IFB Agro Industries Limited delivered a significantly improved financial performance in FY2025-26, driven by strong revenue growth across its core business segments and a landmark acquisition in the aquaculture feed space. The company's 44th Annual Report reflects both the operational progress made during the year and the strategic challenges encountered, particularly in its distillery and Indian Made Liquor (IML) businesses in West Bengal. The standalone net operational revenue for the year stood at ₹1,404.48 Crs, an increase of ₹345.26 Crs from the previous year, while gross operational revenue reached ₹1,911.57 Crs.

Standalone Financial Performance

The company recorded gross operational revenue of ₹1,911.57 Crs in FY2025-26, an increase of ₹345.26 Crs or 24.25% compared to ₹1,538.49 Crs in the previous year. Operational profitability improved substantially across all key metrics, as summarised below:

On a consolidated basis, gross revenue from operations also increased from ₹1,538.49 Crs to ₹1,911.57 Crs, a rise of 24.25%. Consolidated profit before depreciation, finance cost and tax increased to ₹120.46 Crs from ₹56.13 Crs in FY2024-25. Consolidated net profit stood at ₹56.48 Crs against ₹22.34 Crs in the prior year. The consolidated basic and diluted earnings per share were ₹60.30, compared to ₹23.85 in FY2024-25.

The company ended the year with debt of ₹70.00 Crs as on March 31, 2026, and a cash balance of ₹183 Crs, making it net debt zero as on that date. The debt was strategically availed to fund the acquisition while maintaining sufficient cash reserves for future expansion.

Strategic Acquisition: Aquaculture Feed Business

The most significant development of FY2025-26 was the company's entry into the aquaculture feed segment through the acquisition of Cargill India Private Limited's commercial compound shrimp feed and freshwater fish feed business in India. The acquisition was completed as a going concern on a slump sale basis and marks a significant milestone in the company's growth strategy, fulfilling the vision of its late Founder Chairman Mr. Bijon Nag. The key parameters of this transaction are as follows:

The acquisition included the distribution network, feed formulations, assets, contracts, business liabilities, licenses, and employees of the acquired business. Post-acquisition, the Marine Feed Division operated in a challenging environment characterised by elevated raw material prices and margin pressures, as the Andhra Pradesh Government did not permit price increases for shrimp feed.

Business Segment Review

Spirit, Liquor and Spirituous Beverages

The distillery business faced a challenging year. The ethanol industry in West Bengal witnessed rapid expansion with several newly commissioned ethanol distilleries, intensifying competition and impacting ENA and Ordinary Denatured Spirit (ODS) margins. Margins also declined as prices of by-products Distiller's Dried Grains with Soluble (DDGS) and Carbon dioxide decreased due to excess supply. Operations were also affected by intermittent production stoppages due to high stock levels, as customers were reluctant to lift material. The newly set up 25 KLPD Ethanol plant at the distillery was successfully commissioned during the year, though ethanol sales are expected to commence in FY2026-27 once new tenders are floated by Oil and Marketing Companies.

The IML business witnessed nominal industry growth of 3% over the last two years in West Bengal, compounded by frequent excise duty increases. Effective December 1, 2025, an additional increase in excise duty led to further price rises, impacting consumer demand. The company made various representations to the Excise Commissioner and the then Chief Minister of West Bengal regarding illegal interference by excise authorities, with action pending since 2020.

Marine Products

The company's marine export revenue increased from ₹213 Crs to ₹273 Crs, as the company's dependence on the USA market — which faced tariff headwinds — remained limited. The marine domestic food business grew by 23%, with branded retail business growing by 90% over the previous year, driven by quick commerce and e-commerce channels.

The Wholly Owned Subsidiary IFB Vietnam Company Ltd. transitioned from the development and product validation phase to the commencement of initial commercial operations during the year. The first shipment took place in April 2026. IFB Agro Marine (FZE), the Wholly Owned Subsidiary in UAE, closed its operations with effect from September 25, 2025.

