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MomentumDeep Value

Apex Frozen Foods Ltd: Why Is It Outperforming Nifty 500?

Active
RS +43.4%Weak5w Streak

In Week of May 10, 2026, Apex Frozen Foods Ltd (FMCG - Shrimp) is outperforming Nifty 500 with +43.4% relative strength. Fundamentals: Weak. On a 5-week streak.

Apex Frozen Foods Ltd Key Facts

PE Ratio
49.5x
Market Cap
₹1,540 Cr
Revenue Growth YoY
+14%
OPM
5.0%
RS vs Nifty 500
+43.4%
PE: Near TroughStrong Opportunity

What's Happening

💎PE falling while earnings hold — value emerging
💪Debt reduced 44% YoY — balance sheet strengthening
🌐FII stake increased 2.4% this quarter
💰Trading 73% above estimated fair value — significant premium

Earnings Acceleration Triggers

1. Regulatory Approval Or License Win
ImmediateHIGH
2. Geographical Expansion
Q1 FY27MEDIUM
3. Operating Leverage Inflection
FY27MEDIUM

Key Risks

1. U
HIGH
2. Rising farmgate prices in Q4, increasing by INR 30-40 per kilo
MEDIUM
3. Trade restrictions and non-tariff barriers in the EU and Australia
MEDIUM

Sector-Specific Signals

US Revenue Share49%
EU Sales Growth (YoY)22%+22%
Average Realization per KgINR 914+28.5%
Raw Material Price per KgINR 327-12.6%

Key Numbers

Revenue YoY
+14%
Stable
Operating Margin
5.0%
+300 bps YoY
PE Ratio
49.5
Current Price
₹493
Dividend Yield
0.41%
Fundamental Score
36/100
Weak
3Y PAT CAGR
-50%
Market Cap
1.5K Cr
Valuation
Significantly Overvalued

12-Week Performance

Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.

12 weeks agoThis week

Why Are Apex Frozen Foods Ltd's Earnings Accelerating?

Based on Q3 FY26 earnings • Updated Apr 18, 2026

Regulatory Approval Or License Win

Expected: ImmediateHIGH confidence

What: U.S. Tariff Reduction: 25%

“This development is expected to support an improvement in the volumes going forward.”

Geographical Expansion

Expected: Q1 FY27MEDIUM confidence

What: New Markets: Russia/Australia

Impact: 5-10% share

“we should be able to start our sales in a slow manner... we see a huge good potential to be precise, in both those markets.”

Operating Leverage Inflection

Expected: FY27MEDIUM confidence

What: Utilization Target: 50%

“we would definitely have the advantage of the scale of operation and also the costs being rationalized overall.”

EBITDA Margin expansion of 344 bps YoY to 6.5%

MEDIUM confidence

What: EBITDA Margin expansion of 344 bps YoY to 6.5%

“lower raw material prices at INR327 per kilo in Q3 FY '26 versus INR374 per kilo in Q3 of last year... aided the growth in profitability.”

What Are the Key Risks for Apex Frozen Foods Ltd?

Earnings deceleration risks from management commentary

U

HIGH

Trigger: U.S. Department of Commerce/FDA review of duties.

Impact: PAT impact: Marginal increase in payments

Management view: Management is monitoring the effective date and will adjust realizations accordingly.

Monitor: regulatory

Rising farmgate prices in Q4, increasing by INR 30-40 per kilo

MEDIUM

Trigger: Driven by supply-demand dynamics during the Jan-Feb period.

Management view: Management expects realizations to realign to offset input cost increases.

Monitor: commodity

Trade restrictions and non-tariff barriers in the EU and Australia

MEDIUM

Trigger: Stringent testing protocols (50% mandatory testing) for Indian shrimp.

Management view: Negotiations for India-EU FTA are expected to relax these barriers.

Monitor: geopolitical

What Is Apex Frozen Foods Ltd's Management Saying?

