HMA Agro Industries submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026, to the Bombay Stock Exchange and the National Stock Exchange of India. The filing, dated August 25, 2026, complies with Regulation 34(2)(f) of the SEBI Listing Obligations and Disclosure Requirements Regulations.

The report outlines the company’s approach to environmental, social, and governance (ESG) factors, highlighting material issues such as climate change, waste management, and human rights practices. It also details the company’s compliance with various international standards and certifications.

Key Financial Metrics

The disclosure provides specific financial data points relevant to CSR applicability under Section 135 of the Companies Act, 2013.

Operational Focus

The company’s primary business activity accounts for 99.78% of its turnover, involving the slaughtering, processing, and rendering of frozen buffalo meat. A negligible portion (0.22%) comes from other trading activities, specifically fish and rice. Exports constitute 95.08% of the entity’s total turnover, with the group’s consolidated export contribution at 93.12%.

Governance and Oversight

The Corporate Social Responsibility and Sustainability Committee oversees the implementation of business responsibility policies. The committee includes Gulzar Ahmad (Whole-time Director), Mohammad Mehmood Qureshi (Managing Director), and Abhishek Sharma (Independent Director). Gulzeb Ahmed, CFO and Whole-time Director, is responsible for the implementation of these policies.

What the Numbers Show

The company maintains a high degree of reliance on related-party transactions for capital deployment. While sales to related parties remain minimal at 0.25%, loans and advances given to related parties account for 100% of total loans and advances. Similarly, investments in related parties represent 100% of total investments made. This indicates that all external lending and investment capital is directed within the corporate group rather than towards third-party entities.

HMA Agro Industries reported a consolidated net profit of ₹505.14 million for the first quarter of FY27 (ended June 30, 2026), marking a substantial increase from ₹5.97 million in the corresponding period last year. The company’s revenue also expanded significantly, rising to ₹21,103.19 million from ₹11,226.10 million year-on-year, representing growth of 87.98%. Management attributed the strong performance to improved operational efficiency, scale benefits, and disciplined execution across key export markets.

Operating profits followed a similar upward trajectory. EBITDA stood at ₹810.48 million, compared to ₹166.22 million in the prior year’s quarter. This growth came with an expansion in operating margins, which rose to 3.84% from 1.48% in the previous year.

Financial Performance

The key financial metrics for the quarter are outlined below:

The company also disclosed standalone figures for the quarter. Standalone revenue increased to ₹20,721.36 million from ₹10,884.92 million, a growth of 90.37%. Standalone net profit was ₹319.11 million, up from ₹71.73 million in the previous year. CFO Gulzeb Ahmed noted that standalone EBITDA margin improved from 1.65% to 2.67%, while consolidated PAT margin improved significantly to 2.39% from 0.5% in Q1 last year.

What the Numbers Show

The divergence between top-line growth and bottom-line profitability is notable. While revenue nearly doubled and EBITDA grew by 387.59%, net profit surged by over 8,000%. This disproportionate jump suggests that factors beyond operational efficiency—such as other income or tax adjustments—likely contributed significantly to the bottom line, given that while EBITDA margins expanded, they remain relatively thin at 3.84%. Other income for the consolidated entity stood at ₹717.65 million, up from ₹113.21 million in the prior year.

During the earnings call held on August 14, 2026, management clarified the composition of this other income. Gulzeb Ahmed stated that the increase was primarily driven by foreign exchange gains, duty drawbacks, and interest income on fixed deposits. He emphasized that the core revenue growth was largely generated from the export of buffalo products, which remains the company's main business driver. Management declined to provide a detailed volume versus value breakup during the call but promised a separate follow-up with investors.

Business Overview and Outlook

HMA Agro Industries Limited is one of India's leading integrated food processing and export companies and among the country's largest exporters of frozen boneless buffalo meat. With a rich legacy of over seven decades through the HMA Group, the company has established itself as a globally trusted supplier of premium food products. Incorporated in 2008 and listed on the BSE and NSE in 2023, HMA Agro has evolved into a diversified multinational enterprise serving customers across more than 40 countries worldwide.

The company's diversified product portfolio comprises Frozen Boneless Halal Buffalo Meat, Frozen Fish & Seafood, Basmati Rice, Pet Food, Fresh Fruits & Vegetables, Finished Leather, and other value-added agro products. With nearly 90% of its revenue generated from international markets, HMA has developed a strong global footprint across the Middle East, Southeast Asia, Africa, the CIS region, and several other international markets.

Regarding future growth avenues, management addressed investor queries on value-added products and pet food. Ahmed noted that value-added products currently do not show strong market response, with the focus remaining on buffalo meat. However, the company sees significant opportunity in the pet food sector, leveraging byproducts from its primary operations. A dedicated research team is working on product development to expand exports in this segment, though management described it as being in the "initial stage" and refrained from providing specific financial projections for this vertical.