# FMCG - Animal/Polutry — company-by-company sector analysis

> FMCG - Animal/Polutry: Godrej Agrovet Ltd owns the largest revenue base; SKM Egg Products Export (India) Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

FMCG - Animal/Polutry has outperformed NIFTY 500 by 1.7% over 52 weeks and 9% over 13 weeks. 2 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself. Godrej Agrovet Ltd leads with revenue of ₹10,232 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the FMCG - Animal/Polutry sector outperforming NIFTY 500?

FMCG - Animal/Polutry has outperformed NIFTY 500 by 1.7% over 52 weeks and 9% over 13 weeks. 2 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself.

### Which FMCG - Animal/Polutry company is largest by revenue?

Godrej Agrovet Ltd leads with revenue of ₹10,232 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which FMCG - Animal/Polutry company is growing fastest?

SKM Egg Products Export (India) Ltd has the fastest current revenue growth at 54.7%, across 5 of 5 comparable companies.

### Which FMCG - Animal/Polutry company has the strongest 4-Factor Sector Score?

SKM Egg Products Export (India) Ltd ranks first at 78.8/100 with 74% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which FMCG - Animal/Polutry company reports the most CAPEX?

HMA Agro Industries Ltd reports the largest latest CAPEX at ₹60 crore, with 1 of 5 companies comparable.

### Which FMCG - Animal/Polutry company has the least gross debt?

KSE Ltd has the lowest comparable gross debt at ₹25 crore. Godrej Agrovet Ltd has the highest at ₹1,574 crore.

### How much history does this FMCG - Animal/Polutry comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

FMCG - Animal/Polutry has outperformed NIFTY 500 by 1.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 9%. 2 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. SKM Egg Products Export (India) Ltd is the strongest against the sector itself at +15.4%.

13-week sector return versus NIFTY 500: 9.0%
52-week sector return versus NIFTY 500: 1.7%
Stocks leading NIFTY: 2/5
Stocks leading sector: 1/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 5
Combined market value: ₹16.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 79/100 — Favorable setup; evidence 74%
   - Growth & earnings 33.7/35 | Capital efficiency 18.8/25 | Valuation 9.3/20 | Relative strength 17.0/20
   - Exact sum: 33.7 + 18.8 + 9.3 + 17 = 78.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Venkys (India) Ltd (VENKEYS): 51/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 18.9/35 | Capital efficiency 10.7/25 | Valuation 11.8/20 | Relative strength 9.5/20
   - Exact sum: 18.9 + 10.7 + 11.8 + 9.5 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. HMA Agro Industries Ltd (HMAAGRO): 49/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 25.4/35 | Capital efficiency 8.4/25 | Valuation 15.0/20 | Relative strength 0.0/20
   - Exact sum: 25.4 + 8.4 + 15 + 0 = 48.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -25.2% and the one-year return is -29.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Godrej Agrovet Ltd (GODREJAGRO): 43/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 14.3/35 | Capital efficiency 13.2/25 | Valuation 12.0/20 | Relative strength 3.1/20
   - Exact sum: 14.3 + 13.2 + 12 + 3.1 = 42.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. KSE Ltd (KSE): 36/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 1.4/35 | Capital efficiency 17.0/25 | Valuation 10.8/20 | Relative strength 7.0/20
   - Exact sum: 1.4 + 17 + 10.8 + 7 = 36.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Godrej Agrovet Ltd is the scale leader at ₹10,232 crore, 47.9% ahead of HMA Agro Industries Ltd. SKM Egg Products Export (India) Ltd's growth is 54.7% from a ₹769 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Godrej Agrovet Ltd is the scale benchmark; SKM Egg Products Export (India) Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Godrej Agrovet Ltd's growth falls below SKM Egg Products Export (India) Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Godrej Agrovet Ltd · ₹10,232 crore | 47.9% versus #2 · HMA Agro Industries Ltd | 5/8 recent comparable periods | 5/5 companies · 71 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Godrej Agrovet Ltd (GODREJAGRO): ₹10.2K Cr
2. HMA Agro Industries Ltd (HMAAGRO): ₹6.9K Cr
3. Venkys (India) Ltd (VENKEYS): ₹3.7K Cr
4. KSE Ltd (KSE): ₹1.7K Cr
5. SKM Egg Products Export (India) Ltd (SKMEGGPROD): ₹769 Cr

### Revenue growth — fastest growers
1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 55%
2. HMA Agro Industries Ltd (HMAAGRO): 35%
3. Venkys (India) Ltd (VENKEYS): 13%
4. Godrej Agrovet Ltd (GODREJAGRO): 9.0%
5. KSE Ltd (KSE): 1.9%

