Mukka Proteins Limited (MUKKA)
₹24.23 -4.12% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mukka Proteins' revenue was ₹490 Cr (+186.7% year on year, +28.7% on the previous quarter), and net profit ₹18.6 Cr; the operating margin was 9.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹490 | +186.7% | +28.7% |
| Operating profit | ₹48.0 | +229.6% | +41.7% |
| Net profit | ₹18.6 | — | -12.8% |
| EPS (₹) | 0.63 | — | -8.7% |
| Operating margin | 9.8% | — | — |
MUKKA exchange data
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📢 Recent Corporate Announcements
Mukka Proteins has announced that its overseas subsidiary, United Gulf Fishery Products LLC, commenced commercial operations on October 9, 2026. The new plant is located at Al Juba industrial area in Wilayat of Mahoot, Sultanate of Oman. The facility produces fish meal, fish oil, and fish soluble paste, expanding the company's footprint across the Middle East. Although specific incremental capacity was not disclosed, this operational milestone aligns with the company's international expansion strategy against its TTM revenue base of ₹1,768 crore.
- Commercial production commenced on October 9, 2026
- Facility located at Al Juba industrial area, Wilayat of Mahoot, Sultanate of Oman
- Operations conducted via overseas subsidiary United Gulf Fishery Products LLC
- Products manufactured include fish meal, fish oil, and fish soluble paste
Mukka Proteins has approved providing a corporate guarantee, Standby Letter of Credit (SBLC), and security via fixed deposit for up to ₹73.58 Cr (Rs. 735,830,000). The facility secures credit to be availed by its subsidiary, United Gulf Fishery Products LLC, Oman, from HDFC Bank. The guarantee amount represents approximately 16.5% of Mukka Proteins' net worth (₹447 Cr) and adds to its contingent liabilities. The relevant definitive agreements are yet to be executed.
- Corporate guarantee, SBLC, and FD security approved for up to ₹73.58 Cr (Rs. 735,830,000)
- Credit facility is being availed by subsidiary United Gulf Fishery Products LLC, Oman from HDFC Bank
- Guarantee constitutes a contingent liability representing ~16.5% of company's net worth (₹447 Cr)
- Board meeting approving the transaction concluded at 3:20 p.m. on October 9, 2026
CARE Ratings has reaffirmed Mukka Proteins Limited's credit rating at 'CARE BBB-/CARE A3' across ₹495 crore of bank facilities while upgrading its outlook from 'Negative' to 'Stable'. The outlook revision is supported by a strong operational turnaround in Q1FY27, where revenue surged ~187% YoY to ₹490 crore driven by a ~93% increase in average realisations and ~49% growth in sales volumes. Consolidated inventory decreased ~7% to ~₹800 crore as of August 30, 2026, compared to ₹867 crore as of March 31, 2026. Additionally, the company strengthened liquidity through a ~₹47 crore preferential issue of convertible warrants in September 2026, with ₹11.75 crore received upfront.
- Outlook revised to Stable from Negative; ratings reaffirmed at 'CARE BBB-' for long-term and 'CARE A3' for short-term across ₹495 crore facilities.
- Q1FY27 operating revenue surged ~187% YoY to ₹490 crore with PBILDT margins staying above 9%.
- Consolidated inventory reduced by ~7% in value to ~₹800 crore and ~24% in volume between March 31, 2026, and August 30, 2026.
- Preferential warrant issue completed in September 2026 to raise ~₹47 crore (~5.4% of market cap), with ₹11.75 crore received as 25% upfront consideration.
- PBILDT interest cover stood at 2.92x in Q1FY27, while overall gearing stood at 1.50x as on June 30, 2026.
Mukka Proteins has received a USDA NOP - Inputs Attestation from ECOCERT S.A.S., France, for its product 'Eco Sphere Organic Fertilizer'. This certification confirms suitability for use in organic farming, valid from October 5, 2026, through March 31, 2028. The approval opens up marketability and acceptance in international organic agriculture markets, including the United States. While financially unquantified in the filing, it supports the company's diversification into value-added segments beyond traditional fish meal and fish oil (TTM revenue: ₹1,768 Cr).
