Avanti Feeds (512573) Q2 25/26 earnings summary

Executive summary

• Consolidated gross income for Q2 FY26 was INR 1,659 crores, up 0.2% sequentially and 18.75% year-over-year; PBT was INR 227 crores, down 8.83% sequentially but up 40.12% year-over-year.

• Consolidated revenues in Q2FY26 grew 19% year-over-year to Rs 16,097 Mn, driven by strong volume growth in shrimp processing and export business.

• Profit after tax rose 38.9% year-over-year to Rs 1,688 Mn, with margins at 10.5%.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and announced capital support for a new wholly owned subsidiary in the Netherlands.

• EPS increased to 11.3 per share from 8.3 per share year-over-year.

Financial highlights

• Q2FY26 revenues: Rs 16,097 Mn (up 19% YoY); EBITDA: Rs 2,433 Mn (up 37% YoY, margin 15.1%); PAT: Rs 1,688 Mn (up 39% YoY, margin 10.5%).

• Six-month gross income rose 13.1% year-over-year to INR 3,316 crores; PBT increased 39.18% to INR 476 crores.

• Consolidated revenue from operations for Q2 FY26 was ₹160,968.61 lakhs, up from ₹135,214.64 lakhs year-over-year.

• Consolidated net profit attributable to owners for Q2 FY26 was ₹15,328.51 lakhs, compared to ₹11,365.35 lakhs in Q2 FY25.

• Other income for Q2FY26 was Rs 494 Mn, up 18.4% YoY.

Outlook and guidance

• Management expects continued robust growth in shrimp processing and export, supported by strong volumes, higher average selling prices, and favorable forex rates.

• FY26 feed sales estimated at 575,000 MT; shrimp exports projected at 17,000 MT.

• Board approved a €10,000 capital subscription and a €40,000 unsecured loan to Sealuxe B.V., Netherlands, to support international expansion.

• Feed EBIT margins expected to trend toward 9-10% for FY26 due to rising raw material costs.

• Management expects FY26 to be a mix of favorable and challenging conditions due to raw material price increases and U.S. tariff threats.