HMA Agro Industries Ltd (NSE: HMAAGRO) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Nikhil Sundrani — Secretary/Compliance Officer
Gulzeb Ahmed — Chief Financial Officer
Analysts:
Unidentified Participant
Sanket Sadh — Analyst
Presentation:
operator
Sam. Good afternoon ladies and gentlemen. I am Aakash, Moderator for the conference call. Welcome to HMA Agro Industries Limited Q1FY26 results conference call. As a reminder, all participants will be in listen only mode and there will be. Good afternoon ladies and gentlemen. I am Aakash, Moderator for the conference call. Welcome to HMA Agro Industries Limited Q1FY26 results conference call. As a reminder, all participants will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star and then zero on your touchstone telephone.
Please note this conference is recorded. I would now like to hand over the floor to Nikhil Sundarani. Thank you. And over to you.
Nikhil Sundrani — Secretary/Compliance Officer
Yeah. Thank you. Good afternoon everyone. On behalf of HMA Agro Industries Limited, I extend a warm welcome to all our shareholders, investors, analysts and esteemed guests who have joined us today for the earning call to discuss the financial and operational performance for the quarter ended 30 June 2025. We deeply appreciate your continued interest in the company and your presence here today. These interactions are invaluable as they allow us to present our performance transparently, share strategic updates and engage meaningfully with investment community. As a gentle reminder, certain statements that may be during this call could be forward looking statements in nature and are subject to risk and uncertainty.
The actual results may differ materially from those expressed or implied. For a complete understanding of the factors that could affect our business, please refer to the company’s filings with the stock exchanges and other public disclosures. Joining us today are the members of our senior management team, including Mr. Gurdev Ahmed, who is the Chief Financial Officer, Mr. Aman Kaushik, Senior Associate Finance, along with other senior colleagues from the management team. The first quarter of financial year 26 has been a period where a company has built upon its growth momentum while navigating global market complexities. Our focus has remained on operational efficiency, product quality and expanding our market presence through strategic initiatives.
I will now request our CFO, Mr. Gurzev Ahmed to present the detailed financial results, key business highlights and insights into the company’s strategies for the future. Over to you, Guljebji.
Gulzeb Ahmed — Chief Financial Officer
Thank you, Nishin. Very wonderful afternoon. Ladies and gentlemen, I am Gulzeb Ahmed, CFO of HMA Agro Industries Limited. Today we are making this conference call for the quarter ended 30 June 2025, financial year of 2526. It is my pleasure to welcome you all of the investor to invest in HMA Agro Industries Limited Today we will be highlighting our key points for our financial for the quarter one of 2025 and 26. Quarter one of financial year 202526 has been the quarter for both progress and careful navigation. A global economic environment continue to shape by the inflammation, inflation, high freight cost and also some geopolitical restrictions.
Despite of all these, HMA has tried its best and tried to achieve their target. What has been said by the management and the committees. With our strong support from the supply side and also strong trust from our existing buyers and new buyers, we have achieved a big milestone. The revenue for quarter one, if I would like to tell you is 10884 millions as a standalone which if we compare for the last quarter of the same in Last year was 6933 millions making year on year growth. If we do the comparison it is almost a double digits of 50%.
This growth was supported by the robust export demand for our high quality product from Southeast Asian market, Middle east and West Africa. If I would like to tell you. I would like to tell you about the EBITDA of the same quarter is 179 million which was in the same last quarter was 104.8 millions reflecting our management high livestock procurement cost. Also the Pad stood to 71.7 million for this quarter and the last quarter was 24.5 million. At the consolidated level the revenue is 11,226 million which was 7,126 million in the last quarter and the pack for console was 5.9 million compared to the last quarter was 7.2 million.
HMA and the team of HMA has performed a huge teamwork which has bring us a new revenue, a new client, a new market. And I would also like to inform you that in the recent time we have achieved the approval to supply product in Latin America country named Cuba. This was the first initiative which was not happened before for the Indian product. And we hope slowly we will build a good clientele from Latin America side also. And this was the first step entering into the American continental. I would now like to conclude my speech in the conclusion quarter one 2025 reflect the our ability to sustain growth momentum, improve operational efficiency and remain competitive despite the global challenges.
We have seen a huge pressure on ourselves from the unable freight charges geopolitical restriction. Despite that we have achieved a huge growth in our revenue. A huge trust we have earned from our existing plan and we look forward to maintain the momentum what we have creating with our hard work best quality product. With this I would like to close my speech and thank you all for. Thanks for your time. For sparing your valuable time for this today’s conference calls. Thank you. Over to you Nitin.
