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Mukka Proteins Achieves MarinTrust Improver Programme Compliance for 3 Years
Mukka Proteins Limited has received a confirmation letter from Global Trust Certification (NSF) for compliance with the MarinTrust Improver Programme for Responsible Supply of Marine Ingredients. This certification, valid for a period of 3 years, recognizes the company's use of Fishery Improvement Project (FIP) raw materials. The compliance reinforces the company's commitment to sustainability, traceability, and responsible sourcing in its marine ingredient supply chain. This development is expected to strengthen buyer confidence and enhance the company's competitive positioning in global markets.
Key Highlights
Compliance confirmed by Global Trust Certification Ltd, Ireland, for the MarinTrust Improver Programme.
The certification is valid for a period of 3 years, ensuring long-term supply chain recognition.
Enables the company to source marine ingredients produced using Fishery Improvement Project (FIP) raw materials.
Provides assurance to global buyers regarding traceability and responsible sourcing practices.
💼 Action for Investors
Investors should view this as a positive ESG development that improves the company's ability to cater to international markets with strict sustainability standards. Monitor if this certification leads to higher-margin export orders or new global partnerships.
Mukka Proteins Completes Acquisition of Ento Proteins; Becomes Wholly Owned Subsidiary
Mukka Proteins Limited has finalized the acquisition of 1,000 equity shares of Ento Proteins Private Limited (EPPL) for a total cash consideration of Rs. 32.30 Lakhs. Following this transaction, EPPL has become a wholly-owned subsidiary of the company effective February 23, 2026. EPPL is a manufacturer of insect meal and insect oil, reporting a turnover of Rs. 7.46 Crores and a PAT of Rs. 49.47 Lakhs for FY 2024-25. This acquisition aligns with Mukka Proteins' strategic plan to expand its presence in the alternate proteins market.
Key Highlights
Acquired 1,000 equity shares for a total cash consideration of Rs. 32.30 Lakhs
Ento Proteins (EPPL) is now a 100% wholly-owned subsidiary of Mukka Proteins
EPPL reported a turnover of Rs. 7.46 Crores and PAT of Rs. 49.47 Lakhs for FY 2024-25
Target company specializes in the niche manufacturing of insect meal and insect oil
Strategic expansion into the high-growth alternate proteins business segment
💼 Action for Investors
Investors should monitor the integration of this niche alternate protein business and its contribution to the consolidated bottom line. The acquisition is small but strategically sound for long-term diversification.
Mukka Proteins to Acquire Remaining 25.99% Stake in Ento Proteins for ₹32.3 Lakhs
Mukka Proteins Limited has entered into a Share Purchase Agreement (SPA) to acquire the remaining 25.99% equity stake in its subsidiary, Ento Proteins Private Limited. The company currently holds 74.01% of the investee company and will move to 100% ownership upon completion. The total cash consideration for the 1,000 equity shares is ₹32,30,000. This acquisition will result in Ento Proteins becoming a wholly-owned subsidiary and will terminate previous shareholder agreements.
Key Highlights
Acquisition of remaining 25.99% stake in Ento Proteins Private Limited
Total cash consideration of INR 32,30,000 for 1,000 equity shares
Ownership stake increases from 74.01% to 100%, making it a wholly-owned subsidiary
Rescission and termination of the Shareholders’ Agreement dated September 7, 2021
Transaction involves acquisition from Holocene Ecosolutions Private Limited
💼 Action for Investors
This is a routine consolidation of a subsidiary which simplifies the corporate structure. Investors should view this as a minor positive move to gain full control over the investee company's operations.
Mukka Proteins Q3 Revenue Jumps 115% YoY; Bags ₹475 Cr Order for Waste Management
Mukka Proteins reported a robust Q3 FY26 with revenue surging 115% YoY to ₹653.5 crore, driven by strong export demand and operational scaling. The company secured a major ₹474.89 crore order for leachate treatment, marking a significant step in its waste-to-value diversification strategy. 9M FY26 revenue reached ₹1,068.9 crore, already exceeding the total FY25 revenue of ₹887 crore. Management has set an ambitious target of ₹2,500+ crore revenue by FY30, supported by capacity expansions and carbon credit initiatives.
