Mukka Proteins Limited (MUKKA)
📢 Recent Corporate Announcements
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.
Mukka Proteins Limited has issued an intimation regarding letters dispatched to shareholders whose email addresses are not registered with the company or depositories. The letter provides a direct weblink to access the FY 2025-26 Annual Report and notice for the 16th Annual General Meeting (AGM). The AGM is scheduled for September 10, 2026, at 3:00 PM IST via Video Conferencing / Other Audio-Visual Means. Electronic notices were sent to shareholders registered as of August 14, 2026.
- 16th Annual General Meeting scheduled for Thursday, September 10, 2026, at 3:00 PM IST
- Electronic Annual Report FY26 and AGM notice sent to email addresses registered as of Friday, August 14, 2026
- Letter dispatched to non-registered email holders providing direct weblink to FY26 Annual Report and KYC update procedure
- Shareholders urged to submit missing KYC details through Cameo Corporate Services Limited
Mukka Proteins Limited has issued the notice for its 16th Annual General Meeting (AGM) scheduled for September 10, 2026, alongside the Annual Report for FY26. The cut-off date to determine shareholder voting eligibility is September 3, 2026. The remote e-voting window will be open from September 7, 2026 (9:00 AM) to September 9, 2026 (5:00 PM IST). This is a statutory filing fulfilling SEBI disclosure requirements.
- 16th AGM scheduled to be held on Thursday, September 10, 2026 at 3:00 PM IST via VC/OAVM
- Cut-off date for determining member voting eligibility set as September 3, 2026
- Remote e-voting window active from September 7, 2026 (9:00 AM) to September 9, 2026 (5:00 PM IST)
- Published complete Annual Report and statutory disclosures for the financial year 2025-26
Mukka Proteins has scheduled its 16th Annual General Meeting (AGM) for September 10, 2026, to review the financial year 2025-26. The meeting will be held virtually at 3:00 PM IST. This follows a fiscal year where the company generated Rs 1,449 Cr in revenue and Rs 57 Cr in PAT. Investors should monitor the upcoming Annual Report for updates on the 68% stake acquisition in United Gulf Fishery Products (Oman) and the progress of the planned Rs 98 Cr fundraise for product diversification.
- 16th Annual General Meeting scheduled for September 10, 2026, at 3:00 PM IST
- Meeting to be conducted via Video Conferencing (VC) or Other Audio-Visual Means (OAVM)
- Company reported TTM Revenue of Rs 1,449 Cr and TTM PAT of Rs 57 Cr for FY26
- Notice and Annual Report for FY 2025-26 to be dispatched to members in due course
Mukka Proteins has outlined a strategic roadmap to double its revenue to over ₹3,000 Cr by FY30, up from ₹1,449 Cr in FY26. The company is diversifying from its core fishmeal business (25-30% market share) into high-margin segments like insect protein (1,400 TPD capacity) and waste management. A significant milestone is the ₹474.89 Cr leachate treatment contract from Bengaluru Solid Waste Management Ltd, representing ~33% of TTM revenue. Exports continue to dominate the mix, accounting for 89.5% of Q1 FY27 revenue across 25+ countries.
- Targeting revenue of ₹3,000+ Cr by FY30, a 2x growth target over approximately 4 years.
- Secured a ₹474.89 Cr order for legacy leachate treatment in Bengaluru, a major diversification into waste-to-value.
- Maintains a dominant 25-30% market share in India's fish meal and fish oil revenue.
- Export revenue share reached 89.5% in Q1 FY27, highlighting strong global demand.
- Expanding into insect protein with a 1,400 TPD capacity and carbon credit potential.
Mukka Proteins reported a massive 186.7% YoY revenue growth to ₹489.65 Cr for Q1 FY27, driven by strong domestic and export demand amid global supply constraints. PAT surged 1072.5% YoY to ₹18.63 Cr, benefiting from operating leverage and a low base in the previous year. The company also announced a 51% stake acquisition in Delta Marine Products for ₹11.1 Cr and the resolution of a ₹15.24 Cr customs litigation. While EBITDA margins remained stable at 9.93%, the quarterly revenue represents approximately 33.8% of the total TTM revenue, indicating a strong start to the fiscal year.
- Consolidated Revenue increased 186.7% YoY to ₹489.65 Cr from ₹170.77 Cr.
- PAT grew by 1072.5% YoY to ₹18.63 Cr compared to ₹1.59 Cr in Q1 FY26.
- Acquired 51% stake in Delta Marine Products for ₹11.1 Cr to enhance manufacturing capacity.
- Resolved a long-standing customs litigation with a demand of ₹15.24 Cr set aside by CESTAT.
- EBITDA margin improved slightly by 17 bps YoY to 9.93%.
