Apex Frozen Foods Ltd(APEX)

NSE: APEXBSE: 540692

₹ 301.5-0.30%refreshed 26 Oct, 01:03 pm ISTMarket cap: ₹ 942 crWebsite: www.apexfrozenfoods.inUpdated: 24 Oct 2026

About

Apex Frozen Foods Ltd is an Indian seafood exporter that processes and exports Ready-to-Cook and Ready-to-Eat frozen shrimp (primarily L. Vannamei) to foodservice companies, retail chains, restaurants, club stores, and distributors in the USA, EU, and other markets. The company operates two processing plants in Andhra Pradesh with a combined installed capacity of 34,240 MTPA and three hatcheries with SPF seed breeding capacity of 1.2 - 1.4 billion.^[1][2][3]

Products and integration

Core products are Ready-to-Cook (RTC) and Ready-to-Eat (RTE) processed shrimp, mainly L. Vannamei, sold on a B2B basis to distributors who supply HORECA and departmental stores in the USA, EU, and China.^[1]
Products are marketed under both customer-owned brands and the company's own brands.^[1]
Backward integration spans hatchery, pre-processing, processing, and export, with long-term direct farmer partnerships for raw material supply.^[1]
Certifications held include SA 8000, ASC (Aquaculture Stewardship Council), BAP (Best Aquaculture Practices), and BRC (British Retail Consortium).^[1]

Processing capacity and facilities

Total processing capacity is 34,240 MTPA across two plants as of FY26.^[2]
Both processing plants are located approximately 20 km from Kakinada Port, approximately 150 km from Vizag Port, and within 20 - 200 km of most sourcing farms.^[1]
Three hatcheries in Andhra Pradesh have total SPF seed breeding capacity of 1.2 - 1.4 billion.^[1]
EU approval for the second processing facility at G. Ragampeta was completed in 2025, enabling Ready-to-Eat exports to Europe.^[1]
Operations are supported by cold storage at both processing units and a dedicated fleet of reefer trucks.^[1]

Key operating numbers

Shrimp sales volume was 2,624 MT in Q1FY27, down from 3,015 MT in Q1FY26, impacted by labour shortage and war-led container/transport disruptions on EU routes.^[4]
Average shrimp realisation rose 15% YoY to INR 930/kg in Q1FY27 vs INR 812/kg in Q1FY26.^[4]
Farm-gate (raw material) price was INR 327/kg in Q3FY26 vs INR 374/kg in Q3FY25.^[5]
Capacity utilisation was 38% in Q1FY27 vs 39% in Q1FY26; war-led logistics disruptions caused freight costs to more than double vs Q4FY26 levels.^[4]
RTE products were 16% of total volumes in Q1FY27 (vs 15% in Q1FY26); RTE realisation improved to $12.05/kg from $11.18/kg. RTE carries a minimum ~$0.50/kg margin premium over RTC.^[4]

Customers and geographic mix

USA accounted for 70% of shrimp sales in Q1FY27, up from 54% in Q1FY26, with US volumes rising 13% YoY and 121% QoQ supported by tariff certainty at a 10% rate.^[4]
EU and UK together contributed 25% of shrimp sales in Q1FY27, down from 39% in Q1FY26, due to war-led shipping delays and mandatory 50% testing requirements at origin.^[4]
EU sales contribution rose to 47% in FY26 from 26% in FY24; EU shrimp sales grew 19% YoY in FY26.^[2]
Non-USA export share expanded from ~24% in FY22 to ~50% in H1FY26, and ~51% in 9MFY26.^[6][5]
Sales are B2B through distributors; the company's own products are marketed under both customer-owned brands and proprietary brands.^[1]

Geographic expansion and new markets

India - UK FTA became operational on 15 July 2026, eliminating import tariffs, though the mandatory 50% testing regime on Indian shrimp consignments continues and is being raised with GOI.^[4]
US CVD final determination is expected in December 2026; a potential reduction from the current 5.77% rate is possible if GOI's duty drawback and RoDTEP arguments are accepted.^[4]
Apex initiated shrimp shipments to Japan for the first time in more than a decade in Q1FY27; volumes will reflect in subsequent quarters of FY27.^[4]
Russia shipments are expected to commence by end of Q2FY27 or Q3FY27.^[4]
EU FTA is expected to be concluded by end of CY2026 or early CY2027; full benefits are expected from Q1FY28 once non-tariff barriers are also removed.^[4]

Volume and product-mix targets

Full-year FY27 volume target of ~12,000 MT maintained; Q2FY27 volume recovery expected subject to logistics normalisation.^[4]
RTE share of total volumes targeted at a minimum 18 - 20% in FY27, based on confirmed inquiries from US, EU, and other markets.^[4]
Proprietary customer-specific products (RTE and RTC) are expected to contribute ~300 - 400 MT (~3 - 4% of annual sales) in FY27, growing to ~500 MT annually.^[4]
Medium-term volume target is 14,000 - 15,000 MT; management has not yet committed to a FY28 or FY29 timeline.^[4]

Balance sheet and deleveraging

Total borrowings fell from INR 958 Mn (Mar-25) to INR 726 Mn (Mar-26) on a gross basis; net debt-to-equity turned negative at -0.02x by Mar-26.^[4]
Short-term borrowings were reduced from INR 671 Mn (Mar-25) to INR 40 Mn (Mar-26); total borrowings at Mar-26 were approximately Rs 57 Mn.^[2]

Market Cap

₹942 Cr

High / Low

₹514 / 232

Stock P/E

18.3

Price / Book

1.8

Book Value

₹169

EPS

₹12.4

No. of Shares

3.12 Cr

ROCE

10.4%

ROE

7.6%

OPM

6.1%

Debt / Equity

0.01

Sales

₹931 Cr

Net Profit

₹39 Cr

Promoter holding

72.6%

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