Avanti Feeds financials and balance sheet

NSE: AVANTIFEEDBSE: 512573Food ProductsSmall Cap

₹675.70₹3.70 (0.54%)BSE ₹675.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹679.40.

52-week range of traded prices to 23 Oct 2026

₹667.75Low, 23 Oct 2026₹1,593.80High, 21 Apr 2026

Market cap: ₹9,206 Cr407th largest listed
P/E: 17.3
P/B: 2.8
Dividend yield: 1.48%
ROE: 17.4%
ROCE: 15.6%
Debt to equity: 0.00
Volume, NSE: 5,30,03717.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Avanti Feeds annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹6,066 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue6,066
Materials and goods−4,335
Employee costs−289
Other expenses−694
Operating profit748
Depreciation−63
Other income+211
One-off items−13
Finance costs−2.8
Profit before tax880
Tax−225
Joint ventures−0.2
Discontinued businesses+1.0
Net profit657

What the company owns

Plant, investments and other assets₹1,486 Cr
Current investments₹1,252 Cr
Inventory₹940 Cr
Cash and bank₹438 Cr
Receivables₹144 Cr

What pays for it: net worth and liabilities

Net worth₹3,708 Cr
Other liabilities₹299 Cr
Owed to suppliers₹243 Cr
Borrowings₹10 Cr

Avanti Feeds business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Avanti Feeds segment results by quarter

Revenue by segment

₹6,070 CrTotal

Shrimp Feed₹4,367 Cr71.9% of total
Processed Shrimp₹1,689 Cr27.8% of total
Shrimp Hatchery₹12 Cr0.2% of total
Discontinued Operation₹1 Cr0.0% of total

