HMA Agro Industries Ltd(HMAAGRO)

NSE: HMAAGROBSE: 543929

₹ 23.53+0.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,178 crWebsite: www.hmagroup.coUpdated: 24 Oct 2026

About

HMA Agro Industries Ltd is an integrated agro-processing and export company headquartered in India, primarily engaged in frozen boneless halal buffalo meat along with a diversified portfolio spanning frozen fish and seafood, basmati rice, pet food, fresh fruits and vegetables, and finished leather. The company operates one of Asia's largest integrated meat processing plants with an annual processing capacity exceeding 400,000 metric tonnes across 8+ facilities in India. HMA derives nearly 90% of its revenue from exports to 40+ countries across the Middle East, Southeast Asia, Africa, and the CIS region. Reported revenue for FY26 was Rs 6916.49 crore.^[1][2]

Business segments

Meat products revenue was ₹47,972.66 million in FY25, the bulk of the business.^[3]
Other products revenue was ₹635.59 million and fish products revenue ₹99.23 million in FY25.^[3]

Product portfolio

Core product is Frozen Boneless Halal Buffalo Meat; the portfolio also includes Frozen Fish & Seafood, Basmati Rice, Pet Food, Fresh Fruits & Vegetables, Finished Leather, and other value-added agro products - seven categories in total.^[1]
Rice exports are generating repeat orders and growing steadily, though contribution remains small relative to buffalo meat.^[4]
Pet food exports are ongoing using existing capacity; additional machinery will be added if order volumes increase.^[5]

Processing operations and capacity

Annual processing capacity exceeds 400,000 metric tonnes across 8+ facilities in India, as of Q1 FY27.^[1]
Daily processing capacity is approximately 1,472 MT; the group operates six integrated abattoirs and meat processing plants as of FY26.^[4]
The group has an integrated abattoir at Mewat, Haryana, using technology imported from Spain (FY25 annual report).^[3]
In FY25 the company entered facilities agreements with third-party processors ALM Food Products, ALM Industries and Al Raiyan Export.^[3]
Malaysian authority approval was obtained for one subsidiary during FY26, enabling use of capacity at that plant for incremental demand.^[4]
All workers are engaged on a contractual basis through third-party contractors (FY25).^[3]

Key operating numbers

Raw material cost was 84.03% of standalone revenue in Q3 FY26, down from 85.41% in Q3 FY25.^[6]

Customers and markets

Exports were 95.21% of standalone turnover and 91.23% of consolidated turnover in FY25.^[3]
Nearly 90% of revenue comes from international markets across more than 40 countries as of Q1 FY27.^[1]
Top five international markets are Vietnam, Egypt, Malaysia, Indonesia, and Iraq, per management in Q3 FY26.^[6]
The company entered a testing phase for India domestic retail of frozen buffalo meat products (Q2 FY26).^[5]
Philippines revenue target for FY26 was not achieved; buyers there purchase only select product varieties.^[4]
European access awaits an India-Europe government veterinary protocol; HMA says it is operationally ready to supply Europe.^[5]
New geographic targets include Europe and Latin America, alongside Middle East, Africa and Asia markets (Q4 FY26).^[4]

Expansion and capex

Entry into poultry through wholly-owned subsidiary HMA Natural Foods with a Jabalpur chicken plant; capex approximately ₹10 crore, completion targeted by end of FY26.^[5][3]
Rendering cooker imported from Malaysia at the Aligarh plant, capex approx ₹70 million (FY25).^[3]
Leather processing facility at Unnao through group company HMA Leather Export Private Limited.^[3]
Early-stage planning to enter frozen French fries, using existing cold-chain clientele (Q4 FY26).^[4]
Management has reaffirmed a target of $1 billion USD revenue by FY27 (March 2027).^[1][3]

Recent developments

FY26 annual report seeks shareholder approval to raise borrowing and charge-creation limits to ₹2,000 crore, and a ₹2,000 crore limit for loans, guarantees and investments.^[7]
Viswambharan Parameswaran was appointed whole-time director on April 25, 2026.^[7]
A 25% increase in MD Gulzar Ahmad's basic salary to ₹15 lakh/month from Oct 1, 2026 has been approved.^[7]
Promoters completed an OFS at ₹18 per share to comply with minimum public shareholding norms (Q4 FY26).^[4]
Credit rating moved from CRISIL A- (Negative) long-term to CARE A2+ short-term on ₹850 crore EPC facilities (FY25).^[3]

Market Cap

₹1,178 Cr

High / Low

₹34 / 19

Stock P/E

5.5

Price / Book

1.3

Book Value

₹19

EPS

₹3.3

No. of Shares

50.08 Cr

ROCE

16.0%

ROE

19.1%

OPM

3.6%

Debt / Equity

0.90

Sales

₹6,916 Cr

Net Profit

₹165 Cr

Promoter holding

75.0%

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