1. At a Glance
Mukka Proteins Ltd isn’t your fancy IT unicorn or FMCG darling. This is a company that literally makes money from fish guts. Incorporated in 2003, they manufacture and export fish meal and fish oil – raw materials that end up in shrimp feed, dog food, poultry chow, and, if you’re unlucky, your Omega-3 capsules. With 10 plants in Gujarat and Karnataka, they push out 1 lakh MT capacity while exporting to 13+ countries. Stock is down 44% in a year — turns out the market doesn’t like “fishy” growth stories either.
2. Introduction
Imagine running a company where your biggest clients are hungry prawns, overweight cats, gym bros taking fish oil pills, and leather tanneries. That’s Mukka Proteins’ entire business model.
The company got listed in March 2024 via a ₹224 Cr IPO, which, let’s be honest, was perfectly timed because everyone was still chasing “anything that exports.” But the real drama unfolded after listing: sales dropped 21% YoY, profits tanked 38%, and suddenly investors realized this isn’t Avanti Feeds 2.0 — it’s more like Avanti’s younger cousin who barely passed exams.
Exports make up 76% of revenue, which means they live and die by global shrimp farmers. And if you thought “currency fluctuation” was a fancy MBA term, for Mukka it’s a daily headache. One strong rupee and suddenly their earnings vanish like fish in a pelican’s mouth.
But hey, promoters still hold 73%, which means either they believe in the long game… or they couldn’t offload enough in the IPO.
3. Business Model (WTF Do They Even Do?)
Let’s simplify:
- Fish Meal (87% of revenue):Ground-up fish waste, dried into powder, packed, and sold to aqua & poultry feed companies. Think of it as protein powder for animals, except you definitely wouldn’t add it to your morning smoothie.
- Fish Oil (10%):Extracted from fish — used in pet food, pharmaceuticals (Omega-3), soaps, and paints. Yes, your bathroom paint and your dog’s shiny coat might share the same oil source.
- Soluble Paste (3%):The least glamorous cousin, sold in tiny volumes.
Their customers?
- Shrimp and fish farmers (India, Vietnam, China).
- Poultry integrators (your chicken biryani owes them thanks).
- Pet food companies (your cat’s whiskers shine courtesy of Mukka).
- Pharma companies (that softgel you swallowed last night — surprise, it’s them).
And just when you thought it couldn’t get stranger — Mukka is now diversifying intoinsect proteinwith a 300 TPD BSF (black soldier fly) waste plant in Bengaluru. Basically, they’re turning maggots into money.
4. Financials Overview
Quarterly Snapshot (Q1 FY26)
| Metric | Latest Qtr (Jun’25) | YoY Qtr (Jun’24) | Prev Qtr (Mar’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹171 Cr | ₹172 Cr | ₹382 Cr | -0.6% | -55.2% |
| EBITDA | ₹14.1 Cr | ₹13.9 Cr | ₹29.1 Cr | +1.4% | -51.5% |
| PAT | ₹1.6 Cr | ₹5.3 Cr | ₹14.0 Cr | -70% | -89% |
| EPS (₹) | 0.05 | 0.14 | 0.45 | -64% | -89% |
Commentary:
The topline barely moved YoY, but profits fell like a dead fish from a trawler. QoQ looks brutal — halved revenue and wiped profits. P/E of 19 looks cute on Screener, but EPS collapse means that multiple is like applying fairness cream on a fish — pointless.
5. Valuation (Fair Value RANGE only)
- P/E Method:EPS (TTM) = ₹1.45. Applying 15x–22x → FV = ₹22–32.
- EV/EBITDA Method:EBITDA (FY25) ~₹94 Cr. EV/EBITDA peer range 8x–11x → FV = ₹20–28.
- DCF (rough cut):Assuming 10% CAGR growth, 11% WACC → FV = ₹23–30.
👉Fair Value Range: ₹20–30 per share.(This FV range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
- Insect Protein Venture:Bengaluru BSF plant will turn food waste into insect protein — Mukka’s attempt to look “sustainable” while still smelling like fish.
- Subsidiary in Oman:Ocean Aquatic Proteins LLC is still under play; acquisition timeline got pushed to Dec 2025.
- Disinvestment in Bangladesh:Exiting MSFI (Bangladesh) Limited — regulatory approvals pending. Probably realized running a fish company in Bangladesh is like running Ola in Bangalore traffic.
- Corporate Guarantee:Issued ₹1.35 Cr guarantee to an associate — looks small, but auditors better be watching.
- Capex:Authorised share capital bumped up to ₹40 Cr, eyeing further expansion (or dilution, depending on your mood).
7. Balance Sheet (Mar’25)
| Metric | Amount (₹ Cr) |
|---|---|
| Assets | 1,076 |
| Liabilities | 665 |
| Net Worth | 441 |
| Borrowings | 453 |
Auditor’s Roast:Debt at ₹453 Cr is nearly equal to net worth. Leverage looks like a fisherman’s net — too many holes, might sink any moment.
8. Cash