Profit by segment

Shrimp Feed₹559 Cr81.2% of total
Processed Shrimp₹128 Cr18.6% of total
Discontinued Operation₹1 Cr0.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Shrimp Feed
Revenue, ₹ crore
2,734
3,161
3,231
4,040
4,024
4,273
4,410
4,367
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
287
318
337
211
246
305
527
559
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Processed Shrimp
Revenue, ₹ crore
753
955
863
992
1,047
1,082
1,180
1,689
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
84
98
78
74
104
102
49
128
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Shrimp Hatchery
Revenue, ₹ crore
6
16
16
22
12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−4
0
−2
3
−6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Discontinued Operation
Revenue, ₹ crore
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
1
2
2
2
2
2
2
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
−2
−2
−1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,488	4,117	4,096	5,039	5,089	5,372	5,613	6,070
Company revenue, as in its results	3,488	4,115	4,101	5,036	5,087	5,369	5,612	6,066
Revenue	2,734	3,161	3,231	4,040	4,024	4,273	4,410	4,367
Revenue growth	–	15.6%	2.2%	25.0%	−0.4%	6.2%	3.2%	−1.0%
Profit	287	318	337	211	246	305	527	559
Profit growth	–	10.8%	5.9%	−37.2%	16.4%	24.2%	72.6%	6.0%
Margin	10.5%	10.1%	10.4%	5.2%	6.1%	7.1%	12.0%	12.8%
Return on capital	67.1%	50.5%	92.3%	29.0%	34.2%	38.2%	76.9%	87.7%
Assets	584	823	575	1,008	951	1,032	955	939
Liabilities	156	194	210	278	232	233	270	302
Capital employed	428	629	365	730	719	799	685	637
Revenue	753	955	863	992	1,047	1,082	1,180	1,689
Revenue growth	–	26.9%	−9.6%	14.9%	5.6%	3.3%	9.1%	43.1%
Profit	84	98	78	74	104	102	49	128
Profit growth	–	16.0%	−20.4%	−4.8%	40.1%	−2.2%	−52.1%	163.8%
Margin	11.2%	10.2%	9.0%	7.5%	9.9%	9.4%	4.1%	7.6%
Return on capital	26.5%	27.7%	18.7%	14.6%	20.7%	16.6%	6.2%	17.0%
Assets	359	400	460	568	558	700	891	866
Liabilities	41	47	43	62	56	90	107	110
Capital employed	318	353	417	506	502	610	784	756
Revenue	–	–	–	6	16	16	22	12
Profit	–	–	–	−4	0	−2	3	−6
Margin	–	–	–	−72.0%	3.1%	−14.2%	14.5%	−44.3%
Return on capital	–	–	–	−13.3%	1.5%	−6.6%	9.3%	−17.1%
Assets	–	–	–	34	34	34	35	33
Liabilities	–	–	–	1	1	1	1	1
Capital employed	–	–	–	33	33	33	34	32
Revenue	–	–	–	–	–	–	–	1
Profit	–	–	–	–	–	–	–	1
Margin	–	–	–	–	–	–	–	97.9%
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	0
Revenue	1	2	2	2	2	2	2	0
Profit	0	0	0	0	0	−2	−2	−1
Margin	11.0%	23.5%	11.2%	15.9%	12.3%	−101.8%	−94.9%	–
Return on capital	0.4%	1.0%	0.5%	1.0%	1.1%	−5.9%	−5.9%	−14.3%
Assets	37	37	36	26	18	29	27	10
Liabilities	0	0	0	0	1	1	1	0
Capital employed	37	37	36	26	17	28	26	10
Revenue	–	–	10	–	–	0	–	–
Profit	–	–	5	–	–	−1	–	–
Assets	–	–	1,211	–	–	1,303	–	–
Liabilities	–	–	39	–	–	84	–	–
	–	0	–	–	–	–	–	–
Profit	–	0	–	–	–	–	–	–
Assets	–	619	–	–	–	–	–	–
Liabilities	–	44	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Avanti Feeds quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 Oct
Revenue from operations	2,733	3,393	3,488	4,115	4,101	5,036	5,087	5,369	5,612	6,066
	2,403	2,710	3,081	3,661	3,640	4,714	4,694	4,911	4,979	5,318
Materials and goods bought	2,071	2,410	2,737	3,264	3,205	4,238	4,118	4,315	4,264	4,335
Employee costs	73	111	100	114	126	127	167	200	251	289
Other expenses	258	190	243	284	309	349	409	396	464	694
Operating profit before depreciation	330	683	407	454	460	322	393	458	633	748
Operating margin	12.1%	20.1%	11.7%	11.0%	11.2%	6.4%	7.7%	8.5%	11.3%	12.3%
Materials, % of revenue	75.8%	71.0%	78.5%	79.3%	78.2%	84.2%	81.0%	80.4%	76.0%	71.5%
Employee costs, % of revenue	2.7%	3.3%	2.9%	2.8%	3.1%	2.5%	3.3%	3.7%	4.5%	4.8%
Other expenses, % of revenue	9.5%	5.6%	7.0%	6.9%	7.5%	6.9%	8.0%	7.4%	8.3%	11.4%
Depreciation and amortisation	14	24	36	38	41	41	43	56	59	63
Operating profit after depreciation	316	659	371	416	419	281	350	402	574	686
Other income	22	48	54	70	93	82	92	136	165	211
Finance costs	3	3	3	2	2	2	2	1	2	3
Profit before one-off items and tax	335	704	423	484	510	361	440	537	737	893
One-off items	0	−1	5	0	0	−28	−13	0	0	−13
Profit before tax	335	703	428	484	510	333	427	537	737	880
	108	238	121	99	112	79	115	143	180	225
Current tax	–	225	130	112	119	78	95	130	178	235
Deferred tax	–	13	−8	−13	−7	1	19	13	3	−10
Share of profit of joint ventures and associates	−1	1	0	0	0	−9	0	0	0	0
Profit from discontinued businesses	–	–	–	–	–	–	–	–	–	1
	214	466	307	386	397	245	312	394	557	657
Belonging to the company's shareholders	214	466	–	346	360	222	279	357	529	606
Belonging to outside owners of subsidiaries	–	–	–	40	37	24	34	37	28	51
Other comprehensive income	–	–	−1	−1	0	−1	0	−1	−1	2
Total comprehensive income	–	–	306	385	397	244	312	393	556	659
Net margin	7.8%	13.7%	8.8%	9.4%	9.7%	4.9%	6.1%	7.3%	9.9%	10.8%
Net margin without joint ventures and associates	7.9%	13.7%	8.8%	9.4%	9.7%	5.1%	6.1%	7.3%	9.9%	10.8%

