Sharat Industries Ltd(SHINDL)

NSE: SHINDLBSE: 519397

₹ 149.1-1.91%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 585 crWebsite: www.sharatindustries.comUpdated: 24 Oct 2026

About

Sharat Industries is an integrated aquaculture company spanning hatchery, shrimp culture, feed, and shrimp processing and exports, with its operations on the Andhra coast in Nellore District. It reported FY26 revenue of Rs 524.72 crore. In 2025 it became India's largest shrimp exporter to Russia by volume, and management puts its share of Indian shrimp exports at 0.5-0.75% in FY26.^[1][2][3]

Business and products

Integrated aquaculture business covering hatchery, shrimp culture, feed, and shrimp processing and exports (FY26).^[1]
Feed is sold under the VANNASTAR and AQUAASTAR brands; management puts its feed market share below 2% in FY26.^[1][3]
Launched 'PD - Curl Control' as a new value-added category and re-introduced Black Tiger shrimp in Q4 FY26.^[1]
Value-added products made up 7-10% of export volume in FY26.^[3]
The company wound down its cultured marine worms business (FY26 annual report).^[1]
Export revenue was Rs 292.98 Cr and domestic revenue Rs 89.31 Cr in FY25.^[4]

Plants and capacity

The processing plant at Mahalakshmipuram Village, TP Gudur Mandal, Nellore District has 7,500 MTPA capacity, with IQF, block and brine freezing, a cooked/blanched line and 1,900 MT of cold storage.^[1]
The feed mill, commissioned in 1999, has a capacity of 20,000+ TPA.^[1]
The farm covers 500 acres on the Bay of Bengal, with about 2,000 tonnes of capacity; the farm, hatchery and feed mill are at Venkannapalem Village.^[1]
Feed, farming and processing sit within five kilometres of each other, which lets the company trace every shipment to its source.^[1]
The hatchery and part of the farming are now outsourced to vetted partners. Contract farmers get feed and technical support, and the company buys back their harvest at agreed terms.^[1]

Key operating numbers

Export volumes grew about 8% and export revenue about 23% in FY26.^[3]
Average utilisation across all divisions was 65% in Q3 FY26, compared with about 55% at the processing plant in Q2 FY26.^[5][6]
The processing plant was running at 4,500 TPA against 7,500 TPA of installed capacity in Q1 FY26.^[4]
Shrimp sales volume was 4,716.82 MT at an average realisation of ₹651.40/kg in FY25.^[4]
The company's own farms supplied about 12% of export volumes in Q3 FY26.^[5]

Export markets and customers

Export mix in 9M FY26: Russia 51.17%, China 21.17%, USA 5.08%, others 22.59%.^[5]
The US share of revenue fell from over 70% before FY23 to about 22% in FY26.^[1]
Customer retention was above 90% in Russia and above 60% in China in Q3 FY26.^[5]
The company entered China with Black Tiger shrimp in FY26 and worked with five customers there during the year.^[3]
The processing plant holds EU certification. Re-entering the EU is a near-term priority following the signing of the India-EU FTA.^[3]
The company had an export footprint of 12+ countries as of Q2 FY26.^[6]

Domestic market

Domestic frozen shrimp sales to Zomato Hyperpure began in Q4 FY26, starting with raw frozen shrimp for hotels, restaurants and caterers.^[3][1]
Management targets ₹100 Cr of domestic revenue by FY28 through its stake in Xanadu Foods, with value-added, ready-to-cook products planned by December 2026.^[4]

Expansion and initiatives

Merchant exports started from Gujarat in August 2025 through an asset-light processing arrangement with West Coast Frozen Foods, shipping Black Tiger shrimp to China.^[5][6][1]
A 1 MW captive solar plant for the processing division was partly commissioned in Q4 FY26, with the balance to follow shortly.^[3]
A Black Soldier Fly larvae meal pilot with Ultranutri replaced 15-20% of fishmeal in trial feed.^[4]
Management targets export revenue of up to Rs 1,000 crore by FY28 and about 90% utilisation over the 24 months from Q3 FY26.^[3][5]
Management aims to double the value-added share to about 14-20% of export volume in FY27.^[3]

Recent developments

US tariffs on Indian shrimp were cut from up to 50% to 10% from February 2026.^[3]
In Q4 FY26, about 20 containers bound for the Middle East were disrupted, rerouted or held in inventory.^[3]
In 2025 the company became India's largest shrimp exporter to Russia by volume.^[1]

Market Cap

₹585 Cr

High / Low

₹179 / 123

Stock P/E

34.8

Price / Book

3.8

Book Value

₹39

EPS

₹4.1

No. of Shares

3.92 Cr

ROCE

12.7%

ROE

10.9%

OPM

6.5%

Debt / Equity

0.81

Sales

₹525 Cr

Net Profit

₹16 Cr

Promoter holding

45.0%

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