IFB Agro Industries Limited (IFBAGRO)
₹863.60 -5.05% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, IFB Agro's revenue was ₹398 Cr (+35.8% year on year, +8.0% on the previous quarter), and net profit ₹20.4 Cr (+18.5% year on year); the operating margin was 7.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹398 | +35.8% | +8.0% |
| Operating profit | ₹31.4 | +44.1% | +37.9% |
| Net profit | ₹20.4 | +18.5% | +118.8% |
| EPS (₹) | 21.72 | +18.4% | +118.7% |
| Operating margin | 7.9% | — | — |
IFBAGRO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 47.99% of the IFBAGRO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 64.29%. That is lower than usual for this stock. Turnover was only ₹64 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 53.3% · 37.7% · 52.0% · 42.7% · 48.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
IFB Agro Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The RTA confirmed that securities received for dematerialisation were processed, certificates were mutilated/cancelled, and depositories were updated within prescribed timelines. This is a recurring administrative compliance filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Confirmation issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Submitted to BSE and NSE on October 9, 2026
IFB Agro Industries Limited announced the retirement of Mr. Soumitra Chakraborty from the position of Chief Executive Officer - Marine Business, effective from the close of business hours on September 30, 2026. His departure is due to superannuation. The Marine business is a major growth vertical for the company, following its INR 144.77 Cr acquisition of Cargill's feed business and recent plant expansion in Vietnam. The company has not yet named a successor in this announcement.
- Cessation of Mr. Soumitra Chakraborty as CEO - Marine Business w.e.f. close of business hours on September 30, 2026
- Reason for cessation is retirement upon attaining the age of superannuation
- Marine division is critical to operations, following the INR 144.77 Cr Cargill feed acquisition
- Filing made under Regulation 30 of SEBI LODR Regulations on September 29, 2026
India Ratings and Research has affirmed and assigned credit ratings of 'IND A+/Stable/IND A1+' for IFB Agro Industries Limited's bank loan facilities. The total rated facilities stand at INR 220 crore (INR 2,200 million), comprising INR 105 crore newly assigned and INR 115 crore affirmed. Rated limits include working capital and term loan facilities across HDFC Bank, DBS Bank, Axis Bank, and Federal Bank. This affirmation confirms a stable credit risk profile alongside the company's low net debt-to-equity ratio of 0.10.
- India Ratings assigned 'IND A+/Stable/IND A1+' to INR 105 crore (1,050 million) bank loan facilities
- India Ratings affirmed 'IND A+/Stable/IND A1+' for INR 115 crore (1,150 million) existing bank facilities
- Total rated bank loan facilities aggregate to INR 220 crore (2,200 million)
- Facilities covered include Axis Bank term loan of INR 70 crore and working capital lines across multiple banks
IFB Agro's 44th AGM confirmed the successful integration of Cargill’s feed business, acquired for ₹110 Cr, which brings an additional ₹353 Cr in annual turnover (approx. 21% of TTM revenue). The company's Vietnam value-added shrimp facility commenced commercial shipments in April 2026, with a focus on reaching break-even this fiscal year. While the distillery segment faced margin pressure from ENA price cuts and historical regulatory hurdles in West Bengal, a new 25 KLPD ethanol plant is ready for sales in FY 2026-27. Shareholders approved the appointment of Rahul Choudhary as ED-Finance and Strategy to lead these growth initiatives.
- Acquired Cargill's feed business for ₹110 Cr plus working capital, adding ₹353 Cr in annual turnover.
- Vietnam value-added shrimp plant started commercial shipments in April 2026.
- Commissioned a 25 KLPD Ethanol plant with sales expected to commence in FY 2026-27.
- Distillery margins impacted by ENA price cuts and illegal excise interference since 2020.
- IML industry in West Bengal saw a nominal growth of only 3% over the last 2 years due to price hikes.
Shareholders at the 44th AGM on July 29, 2026, have formally approved the appointments of Mr. Rahul Choudhary and Mr. Santanu Ghosh as Executive Directors. Mr. Choudhary, who also serves as CFO, has been appointed for a 5-year term to lead Finance, Strategy, and Acquisitions. Mr. Ghosh has been appointed for a 3-year term as ED - Operations and CEO of the Distillery Business. These appointments, effective from May 28, 2026, provide leadership continuity as the company integrates its recent ₹144.77 Cr Cargill feed business acquisition.