Key Highlights
Q3 FY26 revenue grew 115% YoY to ₹653.5 crore; 9M FY26 revenue reached ₹1,068.9 crore.
Secured a ₹474.89 crore order from BSWML for legacy leachate treatment over 4 years.
Carbon credit portfolio advanced with 300 TPD operations listed on Verra Registry and expansion to 1,000 TPD approved.
Board approved increasing stakes in Ento Proteins and Haris Marine Products to 100% ownership.
Export revenue share stands at 75.7% for 9M FY26, with a 25-30% domestic market share.
💼 Action for Investors
Investors should monitor the execution of the large waste management contract and the progress of carbon credit issuance, which could significantly boost margins. The company's aggressive FY30 revenue target suggests strong management confidence in the integrated protein and sustainability platform.
Mukka Proteins Q3 Revenue Surges 115% to ₹653.5 Cr; Secures ₹475 Cr Waste Management Order
Mukka Proteins reported a massive 115.57% YoY revenue growth in Q3 FY26, reaching ₹653.50 crore, driven by global fishmeal supply shortages and price recovery. While revenue more than doubled, EBITDA margins compressed significantly to 8.14% from 15.73% in the previous year's quarter. A major highlight is the strategic diversification into waste management with a new ₹474.89 crore order for legacy leachate treatment in Bengaluru. The company is also consolidating its subsidiaries and expanding its carbon credit-linked waste processing capacity to 1,000 TPD.
Key Highlights
Q3 FY26 Revenue grew 115.57% YoY to ₹653.50 crore, while 9M FY26 revenue reached ₹1,068.85 crore.
Secured a large-scale order worth ₹474.89 crore for scientific treatment of legacy leachate from BSWML.
EBITDA stood at ₹53.21 crore with margins at 8.14%, reflecting a decline from 15.73% in the previous year.
Received incremental approval to expand BSF-driven wet-waste processing from 300 TPD to 1,000 TPD.
Consolidating ownership to 100% in Haris Marine Products and Ento Proteins to streamline operations.
💼 Action for Investors
Investors should focus on the massive revenue scale-up and the significant diversification into high-margin waste management services which provides long-term visibility. However, the sharp contraction in EBITDA margins requires monitoring to ensure the company can pass on costs or optimize operations effectively.
Mukka Proteins to Acquire Remaining 25.99% Stake in Ento Proteins for Rs 32.3 Lakhs
Mukka Proteins has approved the acquisition of an additional 1,000 equity shares in its subsidiary, Ento Proteins Private Limited (EPPL), for Rs 32.30 lakhs. This transaction will increase Mukka's stake from 74.01% to 100%, making EPPL a wholly-owned subsidiary. EPPL is a niche manufacturer of insect meal and insect oil, reporting a turnover of Rs 7.46 crore and a PAT of Rs 49.47 lakhs for FY 2024-25. The move is part of Mukka's strategic plan to expand its presence in the alternate proteins market.
Key Highlights
Acquisition of 1,000 equity shares to increase shareholding from 74.01% to 100%
Total cash consideration for the additional stake is Rs 32.30 lakhs
EPPL turnover grew from Rs 4.72 crore in FY23 to Rs 7.46 crore in FY25
Target entity EPPL reported a profit after tax (PAT) of Rs 49.47 lakhs in FY 2024-25
The acquisition is expected to be completed by June 30, 2026
💼 Action for Investors
Investors should note this strategic consolidation in the high-growth alternate protein segment, which could provide long-term synergy benefits. The acquisition is priced reasonably relative to EPPL's profitability and revenue growth.
Mukka Proteins Q3 Revenue Surges 115% YoY to ₹6,535 Mn; Consolidates Subsidiaries
Mukka Proteins reported a robust 115% YoY increase in consolidated revenue for Q3 FY26, reaching ₹6,534.97 million. While revenue grew significantly, the profit attributable to shareholders saw a slight decline to ₹237.48 million compared to ₹262.61 million in the previous year's quarter, primarily due to higher minority interest shares. The company also announced the strategic acquisition of remaining stakes in Ento Proteins and Haris Marine Products, making them wholly-owned subsidiaries. These acquisitions aim to consolidate operations in the fish and insect protein segments.
