HMA Agro Industries Ltd (FMCG - Animal/Polutry) — fundamental analysis, earnings data, and key metrics. PE: 7.2. ROE: 11.5%. This stock is not currently in the Nifty 500 momentum outperformers list.
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
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's latest quarterly results (Dec 2025) show
HMA Agro Industries Ltd's current PE ratio is 7.2x.
HMA Agro Industries Ltd's price-to-book ratio is 1.4x.
HMA Agro Industries Ltd's fundamental strength based on key financial ratios
HMA Agro Industries Ltd has a debt-to-equity ratio of N/A.
HMA Agro Industries Ltd's return ratios over recent years
HMA Agro Industries Ltd's operating cash flow is positive (FY2025).
HMA Agro Industries Ltd's current dividend yield is 1.22%.
HMA Agro Industries Ltd's shareholding pattern (Apr 2026)
HMA Agro Industries Ltd's promoter holding has decreased recently.
HMA Agro Industries Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
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
HMA Agro Industries Ltd's management has provided the following forward guidance
HMA Agro Industries Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why HMA Agro Industries Ltd may be worth studying
HMA Agro Industries Ltd investment thesis summary:
HMA Agro Industries Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