Nikhil Sundrani — Secretary/Compliance Officer
Yeah. Thank you Guruji for your brief on the financial results for the quarter. One. Yeah. Now we can start with the question. And answer sessions one by one.
Questions and Answers:
operator
Thank you sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press Star and one on the telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing Star and one again. Ladies and gentlemen, if you have any question please press Star and one on your telephone keypad. The first question comes from Sanket Saath from Art aif. Please go ahead sir.
Sanket Sadh
Thank you for the opportunity. My first question is what other marketing efforts have been taken by the company in the past 1/4? Were we able to do any sort. Of traveling to different countries apart from Cuba to get more traction and further fuel our group?
Gulzeb Ahmed
Thank you Sanket. Thanks for your question and your interest in the company’s growth planning. I would like to inform you that recently our marketing team has traveled to Vietnam. And we have participated in the Vietnam exhibition where we have made many potential clients who bring business to us. And company has always plan to go for food exhibition. World big food exhibition where most of the client are keen which are the direct line. They meet our marketing team. They meet with our expert in the exhibition where we would showcase them and inform them about our product, our facility, our market acceptance.
So there are many various marketing tools that company is using. We send our marketing staff to meet client on regular time basis. And we also travel to meet the clients in their various countries. And we have regular traveling plan to see the biggest importer of all the countries. And we also invite biggest importers to India to show them our facilities to show them our.
Sanket Sadh
Thank you. Yes, thank you sir. And last year as Sorry, the last quarter con call as well. It was mentioned that the team had traveled to Vietnam. Are we talking about the same visit or was there an additional visit to Vietnam?
Gulzeb Ahmed
It’s about every quarter like we have team who look country wise. They travel in every quarter. Few teams travel to Malaysia, few teams travel to Dubai. Because Dubai is the near central point. So client from Egypt, client from Saudi. We invite them in Dubai, we make meetings with them. Dubai to maintain a personal connection with the buyer and seller. A strong connection between buyer and.
Sanket Sadh
Got it, got it. And sir, we previously had mentioned that our goal is to get to $1 billion in revenue. Do you think that would be achievable this year?
Gulzeb Ahmed
We are trying our best and we hope to achieve it as fast as possible. As we see the first quarter, there is a strong positive reply from the market. I cannot predict it will be this year but it has to be achieved because this is will give us more strong support inside support to build another next target. But we hope to achieve it very, very soon. And we feel quarter one has already made us a strong backing that we. Can do it, we can do it. But touch wood, we really want to achieve it in this year. But let’s see how the market responds and we hope to achieve it as fast as possible.
Sanket Sadh
Right? Sir, are there any challenges we see that we might face this year?
Sanket Sadh
We are still seeing the freight charges because the shipping cost is very uncertain which is made huge impact on our delivery, our costing and also the geopolitical situation if Red Sea was smooth so we have a chance to deliver our product faster than what we used to. Now there are the restriction in shipping side also. And also the global warming we can say will be a challenge if there is a weather change and all.
Sanket Sadh
So are we exposed to the tariffs levied by the us?
Gulzeb Ahmed
No, no, no, no, no, no, no. We don’t have any impact. We don’t have any impact because US was not direct market for our product. And we hope this direct thing will bring us more business.
Sanket Sadh
How would that be?
Gulzeb Ahmed
Is because US is not only putting tariff on one side, they are putting tariff on another countries. So if there is a tariff war between another countries, let’s say GCC or Southeast Asia, so they will not buy US product so we definitely get a chance to serve them in Central Asia market or GCP market or West African market.
Sanket Sadh
Okay, all right, got it. Sir, I wanted to highlight that. Of course, quarter on quarter. I’m sorry. Actually year on year. Yes, our sales did increase. I typically like to look at consolidated levels rather than standalone. So in the consolidated quarterly statements I can see that the net profit margins as well as the EBITDA margins have contracted significantly. Which is why we actually had a degrowth in consolidated levels. So is there any particular reason why? Was it mainly due to the freight costs?
Gulzeb Ahmed
This freight cost also and also the raw material cost, the raw material which we used to make our product final product has become a bit expensive in this quarter. So that may be an impact which you are seeing has put a small Dent on the numbers.
Sanket Sadh
Which raw material costs. Exactly. If you could kind of highlight those. Our.
Gulzeb Ahmed
Our raw material. The light buffalo.
Sanket Sadh
Light buffalo. Okay. So is that. Is that where most of the business come from? Comes from? Is it just buffalo or is it like pork, chicken?
Gulzeb Ahmed
We do some seafood also. We do very little sheep and goat also. And we are growing that sector also. And also we are doing some rice also. And shipping is also impacting because our main market is export. If there is a change in shipping cost or anything, it directly hit our product. So that is also part of costing.
