement more towards the end of this year around December. We expect a reduction... CVD was 3.44% currently. We expect a positive response. Hopefully we get a reduction in the CVD of 5.77%.

Shrutati · Kish Capital District

partial

What percentage of sales will new proprietary products contribute this year?

Sorry new product I mean we are already taken up certain products for certain customers... These products are both in ready-to-eat as well as RTC... These products are already commercialized. We are already selling. It will be in single digit - maybe around 3 to 4% of the total sales.