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Revenue
₹264 Cr
verification pending
Revenue YoY
15%
reported change
EBITDA
₹17 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apex Frozen Foods reported a strong Q3 FY26 with revenue of ₹264 crore (+15% YoY) and EBITDA of ₹17 crore (+147% YoY), driven by higher EU sales and improved realizations. EBITDA margin expanded 344 bps to 6.5% as raw material costs fell. PAT surged to ₹10 crore from ~₹0.5 crore last year. Key drivers include EU market growth (+22% YoY) and US tariff reduction from 50% to 25% effective Feb 2026, which is expected to boost volumes. Management guided for revenue of ₹1,200+ crore over two years and capacity utilization improvement to ~50% by FY27. Risks include rising farmgate prices and potential anti-dumping duty increase from 1.35% to 3.5%.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to exceed ₹1,200 crore over the next two years, driven by higher capacity utilization and favorable trade agreements.
- Management expects to sustain current EBITDA margins of ~7% and improve to 7-10% as volumes scale, with potential for 10%+ from ready-to-eat products.
- Plans to increase capacity utilization from current 33-35% to around 50% by FY27, driven by volume growth from US and EU markets.
- Expects to commence sales in Australia and Russia by Q1 FY27, with initial volumes small but potential for growth.
Risks flagged
- Raw material prices have increased by ₹30-40/kg recently, which could pressure margins if not offset by higher realizations.
- US anti-dumping duty on Indian shrimp is set to rise from 1.35% to ~3.5% effective Q4 FY26, increasing costs for US exports.
- It remains unclear whether US consumer demand will sustain at higher price levels after the tariff reduction, potentially limiting volume recovery.
- Ecuador remains a strong competitor in the US market with lower tariffs, and its supply is stable at 1.4-1.5 million MT, which could cap India's market share gains.
Key quotes
- Our non-US export business has grown from around 37% in 9 months of FY24 to nearly 51% in 9 months of FY26, reflecting our continued efforts to expand across geographies and reduce dependence on any one single region.
- We are very confident that with these changes in the market at the EBITDA level, the present level would be sustainable going forward.
- The customers are looking towards buying from India rather than having to deal with any lesser dependable sources.
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