Apis India Ltd (506166)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Apis India's revenue was ₹98.0 Cr (+8.9% year on year, -10.9% on the previous quarter), and net profit ₹10.0 Cr (+25.0% year on year); the operating margin was 8.2%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹98.0 | +8.9% | -10.9% |
| Operating profit | ₹8.0 | -27.3% | -20.0% |
| Net profit | ₹10.0 | +25.0% | +150.0% |
| EPS (₹) | 0.75 | +27.1% | +167.9% |
| Operating margin | 8.2% | — | — |
📢 Recent Corporate Announcements
Apis India Limited has announced that its Register of Members and Share Transfer Books will remain closed from September 24, 2026 to September 30, 2026 (both days inclusive). The closure is in connection with its upcoming Annual General Meeting (AGM) scheduled for September 30, 2026, at 01:00 PM via Video Conferencing. The cut-off date for determining shareholder eligibility for remote e-voting has been fixed as September 23, 2026.
- Book closure scheduled from September 24, 2026 to September 30, 2026 (both days inclusive)
- Annual General Meeting to be conducted via VC/OAVM on September 30, 2026 at 01:00 PM
- Cut-off date for remote e-voting entitlement established as September 23, 2026
Apis India Limited has announced that its 44th Annual General Meeting (AGM) will take place on September 30, 2026, at 01:00 PM via Video Conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is set for September 23, 2026. The book closure period is scheduled from September 24, 2026, to September 30, 2026. Remote e-voting will be open from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM).
- 44th Annual General Meeting scheduled for September 30, 2026, at 01:00 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility fixed as September 23, 2026
- Book closure period set from September 24, 2026, to September 30, 2026
- Remote e-voting window runs from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
Apis India has forwarded a revised disclosure under Regulation 29(1) & (2) of SEBI (SAST) Regulations, 2011 concerning an inter-se transfer of shares within the promoter group. The disclosure was submitted by promoter group member Mrs. Sakshi Anand. As an inter-se transfer among promoters, it reallocates shares internally without altering the aggregate promoter holding (which stood at 74.72% as of June 2026) or impacting company operations.
- Revised disclosure filed under Regulation 29(1) & (2) of SEBI (SAST) Regulations, 2011
- Filing pertains to an inter-se share transfer submitted by Mrs. Sakshi Anand
- Aggregate promoter holding unchanged at 74.72%
Apis India Limited has submitted a revised disclosure under Regulation 29(1) & (2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, received from promoter Mr. Amit Anand. The filing pertains to an inter-se transfer of shares within the promoter and promoter group. As of June 2026, total promoter holding stood at 74.72%. Because this is an internal transfer among existing promoters, aggregate promoter holding and company fundamentals remain unaffected.
- Filing submitted under Regulation 29(1) & (2) of SEBI SAST Regulations, 2011 on August 22, 2026
- Revised disclosure received from promoter Mr. Amit Anand regarding inter-se share transfer
- Total promoter holding stands at 74.72% as of the latest shareholding pattern (June 2026)
- Apis India holds a market capitalization of Rs 777 Cr
Apis India Ltd has cancelled its Board Meeting scheduled for today, August 13, 2026, which was intended to approve the unaudited financial results for the quarter ended June 30, 2026. The company stated that the finalization of accounts and the audit process are still under process. A revised date for the meeting will be communicated in due course. Consequently, the trading window for designated persons, which has been closed since July 1, 2026, will remain closed until 48 hours after the results are eventually announced.
- Board Meeting scheduled for August 13, 2026, for Q1 results approval stands cancelled
- Results pertain to the quarter ended June 30, 2026, for a company with TTM revenue of ₹391 Cr
- Trading window has been closed since July 1, 2026, and will remain so until 48 hours post-announcement
- Reason cited is that the finalization of accounts and audit is still under process
- Company to inform the Stock Exchange of a revised meeting date in due course
Apis India Ltd has cancelled its Board Meeting scheduled for August 13, 2026, which was intended to approve financial results for the quarter ended June 30, 2026. The company stated that the finalization of accounts and the audit process are still underway. Consequently, the trading window, which closed on July 1, 2026, will remain shut until 48 hours after the eventual results announcement. A revised date for the meeting is yet to be disclosed.
- Cancellation of Board Meeting scheduled for August 13, 2026
- Results pertain to the quarter ended June 30, 2026
- Trading window remains closed since July 1, 2026
- Audit and finalization of accounts are currently under process
Apis India Ltd has scheduled a board meeting on August 13, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a fiscal year where the company achieved a TTM revenue of Rs 391 Cr and a PAT of Rs 24 Cr. The market will be watching for margin stability, as the company's operating profit margin stood at 9.2% TTM. The trading window for insiders has been closed since July 1, 2026, in compliance with SEBI regulations.
- Board meeting scheduled for August 13, 2026, to approve Q1 results.
- Trading window closed from July 1, 2026, until 48 hours after the results declaration.
- Company reported a TTM revenue of Rs 391 Cr and TTM PAT of Rs 24 Cr.
- Export revenues currently constitute 47.1% of total revenue, making global trade trends critical.
- Raw material costs represent 67.6% of revenue, a key metric to watch in the upcoming results.
