Apex Frozen Foods Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Apex Frozen Foods Ltd filed with BSE on 05 Jun 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 FY26 revenue growth of 14% year-on-year to INR931 crores, with EBITDA up 145% to INR73 crores and profit after tax rising to INR39 crores from INR4 crores in FY25. Shrimp sales volumes were largely stable at 10,286 metric tons in FY26 versus 10,534 metric tons in FY25, with European Union sales growing 19% year-on-year and becoming the largest contributor to the sales mix. Management said total borrowings were reduced to INR6 crores by FY26 end and discussed U.S. tariff changes, currency hedging practices, and volume trends across markets during the Q&A.
Numbers mentioned
Revenue: INR931 crores (FY26)
p. 3
“In FY 26, we delivered a healthy revenue growth of 14% year-on-year to INR931 crores, driven primarily by firm global shrimp prices and favorable currency movements.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
EBITDA: INR73 crores (FY26)
p. 3
“EBITDA grew 145% year-on-year to INR73 crores, with EBITDA margins expanding by 405 basis points to 7.7%.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
Profit after tax: INR39 crores (FY26)
p. 3
“Profit after tax increased to INR39 crores compared to INR4 crores in FY 25, reflecting a strong growth of 902%.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
Net revenue: INR168 crores (Q4 FY26)
p. 3
“In Q4 FY 26, net revenue for the quarter stood at INR168 crores compared to INR197 crores in Q4 FY 125, while sales volume stood at 1,912 metric tons versus 2,349 metric tons in the corresponding period last year.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
EBITDA: INR17 crores (Q4 FY26)
p. 3
“EBITDA increased by 118% year-on-year to INR17 crores with EBITDA margins expanding by 593 basis points to 9.8%.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
Profit after tax: INR5 crores (Q4 FY26)
p. 3
“Profit after tax stood at INRS crores, registering a growth of 206% year-on-year.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
Total borrowings: INR6 crores (FY26 end)
p. 3
“Total borrowings reduced significantly from INR107 crores in March 2024 to INR6 crores as of FY '26 end.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
Net debt to equity: negative 0.02x (FY26 end)
p. 3
“Net debt to equity stood at negative of 0.02x, supported by robust cash flows from operations of INR96 crores during FY '26 versus INR54 crores in FY '25.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
Ready-to-eat category revenue mix: 12% (FY26)
p. 6
“For FY26, it was 12%. For FY25, it was 10%.”
Chowdary Karuturi, page 6 of the filed PDF · View the filing
Average realization price: $9.1 per kilo (current quarter)
p. 11
“But now currently, it is around $9.1 per kilo, roughly around that.”
Chowdary Karuturi, page 11 of the filed PDF · View the filing
Average farm gate price: INR348 (Q4 FY26)
p. 11
“Last quarter, Q4, it was INR348 for us, average.”
Chowdary Karuturi, page 11 of the filed PDF · View the filing
Average realization: INR830 (Q4 FY26)
p. 13
“So average procurement cost for the quarter Q4 FY26 was INR348. And average realization was INR830.”
Chowdary Karuturi, page 13 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.
EBITDA margin — FY26 margin levels · FY27
stated conditionally by Chowdary Karuturi
p. 4
“We should be, especially we should be considering that we are also in the earlier years, if you see, we also had some certain provisioning also which were done and all that.”
Chowdary Karuturi, page 4 of the filed PDF · View the filing
Planned volume — roughly around 14,000 metric tons
stated as an aspiration by Chowdary Karuturi
p. 9
“And as we also mentioned that currently, we have planned a volume of around roughly around 14,000 metric tons, but we need to see how that goes with other factors influencing our overall productions.”
Chowdary Karuturi, page 9 of the filed PDF · View the filing
Export incentive rate — between 5%, 5.5% to 6%
stated conditionally by Chowdary Karuturi
p. 13
“We believe it's going to remain around that level between that's between 5%, 5.5% to 6%.”
Chowdary Karuturi, page 13 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.
