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Revenue
₹238 Cr
verification pending
Revenue YoY
19%
reported change
EBITDA
₹18 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 delivered a strong Q2 FY26 with revenue of ₹238 crore (+19% YoY) driven by higher realizations of ₹870/kg (+25% YoY). EBITDA surged 284% YoY to ₹18 crore, with margin expanding to 7.2% (vs 2.3% last year). PAT turned positive at ₹12 crore vs a loss of ₹1.7 crore last year. Key drivers include firm global shrimp prices, favorable forex, and successful market diversification—non-US share reached 56% in Q2. Management guided for capacity utilization to reach 50% in one year and 70% (20,000 MT) in 2-3 years, with RTE volumes of 2,000-2,500 MT next year. Risks: US tariff uncertainty (50% on shrimp) may pressure volumes; India-EU FTA timeline is uncertain.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to increase capacity utilization from current ~30% to 50% within the next year, driven by market diversification and new orders.
- Target to reach 70% utilization, translating to ~20,000 metric tons of volume, over the next 2-3 years.
- Ready-to-eat exports to EU are expected to reach 2,000-2,500 metric tons in FY27, with ~1,000 MT in FY26.
- Management indicated that 10-12% EBITDA margin is achievable with volume growth and value-added product mix.
Risks flagged
- 50% tariffs on Indian shrimp exports to US have caused some customers to shift orders to other origins, potentially reducing US volumes.
- While management expects the India-EU FTA to conclude by end of 2025, delays could prolong tariff and non-tariff barriers for EU exports.
- Current high realizations may not sustain if tariffs are reduced or global shrimp prices correct, impacting revenue growth.
- Seasonal diseases could disrupt shrimp supply and increase raw material costs, though no major outbreaks reported recently.
Key quotes
- We aim to keep diversifying our client base across geographies to mitigate the risk of dependence on any one single region.
- The non-US business share increased to 56% in Q2 FY26.
- If the tariffs are removed or reduced, getting back the volume from the US market is not going to be a big problem for us.
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