Avanti Feeds (512573) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue was INR 13,835 million, up 1.3% YoY, with strong growth in shrimp processing/export and early momentum in pet food.

• Q3 FY26 profit after tax rose 16.1% YoY to INR 1,635 million, with margins improving to 11.8%.

• Nine-month FY26 gross income rose 9.67% YoY to INR 45,996 million; PAT increased 29.5% to INR 5,179 million.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

• Investment in Quanta People Solutions Private Limited, an AI-based HR tech start-up, was approved.

Financial highlights

• Q3 FY26 EBITDA margin improved to 17.3% from 14.6% YoY; EBIT increased 20.9% YoY to INR 2,230 million.

• Q3 FY26 standalone feed division gross income was INR 993 crores, down YoY; shrimp processing/export gross income was INR 455 crores, up 39% YoY.

• Q3 FY26 consolidated net profit: INR 1,634.74 million, up from INR 1,408.13 million YoY.

• Nine-month FY26 EBITDA grew 31% YoY to INR 7,474 million, with margins rising to 16.2%.

• Pet food sales in Q3 FY26 reached INR 136.2 lakh, up from INR 95.08 lakh in Q2.

Outlook and guidance

• FY26 PBT margin for feed division expected at 14.5%-15% due to rising raw material costs.

• Feed sales for FY26 estimated at 555,000 MT; shrimp exports projected at 16,500 MT.

• Management expects at least 10% growth in feed volume for FY27, contingent on favorable aquaculture conditions.

• Company is assessing the impact of new Indian Labour Codes and will account for changes in Q4 FY26.

• Shrimp feed revenues declined 9.6% YoY in Q3 FY26, while shrimp processing revenue grew 37% YoY.