Ambar Protein Industries Ltd (519471)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ambar Protein's revenue was ₹113 Cr (-3.3% year on year, -22.7% on the previous quarter), and net profit ₹3.8 Cr (+400.0% year on year); the operating margin was 5.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹113 | -3.3% | -22.7% |
| Operating profit | ₹5.8 | +168.7% | +39.6% |
| Net profit | ₹3.8 | +400.0% | +52.5% |
| EPS (₹) | 6.53 | +402.3% | +52.6% |
| Operating margin | 5.1% | — | — |
📢 Recent Corporate Announcements
Ambar Protein Industries has issued the notice convening its 33rd Annual General Meeting (AGM) on September 30, 2026. Among the key agenda items, the company is seeking shareholder approval for related party transactions with Ankur Oil Industries, comprising sales of goods up to Rs 400.00 Cr (equal to ~80.5% of TTM revenue of Rs 497 Cr) and lease receipts of Rs 1.00 Cr. Additionally, approvals are sought for the sale of tin filling machinery worth Rs 1.50 Cr and revisions in executive managerial remuneration.
- 33rd AGM scheduled for September 30, 2026; remote e-voting cut-off date is September 24, 2026.
- Proposed related party sales limit of Rs 400.00 Cr to Ankur Oil Industries.
- Proposed RPT for leasing/rent receipts of Rs 1.00 Cr and disposal of tin filling machinery for Rs 1.50 Cr.
- Remote e-voting commences on September 27, 2026 (09:00 AM) and closes on September 30, 2026 (05:00 PM).
Ambar Protein Industries has issued the notice for its 33rd Annual General Meeting scheduled for September 30, 2026. Key agenda items include shareholder approval for related-party transactions (RPT) with partner entity Ankur Oil Industries, comprising goods sales up to ₹400.00 crore and leasing of ₹1.00 crore. The ₹400 crore RPT limit represents approximately 80.5% of the company's TTM revenue of ₹497 crore, underscoring high client concentration. Other agenda items include the disposal of tin filling machinery for ₹1.50 crore and revisions in executive remuneration.
- 33rd AGM scheduled for September 30, 2026, with cut-off date for e-voting set as September 24, 2026.
- Proposed related-party sales of goods with Ankur Oil Industries capped at ₹400.00 crore (equivalent to ~80.5% of TTM revenue).
- Proposed sale/disposal of movable tin filling machineries to Ankur Oil Industries for ₹1.50 crore.
- Approval sought for remuneration adjustments for Managing Director and Whole-Time Director exceeding standard statutory limits in case of profit inadequacy.
Ambar Protein Industries Ltd has scheduled its book closure dates from September 24, 2026, to September 30, 2026 (both days inclusive) for its upcoming Annual General Meeting (AGM). The cut-off date for determining shareholder eligibility for e-voting has been established as Wednesday, September 23, 2026. The announcement is a standard regulatory filing under Regulation 42 of SEBI LODR Regulations.
- Book closure scheduled from September 24, 2026, to September 30, 2026 (both days inclusive)
- Cut-off date for e-voting participation fixed as September 23, 2026
- Filing submitted pursuant to Regulation 42 of SEBI LODR Regulations for AGM purpose
Ambar Protein Industries has released its 33rd Annual Report for FY 2025-26 and scheduled its Annual General Meeting for September 30, 2026. Key agenda items include seeking approval for related-party transactions with Ankur Oil Industries, comprising goods sales up to ₹400.00 Cr (~80% of FY26 revenue of ₹500.65 Cr). The company is also seeking approval to dispose of movable tin filling machinery for ₹1.50 Cr and adjust executive director remuneration.
- 33rd Annual General Meeting convened for September 30, 2026, at the Ahmedabad registered office.
- Seeking shareholder approval for related-party sales of goods up to ₹400.00 Cr to Ankur Oil Industries.
- Proposal to sell movable tin filling machineries to Ankur Oil Industries for ₹1.50 Cr.
- Cost auditor remuneration proposed at ₹40,000 for FY 2026-27.
