Avanti Feeds Limited delivered a resilient financial performance in FY 2025-26, navigating a challenging macro-environment marked by U.S. tariff disruptions, West Asia-related shipping disruptions, and rising raw material costs. Consolidated revenue from operations grew 8.34% to Rs. 6,06,585.82 lakhs in FY 2025-26 from Rs. 5,59,869.30 lakhs in FY 2024-25, while consolidated net profit from continuing and discontinued operations rose to Rs. 65,680.22 lakhs from Rs. 55,705.23 lakhs. The Board has recommended a final dividend of Rs. 10 per equity share of face value Re. 1 each, subject to shareholder approval at the 33rd Annual General Meeting scheduled for August 14, 2026.

Financial Performance Highlights

The following table summarises the key standalone and consolidated financial metrics for FY 2025-26 and FY 2024-25:

On a standalone basis, profit before depreciation, finance charges and tax stood at Rs. 75,857.41 lakhs compared with Rs. 68,462.87 lakhs in FY 2024-25. Standalone profit before tax (before exceptional item) was Rs. 72,537.74 lakhs; after the exceptional impairment item of Rs. 1,064.52 lakhs relating to Patikari Power Private Limited, standalone profit before tax stood at Rs. 71,473.22 lakhs. The dividend payout, if approved, would result in a cash outflow of approximately Rs. 13,624.56 lakhs, representing a payout of 25.33% of standalone profits.

Segment-wise Performance

The Shrimp Feed Division remained the largest contributor to consolidated revenues. The following table presents segment-wise performance on a consolidated basis:

Feed segment revenue declined marginally by 0.70%, attributable to a price reduction of Rs. 4 per kg implemented in April 2025 in support of farmer economics. Feed volumes increased to 5,62,060 MT in FY 2025-26 from 5,55,248 MT in FY 2024-25. The Company's estimated market share in the Indian shrimp feed market remains approximately 51% to 53%. The Processed Shrimp segment delivered strong revenue and profit growth, supported by improved realisations, favourable foreign exchange movements, and an improved product mix. The Shrimp Hatchery segment recorded revenue of Rs. 12.46 crore compared with Rs. 21.68 crore in FY 2024-25, and reported a loss of Rs. 5.52 crore against a profit of Rs. 3.13 crore in the previous year.

Key Financial Ratios

The table below sets out key standalone financial ratios for FY 2025-26 and FY 2024-25:

The Company's balance sheet remained robust. On a consolidated basis, total assets stood at Rs. 4,26,039.62 lakhs as at March 31, 2026. Total consolidated equity stood at Rs. 3,70,799.51 lakhs, of which Rs. 3,28,605.36 lakhs is attributable to owners of the Company. Total consolidated borrowings stood at approximately Rs. 10.46 crore, reflecting a near-debt-free position.

Subsidiary and Associate Performance

The consolidated financial results include the following entities:

Avanti Frozen Foods Private Limited (AFFPL) reported a turnover of Rs. 1,68,946.48 lakhs and profit before tax of Rs. 17,820.98 lakhs for FY 2025-26, with profit after tax of Rs. 13,030.00 lakhs. Avanti Pet Care Private Limited achieved a turnover of Rs. 421 lakhs and recorded a net loss of Rs. 476 lakhs during the period under review. Srivathsa Power Projects Private Limited remained non-operational during FY 2025-26 due to non-availability of APM gas. Patikari Power Private Limited, in which the Company holds a 25.89% equity interest, sustained severe damage to its 16 MW hydel plant following a cloudburst on July 1, 2025; the Company recognised an impairment provision, with the consolidated exceptional item standing at Rs. 12.97 crore for FY 2025-26.

