Apex Frozen Foods Ltd (APEX)

Fast Moving Consumer Goods · FMCG · NSE · Updated 30 September 2026

By StockFin Research TeamAI-Assisted AnalysisSource: BSE/NSE Filings

₹339.45↑ 51.47% (1Y)

🎯 Key Takeaways

Apex Frozen Foods Ltd is transitioning from a volume-driven commodity exporter to a higher-margin, export-focused specialty FMCG player, with U.S.
Revenue grew 52.9% QoQ to ₹257 in Q1FY27.
⚠️ U.S. market concentration risk: 70% of sales are exposed to geopolitical and tariff volatility, with no refunds received despite prior disruptions.

Market Cap: ₹1,061
P/E Ratio: 20.6
P/B Ratio: 2.01
ROE: 9.7%
ROCE: 13.4%
Debt/Equity: 0.01
Div Yield: 0.74%
Promoter: 72.6%

✨ Ask AI About APEX 📊 Interactive Charts

📖 The Story

Apex Frozen Foods Ltd is transitioning from a volume-driven commodity exporter to a higher-margin, export-focused specialty FMCG player, with U.S. and EU markets driving profitability and strategic diversification into value-added RTE products. The company is in a high-growth phase, leveraging favorable trade agreements and product innovation to expand margins and scale capacity utilization.

📰 What's Happening

In Q1 FY27 (reported 2026-08-22), Apex reported 138% YoY PAT growth to ₹22 crores, fueled by 79% EBITDA growth to ₹33 crores and a 15% YoY increase in shrimp realization to ₹930/kg. U.S. sales now account for 70% of revenue, with RTE products contributing 16% of volume (targeting 18-20% for FY24). Management highlighted improving logistics enabling Q2 volume recovery and capacity utilization targets of 35-40%+ via product diversification and UK-India FTA benefits. EU FTA benefits are expected in Q1 FY28. No U.S. tariff refunds were received, but EU market access is a key near-term catalyst.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	258	238	264	168	257
Operating Profit	12	8	11	8	26
OPM %	4.6%	3.3%	4.0%	4.5%	10.2%
Net Profit	9	12	10	8	22
EPS	₹2.91	₹3.80	₹3.23	₹2.49	₹6.93

The company's financial trajectory shows accelerating profitability: Q1 FY27 EBITDA margin expanded significantly, supported by higher shrimp realization and improved operational efficiency, despite modest revenue growth. Operating performance in Q1 FY27 (₹257 Cr revenue, ₹22 Cr NP) reflects strong margin expansion compared to earlier quarters, including a turnaround from ₹8 Cr NP in Mar FY26. This growth is not driven by scale alone but by premiumization and export mix improvement. The company is on a path to scale RTE and leverage trade agreements to sustain margin resilience amid commodity volatility.

🔮 Management Outlook & What's Next

Management expects Q2 volume recovery amid normalizing logistics and aims to achieve 35-40%+ capacity utilization in FY27 through product diversification and export growth. RTE volume contribution is targeted at 18-20% of total FY24 volume. EU FTA benefits are anticipated in Q1 FY28, while U.S. market expansion remains central to growth. No U.S. tariff refunds were received, but management remains focused on margin protection through pricing and operational efficiency rather than cost recovery via refunds.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	31	31	31	31
Reserves	463	462	497	478
Borrowings	73	115	6	41
Total Liabilities	613	650	593	631
Fixed Assets	243	248	239	241
Investments	0	0	0	0
Total Assets	613	650	593	631

The balance sheet reflects a strong deleveraging trend and capital discipline: net debt reduced to ₹6 crores as of Mar FY26 from ₹107 crores previously, with total borrowings at ₹6 crores (Mar FY26) and ₹41 crores (Mar FY25), indicating active reduction. Equity remains stable at ₹31 crores, while reserves grew to ₹497 crores, supporting financial flexibility. The company is not reinvesting aggressively in capex but is prioritizing balance sheet strength, enabling strategic investments in capacity and export infrastructure without financial strain.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+50
Investing	-2
Financing	-49
Net Cash Flow	-1

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	72.6%	72.6%	72.6%	72.6%
FII	4.8%	4.7%	6.0%	5.8%
DII	0.6%	0.6%	0.7%	0.6%
Public	19.4%	19.5%	18.7%	18.8%
# Shareholders	39,445	37,595	39,165	39,978

Institutional interest is gradually increasing: FII holding rose from 4.74% in Q3 FY26 to 5.83% in Q1 FY27, and DII from 0.55% to 0.61%, while promoter holding remains stable at 72.62%. Public shareholding increased slightly, and the number of shareholders grew to 39,978, suggesting rising retail and institutional confidence. The modest rise in FII/DII participation aligns with improving fundamentals and export-driven growth narrative, though overall institutional ownership remains low.

⚖️ Peer Comparison — FMCG

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HINDUNILVR	4.45 L Cr	29.8	29.8%	—	0.00
ITC	3.32 L Cr	16.7	36.0%	—	0.03
NESTLEIND	2.60 L Cr	68.1	99.2%	—	0.00
VBL	1.45 L Cr	43.0	21.5%	—	0.10
BRITANNIA	1.18 L Cr	45.5	54.1%	—	0.27
LENSKART	1.14 L Cr	171.2	11.9%	—	0.03
MARICO	1.05 L Cr	55.3	54.2%	—	0.08
TATACONSUM	94,808	58.0	10.2%	—	0.10
GODREJCP	89,022	46.5	17.8%	—	0.33
DABUR	68,475	34.7	21.3%	—	0.09

🔗 Peer Stock Analyses

HINDUNILVR ITC NESTLEIND VBL BRITANNIA

⚠️ Risk Factors

1. U.S. market concentration risk: 70% of sales are exposed to geopolitical and tariff volatility, with no refunds received despite prior disruptions. 2. EU FTA dependency: EU FTA benefits are not expected until Q1 FY28, creating a near-term gap in margin support. 3. Logistics dependency: Volume recovery in Q2 is contingent on transport normalization, which remains uncertain. 4. Commodity input volatility: Shrimp realization improved, but future margin pressure could return if input costs rise without pricing power.

📋 Recent Filings

🧠 Analyst's Read

Apex Frozen Foods is executing a clear export-led turnaround with strong profitability momentum, but near-term growth hinges on logistics recovery and timing of EU FTA benefits. Investors should monitor Q2 volume trends, U.S. trade developments, and progress toward RTE volume targets as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on APEX

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when APEX files new disclosures

Track APEX filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track APEX — Free

Free account · 2 AI queries/day

Tools