Volumes to the U.S. should scale back as tariffs come down, though revenue depends on realization and currency
Answered by Chowdary Karuturi
Asked by Sharan Yash: Whether U.S. revenue will scale back to prior levels once tariff issues ease
p. 3
“The volumes should be scaling back for the U.S. market, to answer your question.”
Chowdary Karuturi, page 3 of the filed PDF · View the filing
Company hedges around 30-32% of risk via forward contracts
Answered by Chowdary Karuturi
Asked by Sharan Yash: What is the hedging policy given rupee depreciation
p. 4
“We partially, we do cover. I would say to the extent of around 30% — max 32%, not more than that currently.”
Chowdary Karuturi, page 4 of the filed PDF · View the filing
Multiple factors including inventory usage, currency depreciation, debt reduction, and process efficiencies
Answered by Chowdary Karuturi
Asked by Sharan Yash: What drove the margin improvement this quarter
p. 4
“So all these multiple factors put together have definitely aided the growth in the margin as a whole.”
Chowdary Karuturi, page 4 of the filed PDF · View the filing
Company aims to sustain FY26 margin levels
Answered by Chowdary Karuturi
Asked by Bhaskar Khandar: What is the margin guidance for FY27
p. 7
“No, we said we would be able to sustain these margins what we have currently.”
Chowdary Karuturi, page 7 of the filed PDF · View the filing
Tariff reduced from 18% to 10%
Answered by Chowdary Karuturi
Asked by Sidharth: What is the current U.S. tariff on products
p. 7
“As far as U.S. is concerned, we are paying a 10% tariff in regard to tariff.”
Chowdary Karuturi, page 7 of the filed PDF · View the filing
Benefit is not simply passed to customers; pricing depends on order timing and demand-supply dynamics
Answered by Chowdary Karuturi
Asked by Sidharth: Is currency depreciation benefit passed to customers or captured by company
p. 8
“So it's not true that in case of a depreciating currency, any such benefit would be passed on to the customer, because there are also situations where the currency also appreciated at certain times.”
Chowdary Karuturi, page 8 of the filed PDF · View the filing
Management said it is a normal seasonal demand-supply situation, not specific to Andhra Pradesh
Answered by Chowdary Karuturi
Asked by Akshata Telisara: Will farm gate price issues in Andhra Pradesh cause raw material challenges
p. 11
“It is not a specific Andhra Pradesh problem or an India problem as such.”
Chowdary Karuturi, page 11 of the filed PDF · View the filing
Yes, both facilities are operating after brief consolidation last year
Answered by Chowdary Karuturi
Asked by Karan Gupta: Are both manufacturing facilities currently operating
p. 12
“Yes. Both of them are currently operating, yes.”
Chowdary Karuturi, page 12 of the filed PDF · View the filing
Marginal freight cost increase, with bigger challenge being equipment availability from shipping lines
Answered by Chowdary Karuturi
Asked by Bhaskar Kanrar: Is the Middle East crisis affecting margins via logistics costs
p. 13
“There are some marginal costs on the freight. It's marginal for now.”
Chowdary Karuturi, page 13 of the filed PDF · View the filing
Risks flagged
U.S. tariffs and war-led logistics issues disrupted the U.S. market
p. 2
“one of our largest markets, U.S.A., faced disruptions due to first tariffs and later on due to war-led logistics issues, rather.”
Chowdary Karuturi, page 2 of the filed PDF · View the filing
Middle East crisis causing shipping equipment shortages and shipment delays
p. 13
“more than the cost increase, it is becoming a little bit of challenge with regard to support from the shipping lines, with regard to the equipment, as they are not available and because of the crisis in the Middle East.”
Chowdary Karuturi, page 13 of the filed PDF · View the filing
Increasing global uncertainties and sudden events affecting trade dynamics
p. 9
“we are moving into a world where uncertainties are increasing and certain sudden incidents or events are also changing lot of the overall dynamics of the trade.”
Chowdary Karuturi, page 9 of the filed PDF · View the filing
Uncertainty over export incentive policy continuation
p. 13
“But that is subject to - again, there are caps involved. And unless there is a change in the policy in term - in between, we don't really see, any much of change on that account.”
Chowdary Karuturi, page 13 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.