Apex Frozen Foods Ltd

Apex Frozen Foods Ltd - Trading Window closed from 01 October 2026 until 48 hours after the declaration of Un-Audited Financial Results for Q2 ended 30 September 2026

AGM details

• Date/time/mode: 17 Sep 2026, 10:00 AM, VC/OAVM.
• Record date/cut-off: 10 Sep 2026; 40,757 shareholders on record.
• AGM attendance via VC: Promoter group 3, Public 81 (total 84).

Key resolutions and outcomes

• Resolution 1: Adoption of Audited Financial Statements FY2025-26; Passed.
• Resolution 2: Declaration of final dividend of Rs 2.50 per equity share; Passed.
• Resolution 3: Re-appointment of Satyanarayana Murthy by rotation; Passed.

Voting results snapshot

• Total votes polled: 73.22% of outstanding shares; all resolutions passed.
• Resolution 1: near-unanimous in favour.
• Resolution 2: virtually unanimous in favour.
• Resolution 3: near-unanimous in favour.

Dividend details

• Dividend amount: Rs 2.50 per equity share (25% of face value).

Director changes

• Re-appointment of Satyanarayana Murthy by rotation; eligible and offered for re-appointment.

AGM details

• AGM conducted on 17 September 2026 at 10:00 AM via VC/OAVM.

Key resolutions

• Adoption of Audited Financial Statements for FY 2025-26; Ordinary Resolution.
• Declaration of final dividend of Rs 2.50 per equity share; Ordinary Resolution.
• Re-appointment of Satyanarayana Murthy by rotation; Ordinary Resolution.

Voting status

• EVoting results to be announced within 2 working days; Scrutinizer's report to be submitted.

Auditor and governance

• Statutory auditors presented unqualified report; no changes to auditor appointment.

Book closure and AGM/dividend dates

• Book closure: 11 Sep 2026 to 17 Sep 2026 (inclusive).
• Record date for dividend and e-voting: 10 Sep 2026.
• 14th AGM scheduled for 17 Sep 2026.
• Dividend for 2025-26 recommended by Board on 30 May 2026, subject to approval.

Dividend record date

• Security: Equity shares.
• Record Date: 10 September 2026.
• Dividend: Final 25% (Rs 2.50 per share, face value Rs 10).
• Payment: On or before 16 October 2026, subject to TDS.
• Condition: Subject to shareholders' approval at the ensuing AGM.

Financial highlights

• Total income reached ₹9,484 million in FY2025-26.
• Revenue from operations ₹93,113.75 lakh; EBITDA ₹7,286.98 lakh; PAT ₹3,884.76 lakh.
• Earnings per share rose to ₹12.43 for FY2025-26.
• EBITDA margin improved to 7.7%.
• Net profit rose 902% YoY to ₹3,884.76 lakh.
• Dividend of ₹2.50 per share recommended for FY2025-26.

Markets & geography

• Non-U.S. markets became largest revenue contributor in FY26.
• EU growth offset U.S. disruptions; diversification reduced concentration risk.
• Export shrimp revenue ₹86,933.03 lakh; domestic Nauplii ₹1,085.46 lakh.

Operations & capacity

• SPF seed capacity 1.2-1.4 billion; processing 34,240 MTPA; cold storage 3,500 MT.
• Integrated value chain covers hatchery, processing, and export; value-added focus.

Capital structure & liquidity

• Authorized share capital ₹36 crore; paid-up ₹31.25 crore; 100% dematerialised.
• Total borrowings ₹57 million; debt-to-equity 0.01x; strong liquidity.
• Current ratio 5.96x; cash flow from operations ₹9,578 lakh.

Dividend & unclaimed amounts

• Final dividend ₹2.50 per share; subject to AGM approval.
• Unpaid dividend for FY2018-19 due for transfer to IEPF on 24 Nov 2026; 551 shares transferred; ₹70,030.
• Dividend distribution policy available on company website.

Governance & risk

• Board comprises six directors: 3 Executive incl. 1 Woman; 3 Independent incl. 1 Woman.
• Audit Committee met 5 times; chaired by Govindareddy Krishnamoorthy; no recommendations rejected.
• NRC met once; three members; chair Govindareddy Krishnamoorthy.
• CSR Committee met once; chair Neelima Devi; Murthy and Naidu members.
• SRC met once; chair B. Raghavulu Naidu; Neelima Devi and Subrahmanya Chowdary.
• Vigil mechanism and risk management policy in place.