Key Financial Ratios

Significant changes in key financial ratios for FY2025-26 compared to FY2024-25 are presented below:

The interest coverage ratio declined due to increased interest costs following the term loan availed for the acquisition. The debt equity ratio increased due to the same term loan. Operating profit margin, net profit margin, and return on net worth all improved on account of higher profitability during the year.

Ten-Year Standalone Financial Summary

The Annual Report also presents a ten-year standalone financial summary. Key metrics for the most recent two years are highlighted below:

Foreign Exchange and R&D

The company's foreign exchange earnings (FOB value) stood at ₹24,461.38 lakhs for the year ended March 31, 2026, compared to ₹18,836.82 lakhs in the previous year. CIF value of capital imports was ₹8.51 lakhs, while expenditure in foreign currency amounted to ₹836.84 lakhs. On the research and development front, total R&D expenditure for FY2025-26 stood at ₹69.36 lakhs, comprising capital expenditure of ₹3.28 lakhs and recurring expenditure of ₹66.08 lakhs. The company's in-house R&D successfully developed seven probiotic strains related to its animal feed business, six of which have been put to use after successful field trials.

Corporate Governance and Board Changes

As on March 31, 2026, the Board comprised 6 Directors — 2 Executive Directors and 4 Independent Directors. The Board met 7 times during FY2025-26. India Ratings and Research (Ind-Ra) maintained the company's Long Term issuer rating at 'IND A+'.

Subsequent to the financial year end, the Board appointed Mr. Rahul Choudhary (DIN: 00075875) as Whole-time Director designated as Executive Director – Finance, Strategy & Acquisition and Chief Financial Officer for a period of five years with effect from May 28, 2026, and Mr. Santanu Ghosh (DIN: 02902285) as Whole-time Director designated as Executive Director – Operations & CEO-Distillery Business for a period of three years with effect from May 28, 2026, both subject to shareholder approval at the 44th Annual General Meeting scheduled for July 29, 2026. Mr. Rahul Choudhary has over 30 years of experience in Finance, Banking, Taxation and Mergers & Acquisitions, while Mr. Santanu Ghosh holds over 37 years of experience in distillery operations and management.

The company's CSR expenditure for FY2025-26 stood at ₹64.64 lakhs against the stipulated obligation of ₹62.05 lakhs. No dividend was recommended for FY2025-26, with the Board deciding to conserve resources for further expansion and working capital requirements. Total employees on the rolls of the company stood at 587 as on March 31, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE076C01018/77d4663c60a44f4d.pdf

IFB Agro Industries will hold its 44th Annual General Meeting (AGM) on Wednesday, July 29, 2026, at 12.30 P.M. IST. The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM) in compliance with the Companies Act, 2013, and relevant circulars issued by the Ministry of Corporate Affairs. The AGM pertains to the financial year 2025-2026.

The company has published the notice for the meeting in newspapers, including 'Business Standard' (English) and 'Aajkal' (Bengali), on July 6, 2026. The Notice of the 44th AGM along with the Annual Report for the Financial Year 2025-2026 will be sent electronically on or before July 7, 2026, to members with registered email addresses. Shareholders without registered email addresses will receive a letter containing a web link to access the documents.

In terms of Section 108 of the Companies Act, 2013, resolutions will be transacted through remote e-voting and e-voting during the AGM. The services of National Securities Depository Limited (NSDL) have been engaged for this purpose. Shareholders holding shares in physical form or those without registered email addresses must register their email within three days of the public advertisement to participate or vote.

The Registrar and Share Transfer Agent (RTA) is MUFG Intime India Private Limited, consequent to the merger of CB Management Services (P) Ltd with MUFG Intime India Private Limited effective from May 8, 2026. Members can register their email addresses with the company or the RTA to obtain user ID and password for voting.

Key Meeting Details