- Received USDA NOP – Inputs Attestation from ECOCERT S.A.S., France
- Certification covers product 'Eco Sphere Organic Fertilizer' under Fertilizer and Amendment category
- Approval validity period runs from October 5, 2026, until March 31, 2028
- Aims to expand access into organic farming markets, specifically including the United States
Mukka Proteins has announced a delay in completing its strategic investment to acquire a 51% stake in partnership firm Aqua Marine for up to ₹15.00 crore. The acquisition was originally slated for completion by September 30, 2026, but the timeline has now been extended to January 31, 2027, citing procedural issues. The ₹15 crore outlay represents approximately 1.8% of the company's ₹848 crore market capitalization and 0.8% of its TTM revenue of ₹1,768 crore.
- Completion timeline for 51% stake acquisition in Aqua Marine extended to January 31, 2027
- Previous expected completion date was September 30, 2026 (announced June 12, 2026)
- Total capital contribution capped at an amount not exceeding ₹15,00,00,000
- Delay attributed specifically to procedural issues
- Investment represents ~1.8% of market cap and ~0.8% of TTM revenue
Mukka Proteins Limited has notified stock exchanges of an upcoming virtual one-on-one investor meeting with ADD Capital scheduled for Thursday, September 17, 2026. The company stated that no unpublished price sensitive information (UPSI) will be shared during the interaction. The presentation reference remains its existing investor presentation available on its website. This is a routine institutional interaction for the Rs 985 Cr market cap company.
- Meeting scheduled for Thursday, 17th September 2026
- One-on-one meeting format conducted via virtual mode
- Participating institution is ADD Capital
- Company confirmed no unpublished price sensitive information (UPSI) will be disclosed
Mukka Proteins has submitted the voting results and Scrutinizer's Report for its 16th AGM held on September 10, 2026. Shareholders approved all 15 resolutions with requisite majority, including the adoption of FY26 financial statements and director re-appointments. Key special resolutions enabling higher borrowing limits under Section 180(1)(c) and asset charges under Section 180(1)(a) passed with over 99.98% votes in favor. Resolutions approving material related-party transactions with Atlantic Marine Products, Progress Frozen, Ullal Fish Meal, and Mangalore Fish Meal were also cleared.
- Overall 73.56% of total outstanding shares polled (22.07 cr votes out of 30.00 cr shares)
- Adoption of FY26 audited accounts approved with 99.99% favor (220,644,144 votes)
- Approval granted for enhanced borrowing limits under Section 180(1)(c) with 99.99% favorable votes
- Material related-party transactions approved across entities like Atlantic Marine Products and Ullal Fish Meal
Mukka Proteins Limited announced that shareholders approved key leadership re-appointments at its 16th AGM held on September 10, 2026. Managing Director & CEO Kalandan Mohammed Haris, Whole-Time Director & CFO Kalandan Mohammed Althaf, and Whole-Time Director & COO Kalandan Mohammad Arif were each re-appointed for a 5-year term from January 20, 2027 to January 19, 2032. Additionally, three Non-Executive Independent Directors were re-appointed for second 5-year terms effective January 15, 2027 to January 14, 2032. These resolutions secure management and governance continuity well in advance of their term renewals.
- Re-appointment of MD & CEO Kalandan Mohammed Haris for a 5-year term from January 20, 2027 to January 19, 2032
- Re-appointment of CFO Kalandan Mohammed Althaf and COO Kalandan Mohammad Arif for 5-year terms from January 20, 2027 to January 19, 2032
- Re-appointment of 3 Independent Directors for second 5-year terms from January 15, 2027 to January 14, 2032
- Resolutions approved at the 16th AGM of the company held on September 10, 2026
Mukka Proteins concluded its 16th Annual General Meeting on September 10, 2026, conducted via video conference. A total of 59 shareholders attended (5 promoter, 54 public) to consider 15 agenda items, including financial adoption for FY26 and the re-appointment of executive leadership. Notably, special resolutions were tabled to increase overall borrowing limits under Section 180(1)(c) and approve material related party transactions with Atlantic Marine Products and three other entities. Formal voting results and scrutinizer reports are pending separate disclosure.