Ambar Protein Industries reported a strong bottom-line performance for Q1 FY27 (ended June 2026), with Net Profit surging 400% YoY to ₹3.75 Cr from ₹0.75 Cr. This growth was achieved despite a 3.2% decline in revenue to ₹113.45 Cr, indicating a significant expansion in operating efficiency and margins. The quarterly EPS of ₹6.53 is substantial, representing over 50% of the total FY26 EPS (₹12.23) in just three months. Additionally, the board approved a related-party sale of machinery to Ankur Oil Industries, subject to shareholder approval.
- Net Profit increased 400% YoY to ₹3.75 Cr from ₹0.75 Cr in the year-ago quarter
- Revenue from operations slightly decreased by 3.2% YoY to ₹113.45 Cr from ₹117.27 Cr
- Earnings Per Share (EPS) for the quarter rose to ₹6.53 compared to ₹1.30 in Q1 FY26
- Profit Before Tax (PBT) margin improved significantly to 4.5% from 1.25% YoY
- Board approved the sale of movable tin filling machineries to related party M/s. Ankur Oil Industries
Ambar Protein Industries reported a sharp increase in net profit to ₹3.75 cr for Q1 FY27, a 400% jump from ₹0.75 cr in Q1 FY26, despite a 3.3% decline in revenue to ₹113.45 cr. The board has approved the sale of movable tin filling machinery to M/s. Ankur Oil Industries (a related party) on an arm's length basis, subject to shareholder approval. Additionally, the board proposed revisions to the remuneration of the Managing Director and Whole Time Director, alongside commissions for Non-Executive Directors. The 33rd Annual General Meeting (AGM) is scheduled for September 30, 2026.
- Net Profit surged to ₹3.75 cr in Q1 FY27 compared to ₹0.75 cr in Q1 FY26.
- Basic EPS increased significantly to ₹6.53 from ₹1.30 in the year-ago quarter.
- Revenue from operations stood at ₹113.45 cr, representing approximately 22.6% of TTM revenue.
- Profit Before Tax (PBT) margin improved to 4.5% from 1.25% YoY.
- Board approved the sale of tin filling machinery to related party Ankur Oil Industries, which accounted for 77% of FY25 sales.
Ambar Protein Industries has scheduled a board meeting for August 14, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The agenda includes a notable related party transaction involving the sale of movable tin filing machineries to M/s. Ankur Oil Industries, which already accounts for 77% of the company's sales. Additionally, the board will consider revisions to the remuneration of the Managing Director and Whole Time Director, alongside commissions for non-executive directors.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
- Proposed sale of Movable Tin Filing Machineries to related party M/s. Ankur Oil Industries on an arm's length basis.
- Revision in remuneration for the Managing Director and Whole Time Director under consideration.
- Trading window remains closed from July 1, 2026, until 48 hours after the results are announced.
- Company reported TTM revenue of ₹501 Cr with a thin operating margin of 2.4%.
Financial Performance
Revenue Growth by Segment
The edible oil segment revenue grew 25.09% YoY, increasing from INR 337.06 Cr in FY24 to INR 421.62 Cr in FY25, primarily driven by improved sales realization of cottonseed oil.
Geographic Revenue Split
Revenue is primarily concentrated in Gujarat and Western India, leveraging the established 'Ankur' brand recall in these regions; specific percentage split by state is not disclosed.
Profitability Margins
PBILDT margin improved to 3.45% in FY25 from 2.14% in FY24. PAT margin increased to 2.29% in FY25 from 1.03% in FY24, reflecting improved operational efficiency and scale.
EBITDA Margin
PBILDT margin stood at 3.45% in FY25, a YoY increase of 131 basis points from 2.14% in FY24, driven by the company's ability to pass on raw material price fluctuations.
Capital Expenditure
Historical capex is not explicitly detailed, but the company reduced its long-term bank facilities from INR 13.54 Cr to INR 12.27 Cr during FY25, indicating a focus on debt reduction over aggressive expansion.
