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Revenue
₹1,384 Cr
verified against source
Revenue YoY
2.99%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Avanti Feeds reported Q3 FY26 consolidated gross income of ₹1,447 crore, up 3% YoY but down 13% sequentially, reflecting seasonal feed volume decline. PBT grew 21% YoY to ₹222 crore, aided by lower raw material costs in feed and improved realizations in processing. Feed division PBT margin was 16% for 9M FY26, but management expects full-year PBT margin to moderate to 14.5-15% due to rising fish meal and soybean meal prices. Processing division saw 39% YoY revenue growth, driven by higher volumes and better realizations. The US tariff situation has improved with the removal of IEEPA-based duties, though a 10% import surcharge remains. Pet care sales reached ₹1.36 crore in Q3, with a manufacturing facility under development. Guidance for FY27 is preliminary, with expectations of 10%+ feed volume growth. Key risk: sustained raw material inflation could compress margins in Q4.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year feed sales volume to reach around 5,55,000 MT, implying strong Q4 volumes.
- Full-year PBT margin expected to be 14.5-15% for the feed division, down from 16% in 9M due to raw material cost pressures.
- Shrimp processing exports are estimated at 16,500 MT for FY26, up from 14,149 MT in FY25.
- Management expects minimum 10% growth in feed sales volume in FY27, driven by positive farmer sentiment and expanded culture area.
Risks flagged
- Fish meal and soybean meal prices have increased sharply, with fish meal at ₹145/kg currently, which could compress feed margins in Q4.
- Although IEEPA tariffs were removed, a new 10% import surcharge under Section 122 has been imposed, with potential increase to 15%, creating ongoing uncertainty for exports.
- The pet food manufacturing facility is still in design and approval stage; management could not provide a clear timeline for commissioning, indicating potential delays.
- Amazon has launched its own pet food brand, which could pose a threat to Avanti's online sales channel, though management downplayed the risk.
Key quotes
- The prices of fish meal increased in Q3 FY26 to 117 per kg from 98 in Q2 and increased from 93 per kg in Q3 FY25.
- It is a positive development to see withdrawal of 25% duty imposed as a penalty for import of Russian oil. It has given much needed relief to the export of shrimps to USA.
- We do see it as a threat that distributor can start his own page but he won't be able to give the same discounts as the company's being able to give.
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