As of , HMA Agro Industries Ltd (FMCG - Animal/Polutry) has a deep value score of 48/100 (rated Average). Earnings are accelerating. 1Y return vs Nifty 500: -26%.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Consolidated PBT Growth: 112.9%
“This significant growth in EBITDA reflects simply company's operating efficiencies, better cost absorption due to higher volumes, and improved realization in export markets.”
What: Market Readiness: Ready for Europe
“Europe still has time because in Europe, there are certain protocols that need to be signed... we will be ready to supply next year.”
What: Capex for Poultry: INR 10 crore
“Actually, it's a different product mix. From there, we are planning to, like, production of poultry farm; the hens and chickens.”
What: Retail Testing: In process
“We are currently testing the market with our product retail because in India, the eating habit is more of chilled or fresh items.”
What: Consolidated PBT growth of 112.9% YoY.
“the consolidated PBT stood at INR 878.46 million as compared to INR 412.67 million in the corresponding quarter of the previous year, marking a substantial increase in approximately 112.9%.”
Earnings deceleration risks from management commentary
Trigger: Shortage of refrigerated containers and high demand led to a spike in shipping line charges.
Management view: Management notes it depends on demand/supply and shipping line pricing.
Monitor: logistics
Trigger: Protocols between Indian and European veterinary authorities are still pending.
Management view: Ready to supply as soon as access is granted.
Monitor: geopolitical
Trigger: Prices are currently stable, contributing to profit margins.
Management view: Monitoring demand/supply dynamics.
Monitor: commodity
Key quotes from recent conference calls
“We are currently testing the market with our product retail because in India, the eating habit is more of chilled or fresh items. [Previous Retail Market Entry guidance]”
“Actually, it's a different product mix. From there, we are planning to, like, production of poultry farm; the hens and chickens. [Initiative: Jabalpur Chicken Processing Plant]”
“Once the market access has been provided to the Europe for India products, we will be ready to supply next year. [Initiative: European Market Entry]”
“The main reason for this, like, we use refrigerated containers. And refrigerator containers are in short quantity. It totally depends on demand and supply. [Risk (logistics): HIGH]”
Headline numbers from the latest earnings call
Revenue
INR 20,594.48 million
Why: Growth was driven by improved realization, strong export demand, and better capacity utilization across facilities.
Consolidated revenue showed a strong year-on-year increase despite a slight sequential dip from Q2's record levels.
EBITDA
INR 1,051.29 million
Why: The increase reflects operating efficiencies, better cost absorption due to higher volumes, and improved realization in export markets.
EBITDA growth significantly outpaced revenue growth, indicating margin expansion and operational leverage.
Other Highlights
• Consolidated PBT increased 112.9% YoY to INR 878.46 million.
• Standalone revenue for 9M FY26 reached INR 52,304.33 million, up 52.7% YoY.
• Raw material costs as a percentage of revenue decreased to 84.03% from 85.41% YoY.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Raw Material Cost % of Revenue
84.03%
Why: Management noted a slight decrease in the prices of raw material compared to the previous year.
Other Expenses (Freight Driven)
INR 2,217 million
Why: Driven by a shortage of refrigerated containers and increased shipping line rates.
Top Export Markets
5 Markets
Jabalpur Plant Capex
INR 10 crore
Why: Investment for entering the poultry farm product market.
Capacity Utilisation
Under Capacity
Why: The buffalo business does not currently require more CapEx as it is running under capacity.
Freight Cost % of Revenue
10.76%
Why: Increased due to container shortages and shipping line pricing dynamics.
Forward-looking targets from management
Capex Plan
₹10 Cr
INR 10 crore
Jabalpur Chicken Processing Plant
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +42% | +19% | Stable |
| PAT (Net Profit) | +219% | -9% | Stable |
| OPM | 3.0% | +100 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
HMA Agro Industries Ltd has a deep value score of 48/100 (rated Average). This score is calculated from three components
HMA Agro Industries Ltd's quarterly profit (PAT) growth trajectory
HMA Agro Industries Ltd is underperforming the market despite improving earnings — this is the core deep value thesis
HMA Agro Industries Ltd's earnings momentum is Accelerating — profit growth is speeding up.
HMA Agro Industries Ltd's valuation metrics
HMA Agro Industries Ltd's revenue and margin trends
HMA Agro Industries Ltd's trailing twelve month (TTM) performance
HMA Agro Industries Ltd key facts
HMA Agro Industries Ltd shows limited deep value signals currently — score is 48/100 (Average). Monitor for improvement.
FMCG - Animal/Polutry deep value sector overview
Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.
The deep value score (0-100) combines three factors:
- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)
Higher score indicates a stronger contrarian research signal.
HMA Agro Industries Ltd has 5 key growth catalysts identified from recent earnings analysis
HMA Agro Industries Ltd has 3 key risks worth monitoring
In Q3 FY26, HMA Agro Industries Ltd's management highlighted
The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
