BSE: 506166
APIS INDIA LTD.
A 100-year-old honey and FMCG food products company that sells honey, dates (under the MISK Masala Dates range) and jams. FY26 consolidated revenue was ₹390.51 crore, up 11.5% year-on-year, with Q4 FY26 revenue of ₹97.89 crore and Q4 FY26 net profit of ₹10.35 crore (up 27.3% YoY). The company is expanding its jam business with a new 2,400 MT jam facility planned at Roorkee, for which a ₹1.66 crore MoFPI subsidy was approved. Raw materials are the dominant cost at 56.9% of revenue, followed by employee costs at 10.1% and other operating expenses at 20.3%, yielding an FY26 EBITDA margin of 10.64%. Distribution is being strengthened through general trade, with the recent appointment of a National Sales Head-GT Sales. The board also approved a 24:1 bonus issue in December 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Honey and FMCG food products, Jam manufacturing. Legacy branded FMCG food company, 100-year-old honey business, expanding into jams and dates
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 295 | 332 | 316 | 350 | 391 |
| EBITDA (ex other income) | 19 | 22 | 34 | 36 | 36 |
| margin % | 6.3 | 6.7 | 10.9 | 10.2 | 9.2 |
| Owners' profit | 8 | 18 | 33 | 25 | 25 |
| EPS, as reported (₹) | 12.89 | 33.57 | 58.59 | 46.01 | 1.86 |
| ROE % · ROCE % | 8.3 · 15.4 | 15.8 · 16.5 | 22.0 · 21.0 | 14.6 · 18.4 | 12.7 · 17.6 |
| Debt / equity (x) | 1.11 | 0.62 | 0.40 | 0.37 | 0.31 |
| Cash from operations | 10 | 45 | (3) | 6 | 14 |
| Capex | (3) | (2) | (3) | (3) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87 | 80 | 93 | 90 | 87 | 96 | 110 | 98 |
| Profit before tax | 6 | 7 | 7 | 9 | 6 | 9 | 8 | 9 |
| Net profit | 5 | 7 | 5 | 8 | 3 | 7 | 4 | 10 |
| EPS (₹) | 9.56 | 12.18 | 8.96 | 14.78 | 4.59 | 12.85 | 0.28 | 0.77 |
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. % |
|---|---|---|---|---|---|---|---|---|
| EID PARRY INDIA LTD | 11,045 | 23.8 | 0.74 | 3.8 | 9.3 | 13.1 | 15.7 | 8.7 |
| MANORAMA INDUSTRIES LTD | 10,957 | 42.7 | 16.06 | 30.4 | 33.0 | 42.4 | — | 30.3 |
| ORKLA INDIA LIMITED | 7,178 | 24.4 | 2.61 | 16.1 | 10.4 | 13.1 | — | 19.9 |
| KRISHIVAL FOODS LIMITED | 816 | 34.4 | 4.08 | 21.1 | 11.1 | 13.1 | — | 13.0 |
| APIS INDIA LTD. ◆ | 743 | 2.9 | 3.74 | 19.3 | 12.7 | 15.5 | 7.4 | 11.9 |
| Pajson Agro India Limited | 675 | 51.8 | — | — | — | 24.0 | — | — |
| Chemkart India Limited | 311 | 14.8 | — | — | — | 20.7 | — | — |
| MEGASTAR FOODS LIMITED | 288 | 29.1 | 2.80 | 11.6 | 9.0 | 7.5 | 26.4 | 5.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.9 | 24.1 | 2 of 26 | 96% |
| P/B | 3.7 | 1.7 | 17 of 19 | 11% |
| ROCE | 15.5 | 12.6 | 12 of 30 | 62% |
| ROE | 12.7 | 6.8 | 4 of 21 | 85% |
| Debt / Equity | 0.3 | 0.4 | 9 of 21 | 60% |
| EBITDA margin | 11.9 | 8.7 | 7 of 21 | 70% |
| Revenue growth | 8.6 | 8.6 | 9 of 17 | 50% |
| Profit growth | 27.3 | 32.7 | 11 of 20 | 47% |
| Market cap | 743 | 107 | 5 of 29 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · APIS India authorises officials for timely exchange disclosures | compliance | minimal | — | — |
| 27 Oct 2026 · APIS India Q1 FY27 net profit rises 34% despite 24% sales decline | results | high | — | — |
| 27 Oct 2026 · Q1 FY27 revenue falls 24%, consolidated profit after tax rises 34% | results | high | — | — |
| 22 Oct 2026 · Board meeting to review June 2026 quarter results | results | low | — | — |
| 6 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: all 3 resolutions passed at 44th AGM | board shareholder meetings | low | — | — |
| 30 Sept 2026 · APIS India 44th AGM: All 3 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 11 Sept 2026 · APIS India explains delay in Q1 FY27 results filing | results | low | — | — |
| 7 Sept 2026 · Newspaper ad for 44th AGM notice, e-voting and book closure submitted to BSE | compliance | minimal | — | — |
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.