### 20-quarter Revenue history
- GODREJAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.3K Cr
- VENKEYS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹976 Cr | Sep 2023 ₹913 Cr | Dec 2023 ₹953 Cr | Mar 2024 ₹896 Cr | Jun 2024 ₹808 Cr | Sep 2024 ₹774 Cr | Dec 2024 ₹882 Cr | Mar 2025 ₹843 Cr | Jun 2025 ₹866 Cr | Sep 2025 ₹801 Cr | Dec 2025 ₹960 Cr | Mar 2026 ₹1.1K Cr
- SKMEGGPROD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹182 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹210 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹202 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹187 Cr
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹776 Cr | Dec 2022 ₹768 Cr | Mar 2023 ₹839 Cr | Jun 2023 ₹971 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹713 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.6K Cr
- KSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹411 Cr | Mar 2023 ₹395 Cr | Jun 2023 ₹424 Cr | Sep 2023 ₹437 Cr | Dec 2023 ₹406 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹431 Cr | Sep 2024 ₹414 Cr | Dec 2024 ₹412 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹416 Cr | Sep 2025 ₹427 Cr | Dec 2025 ₹428 Cr | Mar 2026 ₹409 Cr

### 20-quarter Revenue growth history
- GODREJAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9% | Mar 2024 1.9% | Jun 2024 -6.3% | Sep 2024 -4.8% | Dec 2024 4.5% | Mar 2025 0.0% | Jun 2025 11% | Sep 2025 4.8% | Dec 2025 11% | Mar 2026 9.3%
- VENKEYS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -8.0% | Mar 2024 -14% | Jun 2024 -17% | Sep 2024 -15% | Dec 2024 -7.5% | Mar 2025 -5.9% | Jun 2025 7.2% | Sep 2025 3.5% | Dec 2025 8.8% | Mar 2026 30%
- SKMEGGPROD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -16% | Mar 2024 -13% | Jun 2024 -44% | Sep 2024 -28% | Dec 2024 -12% | Mar 2025 -28% | Jun 2025 49% | Sep 2025 59% | Dec 2025 51% | Mar 2026 60%
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 55% | Dec 2023 63% | Mar 2024 66% | Jun 2024 -27% | Sep 2024 22% | Dec 2024 16% | Mar 2025 7.9% | Jun 2025 58% | Sep 2025 47% | Dec 2025 42% | Mar 2026 5.3%
- KSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.2% | Mar 2024 5.3% | Jun 2024 1.7% | Sep 2024 -5.1% | Dec 2024 1.5% | Mar 2025 -6.0% | Jun 2025 -3.6% | Sep 2025 3.2% | Dec 2025 3.9% | Mar 2026 4.4%

## Operating Economics & Margin Trend

What the numbers say: SKM Egg Products Export (India) Ltd leads both opm at 28% and margin change at +17 percentage points.

Investor read: SKM Egg Products Export (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: SKM Egg Products Export (India) Ltd · 28% | 133.3% versus #2 · Venkys (India) Ltd | 4/8 recent comparable periods | 5/5 companies · 97 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 28%
2. Venkys (India) Ltd (VENKEYS): 12%
3. Godrej Agrovet Ltd (GODREJAGRO): 6.0%
4. HMA Agro Industries Ltd (HMAAGRO): -0.4%
5. KSE Ltd (KSE): -1.3%

### Margin change — fastest expanders
1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): +17.0 pp
2. Venkys (India) Ltd (VENKEYS): +9.0 pp
3. HMA Agro Industries Ltd (HMAAGRO): −0.7 pp
4. Godrej Agrovet Ltd (GODREJAGRO): −1.0 pp
5. KSE Ltd (KSE): −13.0 pp

### 20-quarter OPM history
- GODREJAGRO: Jun 2021 8.5% | Sep 2021 8.8% | Dec 2021 6.6% | Mar 2022 8.1% | Jun 2022 6.4% | Sep 2022 6.2% | Dec 2022 6.0% | Mar 2023 4.0% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 10% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 7.0% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 6.0%
- VENKEYS: Jun 2021 7.3% | Sep 2021 4.8% | Dec 2021 2.9% | Mar 2022 7.0% | Jun 2022 6.0% | Sep 2022 -2.2% | Dec 2022 3.0% | Mar 2023 3.0% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 -1.0% | Mar 2024 6.0% | Jun 2024 13% | Sep 2024 2.0% | Dec 2024 3.0% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 -4.0% | Dec 2025 7.0% | Mar 2026 12%
- SKMEGGPROD: Jun 2021 7.7% | Sep 2021 2.2% | Dec 2021 4.8% | Mar 2022 5.5% | Jun 2022 11% | Sep 2022 13% | Dec 2022 25% | Mar 2023 23% | Jun 2023 24% | Sep 2023 24% | Dec 2023 13% | Mar 2024 6.0% | Jun 2024 14% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 14% | Sep 2025 19% | Dec 2025 23% | Mar 2026 28%
- HMAAGRO: Jun 2021 — | Sep 2021 5.2% | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 4.0% | Dec 2022 5.0% | Mar 2023 4.5% | Jun 2023 6.6% | Sep 2023 1.9% | Dec 2023 3.9% | Mar 2024 -0.2% | Jun 2024 1.1% | Sep 2024 4.0% | Dec 2024 2.2% | Mar 2025 0.3% | Jun 2025 0.5% | Sep 2025 4.4% | Dec 2025 3.1% | Mar 2026 -0.4%
- KSE: Jun 2021 2.0% | Sep 2021 -1.8% | Dec 2021 0.6% | Mar 2022 2.1% | Jun 2022 -0.6% | Sep 2022 1.5% | Dec 2022 0.0% | Mar 2023 -1.2% | Jun 2023 -0.3% | Sep 2023 -0.2% | Dec 2023 1.9% | Mar 2024 6.3% | Jun 2024 5.9% | Sep 2024 5.0% | Dec 2024 6.9% | Mar 2025 12% | Jun 2025 12% | Sep 2025 10% | Dec 2025 5.2% | Mar 2026 -1.3%

