HMA Agro Industries Limited Q2 FY2026-27 Earnings Conference Call Summary
Event Date: November 4, 2026, 15:30 Hrs
Event Duration: 39 minutes 31 seconds
Corporate Participants
- Mr. Nikhil Sundrani, Company Secretary and Compliance Officer
- Mr. Aman Kaushik, Senior Associate (Finance)
- Mr. Gulzeb Ahmed, Chief Financial Officer
- Mr. Suyash Samant, Accounts Manager
Q&A Participants
- Priya Mehta (Individual Investor)
- Praveen Gupta (Export Group)
- Deepak Karwa (Individual Investor)
- Atharva Kulkarni (Individual Investor)
Financial Performance Highlights
Standalone Q2 FY26-27 Results:
- Revenue: ₹2,733.11 crore, up 17.7% YoY (from ₹2,149.17 crore in Q2 FY25-26) and 31.90% QoQ (from ₹2,072.14 crore in Q1 FY26-27)
- EBITDA: ₹130.35 crore, up 70.56% YoY (from ₹72.32 crore) and 123.13% QoQ (from ₹55.28 crore)
- EBITDA Margin: 4.51% (vs 3.37% in Q2 FY25-26 and 2.67% in Q1 FY26-27)
- PBT: ₹108.41 crore, up 68.18% YoY (from ₹64.46 crore) and 153.67% QoQ (from ₹42.74 crore)
- PBT Margin: 2.9% (vs 2.24% in Q2 FY25-26 and 1.45% in Q1 FY26-27)
Standalone H1 FY26-27 Results:
- Revenue: ₹4,805.25 crore, up 48.42% YoY (from ₹3,237.66 crore in H1 FY25-26)
- EBITDA: ₹178.63 crore, up 97.98% YoY (from ₹90.23 crore)
- PBT: ₹151.15 crore, up 104% YoY (from ₹74.04 crore)
- PBT Margin: 3.35% (vs 1.71% in H1 FY25-26)
Consolidated Q2 FY26-27 Results:
- Revenue: ₹2,779.48 crore, up 28.96% YoY (from ₹2,155.34 crore) and 31.71% QoQ (from ₹2,110.22 crore)
- EBITDA: ₹153.54 crore, up 16.70% YoY (from ₹131.57 crore) and 89.44% QoQ (from ₹81.05 crore)
- EBITDA Margin: 5.25% (vs 6.10% in Q2 FY25-26 and 3.84% in Q1 FY26-27)
- PBT: ₹132.48 crore, up 13.7% YoY (from ₹117.02 crore)
- PAT: ₹104.57 crore, up 16.46% YoY (from ₹89.79 crore) and 107% QoQ (from ₹50.51 crore)
- PAT Margin: 3.76% (vs 4.17% in Q2 FY25-26 and 2.39% in Q1 FY26-27)
Consolidated H1 FY26-27 Results:
- Revenue: ₹4,889.80 crore, up 49.17% YoY (from ₹3,277.95 crore)
- EBITDA: ₹234.58 crore, up 58.30% YoY (from ₹148.19 crore)
- EBITDA Margin: 4.8% (vs 4.25% in H1 FY25-26)
- PBT: ₹194.99 crore, up 64.63% YoY (from ₹118.44 crore)
- PAT: ₹155.08 crore (from ₹90.39 crore in H1 FY25-26)
Business Operations and Strategy
Market Presence:
- Exports to 49 countries across four major continents
- Key growth regions: Southeast Asia, South Africa, GCC countries
- Strong demand from Egypt, Vietnam, Malaysia, Indonesia
Competitive Advantages:
- Indian buffalo meat priced approximately 50% lower than competitors from Australia, New Zealand, Brazil
- Geographical advantage enables faster shipments compared to other exporting nations
- Products are 100% organic (no growth hormones used)
- Strong brand legacy with fourth-generation business operations
- Modern processing infrastructure with cutting-edge technology
Capacity Utilization:
- Current utilization at 65-70% of existing capacity
- No immediate major CAPEX requirements for capacity expansion
- Working capital needs may increase with order growth
Product Expansion:
- Recently started vacuum-chilled meat (premium product for hypermarkets/supermarkets)
- Expanding into complementary categories: seafood, rice, fruits
- Strategy to offer complete food basket to existing and new customers
Operational Challenges
Logistics Costs:
- Shipping freight costs increased 6-10 times due to global uncertainties
- Current rates at peak levels with no major increases in past two months
- Management expects 1.5-2% margin improvement once logistics normalize
- Cost reduction anticipated when Middle East tensions ease
Growth Drivers
Demand Trends:
- Increased protein consumption driven by health recommendations (2g protein per kg body weight)
- Countries building food storage reserves due to global uncertainties
- Emerging markets in African continent showing strong demand
Future Opportunities:
- Potential benefits from India's Free Trade Agreements, particularly with European countries
- Chilled meat segment offering premium pricing opportunities
- Value addition through upgraded packaging and processing technology