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Stock Analysis

Description

Apex Frozen Foods Limited, established in 1995, is a significant player in the frozen foods industry, primarily processing and exporting shrimps. The company caters to international markets including the USA, European Union, and China, and also sells shrimp seeds to farmers.

Key Growth Triggers

Diversification into non-US markets, with non-US exports reaching 56% of sales in Q2 FY26, mitigating US tariff impacts.
EU listing approval for its second facility, enabling RTE product exports to the EU market.
Focus on value-added products and exploration of new markets like Australia and Russia.

Order Book

Currently no data available for Order Book.

Key Red Flags

Rising US tariffs pose a significant risk, causing customers to pause orders and creating demand uncertainty for the US market.
Geopolitical risks are identified as a concern.
Historically, the company has shown low ROCE/ROE and a long cash conversion cycle.

Key Dates To Watch

January 1, 2026: Trading window closure commences.
48 hours after Q3 FY26 results declaration: Trading window reopens.
(Implied) Announcement of Q3 FY26 financial results (expected in January 2026).

Corporate Announcements

30th Mar 26

Impact Rating: 5

Apex Frozen Foods will close its trading window from April 1, 2026, as per SEBI rules. The window reopens 48 hours post Q4 and FY26 audited results, impacting insiders.

16th Feb 26

Impact Rating: 4

Apex Frozen Foods Limited informed exchanges that the audio recording of its investor conference call, held on February 16, 2026, to discuss the un-audited financial results for the third quarter and nine months ended December 31, 2025, is available on the company's website.

13th Feb 26

Impact Rating: 9

Despite headwinds in US sales due to tariffs, operational efficiencies and market diversification contributed to strong financial performance in Q3 FY26.

11th Feb 26

Impact Rating: 7

Quarter-on-quarter, revenue increased by 10.88%, but net profit saw a 15% decline. EPS stood at ₹3.23.

11th Feb 26

Impact Rating: 8

Apex Frozen Foods Ltd. releases Q3 FY26 unaudited financial results. The Board of Directors approved the results on February 11, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Apex Frozen Food	307.45	46.15	960.78	0.65	11.87	697.60	238.34	19.46	2.43	924.55	4.05	20.82	9.98	1.89	0.60	0.08
2.	Sharat Industrie	145.50	39.96	570.57	0.17	5.74	53.89	149.73	49.22	11.88	455.28	7.72	14.28	5.74	3.76	4.12	0.79
3.	Kings Infra	127.10	21.10	311.46	0.00	4.38	26.22	43.13	41.55	20.40	142.52	18.89	14.76	4.38	3.94	10.86	0.88
4.	Coastal Corporat	45.06	29.16	301.80	0.49	3.67	619.61	159.68	3.17	4.61	683.97	5.95	10.35	3.67	1.11	0.64	1.54
5.	Waterbase	46.47	–	192.51	0.00	-5.41	-119.03	81.72	31.59	-10.62	312.03	-4.92	-18.04	-5.41	1.31	-7.45	0.34
6.	Zeal Aqua	10.83	8.41	136.53	0.00	3.00	27.66	184.70	21.39	15.17	580.49	6.76	16.23	3.00	1.46	3.22	2.57
7.	Essex Marine	23.12	5.54	35.29	0.00	3.41	227.88	32.70	158.70	24.53	57.29	13.65	6.37	3.41	0.93	10.34	0.41
–	Median: 6 Co.	86.78	29.16	306.63	0.09	4.03	40.77	154.7	26.49	8.25	517.88	6.36	14.52	4.03	1.67	1.93	0.83

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	231	148	231	254	186	258	212	162	197	293	241	200	238
Expenses	212	140	227	241	175	243	204	160	191	281	222	196	227
Operating Profit	18	8	4	13	11	15	8	1	7	12	19	4	11
Other Income	0	1	2	0	0	3	-5	1	1	16	1	1	9
Profit before tax	10	4	-0	5	5	13	-3	-0	3	18	11	-2	16
Tax %	25%	17%	5%	28%	25%	30%	38%	-27%	30%	26%	27%	-19%	24%
Net Profit	8	3	-0	4	4	9	-4	-0	2	14	8	-2	12
EPS in Rs	2.48	0.95	-0.07	1.17	1.22	2.91	-1.29	-0.12	0.63	4.35	2.67	-0.53	3.80

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	514	599	604	699	999	875	827	818	926	1,070	804	814	925
Expenses	482	566	563	654	889	785	740	728	840	987	764	788	887
Operating Profit	33	33	40	44	110	90	87	91	86	83	40	25	37
Other Income	0	5	5	11	20	21	19	8	6	2	3	5	15
Interest	8	10	10	11	9	7	11	16	17	15	9	9	6
Depreciation	5	0	5	6	9	11	15	22	19	19	15	15	15
Profit before tax	20	28	30	37	113	94	81	61	56	51	20	6	31
Net Profit	13	18	19	25	79	61	61	44	41	36	15	4	23
EPS in Rs	6.71	7.65	8.03	10.47	25.31	19.46	19.40	14.17	13.14	11.48	4.67	1.24	7.27
Dividend Payout %	0%	0%	0%	10%	8%	10%	0%	14%	19%	22%	43%	161%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	20	24	24	24	31	31	31	31	31	31	31	31	31
Reserves	18	32	51	85	271	324	365	409	437	459	466	463	478
Borrowings	79	90	79	110	85	108	163	168	167	91	107	73	41
Other Liabilities	24	19	24	57	43	47	68	49	42	33	29	46	81
Total Liabilities	141	165	179	277	431	510	627	657	678	614	633	613	631
Fixed Assets	40	52	55	83	111	115	280	250	236	242	254	243	241
Gross Block	47.31	59.90	67.59	101.55	138.44	151.70	331.35	319.81	323.96	344.42	367.60	368.56	–
Accumulated Depreciation	7.05	7.63	12.41	18.68	27.33	37.03	51.14	69.40	87.91	102.03	113.83	125.91	–
CWIP	0	0	8	1	21	116	3	15	22	18	4	4	1
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	101	113	116	193	299	279	344	391	420	354	376	367	389
Total Assets	141	165	179	277	431	510	627	657	678	614	633	613	631

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	9	12	37	14	33	49	58	13	36	121	11	50
Cash from Investing Activity	-17	-12	-16	-29	-58	-114	-44	-14	-10	-22	-8	-2
Cash from Financing Activity	8	-0	-21	17	85	7	-14	4	-27	-99	-2	-49
Net Cash Flow	0	0	0	3	60	-58	1	3	-2	1	1	-1

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	24	31	25	43	25	39	35	67	52	38	49	57
Inventory Days	47	39	48	44	53	67	117	106	120	88	129	118
Days Payable	15	9	13	21	14	20	29	20	12	8	10	16
Cash Conversion Cycle	56	60	60	66	64	86	123	154	160	118	167	158
Working Capital Days	52	8	13	24	39	47	54	83	90	71	107	110
ROCE %	28%	29%	27%	26%	40%	24%	18%	13%	12%	11%	5%	2%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%	72.62%
FIIs	0.02%	0.10%	0.02%	0.02%	0.03%	0.00%	1.27%	2.43%	3.37%	3.29%	4.18%	4.84%
DIIs	6.30%	5.90%	4.51%	0.08%	0.00%	0.05%	0.22%	0.76%	0.37%	0.44%	0.55%	0.55%
Public	21.05%	21.37%	22.85%	27.27%	27.35%	27.32%	25.86%	24.18%	23.64%	23.65%	22.64%	21.97%