Strategic Developments and Industry Context

India's seafood exports touched a record Rs. 73,890.46 crore (US$ 8.46 billion) in FY 2025-26, with shipments of 19.72 lakh metric tonnes. Frozen shrimp remained the leading export item, contributing Rs. 49,037.93 crore (US$ 5,624.48 million), accounting for 40.19% of export quantity and 66.52% of export earnings in dollar terms. Frozen shrimp exports stood at 7,92,647 metric tonnes in FY 2025-26, registering growth of 13.16% in rupee value and 8.64% in dollar value over the previous year.

The year was marked by significant macro-economic developments, including the U.S. announcement of reciprocal tariffs in April 2025, subsequently raised to 50% on Indian goods from August 27, 2025. On February 2, 2026, the U.S. and India concluded a bilateral trade understanding under which the reciprocal tariff on Indian goods was reduced from 50% to 18%. Separately, on February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorise the U.S. President to impose tariffs on imports. Avanti Frozen Foods Private Limited, as the importer of record in the United States, is in the process of filing entries through the U.S. Customs ACE portal to claim refunds on IEEPA tariffs paid; the quantum of potential refunds is estimated at approximately USD 15–20 million.

The Company expanded its export presence across Japan, Korea, the European Union, the Middle East, and Canada during the year. Through Avanti Pet Care Private Limited, the Company entered the domestic pet care market under the Avant Furst brand, with distribution coverage expanding to 31 distributors across 13 cities. A manufacturing facility near Hyderabad is planned, with commercial production expected in early 2028. The Company also divested its windmill asset during the year as part of its strategy to streamline non-core assets.

Corporate Governance and CSR

The Board comprised 12 members as at March 31, 2026, including four Independent Directors, five Non-Executive Directors, and three Executive Directors. During FY 2025-26, five Board meetings were held. The Company spent Rs. 368.65 lakhs towards CSR activities in FY 2025-26 against a required spend of Rs. 818.65 lakhs; Rs. 450.00 lakhs was transferred to the Unspent CSR Account on April 15, 2026 pertaining to ongoing projects. The Company's total solar power capacity increased from 3.06 MWp to 3.67 MWp following the installation of an additional 0.61 MWp during the year, with a total investment of Rs. 2.49 crore towards energy conservation equipment. The Avanti Foundation launched a Mangrove Afforestation Programme targeting 25 hectares of coastal land during FY 2025-26. The Company's credit rating from India Ratings & Research was affirmed at IND AA(-)/Stable for fund-based working capital limits of Rs. 50 crore and IND A1+ for non-fund-based working capital limits of Rs. 42.79 crore.

Avanti Feeds Limited has scheduled its 33rd Annual General Meeting (AGM) for Friday, August 14, 2026, at 11:00 AM IST via video conferencing. The Board of Directors has recommended a final dividend of ₹10 per equity share of ₹1 each for the financial year ended March 31, 2026, subject to shareholder approval. The record date to determine shareholder eligibility for the dividend is Friday, August 07, 2026.

AGM Schedule and Key Dates

The Register of Members and Share Transfer Books will remain closed from Saturday, August 08, 2026, to Friday, August 14, 2026. The remote e-voting facility will be available from Tuesday, August 11, 2026, at 9:00 AM IST to Thursday, August 13, 2026, at 5:00 PM IST. KFin Technologies Limited is the Registrar and Transfer Agent facilitating the e-voting process.

Dividend and Payment Details

The dividend, if approved, will be paid electronically within the stipulated timeline. Shareholders holding shares in dematerialized form must update their bank details with their depository participants, while those holding physical shares must update details with KFin Technologies Limited to ensure timely receipt. The company has noted that dividend income is taxable in the hands of shareholders, and tax at source will be deducted as per applicable rates.

Scrutinizer and Compliance

Mr. V. Bhaskara Rao, Practicing Company Secretary, has been appointed as the Scrutinizer to conduct the e-voting process and the AGM in a fair and transparent manner. The Notice of the 33rd AGM and the Annual Report for FY 2025-26 were sent to shareholders on July 22, 2026, and are available on the company's website at www.avantifeeds.com .