# FMCG - Shrimp — company-by-company sector analysis > FMCG - Shrimp: Avanti Feeds Ltd owns the largest revenue base; Apex Frozen Foods 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 - Shrimp has outperformed NIFTY 500 by 47.2% over 52 weeks and 25% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. Avanti Feeds Ltd leads with revenue of ₹6,067 crore, based on 2 of 2 comparable companies through Mar 2026. ### Is the FMCG - Shrimp sector outperforming NIFTY 500? FMCG - Shrimp has outperformed NIFTY 500 by 47.2% over 52 weeks and 25% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. ### Which FMCG - Shrimp company is largest by revenue? Avanti Feeds Ltd leads with revenue of ₹6,067 crore, based on 2 of 2 comparable companies through Mar 2026. ### Which FMCG - Shrimp company is growing fastest? Apex Frozen Foods Ltd has the fastest current revenue growth at 14.1%, across 2 of 2 comparable companies. ### Which FMCG - Shrimp company has the strongest 4-Factor Sector Score? Apex Frozen Foods Ltd ranks first at 74.1/100 with 77% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which FMCG - Shrimp company has the least gross debt? Apex Frozen Foods Ltd has the lowest comparable gross debt at ₹6 crore. Avanti Feeds Ltd has the highest at ₹13 crore. ### Which FMCG - Shrimp company has the lowest comparable PEG? Avanti Feeds Ltd has the lowest comparable Guarded PEG at 0.83, among 1 of 2 companies that pass the metric’s comparability rules. ### How much history does this FMCG - Shrimp 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 - Shrimp has outperformed NIFTY 500 by 47.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 25%. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Apex Frozen Foods Ltd is the strongest against the sector itself at +5%. 13-week sector return versus NIFTY 500: -25% 52-week sector return versus NIFTY 500: 47% Stocks leading NIFTY: 2/2 Stocks leading sector: 1/2 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 2 Combined market value: ₹14.5K 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. Apex Frozen Foods Ltd (APEX): 74/100 — Favorable setup; evidence 77% - Growth & earnings 30.7/35 | Capital efficiency 13.4/25 | Valuation 10.0/20 | Relative strength 20.0/20 - Exact sum: 30.7 + 13.4 + 10 + 20 = 74.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Avanti Feeds Ltd (AVANTIFEED): 54/100 — Mixed-positive evidence; evidence 97% - Growth & earnings 15.8/35 | Capital efficiency 20.8/25 | Valuation 13.8/20 | Relative strength 3.6/20 - Exact sum: 15.8 + 20.8 + 13.8 + 3.6 = 54 - 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: Avanti Feeds Ltd is the scale leader at ₹6,067 crore, 553.3% ahead of Apex Frozen Foods Ltd. Apex Frozen Foods Ltd's growth is 14.1% from a ₹929 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Avanti Feeds Ltd is the scale benchmark; Apex Frozen Foods Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Avanti Feeds Ltd's growth falls below Apex Frozen Foods Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Avanti Feeds Ltd · ₹6,067 crore | 553.3% versus #2 · Apex Frozen Foods Ltd | 7/8 recent comparable periods | 2/2 companies · 35 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. Avanti Feeds Ltd (AVANTIFEED): ₹6.1K Cr 2. Apex Frozen Foods Ltd (APEX): ₹929 Cr ### Revenue growth — fastest growers 1. Apex Frozen Foods Ltd (APEX): 14% 2. Avanti Feeds Ltd (AVANTIFEED): 8.2% ### 20-quarter Revenue history - AVANTIFEED: Jun 2021 ₹1.4K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr - APEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹293 Cr | Dec 2022 ₹231 Cr | Mar 2023 ₹212 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹241 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹231 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹258 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹168 Cr ### 20-quarter Revenue growth history - AVANTIFEED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 -17% | Dec 2022 3.2% | Mar 2023 -18% | Jun 2023 -1.0% | Sep 2023 25% | Dec 2023 14% | Mar 2024 17% | Jun 2024 -3.1% | Sep 2024 6.0% | Dec 2024 9.0% | Mar 2025 7.6% | Jun 2025 6.6% | Sep 2025 19% | Dec 2025 1.3% | Mar 2026 6.2% - APEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -18% | Dec 2023 -36% | Mar 2024 -24% | Jun 2024 -27% | Sep 2024 -17% | Dec 2024 56% | Mar 2025 22% | Jun 2025 39% | Sep 2025 19% | Dec 2025 15% | Mar 2026 -15% ## Operating Economics & Margin Trend What the numbers say: Avanti Feeds Ltd leads opm at 11%; Apex Frozen Foods Ltd leads margin change at +4.3 percentage points. Investor read: Avanti Feeds 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: Avanti Feeds Ltd · 11% | 44.5% versus #2 · Apex Frozen Foods Ltd | 7/8 recent comparable periods | 2/2 companies · 40 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Avanti Feeds Ltd (AVANTIFEED): 11% 2. Apex Frozen Foods Ltd (APEX): 7.6% ### Margin change — fastest expanders 1. Apex Frozen Foods Ltd (APEX): +4.3 pp 2. Avanti Feeds Ltd (AVANTIFEED): −2.0 pp ### 20-quarter OPM history - AVANTIFEED: Jun 2021 6.5% | Sep 2021 3.3% | Dec 2021 6.1% | Mar 2022 8.6% | Jun 2022 6.6% | Sep 2022 4.0% | Dec 2022 7.0% | Mar 2023 12% | Jun 2023 9.0% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 11% | Sep 2024 10% | Dec 2024 12% | Mar 2025 13% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 11% - APEX: Jun 2021 4.1% | Sep 2021 12% | Dec 2021 8.0% | Mar 2022 8.8% | Jun 2022 5.1% | Sep 2022 4.0% | Dec 2022 8.0% | Mar 2023 3.6% | Jun 2023 5.1% | Sep 2023 7.7% | Dec 2023 5.7% | Mar 2024 0.8% | Jun 2024 5.8% | Sep 2024 2.0% | Dec 2024 1.7% | Mar 2025 3.3% | Jun 2025 6.0% | Sep 2025 4.8% | Dec 2025 5.1% | Mar 2026 7.6% ### 20-quarter Margin change history - AVANTIFEED: Jun 2021 −7.0 pp | Sep 2021 −10.2 pp | Dec 2021 −4.0 pp | Mar 2022 +0.8 pp | Jun 2022 +0.0 pp | Sep 2022 +0.7 pp | Dec 2022 +1.0 pp | Mar 2023 +3.4 pp | Jun 2023 +2.4 pp | Sep 2023 +3.0 pp | Dec 2023 +1.0 pp | Mar 2024 −2.0 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +4.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −2.0 pp - APEX: Jun 2021 −4.5 pp | Sep 2021 −4.6 pp | Dec 2021 +1.0 pp | Mar 2022 −1.7 pp | Jun 2022 +1.0 pp | Sep 2022 −7.6 pp | Dec 2022 +0.1 pp | Mar 2023 −5.2 pp | Jun 2023 0.0 pp | Sep 2023 +3.7 pp | Dec 2023 −2.3 pp | Mar 2024 −2.8 pp | Jun 2024 +0.7 pp | Sep 2024 −5.7 pp | Dec 2024 −4.0 pp | Mar 2025 +2.5 pp | Jun 2025 +0.2 pp | Sep 2025 +2.8 pp | Dec 2025 +3.4 pp | Mar 2026 +4.3 pp ## Profit Scale & Acceleration What the numbers say: Avanti Feeds Ltd leads with ₹657 crore of TTM profit, 16.9× the profit of Apex Frozen Foods Ltd. Apex Frozen Foods Ltd shows ≥100% on the scoring scale (903.9% uncapped) growth from a ₹39 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Avanti Feeds 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: Avanti Feeds Ltd · ₹657 crore | 16.9× versus #2 · Apex Frozen Foods Ltd | 7/8 recent comparable periods | 2/2 companies · 35 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. Avanti Feeds Ltd (AVANTIFEED): ₹657 Cr 2. Apex Frozen Foods Ltd (APEX): ₹39 Cr ### Profit growth — fastest growers 1. Apex Frozen Foods Ltd (APEX): 100% 2. Avanti Feeds Ltd (AVANTIFEED): 18% ### 20-quarter Net profit history - AVANTIFEED: Jun 2021 ₹76 Cr | Sep 2021 ₹33 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹163 Cr | Mar 2026 ₹139 Cr - APEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹14 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹8 Cr ### 20-quarter Profit growth history - AVANTIFEED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.0% | Sep 2022 21% | Dec 2022 61% | Mar 2023 9.8% | Jun 2023 58% | Sep 2023 108% | Dec 2023 17% | Mar 2024 12% | Jun 2024 20% | Sep 2024 46% | Dec 2024 70% | Mar 2025 39% | Jun 2025 35% | Sep 2025 40% | Dec 2025 16% | Mar 2026 -11% - APEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -40% | Dec 2023 -63% | Mar 2024 — | Jun 2024 4.1% | Sep 2024 -120% | Dec 2024 -107% | Mar 2025 — | Jun 2025 139% | Sep 2025 — | Dec 2025 — | Mar 2026 297% ## Capacity Spending & Returns On It What the numbers say: There is not enough comparable evidence to name a reliable capex leader. 