Transcript of Earnings Call held on 18th February 2026
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Sharat Industries (aquaculture – shrimp feed, farming and processing) reported Q3 FY26 revenue of Rs. 142.5 crore, operating profit of Rs. 9.5 crore (6.67% margin) and profit after tax of Rs. 4.74 crore (3.33% margin). For the nine months ended December 2025, revenue rose 42% year-on-year to Rs. 407.47 crore, with export revenue up 22% and export volumes up 6.7%. Management guided EBITDA margin improvement to around 10% over the next 24 months from the current ~6.67%, capacity utilisation rising from 65% to about 90%, and revenue growth of 15% or more if the India-EU FTA crystallises. The investor deck flags an export revenue target of Rs. 1,000 crore by FY28. Exports are now diversified across Russia (~50% of exports, 90%+ customer retention), the US, China and other markets, with a new merchant export initiative in Gujarat focused on Black Tiger shrimp for China.
Forward guidance is constructive – margin expansion, higher utilisation and possible EU FTA benefits could lift earnings power. Near-term, Q4 is typically a softer quarter due to seasonality, so investors should not extrapolate full-quarter run-rate from 9M growth. CAPEX is expected to be funded internally with no equity raise planned, supporting balance sheet comfort.