Net Revenue: ₹2,565 in Q1 FY27 versus ₹2,682 in Q1 FY26 (-4% YoY) and ₹1,678 in Q4 FY26 (+51% QoQ). For FY26, net revenue was ₹9,311 versus ₹8,136 in FY25 (+16% YoY).
Other Income: ₹28 in Q1 FY27 versus ₹30 in Q1 FY26 and ₹42 in Q4 FY26. For FY26, other income was ₹173 versus ₹46 in FY25.
Total Income: ₹2,593 in Q1 FY27, down 1% YoY from Q1 FY26 and up 51% from Q4 FY26. For FY26, total income was ₹9,484, up 16% from ₹8,181 in FY25.
Raw Material Cost: ₹1,507 in Q1 FY27 versus ₹1,733 in Q1 FY26 and ₹1,123 in Q4 FY26. For FY26, the cost was ₹5,886, nearly flat compared to ₹5,882 in FY25.
Gross Profit: ₹1,086 in Q1 FY27, up 24% YoY from ₹878 in Q1 FY26 and up 82% QoQ from ₹597 in Q4 FY26. For FY26, gross profit was ₹3,599, up 57% from ₹2,299 in FY25.
Gross Margin: 41.9% in Q1 FY27, an expansion of 825 basis points (bps) from 33.6% in Q1 FY26 and 718 bps from 34.7% in Q4 FY26. For FY26, the margin was 37.9%, up 984 bps from 28.1% in FY25.
Employee Expenses: ₹154 in Q1 FY27 versus ₹131 in Q1 FY26 and ₹9 in Q4 FY26. For FY26, expenses were ₹491 versus ₹453 in FY25.
Other Expenses: ₹601 in Q1 FY27 versus ₹563 in Q1 FY26 and ₹308 in Q4 FY26. For FY26, expenses were ₹2,379 versus ₹1,549 in FY25.
EBITDA: ₹330 in Q1 FY27, up 79% YoY from ₹184 in Q1 FY26 and up 95% QoQ from ₹169 in Q4 FY26. For FY26, EBITDA was ₹729, up 145% from ₹297 in FY25.
EBITDA Margin: 12.7% in Q1 FY27, an expansion of 568 bps from 7.1% in Q1 FY26 and 290 bps from 9.8% in Q4 FY26. For FY26, the margin was 7.7%, up 405 bps from 3.6% in FY25.
Depreciation & Amortisation: ₹42 in Q1 FY27 versus ₹37 in Q1 FY26 and ₹52 in Q4 FY26. For FY26, it was ₹154, flat compared to ₹153 in FY25.
Finance Cost: ₹3 in Q1 FY27 versus ₹18 in Q1 FY26 and ₹7 in Q4 FY26. For FY26, it was ₹45 versus ₹88 in FY25.
Profit Before Tax (PBT): ₹286 in Q1 FY27, up 121% YoY from ₹130 in Q1 FY26 and up 158% QoQ from ₹111 in Q4 FY26. For FY26, PBT was ₹530, up 845% from ₹56 in FY25.
Tax Expenses: ₹69 in Q1 FY27 versus ₹39 in Q1 FY26 and ₹33 in Q4 FY26. For FY26, tax was ₹142 versus ₹17 in FY25.
Profit After Tax (PAT): ₹217 in Q1 FY27, up 138% YoY from ₹91 in Q1 FY26 and up 178% QoQ from ₹78 in Q4 FY26. For FY26, PAT was ₹388, up 902% from ₹39 in FY25.
PAT Margin: 8.4% in Q1 FY27, an expansion of 487 bps from 3.5% in Q1 FY26 and 383 bps from 4.5% in Q4 FY26. For FY26, the margin was 4.1%, up 362 bps from 0.5% in FY25.
Balance Sheet Highlights (₹ Million)
Shareholder's Funds: ₹4,945 as of 30 June 2026 versus ₹5,280 as of 31 March 2026.
Share Capital: ₹313.
Reserves & Surplus: ₹4,658 as of 30 June 2026 versus ₹4,967 as of 31 March 2026.
Non-current Liabilities: ₹157 as of 30 June 2026 versus ₹113 as of 31 March 2026.
Long Term Borrowings: ₹74 versus ₹17.
Deferred Tax Liabilities: ₹83 versus ₹96.
Current Liabilities: ₹1,206 as of 30 June 2026 versus ₹533 as of 31 March 2026.
Short Term Borrowings: ₹995 versus ₹40.
Trade Payables: ₹149 versus ₹292.
Other Current Liabilities: ₹61 versus ₹162.
Short Term Provisions: ₹0 versus ₹7.
Non-Current Assets: ₹2,700 as of 30 June 2026 versus ₹2,748 as of 31 March 2026.
Current Assets: ₹3,633 as of 30 June 2026 versus ₹3,178 as of 31 March 2026.
Inventories: ₹1,941 versus ₹1,665.
Cash Flow Highlights (₹ Million)
Net Cash Generated From Operating Activities (A): ₹492 in Q1 FY27 versus ₹-83 in a prior period (context unclear from data).
Net Cash Used In Investing Activities (B): ₹-59 in Q1 FY27 versus ₹-8 in a prior period.
Operational & Strategic Highlights
Q1 FY27 Performance Drivers
Net Revenue was led by higher shrimp realization due to improving global shrimp prices, a favorable product mix including value-added products, and favorable currency movements.
Shrimp sales volume was 2,624 Metric Tons (MT), lower than 3,015 MT in Q1 FY26. This was impacted by labor shortage and war-led transport disruptions.
Profitability improved due to higher realizations, stable farm-gate prices, and the Company's cost-efficiency measures.
Forward-Looking Commentary
Sales volume is likely to regain in Q2 FY27, subject to logistics availability.
Company Overview
Apex Frozen Foods is one of the leading exporters of processed shrimp in India.
It is a well-integrated business with operations in hatchery and processing & exporting of shrimp.
Markets: Exports are primarily to the USA, European Union, and China & Others.
Customers include Food Companies, Retail Chains, Restaurants, Club Stores, and Distributors.
Capacity & Facilities
Hatchery Capacity: 1.2 to 1.4 billion SPF (Specific Pathogen Free) shrimp seed across three hatcheries.
Processing Capacity: 34,240 Metric Tons Per Annum (MTPA) across two plants.
Unit 1 (Kakinada, Andhra Pradesh): 9,240 MTPA for Ready-to-Cook products; Cold Storage: 1,000 MT.
Unit 2 (G. Ragampeta, Andhra Pradesh): 15,000 MTPA for Ready-to-Cook products and 10,000 MTPA for Ready-to-Eat products; Cold Storage: 2,500 MT.
Location Advantage: Facilities are located ~20 km from Kakinada port and ~150 km from Vizag port. They are within 20-200 km of most farms from where produce is sourced.
Product Offering
The company offers Ready-to-Cook and Ready-to-Eat products, moving up the value chain.
100% of the finished product (Frozen Shrimp) is exported.
Market Context
The presentation includes an annexure on India's seafood exports, noting they are driven by surging shrimp exports. India is the #3 exporter.
Corporate Details
NSE/BSE Code: APEX / 540692
CMP (as of 13-Aug-26): Not quantified in the disclosure.