Key quotes from recent conference calls

“we do plan to increase our -- utilization of our capacity even further and rather take it up to 50% minimum over the next 1 year for sure. [Previous Capacity Utilization guidance]”
“this year, of course, it -- we should be doing around 1,000 metric tonnes max, high side, on a higher side, which tentatively in the current financial year. [Previous RTE Volume Guidance guidance]”
“diversification is the key... so that we are not -- we are insulated from any one individual market effect. [Initiative: Geographical Diversification]”
“And as we grow more of our ready-to-eat, we should look at 10% plus also. [Initiative: RTE Expansion in EU]”

What Did Apex Frozen Foods Ltd Report This Quarter?

Headline numbers from the latest earnings call

Revenue

INR 264 Crores

YoY +15%QoQ +10.9%

Why: Growth was primarily driven by higher shrimp sales to the European Union and improved average realizations despite lower volumes.

Revenue growth was resilient as higher realizations offset a 5% decline in sales volumes.

EBITDA

INR 17 Crores

YoY +147%Margin 6.5%

Why: Profitability was aided by lower raw material prices and disciplined cost control measures compared to the previous year.

Margins expanded significantly due to a favorable spread between stable realizations and lower input costs.

PAT

INR 10 Crores

YoY +1900%QoQ -16.7%

Why: The increase was driven by improved operational profitability and lower raw material costs relative to the low base of the previous year.

PAT showed massive year-on-year growth from a near-break-even base, though it declined sequentially from Q2.

Other Highlights

• Sales to the European Union grew 22% year-on-year, offsetting a 12% decline in U.S. sales.

• Average raw material prices fell to INR 327 per kilo from INR 374 per kilo in the prior year.

• Non-U.S. export business share reached 51% in 9M FY26, up from 37% in 9M FY24.

What Sector Metrics Matter for Apex Frozen Foods Ltd?

Sub-sector-specific signals from the latest concall — each with management's stated reason for the change

US Revenue Share

49%

Why: Remains a major market despite recent tariff-led volume pressure.

EU Sales Growth (YoY)

22%

YoY +22%

Why: Strong momentum and diversification efforts into the European block.

Average Realization per Kg

INR 914

YoY +28.5%QoQ +5.1%

Why: Driven by firm global prices, favorable FX, and the inclusion of U.S. tariffs in the price.

Raw Material Price per Kg

INR 327

YoY -12.6%QoQ Flat

Why: Benefited from lower farmgate prices compared to the previous year's high base.

Overall Capacity Utilization

33-35%

YoY Flat

Why: Utilization remains low due to U.S. trade uncertainties and supply issues in early Q2.

RTE Capacity Utilization

11%

YoY +1%

Why: Marginal increase as the company begins to ramp up EU orders for value-added products.

Export Incentives (9M)

INR 37.62 Crores

Working Capital Cycle

108 days

Why: Management is focused on reducing inventory and debtor days to improve cash flow.

What Is Apex Frozen Foods Ltd's Management Guidance?

Forward-looking targets from management for 2 Years

OPM Guidance

8.5%

Revenue Outlook

1200 Crores

Margin Outlook

EBITDA levels between 7% to 10% sustainable.

Volume

Targeting 50% capacity utilization by FY27.

Management Tone: BULLISH

Guidance Changes

LOWERED

U.S. Tariff Rate: 50% → 25%

How Fast Is Apex Frozen Foods Ltd Growing?

Revenue, profit and margin growth rates

MetricYoY3Y CAGRTrend
Revenue+14%-4%Stable
OPM5.0%+300 bpsExpanding

The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.

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Frequently Asked Questions: Apex Frozen Foods Ltd

Based on publicly available financial data. This is educational research, not investment advice.

What were Apex Frozen Foods Ltd's latest quarterly results?

Apex Frozen Foods Ltd's latest quarterly results (Dec 2025) show

  • Revenue Growth YoY: +14.3%
  • Operating Margin: 5.0% (expanding)

Is Apex Frozen Foods Ltd's profit growing or declining?

Apex Frozen Foods Ltd's profit is declining with an insufficient_data trend.

  • PAT Growth QoQ: -16.7% (sequential)
  • 3-Year PAT CAGR: -50.0%
  • Trend: Insufficient_data — consistent growth pattern

What is Apex Frozen Foods Ltd's revenue growth trend?

Apex Frozen Foods Ltd's revenue growth trend is stable.

  • Revenue Growth YoY: +14.3%
  • Revenue Growth QoQ: +10.9% (sequential)
  • 3-Year Revenue CAGR: -4.2%

How is Apex Frozen Foods Ltd's operating margin trending?

