Apex Frozen Foods Limited (APEX) Q2 FY27 Financial Results: PAT ₹22 & Revenue ₹257 Cr

Investor Takeaways

• PAT grew 138% YoY to ₹22 crores in Q1 FY27
• EBITDA increased 79% YoY to ₹33 crores
• Shrimp realization rose 15% YoY to ₹930/kg
• U.S. sales share reached 70% of total revenue
• RTE products contributed 16% of volume (targeting 18-20% FY24)
• Capacity utilization target set at 35-40%+ for FY27

Overall Tone: Positive

Key Financial Highlights

What Changed

Apex Frozen Foods reported a 138% year-on-year increase in profit after tax to ₹22 crores for Q1 FY27, supported by a 79% YoY rise in EBITDA to ₹33 crores. Shrimp realization improved 15% YoY to ₹930 per kilogram, contributing to margin expansion. U.S. exports now account for 70% of sales, while ready-to-eat (RTE) products made up 16% of volume, progressing toward the target of 18-20% for the full fiscal year. Management projects capacity utilization to reach 35-40%+ by FY27 end through product diversification and operational efficiencies. The company anticipates volume recovery in Q2 driven by logistics improvements, with stable margins expected. EU Free Trade Agreement benefits are projected to materialize in Q1 FY28, while no U.S. tariff refunds were received during the quarter.

Peer Comparison

Apex trades at a premium to ITC and HUL but below Nestle in P/E, reflecting market expectations of growth despite lower scale and profitability margins compared to established FMCG peers.

Risks & Concerns

• Dependence on U.S. market for 70% of sales exposes the company to geopolitical and trade policy volatility
• No U.S. tariff refunds received, potentially impacting near-term profitability
• Capacity utilization target of 35-40%+ remains aspirational with current levels not disclosed
• RTE volume contribution at 16% is below the 18-20% FY24 target, requiring sustained growth

Quarterly Trend

[This section is omitted as quarterly trend data beyond Q1 FY27 is not provided in the context.]