Avanti Feeds
Avanti Feeds
Food ProductsKey Fundamentals
MicrocapAnimal FeedFood ProductsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 23.8%
Weaknesses
1- The company has delivered a poor sales growth of 8.15% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 39d agoAvanti Feeds is a near-debt-free shrimp feed leader with ~45-50% domestic market share, trading at a PE of 18.5x on a market cap of ₹12,278 crore. Consolidated net profit grew 41% YoY in FY25 to ₹557 crore, though top-line growth has been modest at an 8% five-year sales CAGR. The stock has re-rated sharply with a 35% one-year return, reflecting margin expansion and profit recovery.
- Dominant market position with ~45-50% share in India's shrimp feed market, providing pricing power and scale advantages
- Virtually debt-free balance sheet reduces financial risk and interest burden, supporting reinvestment capacity
- Consolidated net profit surged 41% YoY in FY25 to ₹557 crore (from ₹394 crore in FY24), indicating strong earnings recovery
- EBITDA margins expanded meaningfully — Q3 FY25 EBITDA margin improved 417 bps YoY to 14.6%, reflecting lower raw material costs and operating leverage
- Consistent ROE averaging 18% over 3 years and 20% over 10 years signals efficient capital allocation
- Indian shrimp feed market projected to grow at 15% CAGR from USD 2.3 billion (2025) to USD 8.5 billion by 2034, providing a structural tailwind
- Compounded profit growth of 28% over 3 years outpaces revenue growth, demonstrating margin improvement and cost discipline
- Healthy dividend payout of 23.8% with a 1.12% yield provides income while retaining capital for growth
- Top-line growth has been sluggish at just 8% five-year sales CAGR and 6% three-year sales CAGR, reflecting volume stagnation in shrimp farming
- Shrimp feed volumes grew at only 3.8% CAGR from 2018 to 2024, indicating limited organic volume expansion in the core segment
- Heavy revenue concentration in shrimp ecosystem (~80% feed, ~20% processing) makes the company vulnerable to aquaculture-specific risks like disease outbreaks or weak export demand
- Export dependence is high with 83% of processing revenue from North America — US trade policy changes or tariffs could materially impact realizations
- PE of 18.5x on a modest 8% TTM revenue growth implies the stock is pricing in continued margin expansion that may not sustain — Q4 FY26 EBITDA margin already fell to 13.6% from 16.4% in Q4 FY25
- PB ratio of 3.71x is elevated for a food products company with single-digit revenue growth, limiting margin of safety
- Indian shrimp exports declined from 734,375 MT (FY22) to 719,357 MT (FY23), showing the industry faces periodic demand headwinds and price corrections
- Stock has already re-rated 35% in one year and 31% CAGR over three years — much of the earnings recovery may already be priced in
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 39d ago- Strong FY26 revenue and profit Jul 23
Avanti Feeds reports FY26 consolidated revenue of Rs. 6,06,585.82 lakhs and net profit of Rs. 65,680.22 lakhs, recommending Rs. 10 dividend per share.
- FY26 sustainability report filed Jul 22
Avanti Feeds filed its Business Responsibility and Sustainability Report for FY 2025-26, detailing renewable energy usage, waste management, and employee welfare initiatives.
- 33rd AGM scheduled Aug 14 Jul 20
Avanti Feeds scheduled its 33rd AGM for August 14, 2026 via video conferencing. Board-recommended dividend for FY 2025-26 is subject to shareholder approval.
TL;DR: Avanti Feeds delivered strong FY26 financials with healthy revenue and profitability, supported by a Rs. 10 per share dividend recommendation. No visible headwinds emerged in recent news flow. The company is also progressing on ESG disclosures and corporate governance with its upcoming AGM. The trend appears stable to positive, though investors should watch for shrimp feed demand outlook and input cost commentary at the AGM.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,554 | 1,278 | 1,253 | 1,284 | 1,506 | 1,355 | 1,366 | 1,382 | 1,606 | 1,609 | 1,384 | 1,468 | 1,900 |
| Expenses | 1,416 | 1,185 | 1,157 | 1,154 | 1,346 | 1,219 | 1,205 | 1,205 | 1,392 | 1,416 | 1,208 | 1,303 | 1,794 |
