# 1. Financial Performance ## A. Key Figures * Standalone Revenue (Q3 FY25): **₹19,928 Cr** (+46% YoY) · **₹52,304 Cr** (9M, +52.7%) * Consolidated Revenue (Q3 FY26): **₹20,594.48 Mn** (+39% YoY) · **₹53,373.97 Mn** (9M, +46.9%) * Standalone PBT (Q3 FY26): **₹71.9 Cr** (+61.5% YoY) · **₹1,459.4 Cr** (9M, +69.7%) * Standalone EBITDA (Q3 FY26): ₹823.41 Mn (~₹82.3 Cr) (+54.8% YoY) · ₹1,725.69 Mn (9M, +67.5%) ## B. Revenue Growth * **Robust Top-Line Momentum:** Standalone and consolidated revenues surged on strong export demand, improved realizations, and higher capacity utilization, with Q3 growth significantly outpacing prior-year levels. * **Sustained Multi-Regional Expansion:** Nine-month performance reflects stable group-level scaling and growing global footprint, reinforcing confidence in long-term demand and market diversification. ## C. Profitability Trends * **Margin Expansion via Operational Leverage:** PBT growth exceeded revenue growth at both standalone and consolidated levels, driven by cost discipline, higher unit realizations, and improved working capital management. * **Scalable Profit Model:** Bottom-line nearly doubled over nine months at the consolidated level, underscoring effective financial management and synergies from subsidiary performance. ## D. EBITDA Expansion * **Strengthening Operating Leverage:** EBITDA grew across both standalone and consolidated segments despite moderating revenue growth, reflecting better cost absorption, improved product mix, and export market strength. * **Resilient Core Business Model:** Consistent EBITDA expansion highlights operational endurance and strategic success in diversification, geographic risk mitigation, and portfolio optimization. ## E. Cost Structure * **Sharp QoQ Rise in Other Expenses:** **Other expenses nearly tripled** from ₹4 Cr in Q2 to ₹7 Cr in Q3 FY26, though remained stable as a percentage of revenue (3.0% vs. 2.76%). * **Focus on Efficiency & Compliance:** Management emphasizes balanced growth through cost optimization, disciplined capital allocation, and operational efficiency to sustain margin resilience. --- # 2. Product & Segment Mix ## A. Poultry Product Shift * **Strategic Mix Shift:** Top-line growth expected by FY27 driven by strategic pivot toward poultry farm products, including hens and chickens. * **Market Opportunity:** Management highlights a promising market for poultry products, though specific revenue projections are not yet available. * **No Quantification:** Financial impact remains unquantified, with management stating it is too early to provide even a ballpark estimate of revenue contribution. --- # 3. Capacity & Utilization ## A. Plant Construction * **Jabalpur Plant Timeline:** Commercial operations expected to commence by end-FY26, pending construction completion. ## B. Operational Efficiency * **Capacity Data Delay:** Request for Q2 and Q3 utilization breakdown deferred due to unavailability of responsible executive; written response to follow. --- # 4. Geography & Export Mix ## A. Top Export Markets * **Headline:** Vietnam, Egypt, Malaysia, Indonesia, and Iraq represent the company’s top five international markets. * **Headline:** Management can provide **country-level revenue percentages** upon formal request, indicating potential for selective disclosure. --- # 5. Supply Chain & Input Costs ## A. Key Figures * Raw Material Cost % of Revenue: 84.03% current year (-1.38% vs. prior year) ## B. Freight Cost Pressure * **Freight Costs Rising:** Higher freight expenses, especially from refrigerated container usage, are the primary driver of cost pressures. ## C. Raw Material Stability * **Stable Input Costs:** Livestock raw material costs (e.g., buffalo) remain stable with no supply constraints, supporting margin improvement. * **Improved Cost Efficiency:** Significant decline in raw material intensity, now representing only **3% of revenue**, underscores strong cost control and favorable input trends. --- # 6. Risks & Market Factors ## A. Container Availability * **Tight Supply Conditions:** Refrigerated container availability remains constrained due to structural supply-demand imbalances in global shipping markets. ## B. Freight Cost Volatility * **High Cost Sensitivity:** Freight and container costs exhibit significant volatility, directly linked to shifts in shipping demand and carrier pricing behavior. --- # 7. Guidance & Outlook ## A. Retail Market Entry * **Market Expansion Underway:** Retail market entry is in progress, with product testing for the Indian market currently underway.