CARE Ratings has reaffirmed Apis India's long-term rating at 'CARE BBB; Stable' and short-term rating at 'CARE A3+'. The total rated bank facilities amount to Rs 95.07 Cr, which represents approximately 48% of the company's net worth of Rs 199 Cr. The long-term facility amount saw a marginal reduction of Rs 1.87 Cr from the previous review of Rs 58.94 Cr. This reaffirmation follows the review of the company's FY26 audited performance, where it reported a revenue of Rs 391 Cr and a PAT of Rs 25 Cr.
- Long-term rating reaffirmed at CARE BBB; Stable for Rs 57.07 Cr
- Short-term rating reaffirmed at CARE A3+ for Rs 38.00 Cr
- Total rated bank facilities stand at Rs 95.07 Cr vs TTM debt of Rs 67 Cr
- Long-term bank facility amount reduced by Rs 1.87 Cr from Rs 58.94 Cr
- Company reported FY26 revenue of Rs 391 Cr and PAT of Rs 25 Cr
Financial Performance
Revenue Growth by Segment
Standalone Net Sales grew 10.8% YoY to INR 35,034.96 Lakh. Export revenue grew 15.1% YoY to INR 16,502.13 Lakh, while domestic sales contributed the remaining INR 18,532.83 Lakh.
Geographic Revenue Split
Exports accounted for 47.1% (INR 16,502.13 Lakh) of total revenue, while domestic operations contributed 52.9% (INR 18,532.83 Lakh).
Profitability Margins
Operating Profit Margin was 10.16% in FY 2024-25 compared to 10.87% in FY 2023-24. Net Profit Margin ratio was 7.23% in FY 2024-25, down from 10.30% in the previous year.
EBITDA Margin
EBITDA Margin was 10.69% (INR 3,746.07 Lakh) in FY 2024-25, a slight decrease from 11.22% (INR 3,545.37 Lakh) in FY 2023-24, primarily due to higher material costs.
Capital Expenditure
Depreciation and Amortization increased 66.6% to INR 393.85 Lakh from INR 236.36 Lakh, indicating significant recent additions to Property, Plant, and Equipment.
Credit Rating & Borrowing
Finance costs were INR 494.86 Lakh, down 16.4% from INR 591.77 Lakh. The company maintains working capital limits in excess of INR 5 Cr with banks.
Operational Drivers
Raw Materials
Honey and honey-related products (derived from apiculture) represent the primary raw material, with total material costs accounting for 67.62% of revenue (INR 23,691.23 Lakh).
Raw Material Costs
Material costs increased from 65.04% to 67.62% of revenue, totaling INR 23,691.23 Lakh, representing a 15.2% YoY increase in absolute cost terms.
Manufacturing Efficiency
Inventory Turnover Ratio was 2.57% (as reported in measurement units) compared to 2.01% in the previous year, suggesting improved stock movement.
Strategic Growth
Growth Strategy
Growth is targeted through the unexplored apiculture market and focusing on core competencies in honey and honey-related products. The strategy includes leveraging the 'people pillar' as a strategic business partner for sustainable growth.
Products & Services
Honey and honey-related products generated through apiculture (rearing and hiving honey bees).
Brand Portfolio
APIS India.
Market Expansion
The company is focusing on unexplored market segments in the agricultural/apiculture industry for future growth opportunities.
Strategic Alliances
The company has a joint venture which contributed INR 430.43 Lakh to profits in FY 2024-25, down from INR 1,093.35 Lakh in the previous year.
External Factors
Industry Trends
The apiculture market remains largely unexplored, offering bright growth opportunities despite a stabilizing global economy facing persistent inflation and climate-related disasters.
Competitive Landscape
The company operates in an ever-increasing competitive and challenging world, positioning itself as a strategic partner in the agricultural industry.
Competitive Moat
Core competency in an unexplored market segment and huge growth prospects in honey products provide a durable competitive advantage.
Macro Economic Sensitivity
Global growth is projected to reduce from 3.3% in 2024 to 2.8% in 2025 due to trade tariffs and policy uncertainty.
Geopolitical Risks
Escalating trade tensions and sweeping policy changes in early 2025 regarding trade tariffs are reshaping the global trade system.
Regulatory & Governance
Industry Regulations
Operations are influenced by changes in government regulation and tax regimes. The company complies with Sections 177, 185, 186, 188, and 197 of the Companies Act, 2013.
Taxation Policy Impact
Tax expenses for the year were INR 754.12 Lakh on a PBT of INR 2,857.36 Lakh, representing an effective tax rate of approximately 26.4%.
Legal Contingencies
Pending litigations exist for which the impact cannot be estimated, shown as contingent liabilities. There is a disputed trade receivable of INR 213.21 Lakhs, with an expected credit loss provision of INR 195.87 Lakhs.
Risk Analysis
Key Uncertainties
Uncertainties include raw material availability, cyclical demand, and changes in government regulation which could cause results to differ materially.
Geographic Concentration Risk
47.1% of revenue is concentrated in export markets, making the company highly sensitive to global trade policies and tariffs.
Technology Obsolescence Risk
The company has implemented accounting software with audit trail (edit log) facilities to ensure data integrity and compliance with Rule 3(1) of Companies (Accounts) Rules, 2014.
Credit & Counterparty Risk
Disputed foreign trade receivables of INR 213.21 Lakhs represent a credit risk, though partially mitigated by ECGC cover.