Key Highlights
Consolidated revenue from operations grew 115% YoY to ₹6,534.97 million in Q3 FY26.
Consolidated Net Profit (PAT) for the quarter stood at ₹272.53 million, a significant recovery from ₹68.84 million in Q2 FY26.
Board approved the acquisition of additional shares in Ento Proteins and Haris Marine Products to make them 100% subsidiaries.
Nine-month revenue (9M FY26) reached ₹10,688.52 million, already surpassing the full-year FY25 revenue of ₹10,064.16 million.
Finance costs increased to ₹145.61 million in Q3 FY26 compared to ₹109.07 million in the same quarter last year.
💼 Action for Investors
Investors should focus on the massive top-line expansion and the strategic move to full ownership of subsidiaries, while monitoring if the bottom-line growth can catch up to revenue pace in future quarters.
Mukka Proteins Q3 Revenue Surges 115% to ₹6,535 Mn; Consolidates Two Subsidiaries
Mukka Proteins reported a massive 115.5% YoY increase in consolidated revenue for Q3 FY26, reaching ₹6,534.97 million. Despite the top-line surge, net profit attributable to shareholders saw a slight decline to ₹237.48 million from ₹261.52 million in the year-ago quarter, primarily due to a sharp rise in material and finance costs. Strategically, the board approved the acquisition of remaining stakes in Ento Proteins and Haris Marine Products, making them wholly-owned subsidiaries. The nine-month revenue of ₹10,688.52 million has already surpassed the total revenue for the entire previous fiscal year.
Key Highlights
Consolidated revenue from operations grew 115.5% YoY to ₹6,534.97 million in Q3 FY26.
Nine-month revenue reached ₹10,688.52 million, exceeding the full FY25 revenue of ₹10,064.16 million.
Board approved making Ento Proteins and Haris Marine Products 100% subsidiaries through additional share acquisitions.
Finance costs rose to ₹145.61 million in Q3 FY26 compared to ₹109.07 million in Q3 FY25.
Basic EPS for the quarter stood at ₹0.79, down from ₹0.88 in the corresponding quarter of the previous year.
💼 Action for Investors
Investors should monitor the company's margin profile as the bottom line is not yet scaling in tandem with the exceptional revenue growth. The move to make subsidiaries wholly-owned is a positive step toward operational integration and simplified corporate structure.
Mukka Proteins Lists BSF Project on Verra Registry; Expands Capacity to 1,000 TPD
Mukka Proteins has achieved a significant milestone by listing its 300 TPD Black Soldier Fly (BSF) wet-waste processing project on the Verra Registry, paving the way for carbon credit (VCU) issuance. Furthermore, the company has received approval to expand this project's capacity from 300 TPD to 1,000 TPD within Bengaluru's waste management framework. This expansion is structured as a grouped project, allowing for phased inclusion of additional modules and progressively higher carbon credit generation. The move strengthens the company's revenue diversification through sustainable, circular-economy solutions.
Key Highlights
BSF-based 300 TPD wet-waste project formally listed on Verra Registry under Project ID 5893
Received incremental approval to expand processing capacity from 300 TPD up to 1,000 TPD
Project follows ACM0022 methodology for Verified Carbon Standard (VCS) registration
Mukka Proteins maintains a 25-30% market share in India's fishmeal and fish oil sector
Total installed capacity across fishmeal and related products stands at 2,64,390 MT per year
💼 Action for Investors
Investors should monitor the progress of the 30-day public comment period and subsequent VCU issuance as a new high-margin revenue stream. The successful scaling to 1,000 TPD will be a key driver for long-term valuation in the ESG and waste-to-value segments.
Mukka Proteins Forms New LLP for Waste Management with Rs. 5 Lakh Initial Capital
Mukka Proteins Limited has executed an LLP agreement with Msjathin Infra Private Limited and Mr. Hardik Gowda to incorporate MPL HRC Ecosolutions LLP. This new entity will focus on the treatment and disposal of legacy leachate, water treatment, and bio-waste management. The initial capital contribution for the LLP is set at Rs. 5,00,000. The company's Managing Director & CEO, Mr. Kalandan Mohamed Haris, has been nominated as the Designated Partner for this venture.
