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HMAAGRO - HMA Agro Inds.

📊 NSE: HMAAGRO 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 7:46

📢 Recent Corporate Announcements

HMA Agro Assigned CRISIL BBB+/Stable Rating for Rs 1,250 Crore Bank Facilities

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 14 Mar 2026, 05:49 PM

CRISIL Ratings has assigned a long-term credit rating of 'CRISIL BBB+' with a stable outlook and a short-term rating of 'CRISIL A2' to HMA Agro Industries Limited. The rating covers total bank loan facilities amounting to Rs 1,250 crore, primarily consisting of export packing credits. Major banking partners include State Bank of India with a Rs 510 crore limit and YES Bank with a Rs 350 crore limit. This investment-grade rating provides a formal assessment of the company's creditworthiness and its ability to meet financial obligations.

CRISIL assigned a Long-Term Rating of 'CRISIL BBB+' with a Stable outlook.
Short-Term Rating assigned as 'CRISIL A2' for the company's bank facilities.
Total bank loan facilities rated amount to Rs 1,250 crore.
Major exposure includes Export Packing Credit of Rs 510 crore from SBI and Rs 350 crore from YES Bank.
The rating covers Rs 121 crore in proposed fund-based bank limits.

💡 Investors should note the investment-grade rating which validates the company's financial stability and credit profile. Monitor for any future rating upgrades that could potentially reduce the company's borrowing costs.

HMA Agro Reports Strong Q3 FY26 Results with 113% YoY Consolidated PBT Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Feb 2026, 03:08 PM

HMA Agro Industries delivered a robust financial performance for Q3 FY26, with consolidated revenue growing 39% YoY to INR 20,594.48 million. The company's consolidated Profit Before Tax (PBT) saw a massive jump of 112.9% YoY, reaching INR 878.46 million, driven by improved margins and strong subsidiary performance. While standalone revenues grew 46%, the management highlighted that bottom-line growth significantly outpaced top-line expansion due to operational efficiencies. However, a sharp rise in freight costs due to container shortages was noted as a key expense driver during the quarter.

Consolidated revenue for Q3 FY26 increased by 39% YoY to INR 20,594.48 million
Consolidated PBT for the quarter surged by 112.9% YoY to INR 878.46 million
9M FY26 consolidated PBT nearly doubled to INR 2,062.85 million, up 96.9% YoY
Consolidated EBITDA for Q3 FY26 grew by 81.3% YoY to INR 1,051.29 million
Other expenses rose to INR 2,217 million in Q3 from INR 834 million in Q2 due to refrigerated freight costs

💡 Investors should take note of the significant margin expansion and strong export demand, though the volatility in refrigerated container freight costs remains a key risk to monitor. The stock remains attractive given the company's ability to double its bottom line while scaling operations.

HMA Agro Releases Audio Recording of Q3 & 9M FY26 Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 06:06 PM

HMA Agro Industries Limited has released the audio recording of its conference call held on February 13, 2026. The call focused on the unaudited financial results for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI's Listing Obligations and Disclosure Requirements. Shareholders can access the recording through the company's website to review management's discussion on financial performance.

Conference call for Q3 and 9M FY26 results held on February 13, 2026.
Audio recording link provided for public access on the company's website.
Filing complies with Regulation 30 of SEBI (LODR) Regulations, 2015.
The update pertains to the financial period ending December 31, 2025.

💡 Review the audio recording to understand the drivers behind the Q3 results and management's future strategy. This is a routine update and does not necessitate immediate portfolio changes.

HMA Agro Q3 FY26 Net Profit Surges 214% YoY to ₹665.8 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 04:22 PM

HMA Agro Industries reported a robust performance for the quarter ended December 31, 2025, with consolidated revenue growing 41.5% YoY to ₹20,594.48 million. The net profit witnessed a massive jump of 214% YoY, reaching ₹665.79 million compared to ₹211.83 million in the same quarter last year. For the nine-month period, the company has already surpassed its full-year FY25 revenue and profit figures, indicating strong operational scaling. The growth remains driven by its core business of buffalo frozen meat exports.

Consolidated Revenue for Q3 FY26 rose 41.5% YoY to ₹20,594.48 million.
Net Profit for the quarter increased significantly by 214% YoY to ₹665.79 million.
9M FY26 Net Profit stands at ₹1,569.65 million, more than double the ₹753.42 million recorded in 9M FY25.
Earnings Per Share (EPS) improved to ₹1.32 from ₹0.41 in the corresponding previous quarter.
Total Income for the nine-month period reached ₹54,255 million, reflecting strong export demand.

