IFB Agro Industries Ltd(IFBAGRO)

NSE: IFBAGROBSE: 507438

₹ 786.05-2.46%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 736 crNext results: 2 Nov 2026Website: www.ifbagro.inUpdated: 24 Oct 2026

About

IFB Agro Industries operates in two segments: spirit, spirituous beverages and allied products, and marine products, which covers seafood processing for export and domestic markets plus fish and shrimp feed. Revenue was 1911.57 Cr in FY26. In FY26, spirits made up 61.9% of segment revenue and marine 38.1%.^[1][2][3]

Business segments

Spirit, spirituous beverages and allied products: Rs 1183.88 Cr revenue, 61.9% of segment revenue in FY26.^[3]
Marine (seafood processing for export and domestic markets, plus fish and shrimp feed): Rs 729.48 Cr revenue, 38.1% of segment revenue in FY26. Its share rose 14.4 percentage points over FY2020-FY2026.^[3][1]
Marine segment external revenue was Rs 729.48 Cr in FY26, up from Rs 419.31 Cr in FY25.^[1][4]

Operations and R&D

The feed business acquired in FY26 came with manufacturing facilities at Vijayawada and Rajahmundry in Andhra Pradesh.^[1]
A new 25 KLPD ethanol plant at the distillery was commissioned in FY26. Ethanol sales are to start in FY27 once oil marketing companies float new tenders.^[1]
The in-house R&D facility in Kolkata has developed seven probiotic strains for the animal feed business, six of which are in use (FY26).^[1]
Two new DDGS-based variants were added to an earlier portfolio of 4 Aqua Health Care Products, developed with WBUAH&S (FY26).^[1]

Key operating numbers

Marine domestic food business grew 23% in FY26, with branded retail up 90%, much of it through quick-commerce and e-commerce. The domestic food business grew 8% in FY25.^[1][4]
FY25: fish feed revenue rose 36% and shrimp feed revenue fell 22% as shrimp culture in West Bengal declined.^[4]

Customers and markets

Under the West Bengal Excise Policy, bottled spirituous beverages are sold to a sole distributor, which accounts for more than 10% of total sales (FY26).^[1]
Marine exports rose from Rs 213 Cr to Rs 273 Cr in FY26; the company depends on the US market only to a limited extent.^[1]
The company has historically supplied shrimps from Bengal to the USA, Russia, Europe and Japan.^[1]

Expansion and acquisitions

Acquired Cargill India's shrimp feed and freshwater fish feed business (annual turnover about Rs 353 Cr as of 31 March 2025) for Rs 110 Cr plus working capital, effective 1 August 2025.^[1]
The Balasore feed manufacturing project has been kept in abeyance following the Cargill acquisition (FY26). It was first put on hold because of cost escalation (FY25).^[1][4]
IFB Vietnam Company Ltd, a capex-light value-added seafood venture in a third-party plant, began initial commercial operations; its first shipment was in April 2026.^[1][4]

Recent developments

The UAE subsidiary IFB Agro Marine (FZE) closed its operations with effect from 25 September 2025.^[1]
India Ratings and Research maintained the company's long-term issuer rating at IND A+ (FY26).^[1]
No dividend was recommended for FY26, to conserve resources for expansion and working capital.^[1]
FY25: the IML business was hurt by what the company described as interference by district-level excise authorities pressing retailers not to lift its products.^[4]

Operating challenges flagged

For FY27, excess ENA capacity in West Bengal, higher non-edible grain prices and lower ENA and by-product prices are expected to affect distillery margins.^[1]
Aqua feed input costs have risen sharply, but the Andhra Pradesh Government has not allowed shrimp feed price increases (FY26 report).^[1]
Exports face geopolitical uncertainty, higher ocean freight and shipping delays caused by shipping lines being unavailable (FY26 report).^[1]

Market Cap

₹736 Cr

High / Low

₹1,795 / 677

Stock P/E

12.3

Price / Book

1.1

Book Value

₹719

EPS

₹60.3

No. of Shares

0.94 Cr

ROCE

12.5%

ROE

8.8%

OPM

4.4%

Debt / Equity

0.11

Sales

₹1,912 Cr

Net Profit

₹56 Cr

Promoter holding

65.0%

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