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Revenue
₹2,059 Cr
verified against source
Revenue YoY
46%
reported change
EBITDA
₹87.321 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HMA Agro delivered a strong Q3 FY26 with standalone revenue of ₹1,992.8 crore (+46% YoY) and PAT of ₹71.9 crore (+61.3% YoY), driven by robust export demand, improved realizations, and better capacity utilization. EBITDA grew 54.8% YoY to ₹87.3 crore, with margin expanding ~25 bps to 4.38% due to stable raw material costs (84.03% of revenue vs 85.41% last year) and operating leverage. Consolidated PBT nearly doubled (+112.9% YoY). Management highlighted diversification into new geographies and retail products, with a chicken processing plant expected by end of FY26. Key risk: freight cost volatility from refrigerated container shortages could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Commercial operations for the new chicken processing plant expected to begin by end of FY26.
- Testing of retail products for the Indian market is ongoing, with no specific timeline provided.
Risks flagged
- Other expenses surged 3x QoQ due to higher freight costs from refrigerated container shortages, which could pressure margins if sustained.
- Top 5 markets (Vietnam, Egypt, Malaysia, Indonesia, Iraq) dominate exports; management declined to provide revenue share, indicating potential concentration.
- Management could not provide capacity utilization figures due to CFO's absence, leaving operational efficiency unclear.
Key quotes
- The growth in PBT has been significantly higher than the growth in revenue which clearly demonstrates improved margin cost control measures and operational leverage.
- We are not facing any kind of supply constraint. Even the raw material prices are stable.
- It's a different product mix from there we are planning to like production of quality frozen hands and chickens. So it's a product mix and we see like it's a good market for quality frozen products.
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