### 20-quarter Margin change history
- GODREJAGRO: Jun 2021 −2.2 pp | Sep 2021 −1.2 pp | Dec 2021 −0.8 pp | Mar 2022 +0.5 pp | Jun 2022 −2.1 pp | Sep 2022 −2.7 pp | Dec 2022 −0.6 pp | Mar 2023 −4.1 pp | Jun 2023 +1.6 pp | Sep 2023 +1.9 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- VENKEYS: Jun 2021 −6.0 pp | Sep 2021 −3.5 pp | Dec 2021 −12.9 pp | Mar 2022 −4.8 pp | Jun 2022 −1.3 pp | Sep 2022 −7.0 pp | Dec 2022 +0.1 pp | Mar 2023 −4.0 pp | Jun 2023 −3.0 pp | Sep 2023 +7.2 pp | Dec 2023 −4.0 pp | Mar 2024 +3.0 pp | Jun 2024 +10.0 pp | Sep 2024 −3.0 pp | Dec 2024 +4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −10.0 pp | Sep 2025 −6.0 pp | Dec 2025 +4.0 pp | Mar 2026 +9.0 pp
- SKMEGGPROD: Jun 2021 +0.7 pp | Sep 2021 −4.2 pp | Dec 2021 −1.5 pp | Mar 2022 −5.1 pp | Jun 2022 +3.2 pp | Sep 2022 +11.0 pp | Dec 2022 +20.2 pp | Mar 2023 +17.5 pp | Jun 2023 +13.1 pp | Sep 2023 +10.8 pp | Dec 2023 −12.0 pp | Mar 2024 −17.0 pp | Jun 2024 −10.0 pp | Sep 2024 −13.0 pp | Dec 2024 −3.0 pp | Mar 2025 +5.0 pp | Jun 2025 0.0 pp | Sep 2025 +8.0 pp | Dec 2025 +13.0 pp | Mar 2026 +17.0 pp
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 — | Mar 2023 — | Jun 2023 +0.6 pp | Sep 2023 −2.1 pp | Dec 2023 −1.1 pp | Mar 2024 −4.7 pp | Jun 2024 −5.4 pp | Sep 2024 +2.0 pp | Dec 2024 −1.8 pp | Mar 2025 +0.5 pp | Jun 2025 −0.6 pp | Sep 2025 +0.5 pp | Dec 2025 +1.0 pp | Mar 2026 −0.7 pp
- KSE: Jun 2021 −7.0 pp | Sep 2021 −10.0 pp | Dec 2021 −8.8 pp | Mar 2022 −7.2 pp | Jun 2022 −2.6 pp | Sep 2022 +3.3 pp | Dec 2022 −0.6 pp | Mar 2023 −3.3 pp | Jun 2023 +0.3 pp | Sep 2023 −1.7 pp | Dec 2023 +1.9 pp | Mar 2024 +7.5 pp | Jun 2024 +6.2 pp | Sep 2024 +5.2 pp | Dec 2024 +5.0 pp | Mar 2025 +5.4 pp | Jun 2025 +6.1 pp | Sep 2025 +5.0 pp | Dec 2025 −1.7 pp | Mar 2026 −13.0 pp