- 16th AGM concluded on September 10, 2026, lasting from 3:00 P.M. to 4:26 P.M. IST
- Attendance recorded at 59 members, comprising 5 promoter group and 54 public shareholders
- 15 resolutions tabled including adoption of FY26 financials and reappointment of key management personnel
- Special business included approvals for higher borrowing limits under Section 180(1)(c) and Section 180(1)(a)
- Approval sought for material related party transactions across 4 entities, including Atlantic Marine Products Private Limited
Mukka Proteins has approved the allotment of 2,00,00,000 convertible warrants on a preferential basis to 15 non-promoter investors at an issue price of Rs 23.50 per warrant, aggregating to Rs 47.00 crore. The company received 25% upfront subscription money amounting to Rs 5.88 per warrant (approx. Rs 11.75 crore). The remaining 75% is payable within 18 months upon exercising the conversion right into equity shares of Re 1 face value. Relative to Mukka's current market cap of Rs 962 crore, the total potential fundraise represents approximately 4.9%.
- Allotment of 2,00,00,000 convertible warrants at an issue price of Rs 23.50 each
- Total issue value aggregates to Rs 47,00,00,000
- Upfront receipt of 25% subscription money at Rs 5.88 per warrant (~Rs 11.75 crore received)
- Balance 75% exercisable into equity shares within an 18-month window
- Allotted across 15 identified non-promoter investors
Mukka Proteins Limited has received an EU – Inputs Attestation from ECOCERT S.A.S., France, confirming that its product 'Eco Sphere Organic Fertilizer' is suitable for use in organic farming. The attestation is issued under EU Regulations (EU) No. 2018/848 and No. 2021/1165. The approval is valid from September 4, 2026 until March 31, 2028. This certification enables the company to market its value-added organic fertilizer product across European Union organic farming markets.
- Received EU – Inputs Attestation from ECOCERT S.A.S., France, for 'Eco Sphere Organic Fertilizer'
- Complies with Regulations (EU) No. 2018/848 and No. 2021/1165 for organic farming inputs
- Approval validity period: September 4, 2026 to March 31, 2028
- Aims to expand the company's value-added and sustainable product offerings in international markets
Mukka Proteins has approved a strategic minority investment of up to Rs 13.19 Cr in Shipwaves Online Limited (SOL) to acquire a 16.77% stake. SOL operates in digital freight forwarding and enterprise SaaS solutions, posting FY26 turnover of Rs 65.01 Cr and PAT of Rs 1.68 Cr. The transaction is structured as a related party transaction at arm's length (cash consideration of Rs 4.50 per share) and is slated to complete by March 31, 2027.
- Approved cash investment of up to Rs 13.19 Cr for 2,93,20,000 equity shares at Rs 4.50 per share
- Acquisition results in a 16.77% minority stake in Shipwaves Online Limited
- Target recorded FY26 turnover of Rs 65.01 Cr and PAT of Rs 1.68 Cr with a net worth of Rs 71.30 Cr
- Classified as a related party transaction with an indicative completion timeline of March 31, 2027
Mukka Proteins announced the operational scaling roadmap for its circular bio-economy vertical in Bengaluru using Black Soldier Fly bioconversion. The facility's organic wet waste intake is currently at 200 Tonnes Per Day (TPD), with plans to expand to 400 TPD by March 2027 and up to 1,000 TPD by December 2027. The bioconversion process delivers an 80% mass reduction in a 10-14 day cycle to produce insect protein meal (>50% crude protein), lipids, organic frass, and humic acid. This initiative diversifies the company beyond its conventional marine protein footprint of 2,91,720 MTPA.
- Organic wet waste intake currently at 200 TPD, targeted to reach 400 TPD by March 2027 and 1,000 TPD by December 2027
- Black Soldier Fly larval process achieves 80% mass reduction of organic waste within a 10 to 14 days cycle
- Produces insect protein meal with >50% crude protein along with feed-grade oil, compost, and humic acid
- Complements existing marine protein manufacturing capacity of over 2,91,720 MTPA across India and Oman
Mukka Proteins Limited has received in-principle approvals from NSE and BSE for the preferential issue of 2,00,00,000 convertible warrants. The warrants carry a face value of Re 1 and an issue price of Rs 23.50 each, totaling a capital raise of Rs 47.00 crore from non-promoters. The fundraise represents approximately 5.8% of the company's market capitalization of Rs 804 crore. The proceeds will provide growth capital ahead of the full equity conversion window.
- Received stock exchange in-principle approval from NSE and BSE on August 28, 2026.
