HMA Agro Industries Ltd (NSE: HMAAGRO) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Nikhil Sundrani — Company Secretary and Compliance Officer
Aman Kaushik — Director
Analysts:
Abim Banerjee — Analyst
Kapil Advani — Analyst
Presentation:
operator
Good afternoon, ladies and gentlemen. I’m Aakash, moderator for the conference call. Welcome to hma Agro Food Limited Q3. Nine month FY26 earnings conference call. As a reminder, all participants will be in this and 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 Mr. Nikhil Sundarani. Thank you. And over to you, sir.
Nikhil Sundrani — Company Secretary and Compliance Officer
Thank you, sir. Good afternoon, ladies and gentlemen. I am Nikhil Sundraini, Commute secretary and compliance officer of Achana Agua Industrial Cemetery. It gives me immense pleasure to welcome all our respective shareholders, investors, analysts and stakeholders to today’s earning conference call for the quarter and nine months ended 31 December 2025. At the outset I would like to sincerely thank all of you for your continued trust and confidence in the Company. Your consistent support encourages us to maintain transparency of all government standards and deliver sustainable growth. Before we proceed further, I would like to state that certain statements made during this call may be forward looking in nature.
These statements are based on current expectations and assessments and are subject to risks and uncertainties that could cause actual results to differ materially. Participants are requested to refer to our filings with the stock exchanges for detailed disclosures. Joining with me today is Mr. Aman Kaushik, Senior Associate Finance. Our Chief CFO, Mr. Gurdjar Ahmed is currently traveling outside India on official commitments and therefore is unable to attend this call. In his absence, Mr. Aman Kaushik and I will be presenting the financial performance and operational highlights for the period under review. The third quarter and nine months for the current financial year have been marked by strong financial momentum, operational discipline and strategic excellence function.
Moving on to standalone financial performance for the quarter ended 31st of December 2025, the company reported revenue from operations of rupees 19927.73 million as compared to 13647.66 million in the corresponding quarter of the previous financial year, thereby registering a strong year on year growth of approximately 46%. This substantial growth reflects improved realization, strong export demand, enhanced operational efficiencies and better facility utilization across our facilities. In terms of profitability, the standalone profit record tax for the quarter stood at 719.03 million as compared to 445.31 million in the corresponding quarter of the previous year, registering an increase of approximately 61.3%.
It is noteworthy that the growth in PBT has been significantly higher than the growth in revenue, which clearly demonstrates improved margin, cost of control measures and operational leverage. The Company has not only expanded its top line but also has strengthened its bottom line, reflecting a balanced and disciplined growth approach. Now coming on to the standalone performance of the nine months. For the nine months ended 31st September 2025, the standalone revenue from operations stood at 52,304.33 million as compared to 34,253.23 million in the previous corresponding quarter, reflecting a significant growth of approximately 52.7%. This consistent growth over the three quarters has highlights sustained demand across our markets and the strength of our export network.
The Standalone profit before tax for nine months stood at 1,459.39 million compared to 859.75 million in the corresponding period of the previous year reflecting a strong increase of approximately 69.7%. The higher growth in profitability indicates efficient cost management, improved realization per unit, disciplined working capital management and overall financial prudence. The standalone performance clearly demonstrates that the Company is achieving scale while simultaneously improving profitability margins. Coming to Consolidated performance For the quarter ended 24th of December 2025 which includes the performance of Section 3, the company reported consolidated revenue of 20,594.48 billion as compared to 14,549.83 million of the previous year reflecting a growth of approximately 39%.
This growth indicates strong group level performance and improved contribution from subsidiaries. On the profitability front, the consolidated PBP stood at 878.46 million as compared to 412.67 million in the corresponding quarter of the previous year, marking a substantial increase in approximately 112.9%. The more than double increase in consolidated PBT highlight improved operational efficiency, better margin management and stronger subsidiary performance. This significant bottom line extension reflects the effectiveness of our overall business Strategy. For the nine months and with 31 December 12, 2025, consolidated revenue stood at 53,373.97 million as compared to 36,334.58 million in the previous corresponding period, registering a growth of approximately 46.9%.
The consistent revenue expansion at the consolidated level demonstrates the stability and strength of the Group’s operations. Consolidated profit before tax of nine months period stood at 2062.85 billion compared to 1047.72 million in the corresponding period of the previous year reflecting a remarkable growth of approximately 96.9%. The near doubling of consolidated profitability indicates strong cost efficiencies, improved scale benefits and effective financial management across the group. The performance reinforces the Company’s focus on strengthening the bottom line alongside revenues growth. Thank you. Now I hand over the call to Mr. Aman Kaushik for giving brief on a data performance analysis.