## Profit Scale & Acceleration

What the numbers say: Godrej Agrovet Ltd leads with ₹445 crore of TTM profit, 169.4% above HMA Agro Industries Ltd. SKM Egg Products Export (India) Ltd shows ≥100% on the scoring scale (197.1% uncapped) growth from a ₹104 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Godrej Agrovet Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Godrej Agrovet Ltd · ₹445 crore | 169.4% versus #2 · HMA Agro Industries Ltd | 5/8 recent comparable periods | 5/5 companies · 71 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Godrej Agrovet Ltd (GODREJAGRO): ₹445 Cr
2. HMA Agro Industries Ltd (HMAAGRO): ₹165 Cr
3. Venkys (India) Ltd (VENKEYS): ₹139 Cr
4. SKM Egg Products Export (India) Ltd (SKMEGGPROD): ₹104 Cr
5. KSE Ltd (KSE): ₹84 Cr

### Profit growth — fastest growers
1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 100%
2. HMA Agro Industries Ltd (HMAAGRO): 88%
3. Venkys (India) Ltd (VENKEYS): 20%
4. Godrej Agrovet Ltd (GODREJAGRO): 10%
5. KSE Ltd (KSE): -8.0%

### 20-quarter Net profit history
- GODREJAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹115 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹102 Cr
- VENKEYS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹101 Cr
- SKMEGGPROD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹27 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹33 Cr
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹33 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹8 Cr
- KSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹-4 Cr

### 20-quarter Profit growth history
- GODREJAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -28% | Mar 2024 183% | Jun 2024 23% | Sep 2024 -7.7% | Dec 2024 33% | Mar 2025 1.5% | Jun 2025 13% | Sep 2025 -13% | Dec 2025 0.0% | Mar 2026 55%
- VENKEYS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -147% | Mar 2024 36% | Jun 2024 295% | Sep 2024 -76% | Dec 2024 — | Mar 2025 -62% | Jun 2025 -79% | Sep 2025 -438% | Dec 2025 145% | Mar 2026 677%
- SKMEGGPROD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -56% | Mar 2024 -67% | Jun 2024 -66% | Sep 2024 -68% | Dec 2024 -33% | Mar 2025 -40% | Jun 2025 33% | Sep 2025 178% | Dec 2025 275% | Mar 2026 450%
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -83% | Dec 2023 69% | Mar 2024 -85% | Jun 2024 -98% | Sep 2024 849% | Dec 2024 -57% | Mar 2025 702% | Jun 2025 -18% | Sep 2025 68% | Dec 2025 214% | Mar 2026 -33%
- KSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1,728% | Mar 2025 84% | Jun 2025 110% | Sep 2025 92% | Dec 2025 -22% | Mar 2026 -111%

## Capacity Spending & Returns On It

What the numbers say: HMA Agro Industries Ltd reports ₹60 crore of CAPEX; HMA Agro Industries Ltd has the highest covered intensity at 7.2%. Coverage is only 1 of 5 companies and 6 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: HMA Agro Industries Ltd · ₹60 crore | Not enough peers | 2/2 recent comparable periods | 1/5 companies · 6 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. HMA Agro Industries Ltd (HMAAGRO): ₹60 Cr

### CAPEX intensity — highest reinvestment intensity
1. HMA Agro Industries Ltd (HMAAGRO): 7.2%

### 20-quarter CAPEX history
- HMAAGRO: Jun 2021 ₹19 Cr | Sep 2021 ₹19 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹22 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹60 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.3% | Mar 2023 7.2% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Venkys (India) Ltd has the clearest covered balance-sheet capacity with ₹137 crore net cash and gross debt of ₹167 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: KSE Ltd · ₹25 crore | 82.4% versus #2 · SKM Egg Products Export (India) Ltd | Not enough history | 5/5 companies · 69 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. KSE Ltd (KSE): ₹25 Cr
2. SKM Egg Products Export (India) Ltd (SKMEGGPROD): ₹142 Cr
3. Venkys (India) Ltd (VENKEYS): ₹167 Cr
4. HMA Agro Industries Ltd (HMAAGRO): ₹850 Cr
5. Godrej Agrovet Ltd (GODREJAGRO): ₹1.6K Cr

### Net debt — lowest net debt
1. Venkys (India) Ltd (VENKEYS): ₹-137 Cr
2. SKM Egg Products Export (India) Ltd (SKMEGGPROD): ₹-27 Cr
3. HMA Agro Industries Ltd (HMAAGRO): ₹604 Cr

### 20-quarter Gross debt history
- GODREJAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.6K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.4K Cr | Jun 2025 — | Sep 2025 ₹2.2K Cr | Dec 2025 — | Mar 2026 ₹1.6K Cr
- VENKEYS: Jun 2021 ₹186 Cr | Sep 2021 ₹201 Cr | Dec 2021 ₹201 Cr | Mar 2022 ₹199 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹203 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹167 Cr
- SKMEGGPROD: Jun 2021 ₹55 Cr | Sep 2021 ₹70 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹101 Cr | Dec 2022 — | Mar 2023 ₹88 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹142 Cr
- HMAAGRO: Jun 2021 ₹286 Cr | Sep 2021 ₹286 Cr | Dec 2021 ₹330 Cr | Mar 2022 ₹330 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹341 Cr | Mar 2023 ₹343 Cr | Jun 2023 ₹343 Cr | Sep 2023 ₹343 Cr | Dec 2023 ₹343 Cr | Mar 2024 ₹492 Cr | Jun 2024 ₹492 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹544 Cr | Mar 2025 ₹535 Cr | Jun 2025 ₹535 Cr | Sep 2025 ₹627 Cr | Dec 2025 ₹627 Cr | Mar 2026 ₹850 Cr
- KSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹19 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹19 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹21 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹24 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹25 Cr