💡 The company exhibits strong growth momentum and significant margin improvement in its export-oriented business. Investors should maintain a positive outlook while monitoring global trade regulations affecting meat exports.

HMA Agro Q3 FY26 Consolidated Net Profit Jumps 214% YoY to ₹665.8 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 04:02 PM

HMA Agro Industries reported a strong year-on-year performance for Q3 FY26, with consolidated net profit surging to ₹665.8 million from ₹211.8 million in the same quarter last year. Revenue from operations grew by 41.5% YoY to ₹20,594.5 million, though it saw a slight sequential decline from Q2 FY26. The nine-month performance is particularly robust, with net profit reaching ₹1,569.7 million, already surpassing the full-year FY25 profit of ₹876.9 million. The company maintains its position as a leading exporter of buffalo frozen meat with an unmodified audit opinion.

Consolidated revenue for Q3 FY26 rose 41.5% YoY to ₹20,594.5 million.
Net profit for the quarter surged 214% YoY to ₹665.8 million compared to ₹211.8 million in Q3 FY25.
9M FY26 net profit more than doubled to ₹1,569.7 million from ₹753.4 million in 9M FY25.
Earnings Per Share (EPS) for the quarter increased to ₹1.32 from ₹0.41 YoY.
Total expenses for the quarter stood at ₹20,122.8 million, primarily driven by raw material costs of ₹20,803.3 million offset by inventory changes.

💡 The significant YoY growth in both revenue and profitability indicates strong demand in the export market and improved operational efficiency. Investors should monitor the sequential (QoQ) dip in margins but can remain optimistic given the company has already exceeded its previous full-year profit in just nine months.

HMA Agro to Host Q3 & 9M FY26 Earnings Conference Call on February 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 01:02 PM

HMA Agro Industries Limited has scheduled its earnings conference call for Friday, February 13, 2026, at 3:30 PM IST. This call follows the official announcement of the company's unaudited financial results for the quarter and nine months ended December 31, 2025, which is slated for February 12, 2026. The call will feature a management discussion on performance led by CFO Gulzeb Ahmed, followed by an interactive Q&A session for analysts and investors.

Earnings conference call scheduled for February 13, 2026, at 15:30 IST.
Financial results for Q3 and 9M FY 2025-26 to be declared on February 12, 2026.
Management representation includes CFO and Whole Time Director Mr. Gulzeb Ahmed.
Dial-in access provided for international investors in the USA, UK, Hong Kong, and Singapore.

💡 Investors should review the financial results released on February 12 and participate in the conference call to understand management's commentary on margins and growth outlook.

HMA Agro Reports Full Compliance with SEBI Insider Trading Regulations for Q3 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 10 Jan 2026, 12:19 PM

HMA Agro Industries Limited has filed its Structured Digital Database (SDD) compliance certificate for the quarter ended December 31, 2025. The company confirmed that it captured 04 out of 04 required events involving Unpublished Price Sensitive Information (UPSI) during the period. The database is maintained internally, is non-tamperable, and includes an audit trail capable of preserving records for 8 years. This filing confirms the company's adherence to SEBI's Prohibition of Insider Trading (PIT) Regulations.

Successfully captured 04 out of 04 required UPSI events during the quarter ended December 31, 2025
Certified full compliance with Regulations 3(5) and 3(6) of SEBI PIT Regulations
Maintained a non-tamperable internal database with an 8-year audit trail capability
Reported zero non-compliances and no remedial actions required for the quarter

💡 No action is required as this is a routine regulatory filing. It serves as a positive indicator of the company's internal governance and compliance standards.

HMA Agro Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jan 2026, 11:46 AM

HMA Agro Industries Limited has filed its quarterly compliance report regarding the dematerialization of shares for the period ending December 31, 2025. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that all share certificates received were processed and cancelled as per SEBI regulations. This filing ensures that the company's electronic share records are up to date and compliant with the SEBI (Depositories and Participants) Regulations, 2018. It is a standard procedural update with no direct impact on the company's financial performance or operations.

Quarterly compliance certificate submitted for the period ending December 31, 2025
RTA Bigshare Services confirms processing of demat requests within the stipulated 15-day timeframe
Verification and cancellation of physical share certificates completed as per SEBI norms
Confirmation that the name of depositories has been updated in the register of members as registered owners

💡 This is a routine administrative announcement; no immediate investment action is necessary based on this report.

