Avanti Feeds Q4 FY26: Income Up 6%, PBT Down 13%

What Avanti Feeds reported for Q4 FY26

Avanti Feeds posted year-on-year growth in its Q4 FY26 top line, but profitability weakened as feed input costs rose sharply. For the quarter ended March 31, 2026, the company reported consolidated gross income of INR 1,515 crore, up 5.86% from INR 1,432 crore in Q4 FY25. Revenue from operations (also reported as total income in the results highlights) came in at INR 1,467.72 crore, up 6.21% year-on-year, and up 6.09% sequentially versus INR 1,383.52 crore in Q3 FY26.

On profits, Avanti Feeds reported profit before tax (PBT) of around INR 184 crore in Q4 FY26, down 12.8% from INR 211 crore a year ago. In another disclosure line item, PBT from continuing operations was reported at INR 183.05 crore, down 13.49% year-on-year and down 17.62% quarter-on-quarter. The company attributed the decline in quarterly profitability to higher input costs, as stated in the summary notes accompanying the results.

Q4 operating performance: margins contracted

The Q4 results highlights showed operating profit of INR 136.71 crore, down 15.84% year-on-year. Operating margin for the quarter stood at 9.31%, with the margin profile deteriorating on a year-on-year basis. Another set of metrics in the same result pack indicated Q4 FY26 EBITDA margin at 13.6% versus 16.4% in Q4 FY25, citing higher raw material costs.

Profit after tax (PAT) numbers were reported in multiple places. The quarter’s PAT was stated as INR 124.46 crore (down 18.06% year-on-year) in the highlight section, while another summary stated PAT at INR 138.86 crore, down 11.7% year-on-year to INR 138.86 crore. Earnings per share (EPS) for Q4 FY26 was reported at INR 9.19 versus INR 11.10 in Q4 FY25.

FY26 snapshot: growth on revenue, mixed profit disclosures

For the full year FY26, Avanti Feeds reported consolidated gross income of INR 6,279 crore and PBT of INR 882 crore. Separately, consolidated revenue for FY26 was also reported at INR 6,067.29 crore (up 8.3% year-on-year). PAT for FY26 was reported as INR 656.80 crore (up 2.3% year-on-year) in one summary, and INR 656.98 crore (INR 6,569.84 million) in another.

The company also disclosed FY26 EBITDA of INR 947.64 crore (INR 9,476.4 million), up 18.7% year-on-year, with margins improving to 15.6% from 14.3%. Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 were approved, with auditors issuing unmodified opinions.

Segment cues: processing growth offsets feed pressure

The reported segment trend highlighted a divergence between shrimp feed and shrimp processing. Shrimp processing segment revenue was reported at INR 427.50 crore in Q4 FY26, up 22.2% year-on-year. Shrimp feed revenue was reported at INR 1,040.22 crore, up 0.8% year-on-year.

The same disclosures also noted that EBIT declined 6.7% year-on-year to INR 198.02 crore (INR 1,980.23 million), amid higher costs. The “reader takeaway” accompanying the results framed the quarter as revenue growth in processing helping offset feed segment margin pressure from rising input costs.

Feed raw material inflation: fish meal and soya moved sharply

Management flagged raw material inflation as a key headwind for the aquaculture industry in FY26 and FY27. The average consumption price of fish meal increased to INR 130 per kg in Q4 FY26 from INR 91 per kg in Q4 FY25. Over the same period, soya bean meal prices rose to INR 55 per kg from INR 41 per kg.

The company also indicated that current purchase prices have escalated further, with fish meal at INR 230 per kg and soya bean meal at INR 72 per kg. Against this backdrop, Avanti Feeds said it is preparing to increase feed prices to compensate for the rising input costs.

FY27 outlook: feed sales target and export growth guidance

Looking ahead, Avanti Feeds said management has set a target of 5.8 lakh MT in feed sales for FY27. It also expects export volumes to grow by 10% to 12% despite challenging global conditions. These targets were communicated alongside the discussion on rising raw material prices, suggesting that pricing and execution will be central to protecting margins.

Corporate actions and management changes disclosed with results

Along with the financial results, the company recommended a final dividend of INR 10 per equity share for FY 2025-26, subject to shareholder approval. It also disclosed key management changes, including the re-appointment of the Chairman and Managing Director and the Joint Managing Director, succession in the CFO role, and commission for non-executive directors.

Key numbers at a glance

Input cost indicators disclosed by management

Market impact: what the numbers signal

The quarter’s data points show that revenue growth did not translate into profit growth, with operating profit and PBT declining year-on-year. The disclosures repeatedly link this gap to higher raw material prices, which compressed margins in the core shrimp feed business. At the same time, the reported 22.2% year-on-year rise in shrimp processing revenue in Q4 FY26 suggests processing helped support the overall top line.

For investors tracking the aquaculture value chain, the company’s stated intention to raise feed prices is a direct response to the spike in fish meal and soya bean meal prices. The effectiveness of such price actions will matter for profitability, especially given that Q4 FY26 showed margin deterioration across multiple reported margin measures.

Why this quarter matters for FY27 execution

Avanti Feeds has provided concrete operating targets for FY27: 5.8 lakh MT feed sales and 10% to 12% export volume growth. Those targets are being set at a time when input costs are materially higher than the Q4 FY26 consumption averages, based on the “present purchase prices” disclosed.

The FY26 disclosures also included audited results with unmodified audit opinions, alongside corporate actions such as a proposed final dividend of INR 10 per share and management appointments. These updates form part of the overall information set investors typically track alongside quarterly performance.

Conclusion

Avanti Feeds’ Q4 FY26 results showed steady income growth but weaker profitability, with management attributing the pressure to rising raw material costs. The company has guided for 5.8 lakh MT feed sales and 10% to 12% export volume growth in FY27, while preparing feed price increases to offset higher fish meal and soya costs.