Strong core business, new initiatives stalled; no forward guidance

Revenue +88% YoY to ₹2110 Cr, EBITDA +388% YoY to ₹81 Cr, PAT +8361% YoY to ₹50.5 Cr

PAT margin expanded from 0.5% to 2.39%; EBITDA margin 1.48% to 3.8%—but prior-year base was depressed

Mgmt confirms buffalo export is biggest part but provides no segment breakdown; other income includes forex gains and duty drawback

Mgmt now says value addition in main product not showing good market response; no mention of French fries/chicken targets

Mgmt: pet food globally growing; HMA in very initial stage; too early to give revenue figures. Byproducts used, separate research team assigned.

FY26 call flagged French fries, chicken, pet food as growth drivers. Q1 call: value-added products underperforming; pet food in very initial stage only.

Prior guidance 'aiming for 1B revenue soon' achieved (2110 Cr Q1); no new target stated.

EBITDA margin 1.48%→3.8%; PAT margin 0.5%→2.39%. Attributed to operational leverage and scale. Sustainability questioned given forex/one-time items.

Other income from forex gains, duty drawback, and FD interest. Breakup not disclosed on call; team to follow up separately.

Core revenue from buffalo export is main driver. Breakup deferred to offline follow-up due to short call.

Not directly answered on call.

Margins improved from scale and operational efficiency. Value-added products not showing good market response. Pet food growing globally; HMA in early stage; working on research team.

Pet food is good opportunity with caliber for growth; byproducts used. Too early for revenue figures. Still exploratory phase.

Management focused on sustaining momentum and growth. Prior 1B target (FY26 call) achieved; new target not quantified.

Margin improvement from scale to continue, but no specific PAT/EBITDA target given.

Buffalo meat export is described as 'main core business' and 'biggest part' of revenue. Export-dependent. Exact customer and market concentration unknown.

Export-centric model exposed to forex fluctuations. Foreign exchange gain is material component of other income (amount undisclosed). Meat export subject to regulatory and geopolitical risks.

PAT margin spiked 189 bps YoY from 0.5% to 2.39%. Prior year (Q1 FY26) PAT was only ₹0.6 Cr; current quarter ₹50.5 Cr. QoQ PAT grew 515% while revenue grew only 34%, suggesting significant one-time items.

FY26 call flagged French fries, chicken, value-added products as strategic. Q1 call: value-addition not showing good market response; pet food very early stage. No revenue contribution yet.

Management deferred detailed breakups (other income, revenue volume/value split) to offline follow-up. Segment revenue not disclosed. Short 19-min call suggests limited scrutiny.