Overview

Detailed Summary

Apex Frozen Foods is an integrated Indian shrimp processor and exporter operating hatcheries, pre‑processing and two processing plants in Andhra Pradesh, exporting primarily frozen Whiteleg shrimp and Ready‑to‑Eat/Ready‑to‑Cook products to the USA, EU and other markets under customer and in‑house brands Bay Fresh, Bay Harvest and Bay Premium.
Q3FY26 and 9MFY26 showed a sharp operating recovery: Net revenue for Q3 rose to INR 2,643 million and 9MFY26 to INR 7,608 million, EBITDA margins expanded above 6.5% and PAT jumped materially as lower farmgate prices, tight cost controls and favourable FX and tariff dynamics improved realizations and profitability.
Two structural trade developments—U.S. tariff reduction (50% → 25% effective 7 Feb 2026) and a prospective India‑EU FTA—are management‑level catalysts expected to improve volumes and market access; Apex is already shifting mix toward EU and non‑U.S. markets, targeting revenue upside and better utilization from these policy changes.
Operationally Apex has significant headroom: total processing capacity 34,240 MTPA, cold storage ~3,500 MT and RTE capacity of 10,000 MT but current RTE share and utilization remain low (~11%), creating a near‑term margin and mix opportunity as management pushes to increase utilization to ~50% by FY27.

Sector: Food Products
Industry: Seafood
Market Cap: 1,547 Cr
Volatility: High Risk
P/E Ratio: 46.9
Industry P/E: 47.9
PEG Ratio: 0.0
P/B Ratio: 3.1
52W High: 514.20
52W Low: 191.40

Sales CAGR

1Y: 1.18%
3Y: -4.23%
5Y: -0.33%
10Y: 3.37%

Profit CAGR

1Y: -73.42%
3Y: -54.47%
5Y: -42.31%
10Y: -16.16%

ROE

TTM: 4.46%
3Y: 3.67%
5Y: 5.85%
10Y: 10.60%

ROCE

TTM: 6.85%
3Y: 7.14%
5Y: 10.38%
10Y: 17.33%

Technicals

‌

Forecasts

Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Food Products Seafood

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APEX		473.65	1,566 Cr	47.43	3.08	0.40	4.46	6.85	5.24
SHINDL		148.50	600 Cr	36.64	3.96	0.16	9.42	11.61	5.20
COASTCORP		55.70	424 Cr	27.36	1.56	0.35	3.81	6.17	1.94
KINGSINFR		129.35	313 Cr	22.87	3.98	0.00	18.43	17.59	8.18
WATERBASE		42.35	208 Cr	-12.40	1.42	0.00	-12.30	-10.30	-6.54
ZEAL		12.29	182 Cr	10.42	1.95	0.00	17.43	12.68	4.12
ESSEX		46.70	72 Cr	11.34	1.87	0.00	0.00	0.00	11.21
Median: 7 Co.	—	55.70	313 Cr	22.87	1.95	0.00	4.46	6.85	5.20

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	241	148	162	186	200	231	197	258	238	264
Expenses	222	140	160	175	196	227	191	243	227	251
Operating Profit	19	8.44	1.35	11	3.95	3.95	6.59	15	11	13
OPM %	7.71	5.70	0.84	5.75	1.98	1.71	3.34	5.98	4.78	5.08
Other Income	0.99	0.52	1.49	0.39	0.66	2.33	1.17	2.97	8.82	3.87
Interest	2.92	1.93	2.41	2.28	2.84	2.79	0.88	1.81	0.99	1.04
Depreciation	5.28	3.45	0.92	3.75	3.82	3.71	4.05	3.66	3.58	2.91
Profit Before Tax	11	3.60	-0.49	5.05	-2.05	-0.21	2.83	13	16	13
Tax %	26.52	17.22	26.53	24.55	18.54	-4.76	30.39	29.81	24.04	24.42
Net Profit	8.34	2.97	-0.36	3.80	-1.67	-0.22	1.96	9.10	12	10
EPS in Rs	2.67	0.95	-0.12	1.22	-0.53	-0.07	0.63	2.91	3.80	3.23

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	699	999	875	827	818	926	1,070	804	814	886
Expenses	654	889	785	740	728	840	987	763	788	856
Operating Profit	44	110	90	87	91	86	83	41	25	30
OPM %	6.35	11.02	10.25	10.52	11.11	9.32	7.76	5.13	3.09	3.38
Other Income	11	20	21	19	7.53	5.74	1.72	3.19	4.55	7.13
Interest	11	8.70	6.55	11	16	17	15	10	8.78	8.32
Depreciation	6.27	8.65	11	15	22	19	19	15	15	15
Profit Before Tax	37	113	94	81	61	56	51	20	5.61	14
Tax %	32.88	29.72	35.10	24.91	26.92	26.93	29.14	25.35	30.88	32.17
Net Profit	25	79	61	61	44	41	36	15	3.88	9.17
EPS in Rs	—	—	19.45	19.41	14.17	13.15	11.48	4.67	1.25	10.57
Dividend Payout %	9.55	7.14	10.28	10.30	14.11	19.03	21.78	53.53	161.29	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	31	31	31	31	31	31	31	31
Reserves	49	85	271	324	365	409	437	459	466	463
Borrowings	76	106	81	103	159	166	167	91	107	73
Other Liabilities	29	62	48	52	72	51	42	33	29	46
Total Liabilities	179	277	431	510	627	657	678	614	633	613
Fixed Assets	55	83	111	115	280	250	236	242	254	243
CWIP	8.00	0.78	21	116	2.80	15	22	18	3.65	3.64
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	116	193	299	279	343	391	420	354	376	367
Total Assets	179	277	431	510	627	657	678	614	633	613

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	37	14	33	49	58	13	36	121	11	50
Cash from Investing Activity	-16	-29	-58	-114	-44	-14	-10	-22	-8.27	-1.80
Cash from Financing Activity	-20	17	85	7.02	-14	3.75	-27	-99	-1.56	-49
Net Cash Flow	0.24	2.73	60	-58	0.57	2.66	-1.68	0.65	1.33	-0.79

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%
FIIs	0.02%	0.02%	0.03%	0.00%	1.27%	2.43%	3.36%	3.29%	4.18%	4.84%	4.74%	6.00%
DIIs	4.51%	0.08%	0.00%	0.21%	0.47%	0.76%	0.37%	0.44%	0.55%	0.55%	0.55%	0.66%
Public	22.85%	27.28%	27.35%	27.17%	25.64%	24.19%	23.65%	23.66%	22.64%	21.98%	22.08%	20.73%
Total Shareholders	38,288	40,285	38,947	42,155	39,856	42,451	41,027	40,895	39,170	39,445	37,595	39,165

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan