Apex Frozen Foods Limited — Investor Meet, 23-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

APEX Q3 FY26 Earnings Call Recap:

**Financial Performance:**

Revenue up 15% YoY to INR 264 Cr. EBITDA surged 147% to INR 17 Cr with margins at 6.5%. PAT grew to INR 10 Cr. Lower raw material prices aided profitability. EU sales were strong, up 22% YoY, partially offsetting a 12% decline in US sales due to tariffs.

**Management Commentary & Outlook:**

Diversification is key, with non-US exports now 51% of business. US tariffs reduced to 25%, expected to boost volumes. India-EU FTA is positive for long-term growth. Management targets INR 1200+ Cr revenue in two years with sustainable EBITDA margins (7-10%), potentially higher with ready-to-eat (RTE) focus. Hatchery operations show positive farmer sentiment.

**Key Highlights:**

Management is confident in market recovery. Capacity utilization aims for 50% by FY27. Exploring new markets like Russia and Australia. US order inquiries have increased post-tariff reduction. Significant headroom for RTE growth, with current utilization at 11%.