Raw material cost as % of revenue
84.03%
-138 bps YoY
Raw material cost decreased from 85.41% in Q3 FY25, indicating stable input prices.
HMAAGRO
Other
15 Jan 2026
HMA Agro Industries Ltd — Q3 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Other expenses (freight) QoQ
₹2,217 million
+166% QoQ
Other expenses surged due to higher freight costs from refrigerated container shortages.
Consolidated PBT growth
112.9%
+112.9% YoY
Consolidated PBT more than doubled, reflecting strong subsidiary performance.
Top 5 export markets
Vietnam, Egypt, Malaysia, Indonesia, Iraq
N/A
Management declined to provide revenue share breakdown; markets remain concentrated.
Management Guidance
Chicken processing plant operational by end of FY26
Commercial operations for the new chicken processing plant expected to begin by end of FY26.
Management guidance expansionRetail market entry in India in process
Testing of retail products for the Indian market is ongoing, with no specific timeline provided.
Management guidance expansionKey Risks
Freight cost volatility
Other expenses surged 3x QoQ due to higher freight costs from refrigerated container shortages, which could pressure margins if sustained.
high · analyst_questionGeographical concentration risk
Top 5 markets (Vietnam, Egypt, Malaysia, Indonesia, Iraq) dominate exports; management declined to provide revenue share, indicating potential concentration.
medium · data_observationCapacity utilization uncertainty
Management could not provide capacity utilization figures due to CFO's absence, leaving operational efficiency unclear.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was HMA Agro Industries's revenue in Q3 FY26?
HMA Agro Industries reported revenue of ₹2,059 Cr in Q3 FY26, representing a +46% change compared to the same quarter last year.
What guidance did HMA Agro Industries management give for FY27?
Chicken processing plant operational by end of FY26: Commercial operations for the new chicken processing plant expected to begin by end of FY26. Retail market entry in India in process: Testing of retail products for the Indian market is ongoing, with no specific timeline provided.
What are the key risks for HMA Agro Industries in FY27?
Key risks include Freight cost volatility — Other expenses surged 3x QoQ due to higher freight costs from refrigerated container shortages, which could pressure margins if sustained.; Geographical concentration risk — Top 5 markets (Vietnam, Egypt, Malaysia, Indonesia, Iraq) dominate exports; management declined to provide revenue share, indicating potential concentration.; Capacity utilization uncertainty — Management could not provide capacity utilization figures due to CFO's absence, leaving operational efficiency unclear..
Did HMA Agro Industries meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full HMA Agro Industries Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.