### 20-quarter Net debt history
- VENKEYS: Jun 2021 ₹88 Cr | Sep 2021 ₹-30 Cr | Dec 2021 ₹-30 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹-27 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹-83 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹-31 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹-69 Cr | Dec 2024 ₹-69 Cr | Mar 2025 ₹-139 Cr | Jun 2025 ₹-140 Cr | Sep 2025 ₹-118 Cr | Dec 2025 ₹-118 Cr | Mar 2026 ₹-137 Cr
- SKMEGGPROD: Jun 2021 ₹29 Cr | Sep 2021 ₹38 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹59 Cr | Dec 2022 — | Mar 2023 ₹40 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹-27 Cr
- HMAAGRO: Jun 2021 ₹238 Cr | Sep 2021 ₹238 Cr | Dec 2021 ₹311 Cr | Mar 2022 ₹311 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹316 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹269 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹377 Cr | Jun 2024 ₹377 Cr | Sep 2024 ₹416 Cr | Dec 2024 ₹416 Cr | Mar 2025 ₹436 Cr | Jun 2025 ₹436 Cr | Sep 2025 ₹457 Cr | Dec 2025 ₹457 Cr | Mar 2026 ₹604 Cr

## Return On Capital Employed

What the numbers say: KSE Ltd leads ROCE at 33.6%, 3.6 percentage points above SKM Egg Products Export (India) Ltd. SKM Egg Products Export (India) Ltd has the strongest latest improvement at +18.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: KSE Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: KSE Ltd · 33.6% | 12% versus #2 · SKM Egg Products Export (India) Ltd | Not enough history | 5/5 companies · 48 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. KSE Ltd (KSE): 34%
2. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 30%
3. Godrej Agrovet Ltd (GODREJAGRO): 19%
4. HMA Agro Industries Ltd (HMAAGRO): 16%
5. Venkys (India) Ltd (VENKEYS): 12%

### ROCE change — fastest improvers
1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): +18.4 pp
2. HMA Agro Industries Ltd (HMAAGRO): +2.8 pp
3. Godrej Agrovet Ltd (GODREJAGRO): +2.0 pp
4. Venkys (India) Ltd (VENKEYS): +0.5 pp
5. KSE Ltd (KSE): −9.0 pp

### 20-quarter ROCE history
- VENKEYS: Jun 2021 — | Sep 2021 29% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 — | Sep 2023 7.7% | Dec 2023 8.6% | Mar 2024 6.3% | Jun 2024 15% | Sep 2024 8.4% | Dec 2024 14% | Mar 2025 8.8% | Jun 2025 6.7% | Sep 2025 0.6% | Dec 2025 6.1% | Mar 2026 9.3%
- SKMEGGPROD: Jun 2021 — | Sep 2021 9.8% | Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 51% | Jun 2023 — | Sep 2023 56% | Dec 2023 65% | Mar 2024 33% | Jun 2024 33% | Sep 2024 15% | Dec 2024 19% | Mar 2025 13% | Jun 2025 18% | Sep 2025 19% | Dec 2025 31% | Mar 2026 31%
- HMAAGRO: Jun 2021 9.6% | Sep 2021 19% | Dec 2021 21% | Mar 2022 26% | Jun 2022 — | Sep 2022 — | Dec 2022 25% | Mar 2023 27% | Jun 2023 36% | Sep 2023 19% | Dec 2023 28% | Mar 2024 14% | Jun 2024 14% | Sep 2024 14% | Dec 2024 16% | Mar 2025 12% | Jun 2025 19% | Sep 2025 14% | Dec 2025 31% | Mar 2026 14%