Aman Kaushik — Director
In the corresponding quarter of the previous this presents the strong increase of approximately 54.8% year over year. This significant growth in EBITDA reflects simple range of operating efficiency, better cost adsorption due to higher volumes and improved realization in export markets. This increase also demonstrates that the Company’s operating leverage is strengthening and revenue scale up. The improvement at the EBITDA level is particularly encouraging as it indicates that core operational profitability is expanding in line with the strength expectations. In the nine months ended 31st December 2025, the standalone EBITDA stood at 1725.69 billion as compared to 1030.49 million in the corresponding period of the previous year, reflecting an increase of approximately 67.5%.
This robust growth over the 9 million period highlights sustained operational momentum and disciplined cost management. The growth in EBITDA outspacing revenue growth during the period indicates improved efficiency results, better product mix and effective execution of operational strategies. Very positive indicator of the Company’s core business strength and operational enjoyments. Coming to. The consolidated EBITDA performance For the quarter ended 31st December 2025, the company reported EBITDA of 1501.29 million as compared to 579.77 million in the corresponding quarter of the previous year, registering a substantial increase of approximately 81.3%. A strong rise in consolidated EBITDA reflects improved subsidy performance, better integration efficiencies and. Overall growth operational profitability this sharp growth. Demonstrated consolidated business structure. As compared to 1,454.76 million in the previous corresponding period, reflecting a growth of approximately 74.1%. This remarkable increase highlights the Company’s ability to scale operations efficiency while maintaining a strong cost discipline. This consistent improvement in EBITDA across both standalone and consolidated levels reinforces the strength of our core business model and the effectiveness of our growth strategy. Now I hand over the call to Mr. Nikhil for further.
Nikhil Sundrani — Company Secretary and Compliance Officer
Thank you Mr. Amand. The financial performance for the quarter and nine months reflects that the Company has reached the new operational and financial heights. However, we view this progress as a part of a long term growth journey. The Company continues to focus on diversification initiatives to broaden its product portfolio and strengthen the revenue streams. By expanding into new geographical markets, we aim to enhance our global footprint, build a stronger order book and reduce geographical concentration risk. Year after year we have consistently increased our turnover which helps in maintaining a strong and sustainable market based across multiple regions.
Our strategy remains centered on balanced growth, scaling revenue while improving margins and strengthening profitability. Operational efficiency, disciplined capital allocation, cost optimization and strong compliance standards will continue to guide us through growth trajectory. We remain confident that about the demand outlook and are committed to certain long term value for all stakeholders. With this, we will now open the floor for questions for queries relating to business operations or business segments. Investors may write to us@csmadro.com for queries relating to financial performance. We will be happy to address them one by one during the session. Thank you once again for your continued support and confidence in HMI Agro Industries Ltd.
We truly appreciate your participation today. Thank you.
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. In the interest of time, we request the participants to restrict to two questions in the initial round and get back to the key form of questions. Ladies and gentlemen, if you have any questions please press Star and one on the telephone keypad.
Repeat. If you have any questions, please press star and one on the telephone keypad. The first question comes from Mr. Abim Banerjee from Alana Sense. Please go ahead.
Abim Banerjee
Sir. Good afternoon. Sir. I just have one question. I see that for the quarter ended September 30th your other expenses stand at 834 million which has gone up to 2,217 million in quarter ended December 31st, 2025. I wanted to understand that how come there has been like a three times increase in accurate expenses? Yes sir, so what? My question is that for the quarter ended September 30, 2025 the other expenses stand at 834 million rupees. Whereas for quarter ended December 31, 2025 the other expenses stand at 2,217 million Indian rupees. I wanted to understand the reason why it has increased nearly threefold.
On a. Quarter to quarter basis. What are the drivers? Sir, the main reason for the this is the fluid cost. If we compare like we have compared the same figures from quarter two to quarter three. But if we compare to quarter three for 2526 and quarter third of 2425 the percentage remains same. That is 10. 10.03% for 2425 and 10.76% for 2526. But if you compare it with the the last quarter of the same year and to this current quarter quarter three. The increase in freight cost size was one of the main reason for this. You’re saying freight cost? Right? Sir. What happened in quarter two? Freight costs. Why? How does I mean? What is the driver for freight cost. Increase?