- Mr. Rahul Choudhary appointed as ED - Finance, Strategy & Acquisition and CFO for a 5-year term
- Mr. Santanu Ghosh appointed as ED - Operations and CEO - Distillery Business for a 3-year term
- Mr. Choudhary brings over 30 years of experience, including a prior 12-year stint at Usha Martin Group
- Mr. Ghosh is a company veteran with 37 years of experience, having joined IFB Agro in 1988 as a Trainee Chemist
- Appointments were previously effective from May 28, 2026, and received shareholder backing at the 44th AGM
IFB Agro confirmed the successful integration of the ₹110 crore Cargill feed business acquisition, which adds approximately ₹353 crore in annual turnover potential (representing ~21% of TTM revenue). The company's Vietnam value-added seafood plant has transitioned to commercial operations, with the first shipment recorded in April 2026. Management also highlighted the commissioning of a new 25 KLPD ethanol plant, with revenue generation expected to commence in FY 2026-27. While distillery margins remain pressured by state-level pricing and competition, the company reported a cessation of historical regulatory friction with West Bengal excise authorities.
- Acquired Cargill's feed business for ₹110 crore plus working capital, effective August 1, 2025
- Acquired feed business contributed an annual turnover of ₹353 crore as of March 31, 2025
- Commissioned a 25 KLPD Ethanol plant with sales expected to start in FY 2026-27
- Vietnam facility completed its first commercial shipment in April 2026, shifting focus to value-added products
- Distillery margins impacted by price cuts in Extra Neutral Alcohol (ENA) and Ordinary Denatured Spirit (ODS)
IFB Agro Industries has appointed Mr. Mageshram Sankarapandian as the Business Head of its Marine Feed division, effective July 27, 2026. This leadership hire is strategic, following the company's ₹144.77 Cr acquisition of Cargill's feed business in August 2025. Mr. Sankarapandian brings significant experience from the Murugappa Group (EID Parry and Coromandel International), which is relevant for scaling the aquatic feed vertical. This segment is a key growth driver as the company seeks to diversify away from the highly regulated alcohol business.
- Appointment of Mr. Mageshram Sankarapandian as Business Head of Marine Feed effective July 27, 2026
- Appointee brings leadership experience from major agri-players including EID Parry and Coromandel International
- The role is critical for managing the ₹144.77 Cr Cargill feed business acquisition integrated in 2025
- Company is targeting a 14% growth rate driven by marine feed and Vietnam seafood exports
- IFB Agro maintains a debt-to-equity ratio of 0.10 with a net worth of ₹681 Cr
IFB Agro reported a strong start to FY27 with consolidated revenue growing 25.3% YoY to ₹520.77 Cr. Consolidated PAT rose 18.5% YoY to ₹20.35 Cr, despite a loss of ₹7.70 Cr in the Marine segment. The Spirit segment remains the primary earnings driver, contributing ₹36.56 Cr in segment profit. The quarterly revenue of ₹520.77 Cr is significant, representing approximately 31% of the company's TTM revenue of ₹1665 Cr.
- Consolidated Revenue from operations grew to ₹520.77 Cr in Q1 FY27 from ₹415.73 Cr in Q1 FY26.
- Spirit segment profit increased to ₹36.56 Cr, up from ₹26.87 Cr in the previous year's corresponding quarter.
- Marine segment reported a loss of ₹7.70 Cr on revenue of ₹233.16 Cr, compared to a loss of ₹0.86 Cr YoY.
- Consolidated Basic EPS for the quarter improved to ₹21.72 from ₹18.34 in Q1 FY26.
- Total assets for the Spirit segment grew to ₹259.73 Cr from ₹248.63 Cr as of March 2026.
IFB Agro Industries has announced the schedule for its 44th Annual General Meeting (AGM) to be held on July 29, 2026. The company has fixed July 22, 2026, as the cut-off date to determine shareholder eligibility for participating in the meeting. The share transfer books will remain closed for 7 days from July 23 to July 29, 2026. This is a standard regulatory filing for the conclusion of the Financial Year 2025-26.
- 44th Annual General Meeting scheduled for July 29, 2026
- Record/Cut-off date for the meeting fixed as July 22, 2026
- Book closure period defined from July 23, 2026, to July 29, 2026
- Meeting pertains to the Financial Year ending March 2026
IFB Agro Industries has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, covers the quarter ended June 30, 2026. It confirms that share certificates received for dematerialization were processed, mutilated, and cancelled within prescribed timelines. This is a routine administrative filing and does not impact the company's financial or operational standing.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime)
- Verification that security certificates were mutilated and cancelled after dematerialization
- Confirmation that the name of depositories has been substituted in the register of members
IFB Agro Industries has scheduled its 44th Annual General Meeting (AGM) for July 29, 2026, at 12:30 PM via video conferencing. The company is notifying shareholders who have not registered their email addresses about the availability of the FY 2025-26 Annual Report through a dedicated web link. This administrative update also confirms the merger of the company's Registrar and Share Transfer Agent (RTA) into MUFG Intime India Private Limited, which became effective on May 8, 2026. The communication is based on the shareholder records as of the June 26, 2026 cutoff date.