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: No comparable leader | Not enough peers | Not enough history | 0/2 companies · 0 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 ### CAPEX intensity — highest reinvestment intensity ### 20-quarter CAPEX history ### 20-quarter CAPEX intensity history ## Debt Load & Balance-Sheet Headroom What the numbers say: Avanti Feeds Ltd has the clearest covered balance-sheet capacity with ₹1,677 crore net cash and gross debt of ₹13 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: Apex Frozen Foods Ltd · ₹6 crore | 53.8% versus #2 · Avanti Feeds Ltd | 1/8 recent comparable periods | 2/2 companies · 40 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. Apex Frozen Foods Ltd (APEX): ₹6 Cr 2. Avanti Feeds Ltd (AVANTIFEED): ₹13 Cr ### Net debt — lowest net debt 1. Avanti Feeds Ltd (AVANTIFEED): ₹-1.7K Cr 2. Apex Frozen Foods Ltd (APEX): ₹-13 Cr ### 20-quarter Gross debt history - AVANTIFEED: Jun 2021 ₹4 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹13 Cr - APEX: Jun 2021 ₹168 Cr | Sep 2021 ₹183 Cr | Dec 2021 ₹183 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹162 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹6 Cr ### 20-quarter Net debt history - AVANTIFEED: Jun 2021 ₹-1.2K Cr | Sep 2021 ₹-1.3K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-881 Cr | Jun 2022 ₹-881 Cr | Sep 2022 ₹-1.0K Cr | Dec 2022 ₹-1.0K Cr | Mar 2023 ₹-1.2K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.5K Cr | Dec 2023 ₹-1.5K Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-1.9K Cr | Dec 2024 ₹-1.9K Cr | Mar 2025 ₹-1.9K Cr | Jun 2025 ₹-1.9K Cr | Sep 2025 ₹-2.7K Cr | Dec 2025 ₹-2.7K Cr | Mar 2026 ₹-1.7K Cr - APEX: Jun 2021 ₹158 Cr | Sep 2021 ₹170 Cr | Dec 2021 ₹170 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹146 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹-13 Cr ## Return On Capital Employed What the numbers say: Avanti Feeds Ltd leads ROCE at 24.4%, 14 percentage points above Apex Frozen Foods Ltd. Apex Frozen Foods Ltd has the strongest latest improvement at +5 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: Avanti Feeds 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: Avanti Feeds Ltd · 24.4% | 134.6% versus #2 · Apex Frozen Foods Ltd | 8/8 recent comparable periods | 2/2 companies · 32 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. Avanti Feeds Ltd (AVANTIFEED): 24% 2. Apex Frozen Foods Ltd (APEX): 10% ### ROCE change — fastest improvers 1. Apex Frozen Foods Ltd (APEX): +5.0 pp 2. Avanti Feeds Ltd (AVANTIFEED): +0.5 pp ### 20-quarter ROCE history - AVANTIFEED: Jun 2021 — | Sep 2021 13% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 15% | Jun 2023 20% | Sep 2023 16% | Dec 2023 22% | Mar 2024 15% | Jun 2024 22% | Sep 2024 16% | Dec 2024 25% | Mar 2025 18% | Jun 2025 27% | Sep 2025 20% | Dec 2025 29% | Mar 2026 18% - APEX: Jun 2021 — | Sep 2021 12% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 10% | Jun 2023 8.6% | Sep 2023 8.2% | Dec 2023 5.2% | Mar 2024 5.0% | Jun 2024 5.7% | Sep 2024 2.3% | Dec 2024 2.5% | Mar 2025 2.0% | Jun 2025 4.3% | Sep 2025 4.4% | Dec 2025 9.6% | Mar 2026 7.0% ### 20-quarter ROCE change history - AVANTIFEED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +0.1 pp | Jun 2024 +2.3 pp | Sep 2024 +0.3 pp | Dec 2024 +2.7 pp | Mar 2025 +3.2 pp | Jun 2025 +5.3 pp | Sep 2025 +3.9 pp | Dec 2025 +3.6 pp | Mar 2026 +0.5 pp - APEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 — | Mar 2023 −3.4 pp | Jun 2023 — | Sep 2023 −3.7 pp | Dec 2023 — | Mar 2024 −5.1 pp | Jun 2024 −2.9 pp | Sep 2024 −5.9 pp | Dec 2024 −2.7 pp | Mar 2025 −3.0 pp | Jun 2025 −1.4 pp | Sep 2025 +2.1 pp | Dec 2025 +7.1 pp | Mar 2026 +5.0 pp ## Valuation Against Growth & Quality What the numbers say: Avanti Feeds Ltd has the lowest comparable Guarded PEG at 0.83×. Only 1 of 2 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. 