Avanti Feeds Ltd Q2FY26 – When Shrimp Meets Spreadsheet: 12% OPM, 35% PAT Jump, and the Cat Food Curveball!
1. At a Glance
Avanti Feeds Ltd — the ₹9,408 crore aquaculture heavyweight — is the kind of company that can turn prawns into profits and pet food into portfolio spice. The stock sits at ₹691 (as of Nov 4, 2025), giving a neat 6.2% return over the last 3 months, even after a -20.8% sulk over six months. With a P/E of 15.2x, ROCE of 24%, and ROE of 19.5%, this shrimp whisperer continues to show what happens when good margins meet low debt (₹15 crore — basically pocket change).
In Q2FY26 (Sept 2025), revenue sizzled at ₹1,610 crore, up 18.8% YoY, while PAT jumped a juicy 34.9% YoY to ₹153 crore. For a company that sells shrimp feed and exports frozen shrimp, that’s no small fry. EPS came in at ₹11.25 per share for the quarter, making annualized EPS ₹45, which keeps the earnings yield near 10%.
Meanwhile, Avanti is now feeding more than shrimps — its new pet food vertical (Avanti Pet Care Pvt Ltd) launched its “Avant Frust” cat food in Hyderabad, just to remind investors it can also feed the “meow” economy.
2. Introduction
Once upon a time, Avanti Feeds was just another feed manufacturer in Andhra Pradesh — mixing powders, weighing pellets, and hoping farmers don’t switch brands. Fast forward to FY26, and the company is not just selling shrimp feed but exporting processed seafood across the globe — while also dabbling in pet care. Yes, the same company that fattens prawns now wants to fatten cats.
It’s a classic desi success story: from ponds to profit, from hatcheries to hypermarkets. Backed by Thai Union (24.2% stake), one of the global seafood titans, Avanti has managed to stay afloat in the choppy waters of India’s aquaculture sector.
But the sea isn’t always calm. Shrimp prices are volatile, global demand can be moody, and Indian feed costs sometimes act like a Bollywood villain. Yet, Avanti keeps posting double-digit operating margins and returns that make fund managers nod approvingly.
So, what happens when a shrimp feed company quietly becomes a diversified protein powerhouse? Let’s dig into the data pond.
3. Business Model – WTF Do They Even Do?
If you thought Avanti Feeds just sells “prawn food,” oh boy, you’ve underestimated the crustacean capitalism at work here.
Shrimp Feed Manufacturing (79.6% of FY24 revenue): Avanti is the undisputed king of shrimp feed in India, holding around 50% market share. Its brands — Profeed, Titan, Prostar, Manamei, and High Boost — sound like superhero names but are essentially well-balanced meals for shrimps.
Shrimp Processing & Export (20% of FY24 revenue): Through its subsidiary Avanti Frozen Foods Pvt Ltd, it exports to North America, Europe, and Asia. The processing facilities at Yerravaram (15,000 MT), Gopalapuram (3,000 MT), and the brand-new Krishnapatnam unit (7,000 MT) make sure your frozen prawns in Walmart and Tesco probably started life in an Andhra pond.
Hatchery Division (0.4% of revenue): Produces disease-free post-larvae (baby shrimps) — 600 million per year. It’s like IVF, but for seafood.
Pet Care (new baby): Enter Avanti Pet Care Pvt Ltd, which launched its first product, “Avant Frust” cat food, in 2024. Imagine going from shrimp pellets to kibble — diversification done right.
Power Play: Oh, and they even own a 3.2 MW windmill and stakes in Srivathsa Power Projects Pvt Ltd and Patikari Power Pvt Ltd. Because when you have shrimp money, why not generate clean energy too?
4. Financials Overview
Metric (₹ Cr)
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
1,610
1,355
1,606
18.8%
0.3%
EBITDA
194
136
214
42.6%
-9.3%
PAT
153
121
186
26.4%
-17.7%
EPS (₹)
11.25
8.34
13.09
35.0%
-14.1%
Commentary: Margins remain solid despite shrimp price volatility — OPM steady at 12%. The quarter saw mild QoQ cooling as seasonality and feed costs kicked in, but YoY growth is strong. EPS annualized at ₹45, implying a P/E of 15.3x, quite fair for a zero-debt company with high return ratios.
