HMA Agro Industries is fundamentally a protein export platform - it slaughters, processes and ships halal-certified frozen buffalo meat from India to more than 40 countries, turning a religiously compliant, low-fat animal protein into a global commodity. The business began in 1960 with live buffalo trading, spent 25 years learning the animal supply chain, then built its first integrated abattoir in Agra in 2005 and listed on Indian stock exchanges in 2023. The recurring approach is vertical control: own the slaughtering and processing plants, source livestock directly from small farmers, and sell under the company's own brands to institutional buyers abroad - no middlemen between the farm gate and the export container. # Business segments A single integrated engine - frozen buffalo meat and allied products - that runs on owned and contracted processing plants, direct farm sourcing, and branded exports to B2B customers across five continents. ## 1. Frozen buffalo meat: the protein pipeline from farm to export container **The company slaughters, processes and exports halal-certified frozen boneless buffalo meat at industrial scale - roughly 400,000 tonnes of annual capacity across six owned plants - and sells it under its own brands to distributors and institutional buyers in over 40 countries.** - **Six owned plants, one giant** - the company operates six integrated abattoir-cum-meat-processing plants across five Indian states, with a combined annual capacity of about four lakh metric tonnes and daily production capacity of 1,472 MT. The largest, in Mewat, Haryana, is described as Asia's biggest integrated meat processing facility, with a single-plant capacity of 570 MT per day. - **Contract plants add surge capacity** - beyond owned facilities, HMA signs Facilities Agreements with third-party processors who slaughter, chill, freeze and pack exclusively for the company, adding over 500 MT per day of capacity without tying up capital in new plants. HMA holds no equity in these processors, so the arrangement is purely operational. - **Livestock bought direct from farmers** - 100% of buffalo are sourced domestically, with 80-90% procured directly from small-scale farmers and MSMEs, cutting out middlemen and giving the company control over animal quality and disease-free certification. The company pays largely in cash, with little credit from suppliers. - **Branded and sold to businesses, not consumers** - the company sells under three flagship brands - Black Gold, Kamil and HMA - to distributors, re-distributors and institutional clients in markets like Vietnam, Egypt, Malaysia, Indonesia and Iraq, with no single country exceeding 30% of revenue. Exports account for more than 95% of total sales. - **Two-year shelf life without preservatives** - the meat is blast-frozen and vacuum-packed, giving it a shelf life of up to two years with no added preservatives, which makes long-distance shipping to Africa and Southeast Asia viable. In FY25, the company commissioned India's first high-speed vacuum-packed chilled meat line using Cryovac® technology. ## 2. Diversified agro-exports: seafood, pet food, rice and leather built on the same export plumbing **The company has added five product lines beyond buffalo meat - frozen fish, pet food, Basmati rice, finished leather and an upcoming poultry plant - each with its own processing facility and brand, using the same export relationships and regulatory approvals.** - **Fish under Fresh Gold** - the group entered fish exports in 2015 and now processes varieties like Pomfret, Tilapia and Mackerel at a dedicated plant in Navi Mumbai, selling under the Fresh Gold brand. - **Basmati rice under HMA Gold** - the company entered rice exports in 2021 with a manufacturing facility in Karnal, Haryana, capable of handling 200 containers per day, offering multiple grades of Basmati rice. - **Leather from meat by-products** - a leather processing plant in Unnao, Uttar Pradesh, is being established to convert meat by-products into high-quality leather, turning what would be waste into a separate product line. - **Chicken processing in the pipeline** - a poultry plant is under development in Jabalpur, Madhya Pradesh, through subsidiary HMA Natural Foods, though it had no turnover as of FY24. # Group structure and partners **The listed company sits at the centre of a web of subsidiaries and partnership firms that hold individual processing plants and operating licences, with promoters controlling over 81% of the equity.** - **Promoters hold a tight grip** - as of March 2026, promoters owned 81.63% of the company, and a 2025 shareholders' agreement gave existing promoters a Right of First Refusal before any shares can be sold to outsiders. - **Each plant lives in a separate entity** - the Agra plant sits in HMA Food Export, the Mewat mega-plant in United Farm Products, the Punjab plant in Federal Agro Industries, and the Maharashtra plant in partnership firm Reliable Agro Foods, in which HMA holds a 95% stake. This structure isolates operating licences and regulatory approvals by location. - **A contract processor the company plans to buy** - the Unnao facility, currently run by AOV Exports on a contractual basis, is under agreement to be acquired by HMA's wholly owned subsidiary JFF Exports. - **Non-core entities being cleaned up** - two subsidiaries with nil turnover, FNS Agro Foods and Laal Agro Food, were slated for divestment to promoter-group individuals in 2026, though the Laal Agro sale was later cancelled over valuation concerns. - **A government partnership in Malaysia** - HMA signed an MoU with PKPS, a Selangor state government entity, for supply of frozen buffalo meat and joint research, giving it a direct channel to a state-backed buyer in a key market.