1. Group growth target - 10-15% On track - At the Q4 FY26 call, management put overall group growth at around 10-15% "with the present global situation". Q1 FY27 consolidated revenue grew 18.3% YoY; no full-year read yet.
2. Feed margins - 9-10% for FY26 Delivered - At the Q2 FY26 call, management said feed margins were "naturally likely to come down to maybe around 9% and 10%. So, 10% is a good achievable profitability for this current year overall". FY26 Shrimp Feed EBITDA margin was 16.8%; feed PBT margin was 15.5%.
3. Shrimp feed market share - 51-53% going forward Delivered - At the Q2 FY26 call, management said market share was "ranging from 51% to 53%… I think we will continue to hold that position at 52%, 53% in future also". FY26 estimated market share was approximately 51% to 53% of the Indian shrimp feed market.
4. No big capex in next two years On track - At the Q4 FY26 call, management said they do not foresee any big CapEx in the next two years, feed or processing; reiterated in the FY26 annual report. Q1 FY27 showed no major capex announced; pet food construction is pending approvals.
5. Feed price increase - to compensate raw material hike Delivered - At the Q4 FY26 call, management was preparing a feed price increase "at the earliest" to compensate the raw material hike, with the number to be decided "in one week or 10 days"; the FY26 annual report said revisions would follow as market conditions permit in FY 2026-27. A feed price hike of around 10% was taken on 19th June 2026.
6. Pet food volume target - 800 MT by end of 2026 Pending - At the Q4 FY26 call, management set a goal of 800 MTs by end of this year, moving from 53 tons to currently 100 tons. Q1 FY27 pet food sales were INR 1.8 crores; no volume disclosure in MT for Q1 FY27 in our record.
7. Feed export share - \~10% of volumes in 3-5 years Pending - At the Q3 FY25 call, management said feed exports were currently \~1% to 2% of volumes and they would like to reach around 10% in the next 3 to 5 years. No later disclosure of feed export share in our record.
8. Processing capacity utilization - at least 80% in 4-5 quarters Missed - At the Q3 FY25 call, management said processing utilization would be scaled up to at least 80% in the next 4 to 5 quarters, from current \~60-65%. FY26 processing sales were 16,976 MT against \~26,000-28,000 MT capacity, about 61-65% utilization; no explicit 80% utilization disclosure, with the question deferred at Q4 FY26.
9. FY27 shrimp exports - \~19,000 MT On track - At the Q4 FY26 call, management estimated company shrimp exports during FY27 at around 19,000 MT; reiterated in the FY26 annual report and at Q1 FY27. Q1 FY27 processing sales volume was 3,520 MT, down 16% YoY; no full-year read yet.
10. FY27 feed sales - \~5,80,000 MT On track - At the Q4 FY26 call, management estimated feed sales during FY27 at around 5,80,000 MT; reiterated in the FY26 annual report. At Q1 FY27 the estimate was raised to around 5,85,000 MT; Q1 feed sales were 1,93,852 MT, with no full-year read yet.
11. FY26 consolidated PBT margin - 14.5-15% Delivered - At the Q3 FY26 call, management expected FY26 consolidated PBT margin of around 14.5% to 15%, down from the 16% achieved in 9M FY26. FY26 consolidated PBT was ₹882 crores on gross income of ₹6,279 crores, 14.05%; on revenue from operations of ₹6,065.86 crore the PBT margin was 14.5%.
12. FY26 shrimp exports - \~17,000 MT Delivered - At the Q4 FY25 call, management estimated company shrimp exports during FY26 at around 17,000 MT; reiterated at Q1 FY26 and Q2 FY26, then lowered to around 16,500 MT at Q3 FY26. FY26 shrimp exports were 16,976 MT.
13. FY26 feed sales - \~5,60,000 MT Delivered - At the Q1 FY26 call, management estimated feed sales during FY26 at around 5,60,000 metric tons; raised to around 575,000 MT at Q2 FY26 and lowered to around 5,55,000 MT at Q3 FY26. FY26 feed sales were 5,62,060 MT.
14. Pet care revenue target - INR 10 crore in FY26 Missed - At the Q1 FY26 call, management set a revenue target of INR 10 crore for FY26 for Pet Care. FY26 APCPL turnover was ₹4.21 crore; quarterly pet care sales ranged from ₹38.17 lakh in Q1 FY26 to ₹1.51 crore in Q4 FY26.
15. Pet care project completion - end of 2024, sales from 1st January 2025 Partial - At the Q2 FY24 call, management expected the pet care project completed by end of 2024 with sales commencing from 1st January 2025; timelines were repeatedly pushed, with own production later guided to end of December 2026 and end of FY27, and construction still awaiting approvals at Q1 FY27. Trading in cat food commenced January 2025 under "Avant Furst" and dog food launched August 2025; own manufacturing is not yet under construction.
16. Fish feed commercialization - FY25 Missed - At the Q1 FY24 call, management guided that fish feed commercialization should start in FY25 ("FY25 it should be there"), with a technical knowhow agreement with Thai Union in place; the August 2023 announcement covered a Fish Feed facility at Bandapuram. As of Q1 FY27, fish feed was still in trial phase with imported product from Thai Union; no commercial production or India manufacturing commenced.
