The company is nearly debt-free, providing financial stability for growth initiatives. Revenue is forecast to grow 8.3% annually over the next two years, tracking below the 9.9% growth forecast for the Indian food industry. The shrimp processing division demonstrated significant 62% year-over-year growth in Q2 FY26, though the pet food market is highly competitive with strong players like Mars posing market-share challenges.
Cyborg Score Rationale
Strong FY26 revenue and net income growth (12% and 14% respectively) with solid profit margins demonstrate operational execution. However, sub-industry growth forecasts and working capital deterioration limit the growth profile. Diversification into new markets and geographies provides resilience.
Top Insights
Net profit rose 18% to ₹65.88 billion in FY26 from ₹55.71 billion in FY25
Shrimp processing division grew 62% year-over-year in Q2 FY26, becoming a material revenue contributor
Company diversifying into new geographies to hedge against US tariff exposure impacting shrimp exports
Healthy dividend payout of 23.8% signals capital returns confidence despite modest 8.15% five-year sales CAGR
Named Competitors
Shrimp Feed & Processing — Major Southeast Asian aquaculture and feed producer
Growel Feeds — Scientifically formulated shrimp and fish feed manufacturer in India
UNO Feeds — Nutritionally balanced fish feed specialist with strong southern India presence
Waterbase — Pioneer in aquaculture producing premium fish and shrimp feed in India
IFB Agro — Diversified into aquaculture feed for shrimp and freshwater fish with integrated seafood operations
Recent Developments
(May 2026) FY 2026 results: ₹62.8B revenue (+12% YoY), ₹6.05B net income (+14% YoY); board recommended ₹10/share dividend
(June 2026) New CFO appointed effective June 1, 2026; B. Santhi Latha elevated from General Manager (Finance & Accounts)
(April 2026) Board approved $3M investment in Thai Union Feedmill Ecuador, expanding aquaculture footprint
(March 2026) Kotak Mahindra Mutual Fund acquired over 5% stake in the company
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