Mukka Proteins Ltd (MUKKA)
🎯 Key Takeaways
- Mukka Proteins is transitioning from a traditional fishmeal exporter to a diversified, ESG-aligned protein platform with strategic expansion into insect protein, waste-to-value projects, and international markets. The company is targeting ₹3,000+ crores in revenue by FY30, supported by policy tailwinds and structural shifts in aquaculture feed.
- Revenue grew 28.7% QoQ to ₹490 in Q1FY27.
- ⚠️ Heavy reliance on exports (89.5% of revenue) exposes the company to global commodity price volatility and geopolitical demand shifts.
📖 The Story
Mukka Proteins is transitioning from a traditional fishmeal exporter to a diversified, ESG-aligned protein platform with strategic expansion into insect protein, waste-to-value projects, and international markets. The company is targeting ₹3,000+ crores in revenue by FY30, supported by policy tailwinds and structural shifts in aquaculture feed. Despite strong export demand and recent financial recovery, it operates with elevated leverage and execution risks in new ventures.
📰 What's Happening
In Q1 FY27, Mukka Proteins reported consolidated revenue of ₹4896.5 Mn, up 186.7% YoY, and PAT of ₹186.3 Mn, up 1072.5% YoY, driven by robust export demand and improved realizations. The company acquired Delta Marine Products for ₹11.1 crore to expand capacity and resolved a ₹15.2 crore customs litigation liability. It also received in-principle approval to issue 2 million convertible warrants to non-promoter investors at ₹23.50 each. The 16th AGM is scheduled for 10 September 2026, where board appointments and strategic progress will be reviewed.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 245 | 654 | 381 | 490 |
| Operating Profit | 17 | 41 | 29 | 43 |
| OPM % | 6.8% | 6.3% | 7.5% | 8.8% |
| Net Profit | 7 | 27 | 21 | 19 |
| EPS | ₹0.20 | ₹0.79 | ₹0.69 | ₹0.63 |
Revenue has shown strong sequential and YoY growth, rising from ₹245 crores in September 2025 to ₹490 crores in June 2026, with operating margins stabilizing around 8.8%. Net profit margins have improved significantly, turning from a ₹7 crore loss in September 2025 to ₹19 crore profit in June 2026. This turnaround aligns with management's narrative of demand recovery, favorable market conditions, and operational efficiency, though profitability remains volatile across quarters.
🔮 Management Outlook & What's Next
Management has outlined an ambitious target of achieving ₹3,000+ crores in revenue by FY30, driven by expansion into insect protein, waste management, and international markets including Oman and Sri Lanka. They emphasize capitalizing on global fishmeal supply constraints, ESG trends, and policy support for sustainable aquaculture. The company is actively pursuing carbon credit opportunities and integrating waste-to-value projects into its long-term strategy.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 |
| Reserves | 369 | 411 | 414 | 469 |
| Borrowings | 426 | 450 | 610 | 779 |
| Total Liabilities | 904 | 1,076 | 1,239 | 1,621 |
| Fixed Assets | 89 | 93 | 98 | 179 |
| Investments | 35 | 38 | 40 | 56 |
| Total Assets | 904 | 1,076 | 1,239 | 1,621 |
The balance sheet shows a significant rise in total assets from ₹1,076 crores in March 2025 to ₹1,621 crores in March 2026, primarily due to inorganic investments and asset growth. Borrowings have increased to ₹779 crores from ₹450 crores over the same period, indicating active capital deployment for expansion. Equity and reserves remain relatively stable, suggesting funding for growth is being sourced predominantly through debt and non-equity instruments.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -112 | -111 |
| Investing | -35 | -146 |
| Financing | +56 | +267 |
| Net Cash Flow | -91 | +10 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 73.3% | 73.3% | 73.3% | 73.3% |
| FII | 1.7% | 1.7% | 1.7% | 1.7% |
| DII | 1.7% | 0.2% | 0.0% | 0.0% |
| Public | 22.2% | 23.7% | 23.7% | 23.5% |
| # Shareholders | 1,41,649 | 1,37,920 | 1,32,098 | 1,27,922 |
Promoter holding remains stable at 73.33% across all quarters, indicating no dilution or stake sale. FII holdings are minimal (~1.7%), while DII participation has declined from 1.66% to 0%, suggesting reduced institutional interest. The number of public shareholders has slightly decreased, but the total shareholder base remains broad with over 1.27 lakh individuals. No significant changes in institutional accumulation or exit patterns are evident.
