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: 1,199 Cr
Volatility: High Risk
P/E Ratio: 30.9
Industry P/E: 44.8
PEG Ratio: 0.0
P/B Ratio: 2.3
52W High: 514.20
52W Low: 202.90

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: 7.36%
3Y: 3.67%
5Y: 5.85%
10Y: 10.60%

ROCE

TTM: 10.78%
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		382.00	1,199 Cr	30.85	2.27	0.65	7.36	10.78	6.56
SHINDL		158.50	618 Cr	38.89	4.00	0.00	10.29	12.05	5.03
COASTCORP		49.81	335 Cr	12.69	1.18	0.56	9.40	9.06	3.14
KINGSINFR		115.10	284 Cr	17.61	3.27	0.00	18.58	17.28	8.91
WATERBASE		43.13	179 Cr	-12.18	1.27	0.00	-10.39	-7.33	-5.85
ZEAL		11.16	140 Cr	9.95	1.36	0.00	9.74	12.80	4.14
ESSEX		39.05	60 Cr	9.36	1.54	0.00	15.91	17.05	9.78
Median: 7 Co.	—	49.81	284 Cr	12.69	1.54	0.00	9.74	12.05	5.03

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	148	162	186	200	231	197	258	238	264	168
Expenses	140	160	175	196	227	191	243	227	251	155
Operating Profit	8.44	1.35	11	3.95	3.95	6.59	15	11	13	13
OPM %	5.70	0.84	5.75	1.98	1.71	3.34	5.98	4.78	5.08	7.60
Other Income	0.52	1.49	0.39	0.66	2.33	1.17	2.97	8.82	3.87	4.16
Interest	1.93	2.41	2.28	2.84	2.79	0.88	1.81	0.99	1.04	0.65
Depreciation	3.45	0.92	3.75	3.82	3.71	4.05	3.66	3.58	2.91	5.21
Profit Before Tax	3.60	-0.49	5.05	-2.05	-0.21	2.83	13	16	13	11
Tax %	17.22	26.53	24.55	18.54	-4.76	30.39	29.81	24.04	24.42	29.63
Net Profit	2.97	-0.36	3.80	-1.67	-0.22	1.96	9.10	12	10	7.79
EPS in Rs	0.95	-0.12	1.22	-0.53	-0.07	0.63	2.91	3.80	3.23	2.49

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	Mar 2026
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	12.43
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

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 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%	0.03%	0.00%	1.27%	2.43%	3.36%	3.29%	4.18%	4.84%	4.74%	6.00%	5.83%
DIIs	0.08%	0.00%	0.21%	0.47%	0.76%	0.37%	0.44%	0.55%	0.55%	0.55%	0.66%	0.61%
Public	27.28%	27.35%	27.17%	25.64%	24.19%	23.65%	23.66%	22.64%	21.98%	22.08%	20.73%	20.93%
Total Shareholders	40,285	38,947	42,155	39,856	42,451	41,027	40,895	39,170	39,445	37,595	39,165	39,978

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

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Frequently Asked Questions about Apex Frozen Foods Ltd

Apex Frozen Foods Ltd (APEX) is currently trading at 374.90 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

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.

Over the past 52 weeks, Apex Frozen Foods Ltd has traded between a low of ₹202.90 and a high of ₹514.20. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Apex Frozen Foods Ltd has a market capitalization of approximately 1,198.59. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Apex Frozen Foods Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 30.85 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 1,198.59 Cr, Apex Frozen Foods Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Apex Frozen Foods Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Apex Frozen Foods Ltd is 30.85. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

FY26 net revenue was ₹931.1 crore and PAT was about ₹38.8 crore, up from ₹813.6 crore revenue and about ₹3.9 crore PAT in FY25.

Apex Frozen Foods Ltd

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