### 20-quarter ROCE change history
- VENKEYS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.3 pp | Dec 2022 — | Mar 2023 −10.4 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 +0.6 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 +5.4 pp | Mar 2025 +2.5 pp | Jun 2025 −7.8 pp | Sep 2025 −7.8 pp | Dec 2025 −7.9 pp | Mar 2026 +0.5 pp
- SKMEGGPROD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.4 pp | Dec 2022 — | Mar 2023 +42.2 pp | Jun 2023 — | Sep 2023 +34.8 pp | Dec 2023 — | Mar 2024 −17.6 pp | Jun 2024 — | Sep 2024 −41.5 pp | Dec 2024 −46.9 pp | Mar 2025 −20.3 pp | Jun 2025 −14.4 pp | Sep 2025 +4.6 pp | Dec 2025 +12.3 pp | Mar 2026 +18.4 pp
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +4.3 pp | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 — | Dec 2023 +2.8 pp | Mar 2024 −12.7 pp | Jun 2024 −21.9 pp | Sep 2024 −5.4 pp | Dec 2024 −12.5 pp | Mar 2025 −2.3 pp | Jun 2025 +4.4 pp | Sep 2025 0.0 pp | Dec 2025 +15.0 pp | Mar 2026 +2.8 pp

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable guarded peg leader.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG

### P/E — lowest P/E
1. HMA Agro Industries Ltd (HMAAGRO): 6.5
2. KSE Ltd (KSE): 7.3
3. Venkys (India) Ltd (VENKEYS): 15.2
4. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 16.5
5. Godrej Agrovet Ltd (GODREJAGRO): 23.9

### 20-quarter Guarded PEG history

### 20-quarter P/E history
- GODREJAGRO: Jun 2021 37.7 | Sep 2021 37.5 | Dec 2021 29.8 | Mar 2022 25.4 | Jun 2022 23.1 | Sep 2022 25.3 | Dec 2022 25.6 | Mar 2023 20.2 | Jun 2023 28.9 | Sep 2023 28.4 | Dec 2023 29.9 | Mar 2024 28.1 | Jun 2024 36.1 | Sep 2024 38.2 | Dec 2024 34.9 | Mar 2025 34.8 | Jun 2025 35.1 | Sep 2025 30.2 | Dec 2025 25.0 | Mar 2026 22.8
- VENKEYS: Jun 2021 18.0 | Sep 2021 15.2 | Dec 2021 13.9 | Mar 2022 17.4 | Jun 2022 16.1 | Sep 2022 17.4 | Dec 2022 25.0 | Mar 2023 19.7 | Jun 2023 33.9 | Sep 2023 67.8 | Dec 2023 28.9 | Mar 2024 30.6 | Jun 2024 34.3 | Sep 2024 20.6 | Dec 2024 23.3 | Mar 2025 21.0 | Jun 2025 28.6 | Sep 2025 17.6 | Dec 2025 17.9 | Mar 2026 33.4
- SKMEGGPROD: Jun 2021 14.2 | Sep 2021 13.0 | Dec 2021 16.6 | Mar 2022 16.6 | Jun 2022 19.2 | Sep 2022 25.7 | Dec 2022 15.9 | Mar 2023 7.4 | Jun 2023 7.6 | Sep 2023 11.6 | Dec 2023 8.4 | Mar 2024 5.4 | Jun 2024 8.2 | Sep 2024 10.7 | Dec 2024 15.5 | Mar 2025 11.1 | Jun 2025 18.5 | Sep 2025 21.6 | Dec 2025 20.7 | Mar 2026 10.7
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 29.6 | Dec 2023 44.0 | Mar 2024 23.1 | Jun 2024 27.0 | Sep 2024 40.1 | Dec 2024 19.9 | Mar 2025 18.9 | Jun 2025 18.5 | Sep 2025 18.3 | Dec 2025 11.5 | Mar 2026 6.6
- KSE: Jun 2021 8.4 | Sep 2021 8.0 | Dec 2021 11.2 | Mar 2022 22.2 | Jun 2022 75.9 | Sep 2022 73.1 | Dec 2022 71.5 | Mar 2023 84.1 | Jun 2023 88.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 36.5 | Sep 2024 19.0 | Dec 2024 13.4 | Mar 2025 8.4 | Jun 2025 7.8 | Sep 2025 7.4 | Dec 2025 5.6 | Mar 2026 4.8

## Enterprise Value & Book Value

What the numbers say: KSE Ltd leads ev/ebitda at 3.4×; HMA Agro Industries Ltd leads p/bv at 1.13×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: KSE Ltd · 3.4× | 38.2% versus #2 · HMA Agro Industries Ltd | 0/8 recent comparable periods | 5/5 companies · 88 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. KSE Ltd (KSE): 3.4
2. HMA Agro Industries Ltd (HMAAGRO): 5.5
3. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 6.5
4. Venkys (India) Ltd (VENKEYS): 12.9
5. Godrej Agrovet Ltd (GODREJAGRO): 13.1

### P/BV — lowest P/BV
1. HMA Agro Industries Ltd (HMAAGRO): 1.1
2. Venkys (India) Ltd (VENKEYS): 1.3
3. KSE Ltd (KSE): 1.8
4. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 4.3
5. Godrej Agrovet Ltd (GODREJAGRO): 5.4

