1. At a Glance – Fish, Flies & Finance
₹711 crore market cap.
₹23.7 stock price.
15.9 P/E.
11.6% ROCE.
11.1% ROE.
Debt-to-equity: 1.37.
Welcome to Mukka Proteins Ltd, India’s marine protein exporter that turned fish waste into a ₹1,450 crore TTM revenue machine.
Q3 FY26 revenue came in at ₹653.5 crore. PAT? ₹27.25 crore. Sounds strong, right? But profit growth was down 9.56% YoY while sales exploded 116% YoY. So the question is simple:
Are they selling more fish… or just swimming harder to stay afloat?
Exports form 76% of revenue. Fish meal contributes ~87% of product sales. Fish oil ~10%. Everything else is garnish.
The company also bagged a ₹474.89 crore leachate treatment order and is expanding insect protein capacity to 1,000 TPD in Bengaluru. So yes, this is no longer just a fishmeal business. It wants to be a sustainability superhero.
But here’s the masala:
Working capital days jumped to 99.
Inventory days ballooned to 266.
Debt stands at ₹610 crore.
So is this a protein powerhouse in the making… or a balance sheet that smells like yesterday’s catch?
Let’s dissect.
2. Introduction – From Sardines to Sustainability
Mukka Proteins started in 2003. But the promoter family has marine roots going back decades. Fishmeal isn’t glamorous. Nobody posts Instagram stories about it. But aquaculture, poultry, pet food, and Omega-3 capsules absolutely depend on it.
This is a behind-the-scenes business feeding the global food chain.
They operate 16 owned manufacturing facilities across India and Oman. Installed fish protein capacity: 2,64,390 MT per year. Insect protein capacity: 1,400 TPD.
In FY24, exports contributed 76% of revenue. That means currency, global demand, climate conditions, and international pricing all matter.
They listed in March 2024 after raising ₹224 crore via IPO.
Since listing?
Stock is down ~28% over one year.
So what happened?
Revenue growth is strong.
Profit growth TTM is negative.
Debt increased.
CARE downgraded facilities to CARE BBB (Negative) in Jan 2026.
This is not a boring FMCG story. This is a cyclical export story with ESG seasoning.
And whenever you mix exports + commodities + debt… you better keep a calculator ready.
3. Business Model – WTF Do They Even Do?
Let’s simplify.
They take fish.
Cook it.
Press it.
Dry it.
Turn it into fish meal (60–65% protein).
Extract fish oil rich in Omega-3.
Sell it globally to aquaculture feed makers.
That’s the core.
But wait, plot twist.
They also:
- Convert municipal wet waste using Black Soldier
