Export Revenue Growth (9M)
22%
+22% YoY
Export revenues grew 22% in 9M FY26 vs 9M FY25.
SHARAT
Other
2026-02-??
Sharat Industries Ltd — Q3 FY26
Sharat Industries reported Q3 FY26 revenue of ₹142.5 crore with EBITDA margin of 6.67% and PAT of ₹4.74 crore.
✓ Verified against BSE filing
2-Min Summary
Sharat Industries reported Q3 FY26 revenue of ₹142.5 crore with EBITDA margin of 6.67% and PAT of ₹4.74 crore. For 9M FY26, revenue grew 42% YoY to ₹407.47 crore, driven by export growth of 22% and a 6.7% volume increase. Management highlighted diversification across Russia, US, China, and EU markets, with a focus on value-added products and black tiger shrimp. Utilization stands at 65%, with a target of 90% over 24 months and EBITDA margin improvement to ~10%. Guidance includes conservative revenue growth of 15%+ in FY27, aided by US tariff relief and India-EU FTA. Key risk: raw material price volatility and uncertain US tariff finalization could pressure margins.
Key Numbers
Export Volume Growth (9M)
6.7%
+6.7% YoY
Export volumes increased 6.7% in 9M FY26.
Capacity Utilization
65%
N/A
Current utilization across all divisions averages 65%, with target of 90% in 24 months.
Customer Retention Rate (Russia)
90%+
N/A
Retention rate in Russia is over 90%; China at 60%+.
Management Guidance
Revenue growth of 15%+ in FY27
Management expects conservative revenue growth exceeding 15% in FY27, driven by EU FTA and US tariff relief.
revenueEBITDA margin target of ~10% in 24 months
Management aims to achieve EBITDA margin of around 10% over the next 24 months, subject to raw material prices.
marginsCapacity utilization target of 90% in 24 months
Management targets increasing capacity utilization from current 65% to 90% over the next 24 months.
growthQ4 FY26 revenue similar or slightly above prior year
Management expects Q4 FY26 revenue to be on par with or slightly higher than Q4 FY25 due to seasonality.
revenueKey Risks
Raw material price volatility
Raw material prices can move up and down during the cycle, impacting realizations and margins.
high · management_commentaryUS tariff finalization uncertainty
While tariff relief is indicated, final terms and implementation remain unclear, affecting US market competitiveness.
medium · analyst_questionIncreased competition in Russia
Management noted that 2026-27 may see more competition in Russia from additional Indian facilities and other countries.
medium · management_commentaryDomestic frozen shrimp market adoption
Management acknowledged hurdles in domestic market for frozen shrimp, including price point challenges, which could affect domestic growth plans.
low · management_commentaryNotable Quotes
Our key focus remains on building resilience through diversification and disciplined execution across markets, product mix, and sourcing.
We are confident of reaching a figure of closer to 90% over the next 24 months.
If conditions remain optimal, I think we should be able to confidently grow beyond 15% in revenue at a conservative level.