Financial Performance Highlights

Q2FY27 Performance:

  • Net Revenue increased by 15% Year-on-Year (YoY) to ₹2,737 Million from ₹2,383 Million in Q2FY26. This includes export benefits of ₹138 Mn.
  • Volumes grew by 14% YoY to 2,973 Metric Tons (MT).
  • Gross Profit was ₹1,015 Mn, a 6% YoY increase, though Gross Margin contracted by 268 basis points (bps) to 36.5% from 39.2%.
  • EBITDA was flat YoY at ₹177 Mn, with EBITDA Margin declining 87 bps to 6.4% from 7.2%, impacted by higher farm-gate prices and freight costs.
  • Profit Before Tax (PBT) before exceptional items was stable YoY at ₹131 Mn.
  • An exceptional item of ₹94 Mn was recorded, primarily comprising a ₹101 Mn provision for an incremental Anti-Dumping Duty (ADD) liability for earlier years. This provision was made following a revision in ADD rates from 1.35% to 3.76% and subsequently to 5.53%.
  • Profit Before Tax (PBT) after this exceptional item declined 76% YoY to ₹38 Mn from ₹156 Mn.
  • Profit After Tax (PAT) declined 82% YoY to ₹21 Mn from ₹119 Mn. PAT Margin was 0.8%, a contraction of 409 bps.

H1FY27 Performance:

  • Net Revenue for the first half stood at ₹5,302 Mn, a 7% YoY increase from ₹4,965 Mn in H1FY26. This includes export benefits of ₹266 Mn.
  • EBITDA grew 40% YoY to ₹507 Mn from ₹361 Mn, with EBITDA Margin expanding 230 bps to 9.4% from 7.1%.
  • PBT before exceptional items grew 60% YoY to ₹417 Mn from ₹261 Mn.
  • After accounting for the same ₹94 Mn exceptional item, PAT for H1FY27 was ₹238 Mn, a 13% YoY increase from ₹210 Mn.

Balance Sheet Position (as of 30th September 2026)

  • Shareholder's Funds stood at ₹5,440 Mn, compared to ₹5,280 Mn as of March 2026.
  • Total Debt (Long Term + Short Term Borrowings) was ₹206 Mn (₹24 Mn + ₹182 Mn).
  • The Debt-to-Equity ratio was a comfortable 0.04x.
  • Cash and Cash Equivalents were low at ₹28 Mn, down from ₹185 Mn in March 2026.
  • Inventories were valued at ₹1,787 Mn and Trade Receivables at ₹1,297 Mn.
  • Total Assets were ₹6,392 Mn.

Cash Flow Highlights (H1FY27)

  • Net Cash Generated from Operating Activities was negative at ₹-123 Mn.
  • Net Cash Used in Investing Activities was ₹-108 Mn.
  • Net Cash Used in Financing Activities was a positive ₹73 Mn.
  • This resulted in a net decrease in Cash and Cash Equivalents of ₹158 Mn for the half-year.

Operational and Strategic Business Overview

  • The company is a leading exporter of processed shrimp in India, catering to customers in the USA, EU, and China.
  • It is a well-integrated operator with presence in hatchery (Shrimp Seed capacity of 1.2-1.4 billion SPF seed) and processing (capacity of 34,240 MTPA).
  • It has cold storage capacity of 3,500 MT across two strategically located facilities in Kakinada and G. Ragampeta, Andhra Pradesh.
  • 100% of finished products (frozen shrimp) are exported.
  • The product portfolio includes Ready-to-Cook and Ready-to-Eat offerings.

Key Sector Considerations and Risks (as disclosed)

The presentation highlights key risks for the sector:

  • Pricing Volatility: Global demand-supply imbalances and exchange rate fluctuations can impact pricing.
  • Disease: The shrimp crop is highly susceptible to disease outbreaks, affecting raw material availability.
  • Demand Slowdown: Being export-oriented, a consumption slowdown in key markets (USA, EU, South-East Asia) would adversely impact exports.

Corporate Details

  • The Current Market Price (CMP) as of 12th November 2026 was ₹343 per share.
  • Market Capitalization was ₹1,068 Crore.
  • Total shares outstanding are 3.125 Crore with a face value of ₹10 per share.