Avanti Feeds is the quiet giant of Indian shrimp - the company that feeds roughly half the country’s farmed shrimp, supplies the seed that starts the crop, and then processes and exports the harvest to dinner plates across America, Europe and Asia. It was born in 1993 on the wave of India’s “Blue Revolution,” the government push that turned coastal aquaculture into an organised industry, and has spent three decades building a fully traceable chain from hatchery to frozen fillet. The thread that runs through every part of the business is a refusal to cut corners on feed quality - the company sticks to its formula even when raw-material prices spike, because a farmer’s entire crop depends on it. # Business segments Three engines built in sequence - a shrimp-feed franchise that commands half the national market, a processing-and-export arm that turns the harvest into frozen products for global retailers, and a hatchery that supplies the seed stock - with an early-stage pet-food bet on the side. ## 1. Shrimp feed: the franchise that feeds half of India’s shrimp **With roughly 50% of the country’s shrimp-feed consumption and five large plants, this is the engine that built the company - and its cash-upfront model funds everything else.** - **Dominant scale, not just a large share** - the company sold 5,62,060 metric tonnes of feed in FY26, against an estimated national total of 11-12 lakh metric tonnes, so about one in every two tonnes of shrimp feed used in India carries an Avanti brand. - **Cash before dispatch** - 90-95% of feed sales are collected in advance, and the small remainder is secured by collateral and collected within 15-20 days, which means the feed business generates cash before it ships product. - **Buys raw materials when crops arrive, not when mills need them** - the company uses its cash reserves to build inventory of fishmeal and soybean meal right after harvest, when prices are low, rather than buying on the spot market all year. - **Formula discipline is the farmer’s insurance** - management refuses to substitute cheaper ingredients such as DDGS into the feed, even when fishmeal prices double, because a compromised formula risks the farmer’s entire crop and the trust that underpins the 50% market share. - **A technical field army, not just a sales force** - a nationwide team of aquaculture experts provides pond-management guidance, seed-selection advice, disease diagnostics and farmer training, available 24/7, which ties the farmer to the feed brand beyond price. ## 2. Shrimp processing and export: the global kitchen for US retailers **It buys shrimp from Indian farms, transforms it into frozen raw, cooked and value-added products across three plants, and sells it mainly as an OEM supplier to American retail and food-service chains.** - **Made for someone else’s label** - the division operates primarily as an original equipment manufacturer for US retailers, because those retailers already have their own brands and there is little room for an Indian processor to build a consumer brand in that market. - **Three plants, one new and one ageing** - combined annual capacity is 36,000 tonnes across two older facilities (expanded to 29,000 tonnes) and a new state-of-the-art plant at Krishnapuram, Andhra Pradesh, near a port, which shipped its first export invoice in March 2024; the oldest plant dates to 1997 and needs renovation. - **America is the big customer, but the mix is shifting** - North America took 68.3% of processed shrimp sales in FY26, down from 83.4% in FY24, while Asia rose to 16.7% and Europe was 14.6%, a deliberate push to reduce dependence on a single geography. - **Short-term orders, not annual contracts** - sales are mostly spot buys or a few short-term contracts, with no fixed annual volumes, so revenue visibility is limited and the business rides the seasonal shrimp harvest cycle. - **Regulatory and tariff whiplash is part of the cost of doing business** - the division has weathered a USFDA “red alert” and product recall over Salmonella in 2021 (later resolved and restored to green-list status), a US countervailing duty of 5.77% on Indian shrimp, and the recent imposition and subsequent court-ordered refund of IEEPA-based tariffs. ## 3. Shrimp hatchery: the seed that starts the crop **A single biosecure hatchery in Andhra Pradesh produces 600 million disease-free post-larvae a year, giving the company a presence at the very beginning of the shrimp farming cycle.** - **Specific Pathogen-Free from imported broodstock** - the hatchery relies on imported SPF Vannamei broodstock and runs an in-house laboratory that screens for disease at every stage, from broodstock arrival to post-larvae sale, with strict biosecurity and restricted staff movement. - **Small in revenue, strategic in role** - the hatchery accounted for just 0.24% of total turnover in FY23, but it closes the loop: the company supplies the seed, the feed, and then buys back the harvest for processing. ## 4. Pet food: a protein bet in its infancy **A recently launched premium cat-food brand, “Avant Furst,” is the first step into India’s pet-food market, with a manufacturing plant under development near Hyderabad.** - **Imported now, made-in-India later** - the brand launched in March 2025 in Hyderabad using products imported from Thai joint-venture partner Bluefalo Petcare, while a factory on 30 acres near Hyderabad is being readied for commercial production by early 2027. - **Sold online and in five cities** - distribution is through Amazon and Supertails, with physical presence in Mumbai, Pune, Chennai, Bangalore and Hyderabad, supported by digital marketing on Instagram and Facebook. - **Built on feed-manufacturing know-how** - the company describes pet food as “an identical product as the existing Shrimp Feed,” so the diversification leverages decades of extrusion and formulation experience. # Group structure and partners **The listed parent holds the feed and hatchery businesses directly, while shrimp processing, pet food and legacy power assets sit in subsidiaries - and a deep tie with Thai Union Group provides technology, market access and board representation.** - Avanti Frozen Foods Pvt. Ltd. runs the shrimp processing and export business; Avanti Feeds owns 60%, and the subsidiary previously had a US arm that was dissolved in 2023. - Avanti Pet Care Pvt. Ltd. is the pet-food vehicle, incorporated in July 2023 as a subsidiary; Avanti has invested ₹26.30 crores of a total approved ₹51.00 crores. - Srivathsa Power Projects Pvt. Ltd. is a 17.2 MW gas-based power plant that has been idle since FY23-24 because of unavailability of APM gas and uneconomic production costs. - Patikari Power Pvt. Ltd. is a 25.88% associate operating a 16 MW hydel project in Himachal Pradesh. - Thai Union Group PCL, Thailand, is the strategic anchor: it can nominate two directors to Avanti’s board, provides feed-formulation technology and global market intelligence, receives royalty payments (₹894.62 lakhs in FY24), and is a major buyer of Avanti’s shrimp products (₹38,331.36 lakhs in FY24). - A new Dutch subsidiary, SEALUXE B.V., was incorporated in October 2025 for the seafood industry and has yet to commence operations.