- Issuance of 2,00,00,000 convertible warrants of Re 1 face value at Rs 23.50 per warrant.
- Total capital to be raised amounts to Rs 47.00 crore upon full warrant conversion.
- Warrants allocated exclusively to non-promoter category investors.
Mukka Proteins has issued a clarification regarding its August 12, 2026 board approval to acquire a 25.98% stake (26,500 equity shares at ₹250 each) in Swaccha Eco Solutions Private Limited. Due to a calculation error, total consideration was previously reported as ₹64.93 lakh instead of the correct ₹66.25 lakh. The target entity operates in waste management and reported FY26 turnover of ₹1.78 Cr with a net loss of ₹75.05 lakh and a negative net worth of ₹2.10 Cr. The transaction value represents less than 0.1% of Mukka's TTM revenue (₹1,768 Cr) and is slated for completion by December 31, 2026.
- Total consideration corrected to ₹66,25,000 (from ₹64,92,500) for acquiring 26,500 shares at ₹250 per share.
- Acquisition gives Mukka Proteins a 25.98% equity stake in Swaccha Eco Solutions Private Limited.
- Target entity reported FY26 turnover of ₹1,77,61,136, net loss of ₹75,05,051, and net worth of ₹(2,10,22,476).
- Target completion date for the all-cash acquisition is December 31, 2026.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations decreased by 27.06% YoY to INR 1,006.42 Cr in FY25. On a standalone basis, revenue fell 30.10% to INR 886.74 Cr. This decline was primarily driven by a normalization of global fish meal prices and a sales slowdown, following a period of high growth where the company saw a 28% CAGR between FY19 and FY24.
Geographic Revenue Split
The company maintains a robust international footprint across Asia, Europe, and the Middle East. While specific regional percentages for FY25 are not disclosed, the company is ranked 311th in the FT1000 High Growth Companies Asia-Pacific 2025, indicating significant regional contribution. Exports represent a healthy proportion of the revenue mix, reducing single-location exposure.
Profitability Margins
Consolidated Profit After Tax (PAT) decreased by 35.27% to INR 48.10 Cr in FY25. Standalone Net Profit Margin declined from 4.95% to 4.70% due to decreased profits. However, Standalone Operating Profit Margin improved from 5.97% to 7.92% in FY25, reflecting better cost management despite lower volumes.
EBITDA Margin
The PBILDT margin stood at 9.45% in H1 FY25, an improvement from 8.26% in FY24 and 4.96% in FY20. This long-term margin expansion is attributed to economies of scale and a favorable product mix, though H1 FY25 saw a 46% YoY decline in operating income to INR 327.7 Cr due to price normalization.
Capital Expenditure
The company is planning a fundraise of INR 98.0 Cr through a preferential allotment of equity shares. These funds are specifically earmarked for acquisitions and expansion towards business and product diversification, including the acquisition of a 68% stake in United Gulf Fishery Products LLC.
Credit Rating & Borrowing
CARE Ratings assigned a 'CARE BBB+; Stable / CARE A2' rating to bank facilities totaling INR 360 Cr (enhanced from INR 100 Cr) in January 2025. Interest coverage ratio decreased from 3.96 to 2.53 times in FY25 due to increased interest costs associated with higher working capital borrowings.
Operational Drivers
Raw Materials
Raw fish is the primary raw material, used to produce fish meal and fish oil. While the exact percentage of total cost is not specified, it is the dominant cost driver, and the company is exposed to price volatility and seasonal availability of fish.
Import Sources
Sourcing is concentrated along the western coastline of India to ensure timely availability. The company is also expanding its sourcing footprint to Oman through the acquisition of United Gulf Fishery Products LLC to diversify its raw material base.
Key Suppliers
Not specifically named in the documents, but the company maintains established relationships with a wide network of suppliers across multiple coastlines to secure raw fish in sufficient quantities.
Capacity Expansion
The company currently operates 10 manufacturing facilities, 3 blending facilities, and 5 storage facilities. Expansion is planned through the acquisition of a 68% stake in United Gulf Fishery Products LLC and a planned INR 98 Cr investment in product diversification.
Raw Material Costs
Raw material costs are subject to inherent seasonality and volatility. The company utilizes a diversified sourcing strategy and optimizes production processes to mitigate these costs, which are impacted by government fishing bans and environmental factors.