- 44th Annual General Meeting (AGM) scheduled for July 29, 2026
- Annual Report for FY 2025-2026 disseminated via web link to non-registered email holders
- Shareholder list for this communication finalized as of June 26, 2026
- RTA merger with MUFG Intime India Private Limited effective from May 8, 2026
IFB Agro has released its FY26 Annual Report, detailing the strategic acquisition of Cargill’s aqua feed business for Rs 144.77 Cr, which represents approximately 16% of the company's current market capitalization. The company reported a strong standalone EBITDA growth of 110% YoY to Rs 124.28 Cr, driven by the integration of the feed business and improved marine segment performance. Operations in Vietnam have commenced with the first value-added seafood shipment in April 2026. Despite regulatory challenges in the West Bengal alcohol segment, the company remains net debt zero with a cash reserve of Rs 183 Cr.
- Acquisition of Cargill's aqua feed business completed for Rs 144.77 Cr, effective August 1, 2025
- Standalone operational revenue grew by Rs 345.26 Cr to reach Rs 1404.48 Cr in FY26
- EBITDA increased significantly to Rs 124.28 Cr from Rs 59.24 Cr in the previous year
- Vietnam value-added seafood project operationalized with the first shipment recorded in April 2026
- Maintains a strong liquidity position with Rs 183 Cr in cash against Rs 70 Cr in debt
IFB Agro reported a strong recovery in FY 2025-26, with standalone EBITDA doubling to ₹124.28 Cr from ₹59.24 Cr in the previous year. The company successfully integrated Cargill's aqua feed business, acquired for ₹144.77 Cr, which helped drive a ₹345.26 Cr increase in standalone operational revenue. While the alcohol segment faced regulatory hurdles in West Bengal, the company transitioned its Vietnam seafood project to commercial operations with the first shipment in April 2026. The company remains net-debt zero with a cash balance of ₹183 Cr against ₹70 Cr in debt.
- Acquired Cargill's aqua feed business for ₹144.77 Cr, effective August 1, 2025, adding manufacturing units in Andhra Pradesh.
- Standalone EBITDA increased 110% YoY to ₹124.28 Cr, with Return on Equity (ROE) improving from 4% to 9%.
- Standalone net operational revenue reached ₹1404.48 Cr, an increase of ₹345.26 Cr over the previous financial year.
- Vietnam value-added seafood project commenced commercial operations with the first shipment dispatched in April 2026.
- Maintained strong liquidity with ₹183 Cr in cash and bank balances as of March 31, 2026.
IFB Agro Industries Limited has announced its 44th Annual General Meeting (AGM) to be held on July 29, 2026, at 12:30 P.M. via video conferencing. The company has also declared a book closure period from July 23, 2026, to July 29, 2026, for the purpose of this meeting. This is a standard administrative filing following the conclusion of the 2025-2026 financial year. Investors should look for the detailed AGM notice to review management commentary on the recent Rs 144.77 Cr Cargill feed business acquisition.
- 44th Annual General Meeting scheduled for July 29, 2026, at 12:30 P.M.
- Book closure period set for 7 days from July 23, 2026, to July 29, 2026.
- Meeting to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM).
- Filing pertains to the financial year 2025-2026.
IFB Agro Industries Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the un-audited standalone and consolidated financial results are made public. This is a standard administrative procedure and does not reflect on the company's operational performance.
- Trading window closure effective from July 1, 2026
- Pertains to the un-audited financial results for the quarter ending June 30, 2026
- Window to remain closed until 48 hours after the public announcement of results
- Applies to all Designated Persons and their immediate relatives
Financial Performance
Revenue Growth by Segment
Net operational revenue grew 14% YoY to INR 1,059.22 Cr in FY 2024-25. For the six months ended September 30, 2025, the Spirit segment generated INR 948.61 Cr (up 24.1% from INR 764.28 Cr) and the Marine segment generated INR 122.94 Cr (up 103.3% from INR 60.45 Cr).
Geographic Revenue Split
Not explicitly disclosed in percentages, but the company operates domestic alcohol bottling in India and is expanding marine exports through its Vietnam step-down subsidiary, IFB Vietnam Company Ltd, which is targeting international markets.
Profitability Margins
Net Profit Margin for FY 2024-25 was 2.4% (INR 25.47 Cr profit on INR 1,059.22 Cr net revenue), recovering from a net loss of 1.2% in FY 2023-24. For Q2 FY26, the standalone profit was INR 23.79 Cr, a significant increase from INR 2.77 Cr in Q2 FY25.
EBITDA Margin
EBITDA margin improved significantly to 5.59% (INR 59.24 Cr) in FY 2024-25 from 0.92% (INR 8.58 Cr) in FY 2023-24, driven by operational efficiencies and volume growth in the spirit segment.
