Avanti Feeds (512573) investor relations material

Executive summary

• Consolidated revenue for Q2 FY26 grew 19% year-over-year to INR 16,097 Mn, driven by strong volume growth in shrimp processing/export and robust performance in feed and petcare divisions.

• EBIT increased 40.3% year-over-year to INR 2,280 Mn, with profit after tax up 39% to INR 1,688 Mn and EPS rising to 11.3 per share.

• Board approved unaudited financial results for Q2 and H1 FY26 and announced capital support for a new subsidiary in the Netherlands.

• All divisions contributed to growth, with new pet food products gaining strong market acceptance.

Financial highlights

• Q2 FY26 consolidated revenue was INR 16,097 Mn (up 19% YoY); EBITDA was INR 2,433 Mn (up 37% YoY, margin 15.1%); PAT was INR 1,688 Mn (up 39% YoY, margin 10.5%).

• Six-month consolidated revenue was INR 32,160 Mn (up 13% YoY); EBITDA was INR 5,086 Mn (up 37% YoY, margin 15.8%); PAT was INR 3,545 Mn (up 37% YoY, margin 11.0%).

• Feed division Q2 FY26 gross income was INR 1,200 crores, up 7.8% YoY; PBT was INR 180 crores, up 24.14% YoY.

• Shrimp processing/export division Q2 FY26 gross income was INR 462 crores, up 62% YoY; PBT was INR 53 crores, more than double YoY.

• Other income included returns from mutual funds, FDs, and foreign exchange gains from forward contracts.

Outlook and guidance

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

• FY26 feed sales are estimated at 575,000 MT, with shrimp exports targeted 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 are expected to normalize to 9-10% for FY26 due to raw material price pressures.

• Management anticipates a challenging next three months due to rising raw material costs and U.S. tariffs, but remains optimistic for the full year.