Vistar Amar turns fish into a high-protein feed ingredient that powers the world’s growing appetite for farmed shrimp and poultry. Incorporated in 1983 as a leasing company, it was renamed and reinvented in 2016, and since 2019 it has been a pure-play processor of sterilised fishmeal from plants on the Gujarat coast. The recurring approach is simple: buy raw fish and trimmings when the boats come in, cook and dry them within a day or two, and sell the resulting meal to institutional feed makers - capturing the margin that trading alone never could. # Business segments A single engine - fish processing into sterilised fishmeal - that supplies the aqua-feed, poultry-feed and pet-food industries from three plants on the Gujarat coast. ## 1. Sterilised fishmeal: protein for the world’s feed mills **The company cooks, presses, dries and mills raw fish into a high-protein powder that aquaculture and livestock farmers cannot do without - and it earns both from selling the meal and from processing fish owned by others.** - **One product, many mouths** - fishmeal is a naturally sourced protein additive used in feed for farmed shrimp, fish, poultry and pets, and global demand is rising at a projected 7.2% annually through 2028, driven by aquaculture expansion. - **Processing, not just trading** - until FY20 the business was a trader of fish; it moved into manufacturing because processing delivers better margins, and it now generates revenue from outright sale of goods as well as from processing charges when it handles raw material for others. - **Raw material sets the price** - finished-meal prices are quoted directly off the cost of raw fish and trimmings, which are typically processed within 48 hours of purchase, so the company’s margin is built on conversion efficiency rather than commodity speculation. - **Institutional buyers, repeat business** - customers are reputed feed manufacturers with whom the company maintains strong relationships, served by an experienced marketing team that understands the seasonal rhythms of the trade. - **A seasonal, weather-exposed engine** - the business depends on fishing activity that fluctuates with marine conditions, cyclones, fuel prices and government restrictions; a spike in oil prices or a delayed monsoon can shrink the raw-material supply overnight. ## 2. The Gujarat plant network: three factories, one process **Fishmeal production is spread across three coastal plants - Veraval, Porbandar and Mangrol - each running the same sterilisation process, with capacity added through acquisition and greenfield build-out.** - **Veraval, the original** - the first processing facility was built with fully indigenous plant design and upgraded in FY21 with a new boiler and dryer, lifting daily capacity from 20-25 tonnes to 30-35 tonnes. - **Porbandar, bought not built** - in January 2025 the company acquired the “Amar sterilised fish meal Unit” from a promoter-group entity on a slump-sale basis for Rs. 1,550 lakhs, financed by a rights issue; the acquired unit had clocked turnover of Rs. 8,872.58 lakhs in FY24, instantly adding scale. - **Mangrol, the newest** - a greenfield plant commenced production of sterilised fishmeal in March 2025, and by August 2025 the board had approved a 150 KW grid-connected solar rooftop system from Tata Power to meet part of its internal power needs. - **Shutdowns are part of the rhythm** - the Veraval plant was temporarily closed in late 2024 for pollution-control equipment replacement and was fully operational again by April 2025 after regulatory approvals; the Mangrol plant suspended operations in May 2025 for a planned two-month off-season maintenance window. # Group structure and partners **The company is a tightly held promoter vehicle with no subsidiaries, funded by a mix of promoter equity, a modest bank line and a recent rights issue - and it transacts routinely with related seafood businesses controlled by the same family.** - **Promoter-controlled** - RBP Holdings Private Limited holds 65.63% of the equity, and the two executive directors - brothers with over three decades in seafood between them - are partners or members in several related entities, including Amar Food Products and Amarsagar Seafoods. - **Related-party trade is material** - the company buys and sells goods, purchases raw material, pays processing charges and rents premises to and from entities where directors’ relatives have significant influence, including the very unit it acquired in 2025. - **Secured by inventory and personal guarantees** - a cash-credit limit of Rs. 2.75 crore from UCO Bank is backed by a first charge on all stocks, receivables and current assets, an equitable mortgage of the Veraval factory land, and the personal guarantees of both managing and executive directors.