Key Highlights
Execution of LLP agreement with Msjathin Infra Private Limited and Mr. Hardik Gowda on January 22, 2026.
Incorporation of a new entity named MPL HRC Ecosolutions LLP for environmental services.
Initial capital contribution for the venture is Rs. 5,00,000.
Business scope includes treatment of legacy leachate, water, and bio-waste management.
MD & CEO Mr. Kalandan Mohamed Haris appointed as the Designated Partner in the LLP.
💼 Action for Investors
Investors should view this as a strategic diversification into waste management services. While the initial capital is small, the progress of this venture should be monitored for its potential to scale and contribute to the company's ESG profile.
Mukka Proteins Incorporates 76% Subsidiary MPL HRC Ecosolutions for Waste Management
Mukka Proteins has incorporated a new subsidiary, MPL HRC Ecosolutions LLP, in which it holds a 76% stake. The new entity has a total capital contribution of Rs. 5,00,000, with Mukka Proteins contributing Rs. 3,80,000. This LLP is specifically formed to execute a project for the treatment and disposal of legacy leachate, following a work order previously received by the company's Joint Venture. This move marks a strategic step into the non-hazardous waste management sector.
Key Highlights
Incorporation of MPL HRC Ecosolutions LLP with 76% ownership and profit-sharing ratio
Total initial capital contribution of Rs. 5,00,000, with Mukka's share being Rs. 3,80,000
Entity focused on the treatment and disposal of non-hazardous waste and legacy leachate
Formed specifically to execute a work order received by the company's Joint Venture
Official Certificate of Incorporation issued by the Ministry of Corporate Affairs on January 17, 2026
💼 Action for Investors
Investors should monitor the execution of the leachate treatment project as it represents a diversification into environmental services. While the initial capital is small, successful project delivery could open new revenue streams beyond core protein products.
Mukka Proteins Credit Rating Downgraded to CARE BBB; Outlook Revised to Negative
CARE Ratings has downgraded Mukka Proteins' long-term rating to CARE BBB from BBB+ and revised the outlook to Negative due to a sharp elongation in the working capital cycle. The operating cycle stretched to 226 days in FY25 from 99 days in FY24, driven by high inventory levels of 210 days. While H1 FY26 saw a 28% revenue growth to ₹415 crore, interest coverage has significantly moderated to 1.47x. The company's liquidity is under pressure with 93% utilization of working capital limits and a high inventory pile-up of ₹722 crore as of September 2025.
Key Highlights
Long-term rating downgraded to CARE BBB (Negative) from CARE BBB+ (Stable).
Working capital cycle elongated to 226 days in FY25 compared to 99 days in FY24.
Inventory levels surged to 210 days in FY25, with total inventory at ₹722 crore as of Sept 2025.
Interest coverage ratio deteriorated from 4.57x in FY24 to 2.76x in FY25 and 1.47x in H1 FY26.
Total debt to gross cash accruals (TD/GCA) weakened to 7.35x in FY25 from 4.29x in FY24.
💼 Action for Investors
Investors should exercise caution as the downgrade and negative outlook reflect significant liquidity stress and high debt-servicing pressure. Monitor the company's ability to reduce its massive inventory levels during the seasonally strong H2 FY26 to improve cash flows.
Mukka Proteins Acquires 51% Stake in Ocean Proteins for Rs 1.04 Crore
Mukka Proteins has successfully completed the acquisition of a 51% controlling stake in Ocean Proteins Private Limited (OPPL), making it a subsidiary effective December 30, 2025. The acquisition involved 1,04,500 equity shares purchased at face value for a total cash consideration of Rs 1.045 crore. OPPL is a manufacturer and exporter of frozen fish and shrimp, reporting a turnover of Rs 50.70 crore in FY 2024-25. This strategic move is intended to expand Mukka's footprint in the frozen fish and surimi export market.
