Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹884Cr
Food - Processing - Others
Rev Gr TTM
Revenue Growth TTM
12.84%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

APIS
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -18.7 | 15.8 | -19.8 | -10.3 | 2.6 | 10.3 | 1.7 | 17.2 | 14.1 | -0.3 | 19.7 | 18.2 |
| 71 | 71 | 72 | 66 | 73 | 80 | 72 | 84 | 79 | 80 | 85 | 99 |
Operating Profit Operating ProfitCr |
| 7.6 | 10.6 | 9.2 | 16.4 | 7.3 | 8.3 | 11.1 | 9.3 | 12.0 | 7.9 | 11.5 | 9.3 |
Other Income Other IncomeCr | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 |
Interest Expense Interest ExpenseCr | 2 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 4 | 6 | 6 | 12 | 4 | 6 | 7 | 7 | 9 | 6 | 9 | 8 |
| 3 | 2 | 2 | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
|
Growth YoY PAT Growth YoY% | 123.7 | 804.8 | -7.2 | 314.0 | 98.8 | -10.5 | 33.8 | -57.3 | 303.0 | 2.6 | 32.7 | 21.3 |
| 1.1 | 5.5 | 5.1 | 14.6 | 2.1 | 4.5 | 6.7 | 5.3 | 7.5 | 4.6 | 7.4 | 5.5 |
| 0.4 | 16.2 | 9.2 | 1.1 | 0.2 | 0.4 | 12.2 | 9.5 | 14.8 | 4.6 | 0.5 | 0.3 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 14.9 | -6.5 | 30.2 | 8.0 | 12.4 | -4.8 | 10.8 | 9.3 |
| 176 | 206 | 199 | 258 | 277 | 310 | 282 | 315 | 344 |
Operating Profit Operating ProfitCr |
| 10.0 | 8.2 | 5.4 | 5.6 | 6.3 | 6.7 | 10.9 | 10.2 | 10.2 |
Other Income Other IncomeCr | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
Interest Expense Interest ExpenseCr | 2 | 3 | 5 | 5 | 7 | 7 | 6 | 5 | 4 |
Depreciation DepreciationCr | 2 | 3 | 3 | 2 | 3 | 3 | 2 | 4 | 5 |
| 16 | 12 | 4 | 8 | 9 | 13 | 27 | 29 | 33 |
| 5 | 3 | 2 | 3 | 4 | 6 | 6 | 8 | 9 |
|
| | -18.2 | -74.7 | 111.1 | 13.7 | 30.8 | 193.9 | -2.8 | 13.8 |
| 5.8 | 4.1 | 1.1 | 1.8 | 1.9 | 2.2 | 6.8 | 6.0 | 6.3 |
| 21.6 | 19.1 | 5.9 | 11.5 | 13.4 | 1.4 | 2.3 | 46.0 | 20.2 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| 60 | 70 | 74 | 79 | 92 | 110 | 142 | 168 | 177 |
Current Liabilities Current LiabilitiesCr | 86 | 105 | 112 | 133 | 149 | 128 | 107 | 106 | 77 |
Non Current Liabilities Non Current LiabilitiesCr | 2 | 3 | 6 | 13 | 11 | 9 | 9 | 9 | 10 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 133 | 157 | 160 | 197 | 218 | 197 | 207 | 228 | 207 |
Non Current Assets Non Current AssetsCr | 21 | 27 | 37 | 34 | 39 | 56 | 58 | 60 | 63 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 12 | 5 | 16 | -5 | 12 | 18 | -3 | 6 |
Investing Cash Flow Investing Cash FlowCr | -8 | -7 | -9 | 2 | -4 | -9 | 8 | 0 |
Financing Cash Flow Financing Cash FlowCr | -1 | -7 | -5 | 2 | -6 | -10 | -6 | -6 |
|
Free Cash Flow Free Cash FlowCr | 5 | 4 | 13 | -5 | 9 | 16 | -7 | 3 |
| 105.4 | 54.0 | 662.3 | -96.1 | 207.8 | 238.8 | -15.4 | 27.8 |
CFO To EBITDA CFO To EBITDA% | 61.1 | 27.3 | 136.5 | -31.2 | 63.0 | 79.3 | -9.7 | 16.4 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 | 0 | 35 | 105 | 0 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.9 | 3.2 | 0.0 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.3 | 0.0 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.7 | 0.0 |
| 2.3 | 3.5 | 5.6 | 5.3 | 5.3 | 4.9 | 4.8 | 1.9 |
Profitability Ratios Profitability Ratios |
| 35.9 | 45.6 | 49.0 | 39.3 | 36.1 | 31.6 | 40.6 | 37.6 |
| 10.0 | 8.2 | 5.4 | 5.6 | 6.3 | 6.7 | 10.9 | 10.2 |
| 5.8 | 4.1 | 1.1 | 1.8 | 1.9 | 2.2 | 6.8 | 6.0 |
| 15.4 | 11.2 | 6.2 | 8.0 | 8.3 | 10.7 | 15.9 | 14.0 |
| 17.3 | 12.2 | 3.0 | 5.8 | 5.8 | 6.4 | 14.6 | 12.2 |