Capital Expenditure
The company executed a major acquisition of Cargill's shrimp and fish feed business for INR 144.77 Cr effective August 1, 2025. Additionally, it invested in a capex-light model in Vietnam by installing key machinery in a third-party plant.
Credit Rating & Borrowing
Finance charges decreased by 34.6% YoY to INR 0.98 Cr in FY 2024-25 from INR 1.50 Cr, suggesting reduced debt levels or improved borrowing terms. Specific credit ratings were not disclosed.
Operational Drivers
Raw Materials
Non-edible grain (primary for ENA/Alcohol) and shrimp/fish feed (Marine segment). Grain represents a significant portion of the distillery cost structure.
Import Sources
Sourced primarily from domestic Indian states for the alcohol business; marine feed operations are being bolstered by the acquisition of Cargill's Indian feed assets.
Key Suppliers
Cargill (acquired their feed business for INR 144.77 Cr); other grain suppliers are local agricultural vendors.
Capacity Expansion
The Vietnam value-added seafood plant completed trial production in FY 2024-25 and is expected to reach full capacity by Q3 FY 2025-26. The Cargill acquisition added substantial feed manufacturing capacity.
Raw Material Costs
Raw material costs are under pressure; grain prices are rising due to high demand from Ethanol plants, which is expected to impact distillery margins in the current fiscal year.
Manufacturing Efficiency
The company is shifting toward a 'capex-light' model in Vietnam to improve asset turnover and reduce fixed cost burdens.
Logistics & Distribution
Distribution is handled through a network for branded alcoholic beverages and export channels for marine products; costs are bundled in operational expenses.
Strategic Growth
Expected Growth Rate
14%
Growth Strategy
Growth is driven by the INR 144.77 Cr acquisition of Cargill's feed business to dominate the marine feed market, and the operationalization of the Vietnam plant for value-added seafood exports to international markets.
Products & Services
Branded alcoholic beverages (IMFL), Extra Neutral Alcohol (ENA), processed marine foods (shrimp), and fish/shrimp feed.
Brand Portfolio
IFB Agro (Corporate Brand); specific liquor brand names were not listed in the provided text but fall under 'Spirituous beverages'.
New Products/Services
Value-added seafood products from the Vietnam facility and specialized aquatic feed from the newly acquired Cargill business units.
Market Expansion
Expansion into Vietnam for seafood processing and deepening the domestic footprint in the Indian aquatic feed market via acquisition.
Market Share & Ranking
Not disclosed, but the Cargill acquisition is intended to significantly increase market share in the Indian shrimp feed sector.
Strategic Alliances
Business Transfer Agreement with Cargill India for their feed business; third-party plant partnership in Vietnam for seafood manufacturing.
External Factors
Industry Trends
The industry is shifting toward Ethanol production, which competes for the same grain feedstock used in potable alcohol, causing a structural increase in raw material costs.
Competitive Landscape
Faces competition from large-scale ethanol producers for raw materials and global seafood processors in the marine segment.
Competitive Moat
Moat is based on a diversified business model (Alcohol + Marine) and recent vertical integration into feed; however, it is vulnerable to state-level regulatory changes in the liquor industry.
Macro Economic Sensitivity
Highly sensitive to agricultural commodity prices (grains) and global seafood demand trends.
Consumer Behavior
Shift toward branded alcoholic beverages and increasing global demand for processed, value-added seafood.
Geopolitical Risks
Trade barriers in seafood export markets and regulatory shifts in Vietnam could impact the step-down subsidiary's performance.
Regulatory & Governance
Industry Regulations
Subject to state excise policies for alcohol and international food safety standards for marine exports. The company must comply with the Companies Act 2013 and SEBI LODR regulations.
Environmental Compliance
Not disclosed in absolute INR, but the company maintains a Risk Management Committee to monitor compliance.
Taxation Policy Impact
Effective tax rate for FY 2024-25 was approximately 35% (INR 13.71 Cr tax on INR 39.18 Cr PBT).
Legal Contingencies
The company denied any undisclosed price-sensitive information in response to exchange queries regarding share price movement in October 2025. No major pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Volatility in non-edible grain prices and the successful integration of the INR 144.77 Cr Cargill acquisition.
Geographic Concentration Risk
Heavy concentration of alcohol manufacturing in West Bengal; marine business is diversifying into Vietnam.
Third Party Dependencies
The Vietnam project relies on a 'capex-light' model using a third-party plant, creating dependency on that partner's operational stability.
Technology Obsolescence Risk
Low risk in core products, but digital transformation of internal financial controls is ongoing.
Credit & Counterparty Risk
Trade receivables increased to INR 63.64 Cr in the half-year ended September 2025, reflecting higher credit exposure following the feed business acquisition.
