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    HMA Agro Inds.

    HMAAGRO
    Fast Moving Consumer Goods·13 Feb 2026
    Management Summary

    HMA Agro Industries reported a strong Q3 FY26, with significant year-on-year growth in both standalone and consolidated revenue and profitability. Standalone revenue grew over 46% and consolidated PBT more than doubled. The company highlighted improved operational efficiencies, strong export demand, and stable raw material costs as key drivers. However, a substantial increase in freight costs led to a near threefold rise in other expenses quarter-on-quarter.

    Highlights

    5

    • Standalone revenue from operations for Q3 FY26 increased by 46.02% YoY to ₹1,992.77 crores, driven by improved realization, strong export demand, and enhanced operational efficiency.

    • Standalone profit before tax (PBT) for Q3 FY26 grew by 61.47% YoY to ₹71.90 crores, demonstrating improved margins and cost control.

    • Consolidated PBT for Q3 FY26 surged by 112.88% YoY to ₹87.85 crores, reflecting improved operational efficiencies and stronger subsidiary performance.

    • Consolidated EBITDA for Q3 FY26 increased by 81.33% YoY to ₹105.13 crores, indicating robust operational profitability.

    • Raw material costs saw a slight decrease, with the percentage of raw material cost to revenue at 84.03% in Q3 FY26 compared to 85.41% in Q3 FY25.

    Concerns

    2

    • Other expenses for Q3 FY26 increased nearly threefold QoQ to ₹221.70 crores from ₹83.40 crores in Q2 FY26, primarily due to higher freight costs.

    • Management was unable to provide immediate bifurcation of capacity utilization figures or detailed export revenue breakdown by country during the call, suggesting these queries be submitted in writing.

    Key financials

    Single quarter

    06 metrics
    1. 01Standalone Revenue from Operations₹1,992.773 Cr+46.0%YoY
    2. 02Standalone PBT₹71.903 Cr+61.5%YoY
    3. 03Standalone EBITDA₹82.341 Cr+55.0%YoY
    4. 04Consolidated Revenue from Operations₹2,059.448 Cr+41.5%YoY
    5. 05Consolidated PBT₹87.846 Cr+112.9%YoY

    Guidance & targets

    3
    CategoryTargetPriority
    Capacity
    Jabalpur Chicken Processing Plant Completion
    Completed
    		High
    New Initiatives
    Retail Market Entry for Indian Market
    In process
    		Low
    New Product Mix
    Poultry Farm Production
    Production planned
    		Low

    Jabalpur Chicken Processing Plant Commissioning

    Next quarter (Q4 FY26) or by end of FY26
    CurrentUnder construction, expected completion by end of FY26
    TargetCommercial operations commenced

    Why it matters

    Successful commissioning of the new plant will contribute to capacity expansion and future revenue growth.

    Most probably by end of this year, it will be completed.

    How to verify

    guidance_and_targets[category='Capacity'][metric='Jabalpur Chicken Processing Plant Completion']

    Risks & concerns

    1
    RiskSeverity

    Increased freight costs due to refrigerated container shortage

    Shortage of refrigerated containers and increased demand led to a significant rise in freight costs, impacting other expenses. — Management acknowledged

    medium

    Q&A highlights

    7

    “Sir, the main reason for this is the freight cost if you compare the same figures from Q2 two to Q3. But if we compare to Q3 of 2025-2026 and Q3 of 2024-2025, the percentage remains same. That is 10.03% for 2024-2025 and 10.76% for 2025-2026. But if you compare it with the last quarter of the same year and to this current quarter, Q3, the increase in freight cost was one of the main reason for this.”

    Analyst questioned a significant QoQ increase in other expenses, and management attributed it to higher freight costs due to refrigerated container shortages.

    asked by Abin Banerjee

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Financial Performance in Q3 and 9M FY26

    HMA Agro Industries reported robust financial results for Q3 and the nine months ended December 31, 2025. Standalone revenue from operations for Q3 FY26 grew by 46.02% YoY to ₹1,992.77 crores, while standalone PBT increased by 61.47% YoY to ₹71.90 crores. On a consolidated basis, revenue for Q3 FY26 rose by 41.55% YoY to ₹2,059.45 crores, and consolidated PBT saw a remarkable 112.88% YoY increase to ₹87.85 crores. The nine-month period also showed strong growth, with consolidated revenue up 46.91% to ₹5,337.40 crores and consolidated PBT up 96.90% to ₹206.29 crores.

    02

    EBITDA Expansion Driven by Operational Efficiency

    The company demonstrated significant EBITDA expansion across both standalone and consolidated operations. Standalone EBITDA for Q3 FY26 grew by 54.96% YoY to ₹82.34 crores, outpacing revenue growth and indicating improved operating leverage. Consolidated EBITDA for the quarter increased by 81.33% YoY to ₹105.13 crores. For the nine-month period, consolidated EBITDA grew by 74.10% to ₹253.27 crores, reflecting enhanced operational efficiencies, better cost absorption, and improved realization in export markets.

    03

    Impact of Freight Costs on Other Expenses

    A notable point of discussion was the substantial increase in 'other expenses' for Q3 FY26, which surged to ₹221.70 crores from ₹83.40 crores in Q2 FY26. Management attributed this nearly threefold quarter-on-quarter increase primarily to higher freight costs. This was explained by a shortage of refrigerated containers and increased demand, which led to higher container and shipping line costs, impacting the overall expense structure.

    04

    Stable Raw Material Prices and Export Market Focus

    Management highlighted that raw material prices remained stable, with no significant supply constraints for livestock. The raw material cost as a percentage of revenue slightly decreased to 84.03% in Q3 FY26 from 85.41% in Q3 FY25, contributing positively to profit margins. The company's top five international export markets were identified as Vietnam, Egypt, Malaysia, Indonesia, and Iraq, underscoring a strong export demand and global footprint.

    05

    Strategic Expansion and New Initiatives

    HMA Agro Industries is pursuing diversification initiatives to broaden its product portfolio and strengthen revenue streams. The Jabalpur Chicken Processing Plant is expected to be completed by the end of FY26, marking a key capacity expansion. The company is also testing retail products for the Indian market, with this initiative currently 'in process.' Additionally, there are plans for production in the poultry farm segment (hens and chickens), which management views as a good market, though it is too early to quantify its revenue contribution.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.