Financial Performance

• Net revenue: INR 257 crores in Q1 FY27, flat vs INR 258 crores Q1 FY26.
• EBITDA: INR 33 crores; margin 12.7% vs 7.1% YoY.
• PAT: INR 22 crores; PAT margin 8.4% vs 3.5%.

Volumes and Realizations

• Realization per kilo: INR 930; volumes 2,624 MT vs 3,015 MT Q1 FY26.
• USA share: 70% of shrimp sales in Q1 FY27; 54% Q1 FY26.
• EU+UK share: 25% of total; 39% Q1 FY26.
• RTE share: 16% of total volume; 15% Q1 FY26.
• RTE margin differential: USD 0.50 per kilo between RTC and RTE.

Market Dynamics

• Farm-gate prices rising; realizations supported; margins stable; freight costs rising.
• War-led transport disruptions impacted volumes; container shortages.
• Depreciating rupee aiding realizations.

Capacity and Utilization

• Q1 FY27 capacity utilization: 38%; last year: 39%.
• Annual production target: ~12,000 MT for FY27; RTE utilization 16%.
• Order book good through middle of Q3.

Outlook and Markets

• UK-India FTA effective from July 15; EU FTA expected end of this year or early next year.
• Russia by end of Q2 or Q3; Australia under discussion; audits pending.
• Tariffs: US 10%; ADD/CVD apply; refunds not yet known.

Q&A Highlights

• Margins stable with volume growth; freight and farm-gate cost increases offset by realizations.
• Q2 realization expected around INR 930 per kilo; similar level anticipated.
• RTE to 18-20% of volumes; proprietary products could contribute 3-4% of total sales.
• EU FTA benefits expected by end of this year or early next year; UK FTA already in effect.
• Tariff refunds unclear; Russia/Australia progress on audits; FTAs to drive volumes later.

Meeting Details

• Date and time: 18 August 2026 at 11:30 IST (audio recording of the investors’ conference call).
• Type and mode: group investor conference call (audio recording).
• Event/organiser: Investors’ Conference Call hosted by Apex Frozen Foods.

Participants

• Key company participant: Managing Director.

Purpose

• Purpose: discuss un-audited Q1 2026 results with investors.

Additional Notes

• Recording available on company website.

Business overview

• Integrated shrimp exporter with hatcheries and processing plants in Kakinada and G. Ragampeta.
• Focus on ready-to-cook and ready-to-eat products and VAP.
• Capacity headroom supports growth in higher-value segments.

Operational highlights

• Q1 FY27 net revenue ₹2,565 Mn; total income ₹2,593 Mn.
• Shrimp sales 2,624 MT, down from 3,015 MT last year.
• Gross margin rose to 41.9% vs 33.6% YoY.
• EBITDA ₹330 Mn; EBITDA margin 127%.
• PAT ₹217 Mn; PAT margin 8.4%.
• Debt levels prudent and comfortable.
• RTE capacity expansion added 5,000 MT in May 2023.
• EU approval for second facility completed.

Financial performance

• Net revenue ₹2,565 Mn; gross profit ₹1,086 Mn.
• Gross margin 41.9% (33.6% YoY).
• PAT ₹217 Mn; PAT margin 8.4%.
• EBITDA ₹330 Mn; EBITDA margin 127%.

Capital structure & liquidity

• Current assets ₹3,633 Mn; current liabilities ₹1,206 Mn.
• Short-term borrowings ₹995 Mn.

Strategic priorities & outlook

• RTE and VAP growth remain key priorities.
• Total capacity stands at 34,240 MTPA across two plants.
• Non-US sales share rose to ~45% in Q1 FY26.
• EU second facility approval completed; logistics near-term focus.

Risks & mitigation

• Labor shortages and transport disruptions reduced Q1 volumes.
• Cost-efficiency measures support profitability.

Governance & leadership

• MD: Karuturi Subrahmanya Chowdary (no governance changes indicated).

Financial results approved

• Un-audited Q1 FY2026 results approved for the quarter ended 30 June 2026.
• Revenue from operations Rs 25,653.04 lakh.
• Net profit Rs 2,166.53 lakh; Basic EPS Rs 6.93.

AGM scheduled

• 14th AGM proposed for 17 September 2026; via VC/AVM at 10:00 AM.

Auditor observations

• Limited Review Report by Padmanabhan Ramani & Ramanujam; no material misstatement.

Operational and group structure

• Single segment: export of processed shrimp; consolidation not applicable.
• No investment in subsidiaries/associates/joint ventures.