NSE: MUKKA · BSE: 544135
MUKKA PROTEINS LIMITED
Processes marine raw materials into fishmeal, fish oil and related protein products, holding a 25-30% market share in Fish Protein. Operates four verticals: Fish Protein, Alternate Proteins (insect protein via Black Soldier Fly), a Waste Management business, and Frozen Seafood. FY26 revenue was ₹1,449.5 crore, up 45% from ₹1,006.4 crore in FY25, with net profit of ₹57.1 crore. Recent moves include acquiring a 51% stake in Delta Marine Products, a fish meal and fish oil maker, for ₹11.10 crore, a 21,249 sq mt Oman facility, entry into Sri Lanka via Lanka Bio Proteins, and a ₹474.89 crore Bengaluru leachate management contract from BBMP/BSWML. Raw materials are the dominant cost at 98.7% of revenue. The business is working-capital heavy — operating cycle of 189 days in FY26 versus under 70 days in FY21-24, with inventory at 192 days — and management has guided for ₹3,000+ crore revenue by FY30. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fish Protein, Alternate Proteins, Waste Management, Frozen Seafood. Asset-heavy marine processing with very high working capital intensity
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,380 | 1,006 | 1,449 |
| EBITDA (ex other income) | 105 | 95 | 115 |
| margin % | 7.6 | 9.4 | 7.9 |
| Owners' profit | 70 | 46 | 52 |
| EPS, as reported (₹) | 3.10 | 1.55 | 1.74 |
| ROE % · ROCE % | 18.2 · 26.8 | 10.5 · 20.7 | 10.8 · 22.1 |
| Debt / equity (x) | 0.89 | 0.99 | 1.45 |
| Cash from operations | (150) | (112) | (111) |
| Capex | (16) | (20) | (121) |
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 | 149 | 303 | 382 | 171 | 245 | 653 | 381 | 490 |
| Profit before tax | 0 | 32 | 20 | 3 | 10 | 32 | 29 | 28 |
| Net profit | 1 | 27 | 14 | 2 | 7 | 27 | 21 | 19 |
| EPS (₹) | 0.07 | 0.88 | 0.45 | 0.05 | 0.20 | 0.79 | 0.69 | 0.63 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ AGROVET LIMITED | 11,224 | 25.1 | 5.19 | 13.2 | 20.6 | 17.6 | 10.3 | 8.9 |
| AVANTI FEEDS LIMITED | 9,169 | 17.3 | 2.47 | 9.7 | 17.7 | 23.5 | 8.1 | 9.0 |
| MUKKA PROTEINS LIMITED ◆ | 747 | 10.8 | 1.41 | 10.5 | 10.8 | 12.8 | — | 10.1 |
| KSE LTD. | 563 | 0.8 | 1.61 | — | 24.0 | 30.5 | — | (0.5) |
| SHIVAM CHEMICALS LIMITED | 247 | 29.6 | — | — | — | 17.8 | — | — |
| Mayank Cattle Food Limited | 63 | 8.3 | — | — | — | — | — | — |
| AJOONI BIOTECH LIMITED | 50 | 12.1 | 0.55 | — | 4.7 | 6.2 | — | 3.1 |
| NARMADA AGROBASE LIMITED | 44 | 57.5 | — | — | — | — | — | 5.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.8 | 14.7 | 3 of 8 | 71% |
| P/B | 1.4 | 1.6 | 2 of 5 | 75% |
| ROCE | 12.8 | 17.7 | 5 of 6 | 20% |
| ROE | 10.8 | 17.7 | 4 of 5 | 25% |
| Debt / Equity | 1.4 | 0.2 | 5 of 5 | 0% |
| EBITDA margin | 10.1 | 7.2 | 1 of 6 | 100% |
| Revenue growth | 186.7 | 51.8 | 1 of 6 | 100% |
| Profit growth | 1072.7 | (37.4) | 1 of 5 | 100% |
| Market cap | 747 | 405 | 3 of 8 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Mukka Proteins facility receives US FDA registration | business updates | medium | — | — |
| 9 Oct 2026 · Mukka Proteins' Oman Subsidiary Starts Commercial Production | capex operations | high | — | — |
| 9 Oct 2026 · Mukka Proteins guarantees Rs 73.58 cr loan for Oman subsidiary to HDFC Bank | credit debt | medium | — | — |
| 7 Oct 2026 · CARE reaffirms Mukka Proteins BBB- rating, outlook revised to Stable from Negative | credit debt | medium | — | — |
| 7 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY26 filed | compliance | minimal | — | — |
| 6 Oct 2026 · Mukka Proteins gets USDA organic certification for Eco Sphere Fertilizer | business updates | medium | — | — |
| 30 Sept 2026 · Mukka Proteins delays Aqua Marine acquisition to Jan 2027 | strategic transactions | medium | — | — |
| 25 Sept 2026 · Trading window closure from 1 Oct 2026 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Mukka Proteins reschedules analyst meet with Suraag Capital to Sept 29 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Analyst meet with Suraag Capital on 28 Sep 2026 | board shareholder meetings | low | — | — |
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.