Mukka Proteins Ltd H1 FY26 – Fish Oil, GST Boil & IPO Toil: A Deep Dive into India’s Fishmeal Factory Gone Public
1. At a Glance
What do you get when you mix sardines, tax notices, and a ₹759 crore smallcap? Welcome to Mukka Proteins Ltd, the fishy yet fascinating tale of India’s marine waste turning into a listed stock. The company, trading at ₹25.3 per share (as of 28 Nov 2025), has seen a jaw-dropping -38% drop in a year. Yes, investors who thought this IPO would be “Omega-3 for their portfolio” instead got a solid dose of volatility.
Mukka Proteins Ltd (MPL) is currently valued at ₹759 crore with a P/E of 16.1× — that’s like paying a fair price for a company that smells… like fish but earns like feed. Sales in the latest quarter (Sep ’25) stood at ₹244.58 crore with PAT of ₹6.89 crore, up a crazy 183% YoY and 63.9% sales jump. But before you cheer, the debt pile has ballooned to ₹610 crore, giving it a debt-to-equity of 1.37× — like a trawler overloaded with both nets and liabilities.
Operating profit margin is 9.5%, and return on equity at 11.1% is decent but not exactly caviar-grade. Promoters still hold a tight 73.3% stake (mostly K-family dominance — Haris, Arif, Althaf, Razak — sounds like a fish mafia cartel from a Malayalam thriller). The company’s exports form a chunky 76% of revenue, proving once again that global cats and shrimps eat better than most Indian investors’ portfolios lately.
2. Introduction – When the Ocean Meets the Balance Sheet
Imagine explaining Mukka Proteins to your parents: “It makes fish meal and oil used for shrimp feed, poultry feed, and pet food.” They’ll probably ask, “Beta, people invest in that?” Yes, and it even went public with a ₹224 crore IPO in March 2024. Since then, the market treated it like stale fish — price fell from ₹43 to ₹25, while GST officials circled like seagulls around a trawler.
Founded in 2003, Mukka has spent two decades grinding marine waste into export gold. It’s the silent backbone of the seafood value chain — the one you never think about when munching fried prawns. Yet, its fish oil sneaks into everything from omega-3 capsules to soap and even paint. Think of Mukka as the recycling genius nobody invited to the sustainability party.
Its operations span Gujarat and Karnataka with 10 processing plants and an annual output of 1 lakh MT. The company is like the TCS of fishmeal — except instead of software, it exports sardines. Certified by EU, GMP+, HACCP, and every acronym that looks impressive in a presentation, it sends fishmeal to 12+ countries including China, Vietnam, and Saudi Arabia.
But being global also means facing global problems — customs notices, forex management approvals, and, of course, the dreaded GST scrutiny. Add a ₹610 crore debt barrel and cash flow that swims in red, and you get the full marine masala.
Still, Mukka has ambitions — it’s buying companies left and right: FABBCO (51%), Mukka Frozen Impex (51%), and now United Gulf Fishery Products LLC (68%). The empire’s expanding faster than your neighbour’s aquarium.
3. Business Model – WTF Do They Even Do?
At its core, Mukka turns fish waste into money. The company buys low-value fish (the ones no one eats), processes them into Fish Meal, Fish Oil, and Fish Soluble Paste, and sells these to feed manufacturers and exporters. It’s like a reverse seafood restaurant — they take leftovers and make feed for the next generation of seafood.
Product Mix FY24:
Fish Meal – 87% of revenue
Fish Oil – 10%
Soluble Paste & Others – 3%
Fish meal is primarily used in aqua feed (shrimp & fish farming), poultry feed, and pet food. The fish oil goes into omega-3 pharmaceuticals, paints, leather tanneries, and even soap. So, the next time you wash your hands, say thanks to Mukka — there’s a decent chance you’re using fish essence.
Their geographic split screams export-heavy — 76% exports vs 24% domestic. The main export markets are Asia-Pacific nations like China, Vietnam, Indonesia, and the Middle East. They’ve even set up an Oman subsidiary (Ocean Aquatic Proteins LLC) to get closer to raw material sources and logistics routes.
The model is simple — process, pack, and ship. But the real battle is raw material cost volatility, which depends on fish availability, seasonality, and government fishing bans. Mukka’s business thrives when the sea is generous and dies when monsoons are late. It’s capitalism with tides.
4. Financials Overview – H1 FY26: When Profits Surf Back
Let’s dissect Mukka’s September 2025 quarter (Q2 FY26). It’s the latest Quarterly Results, so we lock this as our data type.
Metric
Sep ’25 (Latest Qtr)
Sep ’24 (YoY Qtr)
Jun ’25 (Prev Qtr)
YoY %
QoQ %
Revenue (₹ Cr)
244.6
149.2
170.8
63.9%
43.2%
EBITDA (₹ Cr)
20.3
9.6
14.1
111.5%
43.9%
PAT (₹ Cr)
6.9
1.5
1.6
183.0%
331.3%
EPS (₹)
0.20
0.07
0.05
185.7%
300.0%
Annualised EPS = ₹0.20 × 4 = ₹0.80 per share.
The rebound is evident — revenue jumped 64% YoY and EBITDA more than doubled. But profitability remains wafer-thin — just 2.8% PAT margin. Operating margins at 8.3% are decent, though interest cost (₹12.8 crore this quarter) eats a chunk of operating gains.
The funny part? The company earns ₹6.9 crore in profit but pays nearly double that in quarterly interest and depreciation combined.