| 7.4 | 5.0 | 1.2 | 2.1 | 2.2 | 2.9 | 8.2 | 7.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
APIS India Limited is a leading FMCG company in India’s organized honey and food products sector, with over a century of legacy since its founding in **1924**. The company has evolved from a honey trading and processing business into a diversified food and beverage player with a strong domestic and international footprint. Operating under the flagship brand **APIS Himalaya**, it is recognized for high-quality, responsibly sourced, and innovative food products.
APIS India’s operations span manufacturing, retail, bulk institutional sales, exports, and private-label partnerships across more than **40 countries**, including the USA, UAE, Qatar, and other global markets.
---
### **Core Operations & Facilities**
- **Manufacturing Hub**:
- Operates a **7-acre state-of-the-art manufacturing facility** in **Roorkee, Uttarakhand**, situated at the foothills of the Himalayas.
- The facility houses **three advanced processing units** with a daily honey processing capacity of **over 100 tonnes**.
- Equipped with **in-house testing, filtration, and processing infrastructure**, including a **world-class laboratory** compliant with European Union standards.
- **Production Capabilities**:
- Supports packaging from **6g to 4.5kg for retail**, and **25kg to 230kg for bulk export orders**.
- Holds key international certifications: **BRC, ISO22000, KOSHER, HALAL, NON-GMO, ORGANIC** — ensuring compliance with global food safety and export standards.
- **Distribution Network**:
- Reaches over **200,000 direct and indirect retail points across India**.
- Owns **13 manufacturing units in India** and **1 international facility in Dubai, UAE**.
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### **Sourcing & Honey Portfolio**
- **Sourcing Network**:
- Sources raw honey from **beekeepers across 15 Indian states**, enabling year-round availability and supply chain resilience.
- **Floral Sources**:
- Includes diverse varieties: **Rapeseed/Mustard, Acacia, Lychee, Eucalyptus, Orange Blossom, Sunflower, Himalaya Wild Flower Forest, Kashmir Cider**.
- **Honey Offerings**:
- **Brands**: APIS Himalaya, Pure Honey, GOURMET, Apis Honey, Himalayan Honey, ASLNA 300, Reliance Honey, Al-Shafi Honey.
- **Varieties**: Acacia, Eucalyptus, Himalaya Honey, Lychee, Sunflower, Organic, Wild Flower Forest, Regular.
- **Pack Sizes**: From **15g to 1kg**, with packaging in **PET jars, squeezy bottles, and glass jars**.
- **Promotions**: Regular "Buy One, Get One" (BOGO) offers on popular SKUs (e.g., 450g, 500g, 1000g).
- **Export Recognition**:
- Recipient of the prestigious **APEDA Export Award (three times)** from the Ministry of Commerce, Government of India.
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### **Value-Added & Diversified Product Portfolio**
APIS India has expanded beyond honey into multiple food categories, aligning with rising consumer demand for **branded, functional, and convenience foods**.
#### **Breakfast & Spreads Segment**
- **Jam Range**:
- Brands: **apis TRUIT BLAST** (Mango, Mixed Fruit), **apis BLAST EAPPLE** (Pineapple).
- Pack sizes: **90g, 200g, 450g, 1000g** in **IML-PP, glass, and PET** materials.
- Promotions: BOGO on 450g glass jar variants.
- **Peanut Butter**:
- Creamy & Crunchy variants in **340g PET jars**, 24 units per case.
