Mukka Proteins Ltd(MUKKA)

NSE: MUKKABSE: 544135

₹ 24.38-4.24%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 731 crWebsite: www.mukkaproteins.comUpdated: 24 Oct 2026

About

Mukka Proteins is one of India's largest producers of fishmeal, fish oil and fish soluble paste. It works across four verticals: Fish Protein, Alternate (Insect) Protein, Waste Management & Environmental Solutions, and Frozen & Value-Added Marine Products. It holds an estimated 25%-30% share of India's fishmeal and fish oil segment by revenue and reported revenue of 1449.45 crore rupees in FY26.^[1][2]

Business segments

The FY26 annual report shows one consolidated segment, Fish & Insects Protein, with segment revenue of ₹1403.52 Cr.^[1]
The business runs four verticals: Fish Protein, Alternate (Insect) Protein, Waste Management & Environmental Solutions, and Frozen & Value-Added Marine Products (FY26).^[1]

Products

The fish protein vertical makes fishmeal, fish oil and fish soluble paste. Its fishmeal has a protein content of 60 - 65% (Q1 FY27).^[1][3]
The Black Soldier Fly insect platform turns municipal wet waste into insect meal, insect oil, compost, briquettes and humic acid, and also earns municipal fees (FY26).^[1]
The frozen vertical makes surimi, IQF and blast-frozen seafood at an EU-approved facility and serves 10+ global clients across 10+ countries (FY26).^[1]

Manufacturing capacity

Installed capacity for fish meal, fish oil and fish soluble paste was about 2,91,720 MT per annum in FY26 and Q1 FY27, up from 2,64,390 MT/year stated at Q3 FY26.^[1][3][4]
Frozen and value-added marine products capacity is about 50,100 MT per annum, with 167 TPD of freezing (127 TPD IQF and 40 TPD blast) and 1,926 TPD of cold storage (FY26).^[1]
Approved Black Soldier Fly waste input capacity is 1,400 TPD: Mangaluru 200 TPD, Bengaluru 1,000 TPD and Kochi 200 TPD (FY26).^[1][3]
Carbon credit approvals cover 1,200 TPD of BSF capacity: EPPL 200 TPD, MPL 300 TPD advanced toward issuance, and an incremental 700 TPD approved for MPL (Q1 FY27).^[3]
The BSF-driven 300 TPD wet waste operations were listed on the Verra Registry, a step toward Verified Carbon Unit issuance (Q3 FY26).^[4]

Key operating numbers

The insect protein arm, Ento Proteins, processed 21,995 tons of wet waste and produced 336 tons of insect meal and 144 tons of insect oil in FY25.^[5]
More than 1,00,000 tonnes of wet waste were diverted from landfills, as stated in FY26.^[6]

Customers and export markets

Exports were 89.5% of revenue in Q1 FY27, 79.7% in FY26 and 75.7% in 9M FY26.^[3][1][4]
The company served customers in 25+ countries in FY26, compared with exports to over 15 countries and over 70 customers stated in the FY25 annual report.^[1][5]
Export markets include Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam (FY26).^[1]
The top 2 customers made up about 37.60% of revenue from operations, according to the FY25 annual report.^[5]
The company is estimated to hold ~25 - 30% of Indian fish protein exports (Q1 FY27).^[3]

Expansion and capex

The Oman facility in the Aljoubah Industrial Area covers 21,249 sq. mt and was expected to add about 400 TPD of fish meal, fish oil and paste capacity (FY26 annual report).^[1]
The Bengaluru leachate project carries ~₹100 Cr of capex, with a ~6-month build on a 4-year contract, run through a JV in which the company holds 76% (Q1 FY27).^[3]
The board approved investing up to ₹2.50 crore for a 49% stake in Lanka Bio Proteins, Sri Lanka, to make and trade marine products (FY26).^[1]
The company made a strategic investment in United Gulf Fishery Products LLC, which makes and trades fish, seafood and animal feed products, to grow in the Middle East (Q3 FY26).^[4]
The company has a revenue target of ₹3,000+ Cr by FY30, raised from ₹2,500+ Cr stated in Q3 FY26.^[3][4]

Orders and contracts

The company won a ₹474.89 crore (ex-GST) contract from Bengaluru Solid Waste Management Limited to treat legacy leachate at the Mittaganahalli and Kannur sites (Q3 FY26).^[1][4]
The company secured a contract from BBMP/BSWML for integrated animal waste management in Bengaluru (Q4 FY26).^[6]

Recent developments

On 9 October 2026, the overseas subsidiary started commercial production of fish meal, fish oil and fish soluble paste at its plant in Al Juba industrial area, Wilayat of Mahoot, Oman.^[7]
The company acquired a 51% stake in Delta Marine Products for ₹11.1 crore and approved buying 51% of Aqua Marine for up to ₹15 crore (Q1 FY27).^[3]
The company approved investing ₹64.9 lakh for a 25.98% stake in Swachha Eco Solutions, a waste-to-value business (Q1 FY27).^[3]
CESTAT set aside a customs demand of about ₹15.2 crore, along with the related interest and penalties (Q1 FY27).^[3]
Ento Proteins became a wholly owned subsidiary for ₹32.30 lakh on February 24, 2026. The remaining 2% of Haris Marine Products was bought for ₹19.64 lakh.^[1]
Global Trust Certification (NSF), Ireland confirmed the company complies with the MarinTrust Improver Programme (Q4 FY26).^[6]

Market Cap

₹731 Cr

High / Low

₹33 / 18

Stock P/E

10.6

Price / Book

1.5

Book Value

₹17

EPS

₹1.7

No. of Shares

30 Cr

ROCE

11.6%

ROE

11.1%

OPM

8.6%

Debt / Equity

1.54

Sales

₹1,449 Cr

Net Profit

₹57 Cr

Promoter holding

73.3%

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