NSE: APEX · BSE: 540692
APEX FROZEN FOODS LIMITED
Processes and exports frozen shrimp — primarily Vannamei and Black Tiger varieties — to international seafood buyers, with the US and Europe as the main markets. Non-US geographies rose to about 51% of revenue in 9M FY26 from 37% in 9M FY24, as EU sales grew 22% year-on-year in Q3 FY26 while US sales declined 12% on tariff headwinds. Volumes sold were 2,754 MT in Q3 FY26 and 8,373 MT in 9M FY26, with capacity utilisation running at 32–35% and management targeting roughly 50% by FY27. Beyond bulk frozen shrimp, ready-to-eat products are being positioned as a margin lever, especially for the European market where an India-EU FTA is flagged as structurally positive. Raw shrimp, bought at farmgate prices, is the dominant cost at about 60.9% of FY26 revenue; raw material cost fell to INR 327/kg in Q3 FY26 from INR 374/kg a year earlier. The company is export-focused and operates a single processing base in Kakinada, with short-term borrowings cut sharply during FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Frozen shrimp exports (US), Frozen shrimp exports (non-US, led by EU), Ready-to-eat products. Export-oriented, single-commodity frozen seafood processor with thin margins tied to global shrimp prices, tariffs and currency.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 914 | 1,070 | 804 | 814 | 931 |
| EBITDA (ex other income) | 79 | 83 | 41 | 25 | 56 |
| margin % | 8.7 | 7.8 | 5.1 | 3.1 | 6.0 |
| Owners' profit | 41 | 36 | 15 | 4 | 39 |
| EPS, as reported (₹) | 13.15 | 11.48 | 4.67 | 1.24 | 12.43 |
| ROE % · ROCE % | 8.6 · 14.6 | 7.3 · 13.1 | 2.9 · 5.8 | 0.8 · 2.8 | 7.4 · 10.7 |
| Debt / equity (x) | 0.35 | 0.18 | 0.22 | 0.15 | 0.01 |
| Cash from operations | 28 | 121 | 11 | 50 | 96 |
| Capex | (11) | (23) | (12) | (5) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 200 | 231 | 197 | 258 | 238 | 264 | 168 | 257 |
| Profit before tax | (2) | (0) | 3 | 13 | 16 | 13 | 11 | 29 |
| Net profit | (2) | (0) | 2 | 9 | 12 | 10 | 8 | 22 |
| EPS (₹) | (0.53) | (0.07) | 0.63 | 2.91 | 3.80 | 3.23 | 2.49 | 6.93 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APEX FROZEN FOODS LIMITED ◆ | 955 | 18.6 | 1.81 | — | 7.4 | 9.8 | — | 12.9 |
| SHARAT INDUSTRIES LTD. | 647 | 40.4 | 4.19 | 19.4 | 10.3 | 11.8 | — | 3.6 |
| COASTAL CORPORATION LTD | 236 | 6.0 | 0.83 | 8.1 | 9.4 | 8.3 | 15.4 | 11.5 |
| WATERBASE LTD. | 167 | — | 1.18 | — | (10.4) | (13.5) | 10.6 | (1.3) |
| KINGS INFRA VENTURES LIMITED | 147 | 10.1 | 1.70 | 7.0 | 18.5 | 18.3 | — | 16.8 |
| Zeal Aqua Limited | 133 | 9.4 | 1.28 | — | 13.7 | 16.2 | — | 6.6 |
| ESSEX MARINE LIMITED | 63 | 8.9 | — | — | — | 15.7 | — | — |
| NCC BLUE WATER PRODUCTS LTD. | 17 | 5.8 | 1.14 | — | 19.5 | 23.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 9.4 | 6 of 7 | 17% |
| P/B | 1.8 | 1.5 | 6 of 8 | 29% |
| ROCE | 9.8 | 12.3 | 7 of 9 | 25% |
| ROE | 7.4 | 12.0 | 7 of 8 | 14% |
| Debt / Equity | 0.0 | 0.9 | 2 of 8 | 86% |
| EBITDA margin | 12.9 | 6.6 | 2 of 7 | 83% |
| Revenue growth | (0.6) | 3.9 | 5 of 7 | 33% |
| Profit growth | 138.1 | (0.2) | 1 of 8 | 100% |
| Market cap | 955 | 147 | 1 of 9 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Apex Frozen Foods to hold two-day investor roadshow in Mumbai on Sep 28-29 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Apex Frozen Foods: 3 resolutions passed at 14th AGM, Rs 2.50 dividend declared | compliance | low | — | — |
| 18 Sept 2026 · 14th AGM results: all 3 resolutions passed; final dividend of Rs 2.50 declared | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Apex Frozen Foods 14th AGM: Dividend of Rs 2.50 declared, Chairman re-appointed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Book closure Sep 11 to Sep 17 for 14th AGM and FY26 dividend | corporate actions | medium | — | — |
| 26 Aug 2026 · Apex Frozen Foods fixes record date for FY26 final dividend | corporate actions | high | — | — |
| 26 Aug 2026 · Apex Frozen Foods FY26 Annual Report and 14th AGM on Sept 17, 2026 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · AGM on Sept 17 2026; final dividend of Rs 2.50 per share proposed for FY26 | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Apex Frozen Foods Q1FY27 earnings call transcript filed | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.