Apex Frozen Foods Ltd's operating margin is expanding.

  • Current OPM: 5.0%
  • OPM Change YoY: +3.0% basis points
  • OPM Change QoQ: 0.0% basis points

What is Apex Frozen Foods Ltd's 3-year profit and revenue CAGR?

Apex Frozen Foods Ltd's long-term compounding rates

  • 3-Year Profit CAGR: -50.0%
  • 3-Year Revenue CAGR: -4.2%

Is Apex Frozen Foods Ltd's growth accelerating or decelerating?

Apex Frozen Foods Ltd's earnings growth is insufficient_data with weakening on a sequential basis.

  • Sequential Acceleration: -50.0% bps

What is Apex Frozen Foods Ltd's trailing twelve month (TTM) performance?

Apex Frozen Foods Ltd's trailing twelve month (TTM) performance

  • TTM PAT: ₹33 Cr
  • TTM PAT Growth: +100.0% YoY
  • TTM Revenue: ₹957 Cr
  • TTM Revenue Growth: +22.9% YoY
  • TTM Operating Margin: 4.9%

Is Apex Frozen Foods Ltd overvalued or undervalued?

Apex Frozen Foods Ltd appears significantly overvalued based on our fair value analysis.

  • Valuation Signal: Significantly Overvalued
  • Current PE: 49.5x
  • Price-to-Book: 3.0x

What is Apex Frozen Foods Ltd's current PE ratio?

Apex Frozen Foods Ltd's current PE ratio is 49.5x.

  • Current PE: 49.5x
  • Market Cap: 1.5K Cr
  • Dividend Yield: 0.41%

How does Apex Frozen Foods Ltd's valuation compare to its history?

Apex Frozen Foods Ltd's current PE is 49.5x.

  • Current PE: 49.5x
  • Valuation Assessment: Significantly Overvalued

What is Apex Frozen Foods Ltd's price-to-book ratio?

Apex Frozen Foods Ltd's price-to-book ratio is 3.0x.

  • Price-to-Book (P/B): 3.0x
  • Book Value per Share: ₹163
  • Current Price: ₹493

Is Apex Frozen Foods Ltd a fundamentally strong company?

Apex Frozen Foods Ltd is rated Weak with a fundamental score of 36.17/100. This score is calculated from objective financial metrics

  • Revenue Growth YoY: +14.3% (10% weight)
  • PAT Growth QoQ: -16.7% (10% weight)
  • Margins expanding (10% weight)

Is Apex Frozen Foods Ltd debt free?

Apex Frozen Foods Ltd has a debt-to-equity ratio of N/A.

  • Total Debt: ₹41 Cr

What is Apex Frozen Foods Ltd's return on equity (ROE) and ROCE?

Apex Frozen Foods Ltd's return ratios over recent years

  • FY2023: ROCE 11.0%
  • FY2024: ROCE 5.0%
  • FY2025: ROCE 2.0%

Is Apex Frozen Foods Ltd's cash flow positive?

Apex Frozen Foods Ltd's operating cash flow is positive (FY2025).

  • Cash from Operations (CFO): ₹50 Cr
  • Free Cash Flow (FCF): ₹48 Cr
  • CFO/PAT Ratio: 1250% (strong cash conversion)

What is Apex Frozen Foods Ltd's dividend yield?

Apex Frozen Foods Ltd's current dividend yield is 0.41%.

  • Dividend Yield: 0.41%
  • Current Price: ₹493

Who holds Apex Frozen Foods Ltd shares — promoters, FII, DII?

Apex Frozen Foods Ltd's shareholding pattern (Mar 2026)

  • Promoters: 72.6%
  • FII (Foreign): 6.0%
  • DII (Domestic): 0.7%
  • Public: 20.7%

Is promoter holding increasing or decreasing in Apex Frozen Foods Ltd?

Apex Frozen Foods Ltd's promoter holding has remained stable recently.

  • Current Promoter Holding: 72.6% (Mar 2026)
  • Previous Quarter: 72.6% (Dec 2025)
  • Change: 0.00% (stable)

How long has Apex Frozen Foods Ltd been outperforming Nifty 500?

