Animal Feed industry

8 companies · ₹25,813 cr · 2 with AI deep dives · Q1FY27 report

Volume cycle inflects higher; geopolitical costs and failed milk flush compress dairy margins to lows.

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 6.9%

Revenue YoY: +18.5%
EBITDA margin: 6.9%; -450bps YoY
Price, 1 year: +0.5%; 50% of names up
P/E vs own 5y: -2.6%; 16.4x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	5,698 cr	4,590 cr	+24.1%	4,807 cr	+18.5%	5,698 cr	0.0%
EBITDA margin	6.9%	7.2%	-30bps	11.4%	-450bps	11.4%	-450bps

Revenue

Jun 26: 5,698 cr
Mar 26: 4,590 cr
QoQ: +24.1%
Jun 25: 4,807 cr
YoY: +18.5%
Peak: 5,698 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 6.9%
Mar 26: 7.2%
QoQ: -30bps
Jun 25: 11.4%
YoY: -450bps
Peak: 11.4%
vs peak: -450bps

Breadth: 100% of 4 companies grew revenue year on year (was 75% a quarter earlier) and 25% expanded margin (was 25%).

Exhibit 2What it costs

12.14x - 22.62x across the panel today

The median name trades at 16.4x, -2.6% against this industry's own 5-year median of 16.9x, and -26.4% against its own peak of 22.3x.

Exhibit 3Structure

₹25,813 cr

Godrej Agrovet Ltd is 49.6% of this industry by market cap. The top 5 are 98.9% and the top 10 are 100%.

mid 2micro 64 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 16.42x, 5y ROCE above its median of 17.57%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (8 of 8)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Godrej Agrovet Ltd	₹12,999 cr	29.2x	15.4x	21.1%	8.6%	+9.2%	Unlock
Avanti Feeds Ltd	₹10,900 cr	20.9x	11.5x	23.5%	15.1%	+18.3%	Unlock
Mukka Proteins Ltd	₹975 cr	13.3x	12.2x	27.5%	9.7%	+186.7%	Unlock
Kse Ltd	₹673 cr	12.3x	5.6x	31.2%	7.3%	+9.1%	Unlock
Shivam Chemicals Ltd	₹203 cr	32.8x	20.4x	24.5%	3.8%	+17.7%	Unlock
Mayank Cattle Food Ltd	₹113 cr	23.0x	11.1x	28.8%	3.4%	0.0%	Unlock
Narmada Agrobase Ltd	₹110 cr	30.1x	19.1x	9.3%	6.4%	+100.9%	Unlock
Ajooni Biotech Ltd	₹60 cr	15.2x	9.0x	7.0%	4.7%	+103.0%	Unlock

Godrej Agrovet Ltd

Mcap: ₹12,999 cr
P/E: 29.2x
EV/EBITDA: 15.4x
ROCE: 21.1%
Margin: 8.6%
Rev YoY: +9.2%

Unlock

Avanti Feeds Ltd

Mcap: ₹10,900 cr
P/E: 20.9x
EV/EBITDA: 11.5x
ROCE: 23.5%
Margin: 15.1%
Rev YoY: +18.3%

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Mukka Proteins Ltd

Mcap: ₹975 cr
P/E: 13.3x
EV/EBITDA: 12.2x
ROCE: 27.5%
Margin: 9.7%
Rev YoY: +186.7%

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Kse Ltd

Mcap: ₹673 cr
P/E: 12.3x
EV/EBITDA: 5.6x
ROCE: 31.2%
Margin: 7.3%
Rev YoY: +9.1%

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Shivam Chemicals Ltd

Mcap: ₹203 cr
P/E: 32.8x
EV/EBITDA: 20.4x
ROCE: 24.5%
Margin: 3.8%
Rev YoY: +17.7%

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Mayank Cattle Food Ltd

Mcap: ₹113 cr
P/E: 23.0x
EV/EBITDA: 11.1x
ROCE: 28.8%
Margin: 3.4%
Rev YoY: 0.0%

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Narmada Agrobase Ltd

Mcap: ₹110 cr
P/E: 30.1x
EV/EBITDA: 19.1x
ROCE: 9.3%
Margin: 6.4%
Rev YoY: +100.9%

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Ajooni Biotech Ltd

Mcap: ₹60 cr
P/E: 15.2x
EV/EBITDA: 9.0x
ROCE: 7.0%
Margin: 4.7%
Rev YoY: +103.0%

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Exhibit 6What managements said

from Food Products earnings calls · as of 2026-06-30

headwindGeopolitical-driven input cost surge: fuel, packaging, edible oils, and freight8 managements

West Asia/Middle East conflict is simultaneously elevating LPG, industrial fuel, crude-linked packaging, edible oils, and ocean freight. Britannia reported industrial fuel up 69%…

BRITANNIA (Q1FY27): “the inflation on industrial fuel is very steep... LPG and PNG prices shot through the…”

headwind5 managements tailwind9 managements tailwind5 managements tailwind4 managements tailwind6 managements headwind5 managements headwind2 managements

7 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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