IFB Agro Industries has announced that its Register of Members and Share Transfer Books will remain closed from July 23, 2026, to July 29, 2026, for the purpose of its 44th Annual General Meeting (AGM). The AGM is scheduled to be held on July 29, 2026, for the financial year 2025-2026. The cut-off date for determining shareholder eligibility for the meeting is July 22, 2026.

The company has provided a web-link for the Annual Report 2025-2026 to members who have not registered their email addresses. The intimation was made pursuant to Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report is accessible on the company's website at www.ifbagro.in .

The meeting will be conducted via Video Conferencing or Other Audio Visual Means on Wednesday, July 29, 2026, at 12.30 P.M IST. Electronic copies of the Notice and Annual Report were sent to members with registered email addresses via the Registrar & Share Transfer Agent (RTA), MUFG Intime India Private Limited. This entity assumed the RTA role following the merger of CB Management Services (P) Ltd effective May 8, 2026.

Members recorded in the Register of Members as on the cut-off date are entitled to vote. The remote e-voting period commences on July 26, 2026, at 9:00 a.m. and concludes on July 28, 2026, at 5:00 p.m. National Securities Depository Limited (NSDL) has been engaged to facilitate the e-voting process, with Mr. A. K. Labh appointed as the Scrutinizer.

Physical copies of the Notice and Annual Report will only be provided upon written request, as requirements for sending physical copies have been dispensed with by MCA and SEBI Circulars. The company advised members to update their KYC details and email addresses to ensure continued receipt of electronic communications.

Key Details

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