HMA Agro Industries Reconstitutes Corporate Social Responsibility Committee

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Dec 2025, 03:52 PM

HMA Agro Industries Limited has announced the reconstitution of its Corporate Social Responsibility (CSR) Committee effective from December 1, 2025. The committee now consists of three members, including two Executive Directors and one Non-Executive Independent Director. Gulzar Ahmad, an Executive Director, has been appointed as the Chairman of the committee. This administrative update was approved by the Board of Directors in their meeting held on December 30, 2025, to comply with SEBI regulatory requirements.

CSR Committee reconstituted with 3 members effective December 1, 2025
Gulzar Ahmad (Executive Director) appointed as the Chairman of the CSR Committee
Committee includes one Non-Executive Independent Director, Abhishek Sharma
Board approval for the reconstitution was finalized on December 30, 2025

💡 This is a routine governance update regarding committee composition and does not impact the company's financial fundamentals. No immediate action is required from investors.

HMA Agro Secures ₹210 Crore Credit Facility Enhancement from SBI and YES Bank

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 30 Dec 2025, 03:26 PM

HMA Agro Industries has approved a significant enhancement of its credit facilities totaling ₹210 Crore from major lenders. The Export Packing Credit (EPC) from State Bank of India was increased by ₹100 Crore, bringing the total limit to ₹530 Crore. Additionally, credit facilities from YES Bank were raised by ₹110 Crore to a new total of ₹350 Crore. These enhancements are aimed at supporting the company's export operations and working capital requirements.

SBI Export Packing Credit (EPC) facility enhanced by ₹100 Crore, increasing the limit from ₹430 Crore to ₹530 Crore
YES Bank credit facilities increased by ₹110 Crore, raising the total limit from ₹240 Crore to ₹350 Crore
Total incremental credit access of ₹210 Crore secured to support business scaling and export operations
CSR Committee reconstituted with Mohammad Mehmood Qureshi replacing Ms. Bhawna Jain

💡 Investors should view the credit enhancement as a positive indicator of the company's growth potential and its ability to secure capital for expanding export operations. Monitor how this increased liquidity translates into revenue growth in upcoming quarters.

HMA Agro Industries to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 05:05 PM

HMA Agro Industries Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared. The company will announce the specific date for the board meeting to approve these results in a separate notification.

Trading window closure effective from Thursday, January 1, 2026.
Closure pertains to the unaudited financial results for the quarter ending December 31, 2025.
Trading restriction applies to all Designated Persons and their immediate relatives.
PANs of designated persons will be frozen by NSDL during the closure period.
Window to reopen 48 hours after the results are declared to the exchanges.

💡 This is a routine regulatory announcement and does not require any immediate action from retail investors. Shareholders should look forward to the upcoming board meeting date for the actual Q3 financial performance.

View All HMAAGRO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

HMAAGRO reported a consolidated revenue of INR 32,376.60 million for H1 FY26, representing a significant growth of 57.13% YoY. Standalone revenue for Q2 FY26 reached INR 21,491.68 million, a 97.44% increase compared to Q1 FY26, driven by higher asset utilization and market expansion.

Geographic Revenue Split

The company exports to over 40 countries, with major contributions from Vietnam, Malaysia, Indonesia, and Egypt. It accounts for approximately 10% of India's total frozen buffalo meat exports, maintaining a strong international presence through its 'Five Star Export House' status.

Profitability Margins

Consolidated PAT for H1 FY26 stood at INR 903.86 million, up 66.89% YoY from INR 541.60 million. Standalone PAT margins improved from 0.66% in Q1 FY26 to 2.24% in Q2 FY26, a 290 BPS expansion due to cost optimization and better operational efficiency.

EBITDA Margin

Consolidated EBITDA margin for H1 FY26 was 4.52%, compared to 3.57% in H1 FY25, an improvement of 95 BPS. Q2 FY26 consolidated EBITDA margin expanded significantly to 6.10% from 1.48% in the previous quarter, reflecting improved scale and higher value-added product mix.

Capital Expenditure

The company is expanding its production infrastructure through the acquisition of new abattoirs and the setup of new plants. While specific INR figures for future capex are not fully detailed, the debt profile includes negligible term loans, suggesting expansion is largely funded through internal accruals or working capital facilities.

