Apex Frozen Foods Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Apex Frozen Foods Ltd filed with BSE on 22 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Apex Frozen Foods reported Q1 FY27 net revenue flat at Rs 257 crore, with EBITDA up 79% year-on-year to Rs 33 crore and EBITDA margin expanding to 12.7% from 7.1%, while profit after tax rose 138% to Rs 22 crore. Management attributed the margin improvement to higher shrimp realizations of about Rs 930 per kilo and stable farm gate prices, even as total shrimp sales volumes declined to 2,624 metric tons from 3,015 metric tons a year earlier due to labour shortages and war-led transportation disruptions. The U.S. accounted for 70% of shrimp sales in the quarter compared with 54% a year earlier, while EU and U.K. sales together fell to 25% from 39%.
Numbers mentioned
Net revenue: INR257 crores (Q1 FY27)
p. 4
“Net revenue remained flat at INR257 crores compared with INR258 crores in the first quarter of FY26.”
Karuturi Chowdary, page 4 of the filed PDF · View the filing
EBITDA: INR33 crores (Q1 FY27)
p. 4
“EBITDA increased 79% year-on-year to INR33 crores compared with INR18 crores in the first quarter of FY26 with EBITDA margin expanding to 12.7% from 7.1% in the first quarter of FY26.”
Karuturi Chowdary, page 4 of the filed PDF · View the filing
Profit after tax: INR22 crores (Q1 FY27)
p. 4
“Profit after tax stood at INR22 crores compared with INR9 crores in the first quarter of FY26, registering a 138% year-on-year growth, while the PAT margin improved to 8.4% from 3.5%.”
Karuturi Chowdary, page 4 of the filed PDF · View the filing
Average shrimp realization: INR930 per kilo (Q1 FY27)
p. 3
“our average shrimp realization grew 15% year-on-year to almost INR930 per kilo in the Q1 of FY27, offsetting the impact of decline in total shrimp sales”
Karuturi Chowdary, page 3 of the filed PDF · View the filing
Total shrimp sales volume: 2,624 metric tons (Q1 FY27)
p. 3
“which stood at 2,624 metric tons in Q1 FY27 compared with 3,015 metric tons in Q1 FY26”
Karuturi Chowdary, page 3 of the filed PDF · View the filing
US share of shrimp sales: 70% (Q1 FY27)
p. 4
“The U.S.A. accounted for 70% of our total shrimp sales in Q1 of FY27 compared with 54% in Q1 of FY26.”
Karuturi Chowdary, page 4 of the filed PDF · View the filing
EU and UK share of shrimp sales: 25% (Q1 FY27)
p. 4
“The EU and the U.K. together contributed 25% of the total shrimp sales compared with 39% in Q1 of FY26.”
Karuturi Chowdary, page 4 of the filed PDF · View the filing
RTE share of total volume: 16% (Q1 FY27)
p. 7
“With regard to the volume, of course, in the Q1, it was 16% of the total volume.”
Karuturi Chowdary, page 7 of the filed PDF · View the filing
Capacity utilization: 38% (Q1 FY27)
p. 11
“The volume capacity utilization was almost similar to last year of FY26, the first quarter was similar, 39% last year and it was 38% this year.”
Karuturi Chowdary, page 11 of the filed PDF · View the filing
RTE realization: $12.05 per kilo (Q1 FY27)
p. 14
“RTE moved up from $11.2 per kilo to $12.05 in Q1 of FY27”
Karuturi Chowdary, page 14 of the filed PDF · View the filing
ADD (antidumping duty): 3.4% (current)
p. 16
“ADD, which was 1.35% earlier is 3.4% currently.”
Karuturi Chowdary, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Sales volume — around 12,000 metric tons · FY27
stated conditionally by Karuturi Chowdary
p. 14
“So, for now, we have estimated the current year production to be around 12,000 metric tons. We are working in that direction.”
Karuturi Chowdary, page 14 of the filed PDF · View the filing
Sales volume — between 14,000 to 15,000 metric tons · FY28/FY29
stated as an aspiration by Karuturi Chowdary
p. 14
“definitely, our next round is to be between 14,000 to 15,000 metric tons like you just asked.”
Karuturi Chowdary, page 14 of the filed PDF · View the filing
RTE sales volume share — 18% to 20% · current year
stated as an aspiration by Karuturi Chowdary
p. 7
“we expect the sales volumes at least reach clocking 18% to 20%, minimum, 20% would be there, hopefully on the RTE specifically”
Karuturi Chowdary, page 7 of the filed PDF · View the filing
Capacity utilization — 35% to 40% · FY27
stated conditionally by Karuturi Chowdary
p. 11
“we believe this capacity utilization should be consistently maintained over and above 35% to 40% through the year.”
Karuturi Chowdary, page 11 of the filed PDF · View the filing
Sales volume recovery — Q2 FY27
stated conditionally by Karuturi Chowdary
p. 3
“We are hopeful of a recovery in sales volume in the Q2 of FY27, subject to the normalization or improvement of global transportation conditions.”
Karuturi Chowdary, page 3 of the filed PDF · View the filing
Countervailing duty (CVD) — 5.77% · around December
stated conditionally by Karuturi Chowdary
p. 16
“Hopefully, we get a reduction in the CVD of 5.77%. That is what was expected presently.”
Karuturi Chowdary, page 16 of the filed PDF · View the filing
EU FTA implementation — end of this calendar year or early next year
stated conditionally by Karuturi Chowdary
p. 12
“the EU FTA we are hoping that it would be sometime by the end of this calendar year, sometime by December or early January.”
