Mukka Proteins revenue doubles, Q2 profit hits Rs 17.73 crore

Mukka Proteins Limited reported consolidated revenue from operations of Rs 495.28 crore for the quarter ended September 30, 2026, more than double Rs 236.08 crore a year earlier, while profit after tax rose to Rs 17.73 crore from Rs 6.88 crore. Profit was lower than Rs 18.63 crore in the June 2026 quarter.

How did Mukka Proteins perform in the September 2026 quarter?

Mukka Proteins reported total revenue from operations of Rs 508.87 crore for the September 30, 2026 quarter, compared with Rs 244.58 crore a year earlier and Rs 489.65 crore in the June 2026 quarter. Revenue from operations, before other operating income, was Rs 495.28 crore, against Rs 236.08 crore in September 2025 and Rs 474.80 crore in June 2026.

Other operating income was Rs 13.59 crore in the September 2026 quarter, versus Rs 8.50 crore a year earlier and Rs 14.85 crore in June 2026. Including other income of Rs 9.04 crore, total income reached Rs 517.91 crore, compared with Rs 250.58 crore in the September 2025 quarter and Rs 491.25 crore in the preceding quarter.

Mukka Proteins’ total expenses rose to Rs 489.34 crore from Rs 240.86 crore a year earlier, alongside the increase in total income. Profit before tax was Rs 27.38 crore, compared with Rs 9.28 crore in September 2025 and Rs 27.37 crore in June 2026. The consolidated statement reported no exceptional items in any of those three quarterly periods.

Why was Mukka Proteins’ September-quarter profit lower than in June?

Mukka Proteins’ profit after tax fell by Rs 0.90 crore sequentially because tax expense increased to Rs 9.65 crore in the September 2026 quarter from Rs 8.74 crore in June, while profit before tax was virtually unchanged at Rs 27.38 crore. The filing does not provide a separate management explanation for this quarter-on-quarter profit movement.

Material consumed increased to Rs 520.72 crore from Rs 391.98 crore in June 2026, while changes in inventories of finished goods, stock in trade and work in progress were negative Rs 101.41 crore, compared with negative Rs 10.13 crore. Other expenses declined to Rs 34.99 crore from Rs 43.48 crore, and employee benefits expense fell to Rs 12.30 crore from Rs 16.34 crore.

Finance costs rose to Rs 17.14 crore from Rs 16.45 crore, while depreciation and amortisation expense increased to Rs 5.60 crore from Rs 4.80 crore. Mukka Proteins also recorded a Rs 1.19 crore loss as its share of associates and joint ventures, compared with a Rs 0.95 crore loss in June 2026, before calculating profit before tax.

Which markets accounted for Mukka Proteins’ revenue growth?

Mukka Proteins’ revenue outside India was Rs 413.51 crore in the September 2026 quarter, up from Rs 141.36 crore in the September 2025 quarter. Revenue within India was Rs 81.77 crore, down from Rs 94.72 crore a year earlier. Together, these geography figures equal the reported Rs 495.28 crore revenue from operations.

Revenue outside India was broadly flat from Rs 414.07 crore in the June 2026 quarter, while India revenue increased from Rs 60.74 crore. This means the Rs 20.48 crore sequential rise in revenue from operations was accounted for by domestic revenue, while overseas revenue declined marginally by Rs 0.56 crore.

Mukka Proteins identifies Fish & Insects Protein as its single operating segment. The September 2026 filing provides geographical revenue but does not disclose separate segment profit, assets or margins for India and overseas operations, despite consolidated revenue from operations rising by Rs 259.20 crore year on year.

What did Mukka Proteins report for the first half and its balance sheet?

Mukka Proteins reported revenue from operations of Rs 970.09 crore for the half year ended September 30, 2026, compared with Rs 400.96 crore for the half year ended September 30, 2025. Half-year profit after tax rose to Rs 36.36 crore from Rs 8.47 crore, while profit before tax increased to Rs 54.75 crore from Rs 11.64 crore.

Net cash from operating activities was Rs 24.61 crore for the six months ended September 30, 2026, compared with net cash used of Rs 85.18 crore in the year-earlier half. Operating profit before working-capital changes was Rs 97.41 crore, versus Rs 30.08 crore, but inventories and trade and other receivables together used Rs 226.38 crore of cash.

At September 30, 2026, total assets stood at Rs 1,860.25 crore, compared with Rs 1,621.13 crore at March 31, 2026. Inventories increased to Rs 968.39 crore from Rs 856.55 crore, and trade receivables rose to Rs 306.11 crore from Rs 181.83 crore over the same period.

Current borrowings declined by Rs 11.19 crore to Rs 724.48 crore at September 30, 2026, while non-current borrowings increased by Rs 83.61 crore to Rs 115.71 crore. Total equity was Rs 528.18 crore at September 30, compared with Rs 528.78 crore at March 31, 2026, including a negative non-controlling interest of Rs 9.83 crore.

What capital action did Mukka Proteins disclose during the quarter?

Mukka Proteins allotted 2 crore convertible warrants on a preferential basis during the September 2026 quarter, each carrying the right to subscribe to one fully paid equity share. The warrants were issued at Rs 23.50 each, including a premium of Rs 22.50 per warrant, for an aggregate issue size of Rs 47 crore.

Mukka Proteins received 25% of the issue price, or Rs 11.75 crore, from warrant holders. The balance 75%, equivalent to Rs 35.25 crore, is payable when holders exercise the conversion option within 18 months from the date of warrant allotment. The half-year cash-flow statement records Rs 11.75 crore as net proceeds from issue of shares after issue expenses.

The Board took the unaudited consolidated results for the quarter and half year ended September 30, 2026 on record on November 7, 2026. The statutory auditors reviewed the results, and their report states that nothing came to their attention to suggest the statement did not meet the applicable disclosure requirements.

Conclusion

Mukka Proteins more than doubled September-quarter revenue from operations to Rs 495.28 crore and lifted profit after tax to Rs 17.73 crore from Rs 6.88 crore a year earlier. The comparison with June 2026 is different: revenue increased by Rs 20.48 crore, but profit after tax declined by Rs 0.90 crore as tax expense rose despite broadly unchanged profit before tax.

The next disclosed matter to watch is whether holders exercise the 2 crore warrants within the stated 18-month window and pay the remaining Rs 35.25 crore. The September 2026 balance sheet also showed inventories of Rs 968.39 crore and receivables of Rs 306.11 crore, following first-half operating cash generation of Rs 24.61 crore.