Apex Frozen Foods Releases Q1 FY27 Earnings Call Transcript
Apex Frozen Foods Limited reported that its average shrimp realization grew 15% year-on-year to approximately INR930 per kilo during the first quarter of fiscal year 2027, according to an earnings call transcript released on August 18, 2026. The increase offset a decline in overall sales volume driven by labor shortages and war-led transportation disruptions in key export markets.
Rising Realizations Offset Volume Declines in Q1 FY27
During the Q1 FY27 earnings conference call hosted by Stellar IR Advisors, Chowdary Karuturi, Managing Director and Chief Financial Officer, outlined a challenging operational environment. Total shrimp sales dropped to 2,624 metric tons for the quarter ending June 30, 2026, compared to 3,015 metric tons in the corresponding period of the previous fiscal year. Labor shortages during April and May, alongside geopolitical transport disruptions, squeezed physical movement across specific export corridors.
Yet, pricing strength cushioned the top line. Global shrimp prices improved alongside a higher conversion rate for the USD-INR currency pair, lifting average realizations by 15% to INR930 per kilo. Stable farmgate prices and disciplined cost management helped protect profit margins despite the lower aggregate volume. Management noted expectations for sales volumes to recover in the second quarter of fiscal year 2027, provided global shipping conditions normalize.
Geographical Shift and Regulatory Pressures in UK and EU Markets
Export destinations experienced a notable structural shift during the quarter. The USA accounted for 70% of total shrimp sales, up from 54% in the first quarter of fiscal year 2026. Shipments to the US climbed 13% year-on-year and 121% sequentially, aided by softening tariff-related uncertainties.
Conversely, combined sales to the European Union and the United Kingdom contracted to 25% of total revenues, down from 39% in the prior-year period. Executives pointed to war-led logistical bottlenecks and domestic origin-testing and certification requirements in India as primary headwinds for European shipments.