AVANTIFEED Q1 FY27 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,900 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Avanti Feeds reported a challenging Q1 FY27 with consolidated gross income of ₹1,966 crore (+19% YoY), but profit before tax declined 37% YoY to ₹157 crore as raw material costs surged dramatically. The standalone Feed Division saw revenue rise 27% YoY to ₹1,615 crore on 17% volume growth (193,852 MT), yet PBT collapsed 45% YoY to ₹114 crore with margins contracting to 7.06% from 17% in Q1 FY26. Key raw material prices jumped significantly: fish meal from ₹93/kg to ₹153/kg (+65%) and soymeal from ₹40/kg to ₹58/kg (+45%). Management took a 10% price hike in late June but flagged Q2 FY27 as another pain point before stabilization. The shrimp processing division showed resilience with PBT rising 80% YoY to ₹45 crore on improved realizations. FY27 guidance suggests feed sales of 5.85 lakh MT and exports of 19,000 MT. Pet care expansion continues with ₹175 crore planned capex and land purchased for ₹25 crore. The core risk is margin compression from input costs and government-regulated feed pricing, while US tariff refunds remain blocked pending ADD/CVD review resolution.
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Guidance to track
- Company estimates industry feed consumption of 11-12 lakh MT in calendar year 2026, with Avanti targeting 5.85 lakh MT representing modest volume growth over FY26's 5.63 lakh MT.
- Processing division guided for ~19,000 MT exports in FY27, up from 16,976 MT in FY26, implying ~12% volume growth on expanded capacity.
- Land near Hyderabad purchased for ₹25 crore; construction to commence upon government approval with total planned capex of ₹175 crore for state-of-art facility.
- Management took approximately 10% feed price increase effective June 19-20, 2026, to partially offset raw material cost escalation, with further hikes contingent on government-farmer negotiations.
Risks flagged
- Fish meal prices increased 65% YoY to ₹153/kg and soymeal 45% to ₹58/kg, with spot prices at ₹225/kg and ₹71/kg respectively. Management warned Q2 FY27 will remain painful before price hikes and potential government intervention take effect.
- Andhra Pradesh government has constituted a committee with a Big Four consultant to determine feed pricing mechanism, balancing farmer affordability with manufacturer sustainability. This could limit Avanti's ability to pass on cost increases.
- CBP has suspended processing of reciprocal tariff refunds ($15-20 million potential) pending resolution of ADD/CVD review. Management's legal counsel indicated entries cannot be processed until suspension is lifted.
- Analyst questioned whether 17% volume growth in Q1 is sustainable given farmers face rising cost-of-production. Management acknowledged concern but emphasized industry-wide balance required between volume growth and farmer viability.
Key quotes
- The prices have gone up so phenomenally that the increase should be something very very high which the both the industry, the farmers, the government, everybody, exporters are taking it very seriously. This is for the first time perhaps a strange thing has happened with such a steep increase.
- The shrimp industry is currently in a paradoxical situation. The sector has never been so strong in terms of production and exports. However, the economics at different stages of shrimp value chain are becoming increasingly fragile, creating challenges for the long-term sustainability of the industry.
- Unless the suspension is lifted, the CBP will not process the reciprocal tariffs. So as of now, they are all under pending status.
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