Key Highlights
Acquired 1,04,500 equity shares at Rs 100 each for a total of Rs 1.045 crore
Ocean Proteins Private Limited (OPPL) becomes a 51% subsidiary of the company
Target company turnover grew significantly from Rs 28.23 crore in FY24 to Rs 50.70 crore in FY25
OPPL reported a net loss (PAT) of Rs 81.56 lakhs for the financial year 2024-25
Strategic investment aimed at expanding the company's frozen fish and shrimp export business
💼 Action for Investors
Investors should monitor how Mukka Proteins integrates OPPL to turn around its current loss-making status while leveraging its high turnover growth. The acquisition is valued attractively at face value, but operational efficiency will be key to long-term value creation.
Mukka Proteins Acquires 51% Stake in Ocean Proteins for ₹1.045 Crore
Mukka Proteins has completed the acquisition of 1,04,500 equity shares in Ocean Proteins Private Limited (OPPL), making it a 51% subsidiary effective December 30, 2025. The acquisition was completed for a cash consideration of ₹1.045 crore at face value. While OPPL reported a net loss of ₹0.81 crore in FY 2024-25, its turnover has grown significantly from ₹28.24 crore in FY24 to ₹50.70 crore in FY25. This strategic move is aimed at expanding Mukka's footprint in the frozen fish, shrimp, and surimi export markets.
Key Highlights
Acquired 1,04,500 equity shares at ₹100 each for a total consideration of ₹1.045 crore
Ocean Proteins Private Limited (OPPL) is now a 51% subsidiary of Mukka Proteins
OPPL's turnover increased by approximately 80% year-on-year to ₹50.70 crore in FY25
The target entity specializes in the manufacture and export of frozen fish, shrimp, and surimi
Strategic investment intended to scale the company's frozen fish business segment
💼 Action for Investors
Investors should view this as a strategic expansion into high-growth export segments, though they should monitor Mukka's ability to turn around OPPL's current net loss. Watch for consolidated margin improvements in upcoming quarterly results following this integration.
Mukka Proteins Receives ₹7.67 Crore Customs Duty Recovery Order
Mukka Proteins Limited has received a Bond Enforcement Order from the Commissioner of Customs, Mangaluru, demanding a recovery of ₹7.67 crore plus interest. The order alleges that the company failed to submit evidence of fulfilling export obligations and did not provide Export Obligation Discharge Certificates (EODC) for duty-free imports under Advance Licences. The company is currently evaluating the order and exploring legal remedies to contest the demand. This development represents a potential financial liability that could impact the company's short-term liquidity if the dispute is not resolved in its favor.
Key Highlights
Customs department has ordered recovery of ₹7,67,03,840 in duty plus applicable interest.
The enforcement pertains to alleged non-fulfillment of export obligations under Advance Licences issued by DGFT.
The order was received on December 29, 2025, from the Office of the Commissioner of Customs, Mangaluru.
Company is in the process of examining the order and preparing to submit necessary documents or seek legal remedies.
💼 Action for Investors
Investors should monitor the company's progress in submitting the required EODC documents, as successful documentation could waive the liability. However, the potential ₹7.67 crore outflow plus interest may cause short-term negative sentiment on the stock.
Mukka Proteins Acquires 68% Stake in Oman's United Gulf Fishery for ₹79.56 Lakhs
Mukka Proteins has completed the acquisition of a 68% stake in United Gulf Fishery Products LLC, an Oman-based entity. The transaction involved a cash consideration of OMR 34,000, which is approximately ₹79.56 Lakhs. Although the target company currently reports nil turnover and net worth, the acquisition serves as a strategic move to expand Mukka's footprint in the Middle East. Following this deal, United Gulf Fishery Products has officially become a subsidiary of the company.
Key Highlights
Acquired 68% majority stake in Oman-based United Gulf Fishery Products LLC
Total cash consideration of OMR 34,000, approximately ₹79.56 Lakhs
Target entity focused on manufacturing and trading fish, seafood, and animal feed
Strategic expansion into the Middle East market leveraging local presence
Target reported nil turnover for 2024, suggesting a fresh operational start
💼 Action for Investors
Investors should view this as a low-risk strategic expansion into the Middle East. Monitor the company's ability to operationalize this subsidiary and generate meaningful revenue from the region.