Karuturi Chowdary, page 12 of the filed PDF · View the filing
New product sales (customer-specific RTE products) — around 500 metric tons · annual
stated as an aspiration by Karuturi Chowdary
p. 17
“On an annual sales, that should grow to around 500 metric tons at least on those specific products.”
Karuturi Chowdary, page 17 of the filed PDF · View the filing
Order book — through middle of Q3
stated firmly by Karuturi Chowdary
p. 14
“But currently, we are good through the middle of Q3 as of now.”
Karuturi Chowdary, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said feed manufacturing is not their business, but noted farm gate prices have been rising and providing comfort to farmers.
Answered by Karuturi Chowdary
Asked by Murtaza: How are rising feed and fish meal prices affecting shrimp farmers and the company, and are they temporary or a longer headwind?
p. 5
“the farm gate prices have been rising and have been providing a good comfort level to the farmers, the primary producers as we speak over the past 1 month and so on.”
Karuturi Chowdary, page 5 of the filed PDF · View the filing
Management expects margins to remain broadly stable, supported by realizations and cost efficiency, though freight and farm gate price increases could create some pressure.
Answered by Karuturi Chowdary
Asked by Murtaza: What is the margin outlook going forward?
p. 5
“we believe the margins could be stable. But at the same time, we also have to factor in a little bit of the increase in freight costs and also to a certain extent, also the increase in the farm gate prices”
Karuturi Chowdary, page 5 of the filed PDF · View the filing
Management attributed the shortfall to labour shortages in April and shipment delays that pushed EU volumes into later quarters, inflating the apparent US share, while US orders rose on tariff certainty.
Answered by Karuturi Chowdary
Asked by Nilesh Patil: Why did volumes fall short of the 12,000-14,000 MT range given at the start of the year, and what drove the US versus EU sales split?
p. 6
“Our Europe volumes should have been higher during the Q1, during the first quarter. But because of certain delays in getting the clearances for shipments, that got spilled over into the subsequent month.”
Karuturi Chowdary, page 6 of the filed PDF · View the filing
Management said no refunds have been received yet and there is no clarity on timing given ongoing US legal and regulatory processes.
Answered by Karuturi Chowdary
Asked by Bala Murali Krishna: Has the company received any tariff refunds similar to other companies given the reduction from 50% to 10%?
p. 9
“As of now, we have not received any refunds of the tariffs.”
Karuturi Chowdary, page 9 of the filed PDF · View the filing
Management said utilization was similar to last year at around 38%, with plans to consistently maintain 35-40% through the year via internal changes.
Answered by Karuturi Chowdary
Asked by Abhishek: What is the current capacity utilization and outlook for scaling it up?
p. 11
“But this year, we have a different plan, and we are as with the different products and different markets, especially more diverse markets, which we are doing, we believe this capacity utilization should be consistently maintained over and above 35% to 40% through the year.”
Karuturi Chowdary, page 11 of the filed PDF · View the filing
Management said Russia has not yet started but may begin by Q2 or Q3, Australia is still at the discussion/audit stage, and Japan business has been initiated after more than a decade.
Answered by Karuturi Chowdary
Asked by Yogansh: Has business started from new markets like Russia and Australia as previously discussed?
p. 13
“With regard to Russia, we haven't yet, that hasn't yet taken up in the first quarter yet. Positively, either by the end of Q2 or Q3, we should be able to take it up as far as Russia is concerned.”
Karuturi Chowdary, page 13 of the filed PDF · View the filing
Management said antidumping duty determination is expected around September and countervailing duty around December, with a possible reduction in CVD.
Answered by Karuturi Chowdary
Asked by Shubhroy Tripathi: Is there an update on the CVD and antidumping duty review expected this year?
p. 16
“ADD, final determination of ADD will be around September, correct? Yes, around September, we will know. Antidumping duty, we will know in September and countervailing duty, we'll know in December.”
Karuturi Chowdary, page 16 of the filed PDF · View the filing
Risks flagged
War-led transportation disruptions affecting export markets and shrimp sales volumes
p. 3
“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.”
Karuturi Chowdary, page 3 of the filed PDF · View the filing
Rising farm gate prices potentially pressuring margins
p. 5
“So even though the margins could be slightly affected because of these factors, but we anticipate a volume growth, which will take care of more of efficient costing”
Karuturi Chowdary, page 5 of the filed PDF · View the filing
Sharp increase in ocean freight costs due to war-related disruptions
p. 7
“Our freight costs compared to Q4 of last year and now between these 3, 4 months, it has increased, more than doubled.”
Karuturi Chowdary, page 7 of the filed PDF · View the filing
Non-tariff barriers such as high testing rates on Indian shrimp shipments to EU and UK
p. 9
“having Indian shrimp consignments being tested 50% of all the shipments arriving from India still continuing to be tested.”
Karuturi Chowdary, page 9 of the filed PDF · View the filing
Labour shortages during summer affecting production and shipments
p. 15
“there is one main thing is on the labour front, this is something which was unexpected by many of the industry players during the summer of this year, early part of this year, which was a big setback.”
Karuturi Chowdary, page 15 of the filed PDF · View the filing
Uncertainty over US tariff refunds and ongoing legal/regulatory processes
p. 9
“So, at this point, there is no confirmation as of when we would receive them, if we receive them.”
Karuturi Chowdary, page 9 of the filed PDF · View the filing
Possible increase rather than decrease in countervailing duty
p. 16
“But if there is an increase, we will also have to pay. It works in both ways.”
Karuturi Chowdary, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.