### 20-quarter EV/EBITDA history
- GODREJAGRO: Jun 2021 19.0 | Sep 2021 20.2 | Dec 2021 17.0 | Mar 2022 14.9 | Jun 2022 13.2 | Sep 2022 14.5 | Dec 2022 14.2 | Mar 2023 11.8 | Jun 2023 15.5 | Sep 2023 15.1 | Dec 2023 16.1 | Mar 2024 15.1 | Jun 2024 18.1 | Sep 2024 19.8 | Dec 2024 18.6 | Mar 2025 18.0 | Jun 2025 18.0 | Sep 2025 15.8 | Dec 2025 13.8 | Mar 2026 13.1
- VENKEYS: Jun 2021 11.8 | Sep 2021 9.7 | Dec 2021 9.0 | Mar 2022 10.6 | Jun 2022 9.4 | Sep 2022 10.3 | Dec 2022 13.4 | Mar 2023 10.5 | Jun 2023 16.3 | Sep 2023 25.1 | Dec 2023 15.3 | Mar 2024 14.8 | Jun 2024 16.7 | Sep 2024 12.1 | Dec 2024 12.7 | Mar 2025 11.5 | Jun 2025 14.3 | Sep 2025 9.4 | Dec 2025 9.6 | Mar 2026 12.9
- SKMEGGPROD: Jun 2021 8.2 | Sep 2021 7.8 | Dec 2021 8.8 | Mar 2022 8.2 | Jun 2022 7.9 | Sep 2022 11.3 | Dec 2022 8.9 | Mar 2023 5.0 | Jun 2023 5.2 | Sep 2023 7.6 | Dec 2023 5.7 | Mar 2024 3.6 | Jun 2024 5.4 | Sep 2024 6.5 | Dec 2024 8.5 | Mar 2025 5.9 | Jun 2025 9.0 | Sep 2025 10.4 | Dec 2025 11.5 | Mar 2026 6.5
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 19.6 | Dec 2023 25.0 | Mar 2024 13.3 | Jun 2024 16.4 | Sep 2024 21.5 | Dec 2024 14.3 | Mar 2025 12.2 | Jun 2025 10.8 | Sep 2025 11.0 | Dec 2025 7.7 | Mar 2026 5.5
- KSE: Jun 2021 6.2 | Sep 2021 6.1 | Dec 2021 8.0 | Mar 2022 14.7 | Jun 2022 37.4 | Sep 2022 35.9 | Dec 2022 33.5 | Mar 2023 35.1 | Jun 2023 36.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 21.9 | Sep 2024 12.5 | Dec 2024 9.1 | Mar 2025 5.8 | Jun 2025 5.5 | Sep 2025 5.0 | Dec 2025 4.0 | Mar 2026 3.4

### 20-quarter P/BV history
- GODREJAGRO: Jun 2021 6.4 | Sep 2021 6.0 | Dec 2021 4.8 | Mar 2022 4.2 | Jun 2022 4.7 | Sep 2022 4.5 | Dec 2022 4.1 | Mar 2023 3.5 | Jun 2023 3.8 | Sep 2023 4.0 | Dec 2023 4.5 | Mar 2024 4.0 | Jun 2024 5.5 | Sep 2024 5.9 | Dec 2024 5.8 | Mar 2025 6.1 | Jun 2025 6.0 | Sep 2025 5.8 | Dec 2025 6.0 | Mar 2026 5.8
- VENKEYS: Jun 2021 5.8 | Sep 2021 3.8 | Dec 2021 3.2 | Mar 2022 2.8 | Jun 2022 2.4 | Sep 2022 2.2 | Dec 2022 2.1 | Mar 2023 1.6 | Jun 2023 1.9 | Sep 2023 2.1 | Dec 2023 2.0 | Mar 2024 1.6 | Jun 2024 2.1 | Sep 2024 2.0 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.2
- SKMEGGPROD: Jun 2021 2.3 | Sep 2021 2.2 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 2.0 | Dec 2022 2.5 | Mar 2023 2.9 | Jun 2023 4.8 | Sep 2023 6.2 | Dec 2023 4.0 | Mar 2024 2.3 | Jun 2024 3.6 | Sep 2024 2.4 | Dec 2024 2.2 | Mar 2025 1.4 | Jun 2025 2.3 | Sep 2025 2.8 | Dec 2025 3.4 | Mar 2026 2.4
- HMAAGRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.5 | Dec 2023 6.3 | Mar 2024 3.8 | Jun 2024 3.8 | Sep 2024 3.2 | Dec 2024 2.6 | Mar 2025 1.9 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 1.3
- KSE: Jun 2021 5.8 | Sep 2021 2.9 | Dec 2021 3.1 | Mar 2022 3.2 | Jun 2022 2.5 | Sep 2022 2.8 | Dec 2022 2.8 | Mar 2023 2.3 | Jun 2023 2.1 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 2.5 | Jun 2024 3.6 | Sep 2024 3.4 | Dec 2024 3.1 | Mar 2025 2.5 | Jun 2025 3.1 | Sep 2025 2.7 | Dec 2025 2.0 | Mar 2026 1.7