Mukka Proteins has approved a strategic investment of ₹64.93 Lakhs to acquire a 25.98% stake in Swachha Eco Solutions Private Limited, a waste management firm. The target company is currently loss-making, reporting a net loss of ₹75.05 Lakhs on a turnover of ₹1.78 Cr for FY26. This acquisition is extremely small relative to Mukka's TTM revenue of ₹1,449 Cr, representing less than 0.05% of its annual turnover. The transaction is expected to be completed by December 31, 2026.
- Acquisition of 26,500 equity shares at a price of ₹250 per share
- Total investment value capped at ₹64,92,500 for a 25.98% equity stake
- Target company SESPL has a negative net worth of ₹2.10 Cr as of March 2026
- Target turnover decreased by 36% YoY from ₹2.78 Cr in FY25 to ₹1.78 Cr in FY26
- Acquisition timeline set for completion by December 31, 2026
Mukka Proteins has officially rescinded its board approval for a ₹75 crore Non-Convertible Debenture (NCD) issuance originally planned in May 2026. The company cited 'internal considerations' for the withdrawal and clarified that no debentures were ever issued or allotted. This decision is significant given the company's existing debt of ₹682 crore and a high Debt-to-Equity ratio of 1.53. Investors should note that the company still has a separate ₹98 crore fundraise plan for product diversification and an ongoing 68% stake acquisition in Oman.
- Withdrawal of ₹75 crore NCD issuance originally approved on May 15, 2026
- The proposed debt raise represented approximately 9.5% of the company's ₹785 crore market capitalization
- Board resolution to rescind the approval was passed on August 12, 2026
- Zero NCDs were issued or allotted prior to this cancellation
- Company maintains a high Debt-to-Equity ratio of 1.53 as per latest financials
Mukka Proteins has approved the re-appointment of its core leadership team and three independent directors for five-year terms. MD & CEO Kalandan Mohammed Haris, CFO Kalandan Mohammed Althaf, and COO Kalandan Mohammad Arif will continue their roles from January 20, 2027, to January 19, 2032. Additionally, three independent directors were re-appointed for a second term starting January 15, 2027. These appointments are subject to shareholder approval at the upcoming 16th Annual General Meeting.
- Re-appointment of MD, CFO, and COO for 5-year terms effective from January 20, 2027
- Three Independent Directors re-appointed for a 2nd term of 5 years starting January 15, 2027
- MD and CFO both possess approximately 25 years of experience in the fish meal manufacturing industry
- COO brings 15 years of experience specifically in plant operations and strategic sourcing
- All re-appointments are subject to shareholder approval at the 16th Annual General Meeting
Mukka Proteins has cancelled its proposed ₹75 crore Non-Convertible Debenture (NCD) issuance, which would have represented approximately 11% of its current debt. The company is diversifying its interests by investing ₹64.93 lakh for a 25.98% stake in Swachha Eco Solutions Private Limited, making it an associate company. Additionally, the board has approved the re-appointment of the core leadership team, including the MD, CFO, and COO, for five-year terms starting January 2027. While Q1 FY27 results were approved, the specific financial figures were not detailed in the primary announcement text.
- Cancelled the proposed issuance of Senior Secured NCDs aggregating up to ₹75,00,00,000.
- Approved a capital contribution of ₹64,92,500 to acquire a 25.98% stake in Swachha Eco Solutions Private Limited.
- Re-appointed Kalandan Mohammed Haris as MD & CEO for a 5-year term starting January 20, 2027.
- Re-appointed CFO and COO for 5-year terms, ensuring management continuity through 2032.
- Scheduled the 16th Annual General Meeting (AGM) for September 10, 2026.
Mukka Proteins has cancelled its proposed ₹75 crore Non-Convertible Debenture (NCD) issuance, which represented approximately 9.5% of its market capitalization. The board approved a small strategic investment of ₹64.93 lakh to acquire a 25.98% stake in Swachha Eco Solutions Private Limited, making it an associate company. Crucially, the company secured leadership continuity by re-appointing the Managing Director, CFO, and COO for five-year terms starting January 2027. The Q1 FY27 financial results were also approved, though specific P&L figures were not detailed in the summary text.
- Cancelled the proposed issuance of ₹75 crore Senior Secured Rated Listed NCDs.
- Approved investment of ₹64,92,500 for a 25.98% stake in Swachha Eco Solutions Private Limited.
- Re-appointed Kalandan Mohammed Haris (MD & CEO) and two other key directors for 5-year terms until 2032.
- Scheduled the 16th Annual General Meeting (AGM) for September 10, 2026.
- Confirmed the re-appointment of three Independent Directors for second 5-year terms.
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.