Credit Rating & Borrowing
Credit ratings were upgraded in July 2025 to CARE BBB-; Stable (Long Term) and CARE A3 (Short Term) from CARE BB+; Stable / CARE A4+. Interest coverage ratio improved significantly to 6.95x in FY25 from 2.94x in FY24.
Operational Drivers
Raw Materials
Crude cotton oil is the primary raw material, which is highly volatile and market-driven, representing the bulk of the cost of goods sold.
Import Sources
Raw materials are sourced domestically, primarily from the state of Gujarat, which is a leading processor of cotton in India.
Key Suppliers
The company procures crude cotton oil from various crushing oil mills on a back-to-back order basis to mitigate price risk.
Capacity Expansion
Current capacity utilization remained moderate at 40% in FY25 (compared to 41% in FY24 and 30% in FY23), suggesting available headroom for growth without immediate capacity expansion.
Raw Material Costs
Raw material costs are highly susceptible to agro-climatic conditions and government export quotas; the company uses a hedging framework to minimize the impact of price fluctuations on profitability.
Manufacturing Efficiency
Manufacturing efficiency is marked by a moderate capacity utilization of 40%, with the company focusing on refining cottonseed oil where value addition is limited.
Logistics & Distribution
The company utilizes a trademark license agreement for the 'Ankur' brand to facilitate wider customer reach and distribution efficiency in Western India.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
The company aims to achieve volume-based growth by targeting a Total Operating Income (TOI) above INR 800 Cr. Strategy includes leveraging the royalty-free 'Ankur' brand license, improving sales realization, and maintaining PBILDT margins above 2.5% while reducing overall gearing below 0.5x.
Products & Services
Refined edible oils, specifically refined cottonseed oil sold under the 'Ankur' brand.
Brand Portfolio
Ankur (used under a royalty-free trademark license agreement signed April 01, 2006).
Market Expansion
Focus on deepening penetration in the branded edible oil market in Gujarat and Western India, capitalizing on the shift from unorganized to organized retail.
Market Share & Ranking
Not disclosed, though the company is noted for its presence in a highly fragmented and competitive industry.
Strategic Alliances
Maintains a critical strategic linkage with group partnership firm 'Ankur Oil Industries', which shares common promoters and brand identity.
External Factors
Industry Trends
The branded edible oil industry is expected to grow due to increased health consciousness and organized retail penetration; however, the industry remains highly fragmented with low value-addition.
Competitive Landscape
Operates in a highly competitive environment with numerous organized and unorganized players in the edible oil refining sector.
Competitive Moat
The moat is built on the long-standing experience of promoters and the 'Ankur' brand name, which provides a wider customer reach and brand recall in Gujarat.
Macro Economic Sensitivity
Highly sensitive to agro-climatic conditions affecting cotton yield and GDP-driven consumer spending on branded food products.
Consumer Behavior
Shift toward branded and refined oils due to health consciousness and better availability through organized retail channels.
Geopolitical Risks
Subject to global commodity price risks and domestic regulatory changes in tax laws and government statutes.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, Ind AS accounting standards, and specific edible oil industry regulations including GST (GSTIN: 24AABCM0541N1ZM).
Taxation Policy Impact
The company's effective tax rate is approximately 25.9%, based on a PBT of INR 13.03 Cr and PAT of INR 9.65 Cr for FY25.
Legal Contingencies
No proceedings were pending as of March 31, 2025, for holding Benami property; the auditor reported that proper books of accounts are maintained and in agreement with financial statements.
Risk Analysis
Key Uncertainties
Primary uncertainties include raw material price volatility (cottonseed) and the ability to maintain margins in a low-value-additive business.
Geographic Concentration Risk
High geographic concentration in Gujarat, making the company vulnerable to regional economic or climatic shifts.
Third Party Dependencies
Significant dependency on related party 'Ankur Oil Industries' for 77% of total revenue.
Technology Obsolescence Risk
Low risk of technology obsolescence in oil refining, though the company is upgrading to more robust risk management and internal control systems.
Credit & Counterparty Risk
Liquidity is considered stretched with 96% utilization of fund-based limits, though the financial risk profile improved in FY25 due to augmented net worth.
