Apex Frozen Foods LimitedAgriculture & AlliedAPEX
Q1 FY27 earnings callApex Frozen Foods Limited
Profitability surged due to higher shrimp realizations and cost efficiencies, partially offset by volume declines from labor shortages and shipping disruptions.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Net Revenue | INR257 crores | flat | |
| EBITDA | INR33 crores | 79% | |
| EBITDA Margin | 12.7% | from 7.1% | |
| Profit After Tax | INR22 crores | 138% | |
| PAT Margin | 8.4% | from 3.5% | |
| Shrimp Sales Volume | 2,624 metric tons | — | |
| Average Shrimp Realization | INR930 per kilo | 15% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹230.73 Cr+55.8% YoY+15.6% QoQ | ₹-0.22 CrTurned loss-making YoYLoss narrowed QoQ | ₹-0.07Turned negative YoYLoss/share narrowed QoQ |
| Q2 FY25 | ₹199.52 Cr-17% YoY+7.3% QoQ | ₹-1.67 CrTurned loss-making YoYTurned loss-making QoQ | ₹-0.53Turned negative YoYTurned negative QoQ |
| Q1 FY25 | ₹185.99 Cr-26.7% YoY+15.1% QoQ | ₹3.80 Cr+4.1% YoYTurned profitable QoQ | ₹1.22+4.3% YoYTurned positive QoQ |
| Q4 FY24 | ₹161.64 Cr-23.7% YoY+9.1% QoQ | ₹-0.36 CrLoss narrowed YoYTurned loss-making QoQ | ₹-0.12Loss/share narrowed YoYTurned negative QoQ |
| Q3 FY24 | ₹148.10 Cr-31% YoY-38.4% QoQ | ₹2.97 Cr-61.7% YoY-64.4% QoQ | ₹0.95-61.7% YoY-64.4% QoQ |
TL;DR
- Net revenue flat at INR257 crores while EBITDA grew 79% and PAT grew 138%.
- Average shrimp realization rose 15% YoY to INR930/kg, offsetting a 13% volume decline.
- US sales share increased to 70% of total from 54% last year due to eased tariff uncertainty.
- Ready-to-Eat product contribution was 16% of volume; margins are ~$0.50/kg higher than RTC.
- Management expects volume recovery in Q2 and stable margins, but cites risks from rising freight and farm gate prices.
Said on the call
“Q1 FY27 was a quarter of mixed trends with improving global shrimp prices and higher conversion rate for USD INR, aiding realization growth on one hand, while labour shortage mainly in the months of April and May and war-led transportation disruptions across certain export markets affecting the shrimp sales volumes on the other hand.”
From the Q&A
| Topic | What management said |
|---|---|
| Feed Costs & Margins | Management clarified they are not in feed manufacturing and said current margins could be stable, supported by realization, rupee depreciation, and cost measures, but are watching rising freight and farm gate prices. |
| Volume & US Exposure | Volumes were hit by labor shortage and EU shipping delays; high US share (70%) reflects tariff certainty and EU orders spilling into Q2, not a reduction in Ecuador competition. |
| Ready-to-Eat Products | RTE was 16% of volume, similar to last year; target is 18-20% for the year, with a ~$0.50/kg margin premium over RTC. |
| Capacity & Utilization | Capacity utilization was 38% in Q1, similar to last year; target for the year is 12,000 metric tons, aiming for 35-40% utilization consistently. |
| US Tariffs & Duties | No refunds on past tariffs yet; CVD review expected in Dec (hoping for reduction from 5.77%), ADD review in Sep (currently 3.4%). |
| New Markets & FTAs | Japan business initiated; Russia expected by Q2/Q3; Australia pending customer audit. UK FTA effective but non-tariff barriers remain; EU FTA expected by year-end, full benefits likely in FY28. |
Guidance
- Expect recovery in sales volume in Q2 subject to normalization of global transportation conditions.
- Aim for stable margins going forward, supported by realization and cost measures, but note risks from freight and farm gate price increases.
- Target Ready-to-Eat product volume to reach 18-20% of total sales this year.
- Target annual sales volume of around 12,000 metric tons for FY27.
- Anticipate benefits from EU FTA to materialize more fully in FY28.
Source
Summary written from the transcript filed by Apex Frozen Foods Limited for the call held on 18 Aug 2026; published 22 Aug 2026, 13:05 IST.