Avanti Feeds Limited reported robust consolidated performance for Q3 FY26, ending December 31, 2025. Total Revenues grew 1.3% YoY to ₹13,835 million. The standout performance was in Profit After Tax (PAT), which saw a significant year-over-year increase of 16% to ₹1,635 million, pushing margins to 11.3%. EBITDA also improved by 20% to ₹2,387 million, reflecting better operational efficiency across segments.
Quarterly Consolidated Performance (Q3 FY26 vs Q3 FY25)
Avanti Feeds announced its results for the quarter ended December 31, 2025. Consolidated Revenues experienced a modest growth of 1% YoY, reaching ₹13,835 million, up from ₹13,658 million in Q3 FY25. This growth was primarily attributed to strong volume increases in the shrimp processing and export business.
Profitability metrics showed significant improvement:
- EBITDA rose by 20% YoY to ₹2,387 million, with the margin expanding by 270 basis points (bps) to 17.3% (from 14.6%).
- Profit After Tax (PAT) increased by 16% YoY to ₹1,635 million (from ₹1,408 million).
- PAT Margin improved to 11.3% from 10.0%.
- Earnings Per Share (EPS) grew by 130 bps to 11.3% (Note: The table shows EPS value growth from 9.92 to 10.96, reflected by the margin change).
Nine Month Ended Consolidated Highlights (9M FY26 vs 9M FY25)
Over the first nine months of FY26, the consolidated figures demonstrated consistent growth:
- Revenues grew by 9% YoY to ₹45,996 million.
- EBITDA saw substantial growth of 31% YoY to ₹7,474 million, resulting in an EBITDA margin improvement of 270 bps to 16.2%.
- PAT grew by 23% YoY to ₹5,179 million, with the margin expanding by 170 bps to 10.9%.
Management Commentary on Segment Performance
Shrimp Feed
Shrimp feed revenues saw a decline of 9.6% YoY in Q3FY26, falling from ₹9,442 million. However, the segment maintained strong profitability, with EBIT reaching ₹2,230 million and achieving strong margins of 11.80%.
Shrimp Processing & Export
The Shrimp Processing segment showed robust growth, with revenue increasing by 37% YoY to ₹4,393 million in Q3FY26. This was driven by improved average selling prices and favorable foreign exchange rates. Consequently, the EBITDA margin rose sharply to 13% in Q3FY26, up from 8% in Q3FY25, helped by better pricing and lower ocean freight rates.
Operational Trends (Quarterly Snapshot)
Analysis of quarterly operational data shows varying trends:
- Shrimp Feed Revenues (INR mn): Peaked in Q1FY25 at ₹12,695.8 million and were at ₹9,442.1 million in Q3 FY26. Margins were highest in Q3 FY26 at 19.05%.
- Shrimp Processing Revenues (INR mn): Showed significant year-on-year improvement in Q3 FY26 at ₹4,393.2 million compared to ₹3,209.6 million in Q3 FY25, with margins holding steady around 13.48%.
Key Financial Ratios (FY25 Snapshot)
The Balance Sheet and Key Ratios indicate strong returns for the last reported full fiscal year (FY25):
- Return on Capital Employed (RoCE) was 23.00% in FY25.
- Return on Equity (RoE) stood at 18.99%.
- Inventory days increased to 75 days in FY25 from 60 days in FY24, while receivables days remained low at 9 days.
Source: BSE