Belonging to the company's shareholders is left blank for the year to Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 26 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 Oct
	1,357	1,595	1,990	2,147	2,377	2,689	3,175	3,708
	1,206	1,404	1,761	1,895	2,095	2,365	2,801	3,286
Share capital	14	14	14	14	14	14	14	14
Reserves	1,192	1,390	1,748	1,882	2,082	2,352	2,787	3,272
Belonging to outside owners of subsidiaries	151	191	228	252	281	324	374	422
	8	0	0	0	0	14	13	10
Repayable after a year	1	0	0	0	0	14	10	8
Repayable within a year	7	0	0	0	0	0	3	3
	220	263	273	351	323	350	453	508
Trade payables	180	218	239	305	281	321	400	243
Other financial liabilities	5	14	3	5	4	5	6	45
Other liabilities	27	29	29	41	37	21	40	207
Provisions	1	2	2	1	2	3	3	9
	38	22	19	18	35	58	55	45
Other financial liabilities	4	4	7	7	6	6	5	4
Other liabilities	13	11	13	10	10	7	4	6
Provisions	2	2	0	1	1	1	2	4
Deferred tax	18	5	0	0	18	30	33	23
Total assets	1,615	1,880	2,282	2,516	2,735	3,098	3,683	4,260
	412	347	433	468	524	571	684	1,429
Plant in use, after depreciation	292	266	282	264	384	486	555	583
Plant being built	9	26	6	40	34	9	30	20
Intangible assets	0	4	11	9	13	11	9	1
Intangible assets being developed	0	0	0	0	0	0	0	1
Investments	68	4	87	95	25	25	47	10
Stakes in joint ventures and associates	31	32	31	22	13	13	13	0
Loans given	1	1	1	1	2	3	2	2
Other financial assets	7	8	9	19	14	15	19	788
Deferred tax	0	–	3	2	0	0	0	–
Other assets	3	6	2	15	38	9	6	23
	1,202	1,533	1,849	2,048	2,211	2,527	2,999	2,832
Inventories	379	544	553	988	805	885	881	940
Trade receivables	49	89	67	114	122	143	140	144
Cash and cash equivalents	58	16	47	65	35	13	26	42
Other bank balances	129	183	14	9	251	725	873	396
Current investments	531	644	1,116	814	967	707	1,040	1,252
Loans given	1	1	1	1	2	2	1	1
Other financial assets	0	0	1	0	2	0	4	1
Tax paid in advance	23	17	23	21	0	23	9	0
Other assets	33	39	26	36	27	29	25	56
Net debt	−710	−843	−1,177	−889	−1,254	−1,431	−1,926	−1,679

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 Jun	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 Oct
	383	−212	451	263	583	505
	513	−137	541	400	746	740
	36	−436	153	−66	106	−28
Receivables	22	−47	−8	−22	4	−4
Inventories	−12	−434	184	−81	4	−59
Payables	22	65	−24	41	79	−19
Other working capital	4	−20	1	−3	20	55
Tax paid	−126	−75	−90	−138	−163	−235
Interest paid	2	0	0	0	0	0
Capital spending	76	66	160	131	153	81
Free cash flow	307	−279	292	132	430	424
	−366	299	−416	−224	−483	−385
Plant and property sold	33	12	0	0	5	3
Companies bought	0	0	0	0	25	0
Interest received	7	9	27	67	55	65
Dividends received	0	0	0	0	0	0
	0	−68	−65	−60	−86	−104
Borrowings repaid	0	0	−2	14	−1	−3
Interest paid	−2	−2	0	−1	−2	−2
Lease payments	0	0	0	−1	−1	−2
Dividends paid	2	86	85	85	98	125
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	16	18	−30	−21	14	16

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Avanti Feeds dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 Oct
	₹15.73	₹32.77	₹20.08	₹25.43	₹26.43	₹16.26	₹20.45	₹26.21	₹38.81	₹44.48
As stated that year	₹47.20	₹98.31	₹20.08	₹25.43	₹26.43	₹16.26	₹20.45	₹26.21	₹38.81	₹44.48
	₹15.73	₹32.77	₹20.08	₹25.43	₹26.43	₹16.26	₹20.45	₹26.21	₹38.81	₹44.48
As stated that year	₹47.20	₹98.31	₹20.08	₹25.43	₹26.43	₹16.26	₹20.45	₹26.21	₹38.81	₹44.48
	₹3.00	₹6.00	₹4.00	₹5.10	₹6.25	₹6.25	₹6.25	₹6.75	₹9.00	₹10.00
As declared that year	₹9.00	₹6.00	₹4.00	₹5.10	₹6.25	₹6.25	₹6.25	₹6.75	₹9.00	₹10.00
Book value per share	–	–	₹88.51	₹103.03	₹129.27	₹139.12	₹153.80	₹173.62	₹205.58	₹241.19
Dividend payout	19.1%	17.5%	–	20.1%	23.6%	38.4%	30.6%	25.8%	23.2%	22.5%
Shareholder yield	–	–	–	–	0.0%	1.5%	1.8%	1.3%	0.8%	0.8%
Market cap at the year end (₹ crore)	3,349	10,149	5,570	4,009	5,647	5,618	4,625	6,598	12,448	16,022