17. FY24 PAT margin - 7-8% Delivered - At the Q4 FY23 call, management guided FY24 PAT margins of 7-8%, provided raw material prices stay at current levels. FY24 PAT margin was 7.3%.
18. FY25 feed sales - \~5.40 lakh MT Delivered - At the Q2 FY25 call, management guided FY25 feed sales of "more or less whatever the last year's consumption plus or minus 5%, we should be able to achieve 5,40,000 MTs or something like that". FY25 feed sales were 5,55,247 MT.
19. FY25 shrimp exports - \~16,000 MT Missed - At the Q4 FY24 call, management guided shrimp processing and export volumes for FY25 at around 16,000 metric tons, considering commercial production by the new Krishnapuram plant; reiterated at Q1 FY25 and Q2 FY25, then lowered to around 15,000 MT at Q3 FY25. FY25 shrimp exports were 14,149 MT.
20. FY24 shrimp exports - \~15,000 MT Missed - At the Q3 FY24 call, management expected exports of about 15,000 metric tons during FY24, considering commencement of commercial production at the new Krishnapuram plant before 31st March 2024. FY24 shrimp exports were 13,443 MT.
21. FY24 feed sales - \~6 lakh MT Missed - At the Q3 FY24 call, management targeted feed sales of about 6 lakh metric tons for FY24. FY24 feed sales were 5,31,967 MT, well below the 6 lakh MT target.
22. FY23 shrimp exports - \~14,500 MT Delivered - At the Q4 FY22 call, management guided company shrimp exports of \~14,500 metric tons for FY23, an increase of 13% over FY22's 12,836 MT; lowered to around 13,000 MT at Q2 FY23 and around 12,500 MT at Q3 FY23. FY23 shrimp exports were \~12,497 MT.
23. FY23 feed sales - \~5.80 lakh MT Missed - At the Q4 FY22 call, management guided company feed sales of \~5.80 lakh metric tons for FY23, an increase of 7% over FY22's 5.41 lakh MT; lowered to "more or less the same as FY22" at Q2 FY23 and to around 5 lakh MT at Q3 FY23. FY23 feed sales were 4.97 lakh MT.
24. USFDA green list reinstatement - within a few months Delivered - At the Q4 FY22 call, Nikhilesh said on the USFDA green list reinstatement: "in the next few months we should be reinstated", dependent on the regulatory department. USFDA removed cooked shrimp products from the FDA import alert list from 21st October 2022.
25. Yerravaram cold storage - 2,000 MT capacity Pending - At the Q4 FY22 call, a new cold storage at the Yerravaram processing plant with 2,000 MT capacity, estimated cost ₹17.60 crores, was work in progress. At Q2 FY23 it was still work in progress at the same estimated cost; no later completion disclosure in our record.
26. Krishnapuram processing plant - 7,000 MT p.a., commercial production within 1.5 years Delivered - At the Q4 FY22 call, the new processing plant and cold storage at Krishnapuram (7,000 MT p.a., estimated cost ₹49 crores) was to be in commercial production "within the next one and a half year"; the cost was revised to ₹64.6 crores at Q3 FY23 and commercial operations were guided to March 2024 through Q3 FY24. The plant has been in operation since 21st March 2024.
27. Gopalapuram pre-processing facility - completed and awaiting approvals Delivered - At the Q4 FY22 call, the pre-processing facility at Gopalapuram (capex ₹11.43 crores) was completed and awaiting clearances, with management saying "everything is ready, we're just waiting for the clearance from the government agencies". Commercial operations started from 31st March 2023.
28. Bandapuram shrimp feed plant - 1,75,000 MT capacity, commercial production by June 2022 Partial - At the Q3 FY22 call, the new shrimp feed plant with annual capacity of 1,75,000 MT was expected to commence commercial production by June-22; at Q4 FY22 the start was scheduled for June '22 after a month's delay. Commercial production commenced in December 2022, \~6 months after the June 2022 target, with capex of ₹125 crores deployed.
29. Shrimp hatchery - commercial production by end of 2020 Partial - At the Q1 FY21 call, construction of the 1st phase of the shrimp hatchery was completed and commercial production was targeted to commence by end of 2020, awaiting Government approval; the August 2020 announcement expected production by end of September 2020. Commercial production commenced on 13th November 2020.
30. Shrimp feed market share - 45-48% in FY21 Delivered - At the Q1 FY21 call, management expected the company to maintain its market share of 45% to 48% during FY21; reiterated at Q2 FY21 and Q3 FY21. Management confirmed the company maintained its market share of 45% to 48% during FY21.
31. Shrimp feed sales volume - 4.85 lakh MT in FY21 Partial - At the Q1 FY21 call, management expected company shrimp feed sales during 2020-21 to be maintained at the same level of 4.85 lakh MT as in FY20; reiterated at Q2 FY21 and Q3 FY21. FY21 shrimp feed sales were 4,73,449 MT vs 4,84,669 MT in FY20, a marginal 2% reduction.