SHARAT INDUSTRIES LTD.

Operates an integrated aquaculture business spanning shrimp feed manufacturing, contract farming and processing, with the bulk of FY26 revenue of Rs 524.7 crore going to international seafood buyers. The export book is split roughly 40-60 between the US and China on one side and Russia, Southeast Asia, Europe and the Middle East on the other, with Russia alone accounting for about 50% of exports and 90%+ customer retention, and China lifting its revenue share from 1.4% to 19% over the year. Products are shifting up the value chain into Black Tiger shrimp, cooked and blanched variants and a newly launched PD-Curl Control SKU, with five new Chinese customers and two new Russian clients added during the period. The operating model is asset-light, with a new merchant-export facility in Gujarat opened in August 2025 outsourcing processing work, while in-house plant utilisation stood at around 65% with management targeting ~90% over the next 24 months. Raw materials — primarily fishmeal and soya — make up 84.1% of revenue and were a major source of margin pressure through the year, while employees at 1.7% and other operating costs at 13.5% are small lines, consistent with the export-trading character. The business is cyclical and exposed to feed input inflation, US tariffs (cut from 50% to 10% in February 2026), India-EU FTA progress, and geopolitical events that have already forced Middle East-bound container rerouting.