Credit Rating & Borrowing

CARE Ratings assigned a long-term rating of 'CARE A-; Stable' and reaffirmed 'CARE A2+' for short-term facilities. Bank facilities were enhanced from INR 830 crore to INR 931 crore. Interest coverage ratio remained comfortable at 6.65x in FY25.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include buffalo livestock, fish, sheep, goat meat, and raw hides for leather production. Livestock procurement is the largest cost component, with payments made promptly to suppliers to ensure business continuity.

Import Sources

Raw materials are primarily sourced domestically within India, leveraging the promoters' four decades of experience in livestock trading and procurement networks.

Key Suppliers

The company sources from a wide network of local livestock suppliers and farmers across India; specific corporate supplier names are not disclosed.

Capacity Expansion

HMAAGRO is increasing its scale through the acquisition of new abattoirs and a strategic partnership with Malaysia's PKPS. The company operates state-of-the-art facilities with certifications like FSSAI, APEDA, and Halal to support increased export volumes.

Raw Material Costs

Raw material costs are a major driver, with standalone PBT margins at 2.29% for H1 FY26, indicating that procurement and operating costs consume approximately 97% of revenue. Procurement strategies focus on prompt payments to maintain supplier loyalty.

Manufacturing Efficiency

The company reported higher asset utilization and cost optimization initiatives in Q2 FY26, which contributed to the record standalone PBT of INR 644.61 million for the quarter.

Logistics & Distribution

High logistics and freight costs are a characteristic of the export-oriented meat business. The company manages these to ensure global standards of hygiene and traceability.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth will be achieved through a strategic partnership with Malaysia's government-backed PKPS for frozen buffalo meat supply, acquisition of new abattoirs, and diversification into fish, sheep, and goat meat. The company aims to increase operating income above INR 6,500 crore to trigger a positive rating action.

Products & Services

Frozen boneless buffalo meat, seafood, pet food, rice, finished leather products, fish, sheep, and goat meat.

Brand Portfolio

HMA

New Products/Services

Expansion into fish, sheep, and goat meat processing, alongside a growing pet food division, is expected to diversify revenue streams beyond buffalo meat.

Market Expansion

Targeting expansion in more than 40 countries, with a focus on strengthening its presence in Southeast Asia and the Middle East through strategic alliances.

Market Share & Ranking

HMAAGRO is one of India's largest exporters of frozen buffalo meat, contributing approximately 10% of the country's total exports in this category.

Strategic Alliances

Strategic partnership with Perbadanan Kemajuan Pertanian Selangor (PKPS), Malaysia, for the supply of frozen boneless buffalo meat.

🌍 External Factors

Industry Trends

The buffalo meat industry is evolving with stricter quality and hygiene standards. HMAAGRO is positioning itself by maintaining certifications like ISO and HACCP and diversifying into other protein segments like fish and poultry.

Competitive Landscape

Operates in a highly competitive and fragmented industry with several large and small players in the meat processing and export sector.

Competitive Moat

The company's moat is built on over four decades of promoter experience, a 10% share of Indian buffalo meat exports, and established relationships with international government-backed entities like PKPS.

Macro Economic Sensitivity

Highly sensitive to global food demand, international trade policies, and domestic livestock regulations. A decline in PBILDT margin below 2.80% on a sustained basis is a negative rating factor.

Consumer Behavior

Increasing global demand for hygienically processed, Halal-certified meat products supports the company's export-led growth strategy.

Geopolitical Risks

Trade barriers, socio-political factors in India, and regulatory changes in importing countries like Vietnam and Malaysia can significantly impact export volumes.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to APEDA regulations for meat exports, FSSAI standards for food safety, and Halal certifications required by major importing nations in the Middle East and Southeast Asia.

Environmental Compliance

The company complies with global standards of hygiene and traceability, holding certifications from FSSAI, APEDA, ISO, and HACCP.

Taxation Policy Impact

The effective tax rate for the standalone entity in H1 FY26 was approximately 25.1%, with a tax expense of INR 186.29 million on a PBT of INR 740.36 million.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the risk of livestock diseases (e.g., FMD) which can lead to sudden international trade restrictions, impacting revenue by an estimated 30-50% if major markets close.

Geographic Concentration Risk

Significant revenue concentration in Southeast Asia (Vietnam, Malaysia, Indonesia) and Egypt, making the company vulnerable to regional regulatory shifts.

Third Party Dependencies

High dependency on a fragmented network of livestock suppliers; any disruption in local procurement due to socio-political factors would halt production.