Sanket Sadh
So how much of our revenue comes from exports?
Gulzeb Ahmed
Our I think almost 95% revenue is from export.
Sanket Sadh
Great. And how much of our revenue comes from buffaloes?
Gulzeb Ahmed
That is somewhere around 90, 85 or 90%. And Sanket, this. I think we have time repeat for this conference call. If it will be a very good. If you send us the email so we will be able to reply all your question. There must be another people who must be waiting for the question.
Sanket Sadh
Okay. Right. Sure. Thank you.
Gulzeb Ahmed
Thank you. Thank you.
operator
Thank you, sir. The next question comes from Divya Garud and individual investor. Please go ahead, ma’.
Unidentified Participant
Am. Yeah. Hi. So my. Actually my question was connected to the previous question only that we are showing exponential growth of almost around 57% in quarter one versus last year. Quarter one. But if I evaluate. So basically my forte is export company. So if I evaluate export data, the buffalo export hasn’t crossed much of, you know, more than 15%, 20%. So how come? How so can you explain how come we have grown by like 57% while the industry or I would say the export from India hasn’t grown that way. So if any, any, I mean any specific point, you can elaborate on that.
Gulzeb Ahmed
Thank you. Thank you for your question as we would like to give you a brief about hma. This is a generation creation business and we are in this field from almost more than five decade and four generations are involving this business. So we basically give you a common example. In food industry there is a trend and there is a system if your product acceptance is very good in consumer. So all the importer and all the player of supply chain, they only prefer to buy from the one who is more famous, who’s more faster in delivery, who’s more committed to the continuity of their business.
And we are in the cold chain business. So they need to be piled up for two or three months. So they have a strong trust in hma. Okay. They have a huge facility, their brand, their product a very premium. So rather to Go to another competitor. They prefer to do business with us because they already test and tested us. So once you see the growth is coming from existing client only. And also to see like okay, in one country there are five importers. Everybody know in the field that two importer are doing business with them and they are bringing that much of volume.
So the third and fourth person will definitely go to the HM because they know their product will be have their competitor will be having this product like my brand. So they also needed to find their internal competition in their import country. So this actually and also our service, our expertise, our product, this will bring us a more growth. What it has to be going to another player.
Unidentified Speaker
Understood sir. So but since I as I said I’m basically my focus is basically on export companies. I do have some custom data also which shows that HM is actually like grown 12 to 13% in export. So actually I was not able to align or map that number with the numbers which we are showing.
Gulzeb Ahmed
Hence the number I think you must be having the document on available in public domain. Like in last quarter. In last quarter we have made the revenue of 6,939. And we have made revenue in this quarter is 10,884. And there are another product also which HMA is doing, there is rice also. We have increased our price turnover also and we also increase the Indian and if we talk about the Indian product, so the price of final goods for India it is or it’s also increased. So there are many, many another factor also. And whatever revenue as HMA generated, this is what we already perform.
And the custom data which you are analyzing growth of 13 or 15%. This growth you are analyzing within Indian player only. So when you calculate sir, you are calculating data of India and we are calculating data of HMA performance in last. Quarter and this quarter.
Unidentified Participant
No, I was evaluating the how much HMA has exported in this quarter versus last quarter as per the customs data. So there I can see a growth.
Gulzeb Ahmed
Of around custom data. Show you the invoicing. Invoicing data.
Unidentified Participant
Okay.
Gulzeb Ahmed
And HMA HMA data is we are making sales of CIS basis. So our data and custom data cannot be matched because we booked our sale when it is delivered to destination and custom book export when it is exit from India India territory.
Unidentified Participant
But then will that be a difference of almost 40%?
Gulzeb Ahmed
It was not 40%. I think the data what you are analyzing it will be good if you share our own data and we will be able to reply you.
Unidentified Participant
Okay, so sir, as a conclusion, so we Are not. We haven’t gone exponentially on domestic it is our export market only where we are flushing flourishing right now. Okay, thank you. Thank you.
Gulzeb Ahmed
Thank you ma’.
operator
Am. Ladies and gentlemen, if you have any questions please press star and one on a telephone keypad. I repeat if you have any questions please press star and one on a telephone keypad. We have a follow up question for Mr. Sanket Saad from RTIF.
Sanket Sadh
Please go Achal thank you sir, can you please tell me is there any new capex which the company has undertaken which is which has become operational or is soon to become operational?
Gulzeb Ahmed
Capex company is building actually we are making some upgradation of small upgradation. It’s not a big amount for machinery. Some of them has already solved and some of them had all need to be imported. The order and everything has been placed already. So the shipment we are waiting for the shipment but it’s not big one. I think almost around 7 or 8 crores and this is only upgradation of technology and increasing of little bit capacity. The figure. Yes,
Sanket Sadh
please finish your sentence.