- **Chocolate Hazelnut Spread**:
- 350g PET jar, 24 units per case.
- **Vermicelli & Macaroni**:
- Vermicelli in Plain, Roasted, Thin Long Roasted variants (70g–850g).
- Macaroni in Plain variant (180g, 400g).
- Case sizes vary: 20–200 units, depending on SKU.
#### **Beverages & Premixes**
- Developing **Honey Lemon Green Tea, Kahwa, Aam Panna, Jaljeera, Thandai, Shikanji, Falooda** — catering to India’s traditional beverage culture.
- **Honey-based functional drinks** and **infused green teas** under development.
#### **Snacks & Health Foods**
- **Soya Chunks** (with Masala): 96g, 200g packs.
- **Muesli**: 21% fruit & nuts composition, vitamin-enriched.
- **Cornflakes & Chocoflakes**: 250g, 1kg packs.
#### **Pickles & Pantry Staples**
- **Spicelicious Pickles** under Apis brand — regional variants (North, South, East, West, Kerala, Tamil Nadu).
- **Ginger-Garlic Paste**: 100g and 200g pouches.
- **Ketchup, Snack Sauces, Soya Sauce, Vinegar, Khus Syrup** — targeted at HORECA and retail.
#### **Dates**
- Packaged under **premium variants**: Royal Zahidi, Arabian Pearls, Sabba.
- SKUs: 250g, 400g, 500g in **stand-up pouches, boxes, brick packs**.
- BOGO promotions on multi-packs.
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### **Innovation & Strategic Expansion**
- **Value-Added Honey Products**:
- Developing **medicinal and indigenous flavor-infused honey blends** (e.g., turmeric, ginger, tulsi, saffron) targeting **health & wellness** and **functional food** markets.
- Includes **Silver Coated Dates**, **Chyawanprash**, and **honey marmalade** in development pipeline.
- **New Product Launches (Planned/Recent)**:
- **Honey Almond Cornflakes**, **Vitamin-enriched Jams**, **Infused Honey**, **Premixes (Aam, Thandai, etc.)**, **Nut Mixtures**, **Agarbatti**, **Organic Honey**, **Rose Water**.
- **Retail Push**:
- Aggressively expanding into **retail food products**, with focus on **breakfast, snacks, preserves, and traditional Indian mixes** to capture shelf space and consumer loyalty.
- **Greenfield Expansions**:
- Led by **Mr. Vimal Anand (Director since 2006)**, who has driven international expansion into 40+ countries and strengthened product innovation.
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### **Associate Companies & Subsidiaries**
1. **Kapil Anand Agro Private Limited**
- Incorporated in 2018 (formerly Anand Agro, est. 2011).
- Based in **Hathras, Uttar Pradesh**; operates under GMP and food safety norms.
- Specializes in **garlic/ginger paste, pickles**, with **3,000+ MT annual capacity**.
- Provides **third-party labeling and co-packing services** for **DS Group, Rakesh, Vishal Mega Mart**.
- Financial Performance:
- Net profit rose from **₹1.05 crore (2023–24)** to **₹1.98 crore (2024–25)**.
2. **Nature's Family Tree Foods Private Limited**
- Wholly owned subsidiary.
- Incurred a **net loss of ₹9,192 (2024–25)** — improved from ₹12,773 (previous year).
3. **Apis Arabia Foods L.L.C. (Dubai)**
- Formerly **APIS Pure Foodstuff Trading LLC** (renamed in 2024–25).
- Engaged in trading **honey, tea, coffee, bread & bakery products**.
- **Turnover**: ₹159.95 crore (up from ₹135.74 crore).
- **Net Profit**: ₹5.36 crore (down from ₹11.64 crore) — attributed to market adjustments and higher input costs.
4. **Joint Venture & Subsidiaries**:
- **Anantdrishti Smart India Private Limited** – Wholly owned tech/branding arm.
- **APIS Pure Foodstuff Trading Co., LLC (Dubai JV)** – Key to international distribution.
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### **Leadership & Vision**
- **Mr. Vimal Anand** (Director):
- Over **30 years of experience** in multi-geography FMCG operations.
- Instrumental in scaling **turnover to record levels** and expanding into global markets.
- Focus on **sustainability, innovation, and greenfield investments**.
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