Manufacturing Efficiency
The company utilizes sophisticated blending processes and stringent quality systems. Efficiency is supported by a workforce of 314 employees as of March 31, 2025, who undergo regular training to maintain competitive edges in production.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company notes that its geographically diversified production facilities reduce exposure to single-location logistics risks.
Strategic Growth
Expected Growth Rate
28%
Growth Strategy
Growth will be achieved through a 68% stake acquisition in United Gulf Fishery Products LLC in Oman, a planned INR 98 Cr fundraise for product diversification, and leveraging its status as a high-growth Asia-Pacific company to expand its international footprint in Europe and the Middle East.
Products & Services
Fish meal, fish oil, and fish soluble paste, which are used as essential ingredients in aquaculture feed, poultry feed, and livestock raising.
Brand Portfolio
Mukka Proteins Limited; the company also operates through various subsidiaries and associates under the Mukka Group umbrella.
New Products/Services
The company is expanding into 'product diversification' supported by a planned INR 98 Cr fundraise, though specific new product names are not yet detailed.
Market Expansion
Targeting the Middle East through the STA (Share Transfer Agreement) for United Gulf Fishery Products LLC in Oman, signed on December 10, 2025.
Market Share & Ranking
Ranked 311th in the FT1000 High Growth Companies Asia-Pacific 2025 edition.
Strategic Alliances
Entered a Share Transfer Agreement with Mr. Saif Salim Ahmed Al-Rawahi to acquire 68% of United Gulf Fishery Products LLC. It also uses contractual arrangements with third-party manufacturing units to increase its presence on the western coastline.
External Factors
Industry Trends
The industry is shifting toward sustainable sourcing and high-quality standards (QEHS). Mukka is positioning itself by obtaining environmental clearances and pollution control licenses to meet stringent international customer validations.
Competitive Landscape
Mukka is a dominant player in the Indian fish meal/oil industry, competing based on its multi-coastline manufacturing presence and ability to meet international quality standards.
Competitive Moat
The company's moat is built on 50+ years of promoter experience and a dominant market position in the fish meal industry. This 'vintage' provides established customer relationships and a specialized manufacturing network that is difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
The company is sensitive to the global economic outlook, which projects a slowdown to 2.3% growth in 2025. This impacts global demand for aquaculture and livestock feed, indirectly affecting Mukka's sales volumes.
Consumer Behavior
Increased global focus on protein-rich diets and aquaculture sustainability is driving long-term demand for high-quality fish meal and oil.
Geopolitical Risks
Exposure to international trade regulations and country-specific export licenses. The acquisition in Oman introduces risks related to Foreign Exchange Management (Overseas Investment) Regulations.
Regulatory & Governance
Industry Regulations
Operations are governed by the Export Inspection Council, pollution control boards, and country-specific export licenses. Any adverse change in Government of India export incentive rates would significantly hamper the business profile.
Environmental Compliance
Manufacturing facilities are subject to audit for pollution control and environment clearances. The company emphasizes 'environmental stewardship' as part of its risk management framework.
Taxation Policy Impact
The company complies with the Companies Act, 2013 and Indian Accounting Standards (Ind AS). Specific tax rate percentages are not disclosed, but the company noted a decrease in PBT of 31.09% and PAT of 35.27% for FY25.
Legal Contingencies
The auditor's report for FY25 is unmodified, and there are no 'Key Audit Matters' reported. No specific pending court case values in INR were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of raw fish prices and global fish meal demand, which led to a 27.06% revenue decline in FY25. Environmental factors like fishing bans also pose a risk to raw material security.
Geographic Concentration Risk
While production is diversified across the western coastline of India, the company is expanding to Oman to reduce geographic concentration risk in raw material sourcing.
Third Party Dependencies
The company relies on contractual arrangements with third-party manufacturing units to supplement its own 10 facilities, creating some dependency on external production standards.
Technology Obsolescence Risk
The company uses sophisticated blending processes and has maintained an audit trail in its accounting software, with no instances of tampering found by auditors, indicating low digital risk.
Credit & Counterparty Risk
Debtors' turnover ratio decreased from 10.09 to 5.95 times in FY25, indicating a slowdown in collections and potential increase in credit risk from dealers who are offered sizeable credit periods.