| Operating Profit | 138 | 94 | 97 | 130 | 160 | 136 | 160 | 177 | 214 | 193 | 176 | 165 | 106 |
| OPM % | 9% | 7% | 8% | 10% | 11% | 10% | 12% | 13% | 13% | 12% | 13% | 11% | 6% |
| Other Income | 33 | 34 | 34 | 36 | 35 | 42 | 39 | 50 | 51 | 50 | 63 | 35 | 66 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 0 |
| Depreciation | 13 | 14 | 14 | 14 | 14 | 15 | 15 | 15 | 16 | 16 | 16 | 15 | 14 |
| PBT | 157 | 113 | 116 | 151 | 180 | 162 | 184 | 211 | 249 | 227 | 222 | 184 | 157 |
| Tax % | 27% | 27% | 28% | 25% | 23% | 25% | 23% | 26% | 25% | 26% | 26% | 24% | 26% |
| Net Profit | 115 | 83 | 83 | 113 | 138 | 121 | 141 | 157 | 186 | 169 | 163 | 139 | 116 |
| EPS in Rs | 7.81 | 5.45 | 5.32 | 7.64 | 9.41 | 8.34 | 9.92 | 11.14 | 13.09 | 11.25 | 10.96 | 9.18 | 7.58 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,709 | 1,935 | 2,616 | 3,393 | 3,488 | 4,115 | 4,101 | 5,036 | 5,087 | 5,369 | 5,599 | 6,066 | 6,360 |
| Expenses | 1,526 | 1,704 | 2,284 | 2,708 | 3,078 | 3,659 | 3,639 | 4,722 | 4,692 | 4,909 | 4,965 | 5,316 | 5,720 |
| Operating Profit | 182 | 231 | 332 | 684 | 410 | 456 | 461 | 314 | 395 | 460 | 634 | 750 | 640 |
| OPM % | 11% | 12% | 13% | 20% | 12% | 11% | 11% | 6% | 8% | 9% | 11% | 12% | 10% |
| Other Income | 9 | 20 | 23 | 49 | 59 | 71 | 93 | 54 | 79 | 136 | 166 | 199 | 214 |
| Interest | 3 | 3 | 5 | 5 | 5 | 4 | 3 | 4 | 4 | 3 | 4 | 5 | 3 |
| Depreciation | 9 | 10 | 14 | 24 | 36 | 38 | 41 | 41 | 43 | 56 | 58 | 63 | 61 |
| PBT | 180 | 238 | 337 | 704 | 428 | 485 | 510 | 324 | 427 | 537 | 737 | 881 | 789 |
| Tax % | 35% | 33% | 33% | 34% | 28% | 20% | 22% | 24% | 27% | 27% | 24% | 25% | — |
| Net Profit | 116 | 158 | 226 | 466 | 307 | 386 | 397 | 245 | 312 | 394 | 557 | 657 | 587 |
| EPS in Rs | 8.52 | 11.56 | 15.83 | 32.78 | 20.08 | 25.43 | 26.43 | 16.26 | 20.45 | 26.21 | 38.81 | 44.48 | 38.97 |
| Div. Payout % | 22% | 20% | 19% | 12% | 20% | 20% | 24% | 38% | 31% | 26% | 23% | 22% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 256 | 414 | 626 | 1,022 | 1,192 | 1,390 | 1,748 | 1,882 | 2,082 | 2,352 | 2,787 | 3,272 |
| Borrowings | 58 | 11 | 19 | 7 | 9 | 2 | 4 | 4 | 3 | 17 | 15 | 13 |
| Other Liabilities | 154 | 189 | 414 | 488 | 400 | 475 | 517 | 617 | 636 | 716 | 867 | 961 |
| Total Liabilities | 478 | 623 | 1,069 | 1,526 | 1,615 | 1,880 | 2,282 | 2,516 | 2,735 | 3,098 | 3,683 | 4,260 |
| Fixed Assets | 90 | 104 | 160 | 312 | 293 | 271 | 292 | 273 | 398 | 497 | 564 | 592 |
| CWIP | 0 | 42 | 94 | 2 | 9 | 26 | 6 | 40 | 34 | 9 | 30 | 21 |
| Investments | 111 | 33 | 360 | 584 | 630 | 680 | 1,235 | 931 | 1,005 | 746 | 873 | 1,262 |
| Other Assets | 277 | 444 | 454 | 628 | 683 | 903 | 749 | 1,272 | 1,298 | 1,847 | 2,216 | 2,386 |
| Total Assets | 478 | 623 | 1,069 | 1,526 | 1,615 | 1,880 | 2,282 | 2,516 | 2,735 | 3,098 | 3,683 | 4,260 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 89 | 122 | 278 | 281 | 184 | 178 | 383 | -212 | 451 | 260 | 584 | 505 |
| Investing | -84 | 18 | -408 | -269 | -27 | -79 | -366 | 299 | -418 | -218 | -485 | -385 |
| Financing | -12 | -74 | 101 | -45 | -106 | -141 | 15 | -68 | -65 | -63 | -86 | -104 |
| Net Cash Flow | -6 | 66 | -30 | -34 | 51 | -42 | 31 | 18 | -32 | -21 | 14 | 16 |
| Free Cash Flow | 73 | 56 | 187 | 201 | 160 | 144 | 340 | -267 | 292 | 129 | 437 | 427 |
| CFO/OP | 82 | 84 | 116 | 76 | 80 | 62 | 110 | -44 | 137 | 87 | 118 | 99 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 7 | 7 | 3 | 5 | 5 | 8 | 6 | 8 | 9 | 10 | 9 | 9 |
| Inventory Days | 59 | 68 | 63 | 79 | 51 | 61 | 63 | 85 | 71 | 75 | 75 | 79 |
| Days Payable | 24 | 34 | 44 | 43 | 24 | 24 | 27 | 26 | 25 | 27 | 21 | 20 |
| Cash Conversion Cycle | 42 | 41 | 22 | 41 | 32 | 44 | 42 | 67 | 55 | 57 | 64 | 67 |
| Working Capital Days | 15 | 28 | 15 | 29 | 25 | 36 | 34 | 57 | 45 | 48 | 39 | 38 |
| ROCE % | 65% | 62% | 57% | 74% | 33% | 32% | 26% | 15% | 18% | 20% | 24% | 24% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY10–FY26.
Documents
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Company Information
Avanti Feeds Ltd. manufactures and sells shrimp feed, and exports processed shrimp.[1]
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