NSE: SHINDL · BSE: 519397
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Export sales of shrimp, Domestic shrimp sales, Value-added shrimp products. Cyclical, export-led integrated aquaculture (shrimp feed, farming, processing) running an asset-light merchant-export model
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 333 | 302 | 381 | 525 |
| EBITDA (ex other income) | 18 | 21 | 29 | 36 |
| margin % | 5.5 | 7.0 | 7.5 | 6.9 |
| Owners' profit | 6 | 6 | 0 | 0 |
| EPS, as reported (₹) | 2.67 | 2.46 | 3.04 | 4.06 |
| ROE % · ROCE % | 8.3 · 18.2 | 7.0 · 17.2 | 7.3 · 17.0 | 10.3 · 18.0 |
| Debt / equity (x) | 1.14 | 1.14 | 0.83 | 0.81 |
| Cash from operations | 17 | (2) | (26) | 1 |
| Capex | 0 | 0 | 0 | 0 |
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 | 90 | 100 | 96 | 94 | 115 | 150 | 143 | 117 |
| Profit before tax | 4 | 5 | 4 | 1 | 7 | 8 | 7 | 0 |
| Net profit | 3 | 4 | 3 | 1 | 5 | 6 | 5 | 0 |
| EPS (₹) | 1.28 | 1.56 | 1.10 | 0.15 | 1.39 | 1.46 | 1.21 | 0.02 |
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 | 940 | 18.3 | 1.78 | — | 7.4 | 9.8 | — | 12.9 |
| SHARAT INDUSTRIES LTD. ◆ | 591 | 36.9 | 3.82 | 17.9 | 10.3 | 11.8 | — | 3.6 |
| COASTAL CORPORATION LTD | 235 | 6.0 | 0.83 | 8.1 | 9.4 | 8.3 | 15.4 | 11.5 |
| WATERBASE LTD. | 170 | — | 1.20 | — | (10.4) | (13.5) | 10.6 | (1.3) |
| KINGS INFRA VENTURES LIMITED | 151 | 10.3 | 1.75 | 7.1 | 18.5 | 18.3 | — | 16.8 |
| Zeal Aqua Limited | 131 | 9.3 | 1.27 | — | 13.7 | 16.2 | — | 6.6 |
| ESSEX MARINE LIMITED | 63 | 8.9 | — | — | — | 15.7 | — | — |
| NCC BLUE WATER PRODUCTS LTD. | 17 | 6.1 | 1.19 | — | 19.5 | 23.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.9 | 9.3 | 7 of 7 | 0% |
| P/B | 3.8 | 1.5 | 7 of 8 | 14% |
| ROCE | 11.8 | 12.3 | 6 of 9 | 38% |
| ROE | 10.3 | 12.0 | 5 of 8 | 43% |
| Debt / Equity | 0.8 | 0.9 | 4 of 8 | 57% |
| EBITDA margin | 3.6 | 6.6 | 5 of 7 | 33% |
| Revenue growth | 24.9 | 3.9 | 3 of 7 | 67% |
| Profit growth | (89.8) | (0.2) | 7 of 8 | 14% |
| Market cap | 591 | 151 | 2 of 9 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine SEBI Regulation 74(5) compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · 36th AGM: All 5 resolutions passed including 2 related party deals | compliance | minimal | — | — |
| 30 Sept 2026 · 36th AGM held; 5 resolutions passed including RPT approvals | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Notice of 36th AGM and e-voting details published in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Book Closure for 36th AGM from Sept 23-30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Sharat Industries Annual Report FY26, First 500 Crore Revenue Year | results | high | — | — |
| 7 Sept 2026 · 36th AGM on 30 Sept 2026, FY26 revenue up 37.9 percent to Rs 524.7 cr | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Sharat Industries Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 10 Aug 2026 · Independent Director re-appointed for second five year term | management changes | 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 |
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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.