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Avanti Feeds PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 27 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 13 May	Mar 2023Filed 24 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 12 Oct
Revenue growth	35.4%	24.2%	2.8%	18.0%	−0.4%	22.8%	1.0%	5.5%	4.5%	8.1%
Operating profit growth	42.9%	107.0%	−40.3%	11.5%	1.4%	−30.0%	22.1%	16.6%	38.2%	18.2%
Net profit growth	36.1%	117.6%	−34.3%	26.0%	2.9%	−38.3%	27.3%	26.1%	41.5%	17.9%
Earnings per share growth	–	108.3%	−38.7%	26.6%	3.9%	−38.5%	25.8%	28.2%	48.1%	14.6%
	–	–	–	26.6%	22.8%	12.1%	14.0%	16.0%	20.5%	19.9%
	–	–	–	–	−3.8 pts	−10.6 pts	1.8 pts	2.0 pts	4.5 pts	−0.6 pts
From the net margin	–	–	–	–	1.1 pts	−11.4 pts	3.0 pts	3.0 pts	6.7 pts	1.2 pts
From asset turnover	–	–	–	–	−4.5 pts	0.7 pts	−1.2 pts	−0.8 pts	−2.3 pts	−1.7 pts
From borrowing	–	–	–	–	−0.4 pts	0.0 pts	0.0 pts	−0.1 pts	0.1 pts	−0.1 pts
Return on capital employed	–	–	27.2%	26.1%	21.1%	13.1%	14.7%	14.9%	18.0%	18.4%
Cash conversion	–	–	–	–	96.3%	−86.6%	144.5%	66.8%	104.6%	76.8%
Interest cover	116.5	222.3	141.4	209.4	248.9	139.9	173.4	307.3	255.1	248.7
Debt to equity	–	–	0.01	0.00	0.00	0.00	0.00	0.01	0.00	0.00
Receivable days	–	–	5	8	6	8	9	10	9	9
Inventory days	–	–	51	61	63	85	71	75	75	79
Payable days	–	–	24	24	27	26	25	27	34	20
Cash conversion cycle, days	–	–	32	44	42	67	55	57	50	67
Working capital days	–	–	28	38	35	59	45	50	40	38
Asset turnover	–	–	2.16	2.36	1.97	2.10	1.94	1.84	1.66	1.53
Assets per rupee of net worth	–	–	1.34	1.34	1.32	1.31	1.32	1.31	1.31	1.30
Sales per rupee of plant	–	–	11.93	15.44	14.55	19.09	13.23	11.05	10.12	10.41
Capital spending to depreciation	–	–	–	–	1.86	1.63	3.75	2.32	2.58	1.29
Plant being built, % of plant in use	–	–	3.1%	9.7%	2.1%	15.1%	8.8%	1.8%	5.5%	3.4%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 15.3%
Cash from operations against operating profit: 67.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.6%	8.1%	6.0%
Profit growth, yearly rate	14.4%	11.0%	29.6%
Return on equity, average	–	16.5%	18.8%
Return on capital employed, average	–	15.8%	17.1%
Operating margin, average	11.2%	9.3%	10.7%
Net margin, average	8.9%	7.8%	9.4%
Asset turnover, average	–	1.81	1.67
Cash conversion cycle, days, average	–	59	58
Interest cover, average	206.3	224.9	270.4
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,589	1,350	505
Cash from investing	−1,209	−1,092	−385
Cash from financing	−383	−250	−104
Capital spending	590	364	81
Dividends paid	478	307	125
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	19	17	3

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	3	7	6	7	5
Altman Z-scorePublished threshold 1.81	–	–	17.78	13.32	16.01	13.44	12.03	13.89	18.78	21.24
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.80	−0.67	−2.70	−2.36	−2.61	0.73
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	18.30	6.61	10.54	12.16	13.50	13.52
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.65	0.53	1.03	0.84
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	64.53	−24.60	47.86	5.91	12.49	−7.06	−5.19
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	24.12	3.60	46.30	−15.65	5.14	0.69	5.10
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.01	−0.13	0.13	−0.56	0.44	−0.26	0.31
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.17	0.11	1.75	0.21	0.06	0.24	0.22
Effective tax ratePublished threshold 17.16 per cent	32.35	33.84	28.39	20.35	22.01	23.60	26.81	26.66	24.48	25.50
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.97	5.68	1.03	2.37	−1.24

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
28 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AA-Review, Re-affirm	Stable
28 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	92.79

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.