Apex Frozen Foods Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.

Is Apex Frozen Foods Ltd a new momentum entry or an established outperformer?

Apex Frozen Foods Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.

What are the growth catalysts for Apex Frozen Foods Ltd?

Apex Frozen Foods Ltd has 4 key growth catalysts identified from recent earnings analysis

  • Regulatory Approval Or License Win — Reduction from 50% to 25% is expected to bring back lost U.S. volumes.
  • Geographical Expansion — Approvals for Russia and Australia open high-potential markets previously restricted.
  • Operating Leverage Inflection — Higher volumes will allow for better fixed cost absorption and scale benefits.
  • EBITDA Margin expansion of 344 bps YoY to 6.5% — Driven by lower raw material prices at INR 327/kg vs INR 374/kg last year.

What are the key risks in Apex Frozen Foods Ltd?

Apex Frozen Foods Ltd has 3 key risks worth monitoring

  • [HIGH] U — U.S. Department of Commerce/FDA review of duties.
  • [MEDIUM] Rising farmgate prices in Q4, increasing by INR 30-40 per kilo — Driven by supply-demand dynamics during the Jan-Feb period.
  • [MEDIUM] Trade restrictions and non-tariff barriers in the EU and Australia — Stringent testing protocols (50% mandatory testing) for Indian shrimp.

What did Apex Frozen Foods Ltd's management say in the latest earnings call?

In Q3 FY26, Apex Frozen Foods Ltd's management highlighted

  • "we do plan to increase our -- utilization of our capacity even further and rather take it up to 50% minimum over the next 1 year for sure. [Previous ..."
  • "this year, of course, it -- we should be doing around 1,000 metric tonnes max, high side, on a higher side, which tentatively in the current financial..."
  • "diversification is the key... so that we are not -- we are insulated from any one individual market effect. [Initiative: Geographical Diversification..."

What is Apex Frozen Foods Ltd's management guidance for growth?

Apex Frozen Foods Ltd's management has provided the following forward guidance for 2 Years

  • Revenue outlook: 1200 Crores
  • OPM guidance: 8.5%
  • Management tone: bullish
  • Milestone: [LOWERED] U.S. Tariff Rate: 50% → 25%

What sector-specific metrics matter most for Apex Frozen Foods Ltd?

Apex Frozen Foods Ltd's most important sub-sector-specific KPIs from the latest concall

  • US Revenue Share: 49% — Remains a major market despite recent tariff-led volume pressure.
  • EU Sales Growth (YoY): 22% (YoY +22%) — Strong momentum and diversification efforts into the European block.
  • Average Realization per Kg: INR 914 (YoY +28.5%) (QoQ +5.1%) — Driven by firm global prices, favorable FX, and the inclusion of U.S. tariffs in the price.
  • Raw Material Price per Kg: INR 327 (YoY -12.6%) (QoQ Flat) — Benefited from lower farmgate prices compared to the previous year's high base.
  • Overall Capacity Utilization: 33-35% (YoY Flat) — Utilization remains low due to U.S. trade uncertainties and supply issues in early Q2.
  • RTE Capacity Utilization: 11% (YoY +1%) — Marginal increase as the company begins to ramp up EU orders for value-added products.

Is Apex Frozen Foods Ltd worth studying for long term investment?

Based on quantitative research signals, here is why Apex Frozen Foods Ltd may be worth studying

  • Operating margins are expanding — OPM at 5.0%
  • Cash flow is positive — CFO ₹50 Cr

What is the investment thesis for Apex Frozen Foods Ltd?

Apex Frozen Foods Ltd investment thesis summary:

Research Signals (Bull Case)

  • Revenue growing at +14.3% YoY
  • Margins expanding
  • Growth catalyst: Regulatory Approval Or License Win

Risk Factors (Bear Case)

  • Appears significantly overvalued
  • Key risk: U

What is the future outlook for Apex Frozen Foods Ltd?

Apex Frozen Foods Ltd's forward outlook based on current data signals

  • Earnings Trend: insufficient_data
  • Revenue Trend: stable
  • Margin Trend: expanding
  • Valuation: Significantly Overvalued
  • Key Catalyst: Regulatory Approval Or License Win
  • Key Risk: U

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.