⚖️ Peer Comparison — FMCG
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDUNILVR | 4.69 L Cr | 31.3 | 29.8% | 30.7% | 0.00 |
| ITC | 3.21 L Cr | 16.2 | 36.0% | 27.8% | 0.03 |
| NESTLEIND | 2.84 L Cr | 74.6 | 99.2% | 73.9% | 0.00 |
| VBL | 1.38 L Cr | 40.8 | 21.5% | 17.4% | 0.10 |
| BRITANNIA | 1.26 L Cr | 48.6 | 54.1% | 51.1% | 0.27 |
| LENSKART | 1.15 L Cr | 173.0 | 11.9% | 7.7% | 0.03 |
| MARICO | 1.08 L Cr | 56.9 | 54.2% | 46.4% | 0.08 |
| TATACONSUM | 1.03 L Cr | 62.9 | 10.2% | 8.0% | 0.10 |
| GODREJCP | 92,399 | 48.3 | 17.8% | 15.1% | 0.33 |
| DABUR | 67,969 | 34.5 | 21.3% | 17.1% | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Heavy reliance on exports (89.5% of revenue) exposes the company to global commodity price volatility and geopolitical demand shifts. 2. Ongoing investments in new segments like insect protein and waste management carry execution and integration risks, particularly in unfamiliar markets like Oman. 3. Rising leverage (D/E of 1.02) increases financial vulnerability in a capital-intensive industry with long payback cycles. 4. Regulatory and customs risks persist despite recent litigation resolution, especially as operations expand internationally.
📋 Recent Filings
-
🔴 Corporate Action 28 August 2026Mukka Proteins received in-principle approval from NSE and BSE to issue 2 million convertible warrants to non-promoter investors at ₹23.50 each, subje...
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🟡 Board Meeting 20 August 2026Mukka Proteins clarified a calculation error in its August 12, 2026 board resolution regarding the investment in Swachha Eco Solutions Private Limited...
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🔴 annual report 18 August 2026Mukka Proteins Limited announced its 16th AGM on 10th September 2026 via video conferencing, with e-voting open from 7th-9th September 2026 (cut-off 3...
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🔴 annual report 18 August 2026Mukka Proteins Limited announced on 18 August 2026 that it is sending a letter to shareholders with unregistered email addresses, providing a weblink ...
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🔴 Financial Results 13 August 2026Mukka Proteins Limited announced its Q1 FY27 investor presentation, highlighting strong performance and strategic progress. Revenue reached **₹1,403.6...
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🔴 Financial Results 13 August 2026Mukka Proteins reported consolidated revenue of ₹4896.5 Mn in Q1 FY27, up 186.7% YoY, with PAT at ₹186.3 Mn, up 1072.5% YoY, driven by strong domestic...
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🟡 Board Meeting 12 August 2026Mukka Proteins announced the outcome of its August 12, 2026 board meeting, approving unaudited Q1 FY2026 results with total income of **₹4,912.47 cror...
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🟡 Board Meeting 12 August 2026Mukka Proteins Limited announced on 12 August 2026 that its board approved a strategic investment in Swachha Eco Solutions Private Limited, acquiring ...
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🟡 Board Meeting 12 August 2026Mukka Proteins announced board changes effective 15th January 2027, reappointing four directors including Kalandan Mohammed Haris as Managing Director...
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🟡 Board Meeting 12 August 2026Mukka Proteins Limited announced on 12 August 2026 that its board withdrew the previously approved proposal to issue up to **₹75 crores** of senior se...
🧠 Analyst's Read
Mukka Proteins is executing a clear strategic pivot toward high-growth, ESG-aligned protein verticals with strong export tailwinds, but this comes with rising leverage and operational complexity. Investors should monitor the pace of integration in new markets, conversion of convertible warrants, and progress toward the ₹3,000 crore revenue target by FY30, while remaining cautious of execution risks in unfamiliar business lines.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
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.
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