Apis India first-half EBITDA rises 55% to Rs 18.31 crore

Apis India Limited reported earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 18.31 crore in the first half of fiscal year 2027 (H1FY27), up 55% year on year, as gross profit margin rose to 46% from 38% while income from operations increased 1%. Management attributed the improvement to calibrated pricing actions and operational efficiencies amid higher raw-material and packaging costs.

How did Apis India’s H1FY27 earnings change?

Apis India increased H1FY27 income from operations by 1% year on year to Rs 179.86 crore, while gross profit rose 23% to Rs 83.59 crore. The first-half outcome differed from the second quarter of fiscal year 2027 (Q2FY27), when income from operations increased 23% to Rs 113.90 crore from Rs 92.25 crore in Q2FY26.

The larger earnings change was below revenue. H1FY27 EBITDA reached Rs 18.31 crore, compared with Rs 11.81 crore in H1FY26. EBITDA margin rose to 10% from 7%, while profit after tax increased 11% to Rs 12.35 crore and its margin moved to 7% from 6%. Basic earnings per share were Rs 0.90, compared with Rs 0.81 a year earlier.

What drove Apis India’s gross-margin expansion?

Apis India’s H1FY27 gross profit margin was 46%, eight percentage points above the 38% reported in H1FY26, because cost of goods sold declined 13% to Rs 96.27 crore even as income from operations was broadly unchanged at Rs 179.86 crore. The resulting Rs 83.59 crore gross profit was Rs 15.73 crore higher than in the prior-year half.

Management said calibrated pricing actions helped mitigate elevated raw-material and packaging costs, while operational efficiencies helped manage wider cost pressure. The presentation does not separate the contribution from pricing, procurement or manufacturing efficiency. Employee cost rose to Rs 21.83 crore from Rs 17.89 crore, and other expenses increased to Rs 43.45 crore from Rs 38.16 crore, meaning the gross-profit gain was partly absorbed by operating costs.

The margin shift was also visible in Q2FY27. Gross profit increased 47% to Rs 50.96 crore from Rs 34.58 crore, and gross margin rose to 45% from 37%. Q2FY27 EBITDA was Rs 12.09 crore, 161% above Rs 4.63 crore in Q2FY26, with EBITDA margin increasing to 11% from 5%. The quarterly improvement was faster than the H1 movement because Q2 revenue rose 23%, versus 1% for the six-month period.

Which products and markets supported Apis India’s sales?

Apis India derived 64% of H1FY27 sales from honey and 32% from dates, making those two categories the principal contributors to the reported Rs 179.86 crore of income from operations. Management said dates showed healthy growth, although the presentation does not provide category-level revenue or growth rates. The remaining 4% of sales is not separately described in the H1FY27 product-mix disclosure.

Domestic sales accounted for 69% of H1FY27 sales and exports contributed 31%. Within exports, the United Arab Emirates was the largest market, representing 41% of export revenue. Management also said general trade delivered a healthy performance during H1FY27, citing continued market traction and the effectiveness of its distribution network, but did not disclose general-trade sales or channel growth.

Apis India’s Middle East presence includes associate Apis Arabia Foods LLC, Dubai, which trades in honey, tea, coffee, and bread and bakery products. Apis Arabia’s H1FY27 sales mix was 92% honey, 5% dates and 3% other products, while its geographical mix showed the United Arab Emirates at 40%, Saudi Arabia at 21%, India at 13%, Qatar at 11% and other markets at 15%. Management said it remains optimistic about the associate’s contribution, without quantifying expected income or profit.

What operational changes could affect Apis India’s margins next?

Apis India brought production and packing of jam products in-house in H1FY27 after previously using a third-party arrangement. Management said the change is expected to improve manufacturing control, cost efficiencies and pricing competitiveness. It has an ambition to grow jam sales by 10 times over the coming period, but the presentation gives no base sales figure, timeframe or capital-spending amount for that ambition.

The company’s stated strategy includes improving manufacturing efficiency, supply-chain productivity and capacity utilisation to support scalable growth and margins. It also plans to deepen coverage in general trade, modern trade, e-commerce and international markets, while expanding honey, dates and adjacent health-oriented products. These are management plans rather than financial forecasts, and no H2FY27 revenue, margin or profit target is provided.

Balance-sheet items show higher operating capital and borrowings at H1FY27 versus H1FY26. Inventories were Rs 83.43 crore versus Rs 81.35 crore, trade receivables were Rs 142.77 crore versus Rs 130.72 crore, and current borrowings were Rs 67.52 crore versus Rs 57.80 crore. Cash and cash equivalents increased to Rs 3.16 crore from Rs 0.34 crore, while non-current borrowings rose to Rs 11.77 crore from Rs 3.14 crore.

How do Apis India’s profit and balance-sheet figures compare year on year?

Apis India’s operating profit grew more quickly than net profit in H1FY27 because other income fell to Rs 3.48 crore from Rs 7.69 crore and interest expense rose to Rs 3.28 crore from Rs 2.12 crore. Earnings before interest and tax were Rs 19.40 crore compared with Rs 17.28 crore, while profit before tax increased 6% to Rs 16.12 crore from Rs 15.16 crore. Tax expense declined to Rs 3.78 crore from Rs 4.01 crore.

The presentation lists total assets of Rs 322.05 crore at H1FY27, compared with Rs 277.34 crore at H1FY26. Property, plant and equipment rose to Rs 19.97 crore from Rs 15.40 crore, and total equity increased to Rs 180.40 crore from Rs 168.05 crore. Its reported total equity and liabilities figure is Rs 302.05 crore for H1FY27, which does not match the total-assets line. The presentation also says Apis India has applied for a listing and is completing formalities, without giving an expected completion date.

Conclusion

Apis India’s H1FY27 result was defined by margin expansion rather than top-line growth: income from operations increased 1% to Rs 179.86 crore, while the decline in cost of goods sold lifted gross margin by eight percentage points to 46% and EBITDA by 55% to Rs 18.31 crore. Honey represented 64% of sales and dates 32%, with domestic sales contributing 69% and exports 31%.

The next disclosures to watch are whether in-house jam production delivers the cost and pricing benefits management expects, and whether the stated 10-times jam-sales ambition gains a timeframe or revenue base. Investors can also monitor distribution expansion, export development, listing formalities, and movements in inventory, receivables and borrowings, alongside clarification of the balance-sheet total mismatch.