## Market action

SKM Egg Products Export (India) Ltd has the strongest one-year price move in FMCG - Animal/Polutry at +121.2%. It also leads on Mansfield relative strength against NIFTY at +66.7%. 2 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 121%
2. Venkys (India) Ltd (VENKEYS): -4.8%
3. KSE Ltd (KSE): -18%
4. Godrej Agrovet Ltd (GODREJAGRO): -28%
5. HMA Agro Industries Ltd (HMAAGRO): -29%

### Strongest relative strength versus NIFTY 500
1. SKM Egg Products Export (India) Ltd (SKMEGGPROD): 67%
2. Venkys (India) Ltd (VENKEYS): 4.6%
3. Godrej Agrovet Ltd (GODREJAGRO): -6.4%
4. KSE Ltd (KSE): -12%
5. HMA Agro Industries Ltd (HMAAGRO): -20%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Godrej Agrovet Ltd (GODREJAGRO) — market value ₹11.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Venkys (India) Ltd (VENKEYS) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- SKM Egg Products Export (India) Ltd (SKMEGGPROD) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- HMA Agro Industries Ltd (HMAAGRO) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- KSE Ltd (KSE) — market value ₹615 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 0. Unverified: 4. Withheld: 1. Graded companies: 5.

3 of 5 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 5 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Godrej Agrovet Ltd (GODREJAGRO) — its two data sources disagree by up to 33% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | GODREJAGRO | Godrej Agrovet Ltd | diff_gt_2pct | disagreement up to 32.7% over 14 comparable periods

- UNVERIFIED | VENKEYS | Venkys (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SKMEGGPROD | SKM Egg Products Export (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HMAAGRO | HMA Agro Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty FMCG - Animal/Polutry index?

The Nifty FMCG - Animal/Polutry index tracks India's listed FMCG - Animal/Polutry companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Animal/Polutry sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best FMCG - Animal/Polutry stocks in India?

Ranked by this page's four-factor score, SKM Egg Products Export (India) Ltd places first among 5 listed FMCG - Animal/Polutry companies, followed by Venkys (India) Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many FMCG - Animal/Polutry stocks are listed in India?

This comparison covers 5 listed FMCG - Animal/Polutry companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which FMCG - Animal/Polutry company is the biggest?

Godrej Agrovet Ltd is the largest, with trailing-twelve-month revenue of ₹10,232 crore, ahead of HMA Agro Industries Ltd at ₹6,917 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which FMCG - Animal/Polutry company is growing fastest?

SKM Egg Products Export (India) Ltd has the fastest revenue growth at 54.7% year on year, across 5 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which FMCG - Animal/Polutry company has the best profit margins?

SKM Egg Products Export (India) Ltd has the highest operating margin at 28%, from 5 of 5 comparable companies. SKM Egg Products Export (India) Ltd shows the biggest recent improvement, at +17 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which FMCG - Animal/Polutry company makes the most profit?

Godrej Agrovet Ltd earns the most, at ₹445 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. SKM Egg Products Export (India) Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which FMCG - Animal/Polutry company earns the highest return on capital?

KSE Ltd leads on return on capital employed at 33.6%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which FMCG - Animal/Polutry company has the strongest balance sheet?

KSE Ltd carries the lowest comparable gross debt at ₹25 crore, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the FMCG - Animal/Polutry sector beating the market?

FMCG - Animal/Polutry has outperformed NIFTY 500 by 1.7% over the last 52 weeks and 9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which FMCG - Animal/Polutry stock has the strongest price momentum?

SKM Egg Products Export (India) Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which FMCG - Animal/Polutry company scores highest for research priority?

SKM Egg Products Export (India) Ltd scores 78.8 out of 100 with 74% evidence confidence, from 33.7 points on growth and earnings, 18.8 on capital efficiency, 9.3 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many FMCG - Animal/Polutry companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the FMCG - Animal/Polutry sector?

The 5 FMCG - Animal/Polutry companies on this page carry ₹16,548 crore of combined market value. Godrej Agrovet Ltd is the largest at ₹11,034 crore, about 67% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the FMCG - Animal/Polutry sector's P/E ratio?

The median price-to-earnings ratio across the 5 FMCG - Animal/Polutry companies on this page is 15.2×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the FMCG - Animal/Polutry sector performing?

2 of the 5 covered FMCG - Animal/Polutry companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 1.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/fmcg-animal-polutry