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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ AGROVET LIMITED | 12,984 | 29.1 | 6.00 | 15.1 | 20.6 | 17.6 | 10.3 | 8.9 |
| AVANTI FEEDS LIMITED | 10,900 | 20.5 | 2.94 | 11.5 | 17.7 | 23.5 | 8.1 | 9.0 |
| MUKKA PROTEINS LIMITED ◆ | 984 | 14.2 | 1.86 | 12.1 | 10.8 | 12.8 | — | 10.1 |
| KSE LTD. | 569 | 0.8 | 1.63 | — | 24.0 | 30.5 | — | (0.5) |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Re-appointment of 6 directors at 16th AGM for 5-year terms | management changes | medium | — | — |
| 10 Sept 2026 · 16th AGM held on 10 Sept 2026 - 15 resolutions tabled | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Allotment of 2 crore convertible warrants at Rs 23.50 each | fund raising | high | — | — |
| 4 Sept 2026 · Mukka Proteins gets EU organic certification for Eco Sphere Fertilizer | business updates | medium | — | — |
| 1 Sept 2026 · Mukka Proteins to invest Rs 13.19 cr in Shipwaves Online, 16.77% stake | strategic transactions | medium | — | — |
| 1 Sept 2026 · Mukka Proteins expands Bengaluru wet-waste-to-insect-protein facility | compliance | low | — | — |
| 28 Aug 2026 · In-principle approval for issue of 2 crore convertible warrants to non-promoters | fund raising | medium | — | — |
| 20 Aug 2026 · Correction to investment terms in Swaccha Eco Solutions, total revised to 66.25 lakh | strategic transactions | medium | — | — |
| 19 Aug 2026 · Mukka Proteins 16th AGM on 10 September 2026 via video conferencing | compliance | minimal | — | — |
| 18 Aug 2026 · Letter sent to shareholders without registered email IDs | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| SHIVAM CHEMICALS LIMITED |
| 203 |
| 24.4 |
| — |
| — |
| — |
| 17.8 |
| — |
| — |
| AJOONI BIOTECH LIMITED | 60 | 14.5 | 0.66 | — | 4.7 | 6.2 | — | 3.1 |
| Mayank Cattle Food Limited | 57 | 7.5 | — | — | — | — | — | — |
| NARMADA AGROBASE LIMITED | 55 | 72.0 | — | — | — | — | — | 5.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 17.5 | 3 of 8 | 71% |
| P/B | 1.9 | 1.9 | 3 of 5 | 50% |
| 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 | 984 | 386 | 3 of 8 | 71% |
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| 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 |
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.