Mukka Proteins Resolves ₹141 Cr GST Dispute; Final Order Confirms Nil Demand
Mukka Proteins Limited has received a final order from the State Tax Officer, Porbandar, resolving a GST dispute for FY 2021-22. The case initially involved a massive proposed demand of ₹141.06 crore, which was later reduced to ₹27.16 lakh during the show cause stage. The final order dated December 18, 2025, has dropped all proceedings, resulting in zero liability for tax, interest, or penalties. This outcome completely clears the company of the alleged discrepancies and removes a significant legal overhang.
Key Highlights
Final order received for FY 2021-22 under Section 73 of the CGST/GGST Act.
Initial proposed GST demand of ₹141.06 crore has been completely dropped to nil.
The final order confirms no tax, interest, penalty, or late fees are payable.
The litigation is officially concluded with no remaining financial liability for the company.
💼 Action for Investors
This resolution removes a major regulatory risk and potential cash outflow, which is positive for stock sentiment. Investors should view this as a clearance of a significant contingent liability.
Mukka Proteins to Incorporate New LLP with 76% Stake for Waste Management Project
Mukka Proteins Limited has approved the incorporation of a new subsidiary, MPL HRC Ecosolutions LLP, to execute a specific work order for the treatment and disposal of legacy leachate. The company will contribute Rs. 3,80,000 towards the total proposed capital of Rs. 5,00,000, securing a 76% stake and profit-sharing ratio. This move marks a strategic entry into the environmental services sector, specifically non-hazardous waste management. The incorporation process is expected to be completed by March 31, 2026.
Key Highlights
Incorporation of MPL HRC Ecosolutions LLP with a total proposed capital of Rs. 5,00,000
Mukka Proteins to hold a 76% majority stake via a capital contribution of Rs. 3,80,000
Entity focused on the treatment and disposal of non-hazardous waste and legacy leachate
LLP formed specifically to execute a project work order received by the company's Joint Venture
Target completion date for the incorporation is set for March 31, 2026
💼 Action for Investors
Investors should view this as a positive diversification into environmental services, though the initial capital outlay is small. Monitor the company's progress in executing the leachate treatment project as it could lead to higher-margin service revenue.
Mukka Proteins to Acquire 68% Stake in United Gulf Fishery Products LLC for OMR 34,000
Mukka Proteins Limited has executed a Share Transfer Agreement to acquire a majority 68% stake in United Gulf Fishery Products LLC. The company will acquire 34,000 shares at OMR 1 each, totaling a consideration of OMR 34,000. This strategic investment follows an initial intimation made in November 2025 and marks an expansion into the Gulf region. The finalization of the deal is subject to compliance with RBI's Foreign Exchange Management (Overseas Investment) Regulations.
Key Highlights
Acquisition of a controlling 68% stake in United Gulf Fishery Products LLC
Total cash consideration of OMR 34,000 for 34,000 shares
Strategic move to strengthen presence in the international fishery products market
Completion is contingent upon FEMA (Overseas Investment) Regulations, 2022 compliance
💼 Action for Investors
Investors should view this as a positive step toward international expansion and monitor how this acquisition contributes to the company's supply chain and bottom line. Keep an eye on the final regulatory approvals for the transaction completion.
Mukka Proteins JV wins ₹474.89 crore order for leachate treatment
Mukka Proteins' JV has been awarded a ₹474.89 crore contract by Bengaluru Solid Waste Management Limited for scientific treatment of legacy leachate. Mukka holds a 76% stake in this JV, marking a strategic diversification into sustainability-driven solutions. The project involves construction of a treatment facility in 6 months with an overall duration of 4 years. The estimated CAPEX for the project is approximately ₹100 crore, positioning it as a high-return venture for the company.
Key Highlights
JV awarded ₹474.89 crore contract for leachate treatment
Mukka Proteins holds 76% stake in the JV
Estimated CAPEX of ~₹100 crore for the project
Project duration is 4 years
Installed capacity of 2,40,340 MT per year across fish meal, fish oil and fish soluble paste
💼 Action for Investors
This new order diversifies Mukka Proteins into environmental solutions, so investors should monitor the execution and profitability of this project. Keep an eye on how this venture contributes to the company's revenue and overall growth.