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: Avanti Feeds Ltd · 0.83× | Not enough peers | 0/8 recent comparable periods | 1/2 companies · 13 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 1. Avanti Feeds Ltd (AVANTIFEED): 0.8 ### P/E — lowest P/E 1. Avanti Feeds Ltd (AVANTIFEED): 23.9 2. Apex Frozen Foods Ltd (APEX): 30.6 ### 20-quarter Guarded PEG history - AVANTIFEED: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.4 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.7 | Jun 2024 0.9 | Sep 2024 1.3 | Dec 2024 — | Mar 2025 0.7 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.9 | Mar 2026 0.8 ### 20-quarter P/E history - AVANTIFEED: Jun 2021 20.9 | Sep 2021 22.8 | Dec 2021 30.3 | Mar 2022 26.0 | Jun 2022 23.9 | Sep 2022 27.6 | Dec 2022 20.6 | Mar 2023 16.8 | Jun 2023 18.6 | Sep 2023 18.6 | Dec 2023 16.8 | Mar 2024 18.9 | Jun 2024 22.8 | Sep 2024 22.2 | Dec 2024 20.1 | Mar 2025 25.9 | Jun 2025 18.5 | Sep 2025 15.2 | Dec 2025 18.4 | Mar 2026 26.0 - APEX: Jun 2021 19.1 | Sep 2021 23.4 | Dec 2021 25.9 | Mar 2022 21.7 | Jun 2022 18.5 | Sep 2022 16.5 | Dec 2022 16.1 | Mar 2023 12.8 | Jun 2023 18.5 | Sep 2023 33.7 | Dec 2023 44.5 | Mar 2024 56.4 | Jun 2024 47.6 | Sep 2024 52.9 | Dec 2024 158.0 | Mar 2025 164.6 | Jun 2025 196.0 | Sep 2025 76.9 | Dec 2025 41.4 | Mar 2026 37.9 ## Enterprise Value & Book Value What the numbers say: Avanti Feeds Ltd leads ev/ebitda at 16.2×; Apex Frozen Foods Ltd leads p/bv at 2.25×. 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: Avanti Feeds Ltd · 16.2× | 17.8% versus #2 · Apex Frozen Foods Ltd | 0/8 recent comparable periods | 2/2 companies · 40 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. Avanti Feeds Ltd (AVANTIFEED): 16.2 2. Apex Frozen Foods Ltd (APEX): 19.7 ### P/BV — lowest P/BV 1. Apex Frozen Foods Ltd (APEX): 2.3 2. Avanti Feeds Ltd (AVANTIFEED): 4.1 ### 20-quarter EV/EBITDA history - AVANTIFEED: Jun 2021 13.3 | Sep 2021 14.7 | Dec 2021 18.9 | Mar 2022 15.6 | Jun 2022 14.3 | Sep 2022 15.7 | Dec 2022 11.8 | Mar 2023 10.0 | Jun 2023 10.9 | Sep 2023 10.6 | Dec 2023 8.9 | Mar 2024 10.1 | Jun 2024 13.2 | Sep 2024 12.4 | Dec 2024 11.5 | Mar 2025 15.9 | Jun 2025 11.4 | Sep 2025 9.1 | Dec 2025 11.5 | Mar 2026 16.2 - APEX: Jun 2021 10.2 | Sep 2021 11.8 | Dec 2021 12.7 | Mar 2022 11.4 | Jun 2022 9.9 | Sep 2022 9.5 | Dec 2022 8.9 | Mar 2023 7.6 | Jun 2023 9.7 | Sep 2023 12.4 | Dec 2023 14.1 | Mar 2024 15.3 | Jun 2024 17.4 | Sep 2024 20.7 | Dec 2024 31.0 | Mar 2025 30.6 | Jun 2025 28.8 | Sep 2025 20.8 | Dec 2025 17.7 | Mar 2026 19.7 ### 20-quarter P/BV history - AVANTIFEED: Jun 2021 5.4 | Sep 2021 4.3 | Dec 2021 4.3 | Mar 2022 3.3 | Jun 2022 3.2 | Sep 2022 3.3 | Dec 2022 2.7 | Mar 2023 2.4 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 2.6 | Mar 2024 3.0 | Jun 2024 3.9 | Sep 2024 3.6 | Dec 2024 3.3 | Mar 2025 5.0 | Jun 2025 4.1 | Sep 2025 3.1 | Dec 2025 3.8 | Mar 2026 5.5 - APEX: Jun 2021 2.1 | Sep 2021 2.1 | Dec 2021 2.0 | Mar 2022 2.0 | Jun 2022 1.7 | Sep 2022 1.9 | Dec 2022 1.6 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.7 | Mar 2026 2.3 ## Market action Apex Frozen Foods Ltd has the strongest one-year price move in FMCG - Shrimp at +54.2%. It also leads on Mansfield relative strength against NIFTY at +15.8%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24. ### Strongest one-year price performers 1. Apex Frozen Foods Ltd (APEX): 54% 2. Avanti Feeds Ltd (AVANTIFEED): 30% ### Strongest relative strength versus NIFTY 500 1. Apex Frozen Foods Ltd (APEX): 16% 2. Avanti Feeds Ltd (AVANTIFEED): 2.2% ## 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. - 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears. - Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings. ## Every company - Avanti Feeds Ltd (AVANTIFEED) — market value ₹13.3K Cr; latest fundamentals Mar 2026 - Apex Frozen Foods Ltd (APEX) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures ## Source standing of each company Cross-checked: 1. Unverified: 1. Withheld: 0. Graded companies: 2. 