The Board of Directors of Mukka Proteins Limited approved the unaudited consolidated financial results for the quarter ended June 30, 2026, on August 12, 2026. The company reported a consolidated net profit after tax of ₹186.34 million, compared to ₹15.89 million in the corresponding quarter of the previous fiscal year. Total comprehensive income stood at ₹196.55 million.
Consolidated revenue from operations reached ₹4,748.04 million, marking a significant increase from ₹1,648.81 million in the quarter ended June 30, 2025. Including other operating income of ₹148.50 million, total revenue from operations amounted to ₹4,896.54 million. Standalone net profit for the quarter was ₹194.07 million, up from ₹11.35 million year-on-year, with standalone revenue from operations at ₹3,927.05 million.
Financial Performance
The company’s EBITDA for the quarter was ₹479 million, compared to ₹145 million in the prior year period. The EBITDA margin expanded to 10.1% from 8.49% year-on-year, reflecting improved operational efficiency alongside top-line growth.
The cost of materials consumed was ₹3,919.82 million in the consolidated results. Employee benefit expenses rose to ₹163.35 million from ₹78.89 million in the prior year quarter. Finance costs increased to ₹164.52 million from ₹110.41 million. Depreciation and amortisation expenses were recorded at ₹47.97 million.
| Metric |
Q1 FY27 (Consolidated) |
Q1 FY26 (Consolidated) |
| Revenue from Operations |
₹4,748.04 million |
₹1,648.81 million |
| Total Revenue |
₹4,896.54 million |
₹1,707.74 million |
| EBITDA |
₹479 million |
₹145 million |
| EBITDA Margin |
10.1% |
8.49% |
| Profit After Tax |
₹186.34 million |
₹15.89 million |
| Earnings Per Share (Basic) |
₹0.63 |
₹0.05 |
Geographically, revenue outside India contributed ₹4,140.68 million to the total, while domestic revenue within India accounted for ₹607.36 million. In the standalone segment, international revenue was ₹3,526.55 million against domestic revenue of ₹400.51 million. The investor presentation highlighted that export revenue constituted 89.5% of total revenue in Q1 FY27, underscoring the company’s global reach across 25+ countries.
Strategic Investments and Capital Actions
In a separate corporate action, the Board resolved to withdraw and rescind the earlier approval for the proposed issuance of Senior, Secured, Rated, Listed, Redeemable, Taxable, Transferable, INR Denominated Non-Convertible Debentures (NCDs) aggregating up to ₹750 million on a private placement basis. The initial approval for this issuance had been granted at a Board meeting held on May 15, 2026. The company clarified that the decision not to proceed was due to internal considerations and confirmed that no NCDs have been issued or allotted.
The Board also approved an investment in Swachha Eco Solutions Private Limited (SESPL), involving a capital contribution of ₹64.925 million (₹64,92,500). This transaction secures a 25.98% stake in SESPL, making it an associate of Mukka Proteins. The investment aligns with the company’s strategy to expand its waste management segment. SESPL, incorporated in September 2017, operates in the collection, treatment, and disposal of waste. Its turnover for FY26 was ₹1.77 million, with a net loss of ₹7.50 million.
Additionally, the investor presentation noted the acquisition of Delta Marine Products in Jafarabad in 2026, further strengthening the company’s manufacturing footprint. The presentation also highlighted a ₹474.89 crore order received from BSWML for the scientific treatment of legacy leachate, reinforcing the company’s growth in environmental solutions.
Business Overview and Strategic Positioning
Mukka Proteins operates as an integrated animal protein and sustainability platform with four synergistic verticals: Fish Protein, Alternate Proteins (Insect Biotech), Waste Management, and Frozen & Value-added Marine Products. The company holds an installed capacity of 1,400 TPD (tonnes per day) for fish meal and fish oil, with an additional upcoming facility in Oman expected to add 400 TPD capacity.
Key strategic developments include:
- MarinTrust Improver Programme: Acceptance into the programme underscores a shift toward fully traceable, responsible sourcing through FIP-led sustainability.
- Insect Protein Platform: Through Ento Proteins Pvt. Ltd., the company is scaling Black Soldier Fly (BSF) biotechnology to convert organic waste into high-value proteins, oils, and soil nutrients.
- Global Manufacturing: The company operates 17 international manufacturing units, including owned facilities in India and Oman, serving clients in Asia, Middle East, Far East, Europe, and the US.
Board Appointments
The meeting included the re-appointment of several key executives and directors for five-year terms commencing January 2027, subject to shareholder approval at the 16th Annual General Meeting scheduled for September 10, 2026:
- Mr. Kalandan Mohammed Haris as Managing Director and CEO
- Mr. Kalandan Mohammed Althaf as Whole-Time Director and CFO
- Mr. Kalandan Mohammad Arif as Whole-Time Director and COO
- Mr. Karkala Shankar Balachandra Rao, Mr. Hamad Bava, and Mr. Narendra Surendra Kamath as Non-Executive Independent Directors
What the Numbers Show
The divergence between standalone and consolidated profits highlights the impact of joint ventures and associates. While standalone profit before tax was ₹274.99 million, the share of net loss from associates and joint ventures reduced the consolidated profit before tax to ₹273.74 million. This indicates that despite strong core operational performance, investments in joint ventures continue to exert downward pressure on consolidated earnings. However, the significant expansion in EBITDA margin from 8.49% to 10.1% demonstrates improved operational leverage amidst rapid revenue growth.
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