Gulzeb Ahmed
So the final amount I need to cross check I didn’t have with me. Right now so we will be able. To give you the final amount later if you email me this. But there is a huge huge huge requirement until and unless companies see the opportunity to bought a new plant or to bought or to build a new plant.
Sanket Sadh
So what’s the capacity utilization that we are sitting at right now?
Gulzeb Ahmed
Somewhere around 45 to 55% for our main business we are using and for rice we are using almost 60 to 65%. Seafood basically depend on seasonal business so it’s dependent how much sea caught the fish caught. So that capacity is generally unpredictable. But there are another product that you know when you go for technology upgradation we need a new machinery for packing, a new shape for packing to make our product more niche in the market. So these are the general upgradation which company always do.
Sanket Sadh
Right? Sir, in the previous call you had mentioned that you were expecting maybe Brazil, Australia and New Zealand to also increase their prices. So you would also follow suit. You would also be able to increase your price because you did not want to be the first mover in this.
Gulzeb Ahmed
Yes, yes I got your point. Like. Like is US Australia increase the price and Brazil actually the head to head competition of India is with Brazil and Brazil and US is under trade terrible. So US has put tariff on Brazil and Brazil has a good supply for US market so they are not increasing their price that much. But once this Tariff thing sorted out. Let’s see if they will increase their prices because Brazil and US have a good business together. So that doesn’t make them. That doesn’t sense like they are willing to increase prices. But India is always trying to increase as a industry and we will see this.
Sanket Sadh
U.S. has also placed tariffs on India and having having that in mind, do you think that we would still be able to supply to the US cheaper than Brazil? Even you know in both countries have tariffs on them.
Gulzeb Ahmed
No, no. India don’t supply to us. India is still not making any meat business for human consumption to us. It is still not allowed to supply for human consumption. For pet food we have certain items for human. We don’t have any direct deal of frozen meat product to US but Brazil has. So when their market got tariff from some point. So it will be hard for Brazil to increase the price when they have a traffic tariff from us.
Sanket Sadh
So they can still increase price for other countries. They can still increase prices for other countries. Right.
Gulzeb Ahmed
Brazil cannot cannot say because the Brazil pricing strategy is in their hand. But as a layman or a common person, when you have a restriction from one big market to your product, you have a empty of product to offer. So a common man will not increase or prices for another market. This is what my common thinking. But we don’t control on Brazil prices. But the common mindset is that when you are having some restriction of your sales from one country so you must be having those product need to be offered in another country. So you must definitely push your sales not full when you have its product available.
Sanket Sadh
Okay, got it. Got it.
Gulzeb Ahmed
Thank you. Thank you.
operator
Thank you. Sir, there’s another follow up question from Divya G Investor. Please go.
Unidentified Participant
Yeah. Hi. Just had one question that how much c export and other exports are based in our last quarter. Quarter one last year. How much there is in the base for sea export, seafood export or any export other than buffalo. How much we have in our base or did we had it same last year or this is a growth we have seen in the one year for.
Gulzeb Ahmed
Another product like seafood. Rice.
Unidentified Participant
Seafood with rapier.
Gulzeb Ahmed
Yes. So we have a target to increase this. But this quarter is not for seafood basically because this is not seafood season. So we can only predict our seafood sale after the seafood season started in late September and October. But we still, we still have a target to achieve better than what we performed last year.
Unidentified Participant
Okay, and how much would that be in the base last year?
Gulzeb Ahmed
That I need to check because I don’t have this figure. Is it okay? We will send you the email.
Unidentified Participant
Sure, sure. Okay, sir. No problem. Thank you.
Gulzeb Ahmed
Thank you.
operator
Thank you, sir. There are no further questions, sir.
Gulzeb Ahmed
Okay.
Nikhil Sundrani
Now I hand over the floor to Mr. Nikhil Sundarani for closing comments.
Gulzeb Ahmed
Hello Nikhil. I think there are no more questions.
Nikhil Sundrani
Okay, you can conclude proceeding for concluding the call.
Gulzeb Ahmed
Thank you everyone for joining the today’s call and for your continued trust in the company. On behalf of the company, I would like to extend our sincere appreciation to all our investors, analysts and stakeholders for your insightful questions and valuable engagement. Your feedback and support remain vital to work growth journey. We look forward to connecting with you again in our future interactions and continuing to share our progress with transparency and commitment. Wishing you all a wonderful day ahead. Thank you.
operator
Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using DO Sabha’s conference call service. You may disconnect your lines now. Thank you and have a good day.