1 of 2 companies draws 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. - UNVERIFIED | APEX | Apex Frozen Foods 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 - Shrimp index? The Nifty FMCG - Shrimp index tracks India's listed FMCG - Shrimp companies as a single basket. This page follows the same 2 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Shrimp sector rather than to its largest constituent. Figures are as of Mar 2026. ### Which are the best FMCG - Shrimp stocks in India? Ranked by this page's four-factor score, Apex Frozen Foods Ltd places first among 2 listed FMCG - Shrimp companies, followed by Avanti Feeds 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 - Shrimp stocks are listed in India? This comparison covers 2 listed FMCG - Shrimp 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 - Shrimp company is the biggest? Avanti Feeds Ltd is the largest, with trailing-twelve-month revenue of ₹6,067 crore, ahead of Apex Frozen Foods Ltd at ₹929 crore. That covers 2 of 2 companies with comparable reporting through Mar 2026. ### Which FMCG - Shrimp company is growing fastest? Apex Frozen Foods Ltd has the fastest revenue growth at 14.1% year on year, across 2 of 2 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 - Shrimp company has the best profit margins? Avanti Feeds Ltd has the highest operating margin at 11%, from 2 of 2 comparable companies. Apex Frozen Foods Ltd shows the biggest recent improvement, at +4.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which FMCG - Shrimp company makes the most profit? Avanti Feeds Ltd earns the most, at ₹657 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. Apex Frozen Foods 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 - Shrimp company earns the highest return on capital? Avanti Feeds Ltd leads on return on capital employed at 24.4%, across 2 of 2 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 - Shrimp stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Avanti Feeds Ltd screens cheapest at 0.83×. Only 1 of 2 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which FMCG - Shrimp company has the strongest balance sheet? Apex Frozen Foods Ltd carries the lowest comparable gross debt at ₹6 crore, from 2 of 2 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 - Shrimp sector beating the market? FMCG - Shrimp has outperformed NIFTY 500 by 47.2% over the last 52 weeks and 25% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which FMCG - Shrimp stock has the strongest price momentum? Apex Frozen Foods 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 - Shrimp company scores highest for research priority? Apex Frozen Foods Ltd scores 74.1 out of 100 with 77% evidence confidence, from 30.7 points on growth and earnings, 13.4 on capital efficiency, 10 on valuation and 20 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 - Shrimp companies does this comparison cover, and over what period? It compares 2 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 - Shrimp sector? The 2 FMCG - Shrimp companies on this page carry ₹14,503 crore of combined market value. Avanti Feeds Ltd is the largest at ₹13,312 crore, about 92% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29. ### How is the FMCG - Shrimp sector performing? 2 of the 2 covered FMCG - Shrimp companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 47.2% 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-shrimp