Nikhil Sundrani
The main reason for this Nike we use refrigerated containers and refrigerators are in short quantity. It totally depends on demand and supply. As and when the demand increases, the freight cost increases and the Container cost also increases as and when demand decreases. The same amount being decreases by the like shipping lines. So that’s one of the reasons which has contributed to like the inclusion as a cost. Okay, sir.
Abim Banerjee
Thank you.
operator
Thank you, sir. Ladies and gentlemen, if you have any questions please press star and one on a telephone keypad. Next question comes from the line of Mr. Kapil Advani from Earth Growth Fund. Please go ahead. Sir.
Kapil Advani
Timothy, is a bifurcation the capacity utilization figures in Q2 and Q3. Can you barate the capacity utilization in quarter two versus quarter three capacity utilization. Right. Sir, actually this question is related to suppose and currently is not available. So if you can rise we can like give you a brief reply on that. Sure, no issues. My second question is on export. Can you provide a breakdown of revenue contribution from your top five markets?
Nikhil Sundrani
Top 5 market international markets I.e. vietnam, Egypt, Malaysia, Indonesia is one of them.
Kapil Advani
Can you provide a bifurcation in terms of as a percentage of revenue for that?
Nikhil Sundrani
You need to write this so that we can give you the detail at what percentage comes from which country.
Kapil Advani
Okay, sure. No issues. So my next question is on livestock. So how have raw material cost for.
Nikhil Sundrani
You want to ask that? Is any rise or is there any fall in the raw material? Am I correct?
Nikhil Sundrani
Yeah.
Kapil Advani
What is the trend in availability for buffalo and other products? And are you seeing any supply constraints?
Nikhil Sundrani
No, no. We are not taking any kind of constraint. No, no. Not any kind of supply constraint. Even the raw material prices are stable. There’s no such kind of variation in the raw material. Because of this only we have. We have achieved this much of good profit. If you compare it with the previous year, the same quarter, the raw material cost in the previous year in the same quarter, quarter three was 55.41%. And for this year it’s within 4.03. So it’s a slight difference of 1.38%. In fact we should say a slight decrease in the prices.
Nikhil Sundrani
Okay, thank you.
Kapil Advani
That’s all from my end.
Nikhil Sundrani
Thank you.
operator
Ladies and gentlemen, if you have any questions please press star and one on the telephone keypad. Ladies and gentlemen, if you have any questions please press Star N1 on a telephone keypad. I don’t see any further questions. Now I hand over the floor to the management for the closing comments. Sir, please go ahead with the closing comments.
Nikhil Sundrani
Yes sir. You can wait for three to four minutes. We will be giving the closing demands.
operator
Now. Follow up question from Mr. Kapil Admani from Arthur Growth Fund. Please go ahead, sir.
Kapil Advani
Sir, is there any Update on the retail market that we were entering. I think we talked about it in the last call. You mentioned that we are testing retail products for Indian market. Is there any progress that has been made?
Nikhil Sundrani
It’s in process.
Kapil Advani
Okay. What is the current status of the Jabalpur chicken processing plant? When do you expect the commercial operations to begin?
Nikhil Sundrani
Most probably by end of this year.
Kapil Advani
End of FY26?
Nikhil Sundrani
Yes, sir.
Kapil Advani
Okay. So what type of contribution you are expecting to add in the top line by FY27?
Nikhil Sundrani
Actually it’s a different product mix from there. We are planning to like production of quality form the hands and chickens. So it’s a product mix and we see like it’s a good market for quality farms products.
Kapil Advani
Sorry, please go ahead.
Nikhil Sundrani
No, you’re asking something.
Nikhil Sundrani
Yeah, I was seeing if you can.
Kapil Advani
Give a balta figure for the contribution in the revenue.
Nikhil Sundrani
See as of now it would be like too early to comment on this.
Kapil Advani
That’s all for my end.
Nikhil Sundrani
Thank you.
Nikhil Sundrani
Thank you sir.
operator
Ladies and gentlemen, if you have any questions please press star and one on your telephone keypad. Repeat, if you have any questions please press star and one on your telephone keypad. It. No further questions, sir. Now I hand over the floor to the management team for closing comments.
Nikhil Sundrani
Yeah. Thank you everyone for joining us today and for continued trust and support. We appreciate your thoughtful patience and ongoing engagement. If you have any follow up questions, please reach out to us at css. Thank you once again. We look forward to connecting with you in the next quarter. Thank you.
operator
Thank you sir. Ladies and gentlemen, this concludes your conference for today.
Nikhil Sundrani
Thank you for your participation.
operator
For using those of us conference call services. You may disconnect your lines now. Thank you and have a pleasant day.