Apex Frozen Foods Ltd. (APEX) AI Stock Analysis

• Market Cap: ₹9.11B
• Dividend Yield: 0.72%
• Average Volume (3M): 27.56K
• Price to Earnings (P/E): 40.1
• Beta (1Y): 1.77
• Revenue Growth: 31.51%
• EPS Growth: 378.33%
• Country: IN
• Employees: 2,917
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): 3.80
• Shares Outstanding: 31,250,000
• 10 Day Avg. Volume: 4,326
• 30 Day Avg. Volume: 27,564
• PEG Ratio: -2.40
• Price to Book (P/B): 1.38
• Price to Sales (P/S): 0.84
• P/FCF Ratio: 17.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹314.00 ▲(2.03% Upside)

The score is driven primarily by moderate financial quality—strong balance-sheet stability and improved free cash flow—but is held back by the sharp decline in profitability and revenue into 2025. Technicals are supportive on moving averages but weakened by a negative MACD, and valuation is a headwind due to a high P/E with a low dividend yield.

Positive Factors

Value‑added export business model

Apex's core model—processing and exporting value‑added frozen shrimp—captures higher realizations than commodity sales. Structural demand for ready‑to‑cook/cooked seafood in import markets and contract/PO driven sales support steady revenue streams and differentiation versus raw commodity suppliers.

Strong balance sheet

An equity ratio near 80% and improved debt metrics give Apex financial resilience. Low leverage provides capacity to fund working capital cycles in seasonal seafood supply, absorb raw material shocks, and invest in processing or cold‑chain without excessive refinancing risk.

Improving free cash flow

Reversal to positive free cash flow indicates stronger cash conversion and operational discipline. Durable cash generation enhances liquidity, supports reinvestment in processing lines, and reduces reliance on external funding for working capital or capex needs.

Negative Factors

Sharp margin compression

A collapse in net margins to roughly 0.5% signals structural pressure from input costs, pricing, or mix shifts. Persistently thin margins erode the firm's ability to generate returns, limiting reinvestment capacity and making profitability sensitive to commodity and logistics cost swings.

Revenue decline into 2025

Falling top line reduces scale benefits across processing and cold‑chain, pressuring fixed cost absorption and margin recovery. Continued revenue erosion would weaken customer leverage, reduce bargaining power with suppliers, and impair long‑term ability to recover prior profitability levels.

Very low return on equity

ROE near 0.8% shows capital is generating minimal shareholder returns, indicating inefficient use of equity relative to peers. Persistently low ROE constrains ability to attract capital, limits dividend or buyback capacity, and raises questions about long‑run capital allocation effectiveness.

Apex Frozen Foods Ltd. Business Overview & Revenue Model

Company Description

Apex Frozen Foods Limited engages in the farming, processing, production, and sale of shrimps. The company provides ready-to-cook white leg and black tiger shrimps, which include head on and whole, headless and shell-on, easy peel, peeled, and cooked peeled & deveined-tail-on, cooked in shell, dusted and breaded, par-fried, butterfly, skewered, seasoned, peeled and deveined-tail-on, peeled and un-deveined-tail-on, peeled and deveined-tail-off, peeled and un-deveined, and peeled and deveined shrimps, as well as shrimp rings. It offers ready-to-cook products under Bay Fresh, Bay Harvest, and Bay Premium brand names to food companies, retail chains, restaurants, club stores, and distributors. The company exports its products to the United States, the European Union, and China. Apex Frozen Foods Limited was founded in 1995 and is based in Kakinada, India.

How the Company Makes Money

Apex Frozen Foods generates revenue primarily through the sale of its frozen seafood products, with shrimp being the core offering. The company's revenue model is based on exporting these products to various countries, capitalizing on the growing global demand for seafood. Key revenue streams include direct sales to distributors, wholesalers, and retailers, as well as partnerships with food service companies. Additionally, APEX may benefit from strategic collaborations with suppliers and logistics providers to enhance its supply chain efficiency, which can further contribute to its profitability. The company's adherence to quality and sustainability practices also helps in building brand loyalty, potentially leading to increased sales and revenue growth.

Apex Frozen Foods Ltd. Financial Statement Overview

Summary

Moderate strength overall: a solid balance sheet (high equity ratio and improved debt-to-equity) and improving free cash flow offset weakening operating performance. Revenue declined into 2025 and profitability compressed sharply (net margin down to ~0.5% and lower EBIT/EBITDA margins), with ROE falling to ~0.8%.

Income Statement

Apex Frozen Foods Ltd. has shown fluctuating revenue over the years with a recent decline from 2023 to 2025. The gross profit margin stands at approximately 20.1% for 2025, with a declining trend in net profit margin from 5.3% in 2024 to 0.5% in 2025, indicating challenges in maintaining profitability. The EBIT and EBITDA margins have also decreased over the period, reflecting operational challenges.

Balance Sheet

The balance sheet shows a strong equity base with an equity ratio of approximately 80.6% in 2025, indicating financial stability. The debt-to-equity ratio has improved, suggesting effective debt management. However, the return on equity has declined from 2.9% in 2024 to 0.8% in 2025, highlighting reduced profitability on shareholder investments.

Cash Flow

Cash flow analysis reveals improved free cash flow in 2025, reversing a negative trend in 2024. Operating cash flow to net income ratio is healthy, suggesting efficient cash generation from operations. The free cash flow to net income ratio shows improvement, indicating better cash conservation strategies.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.48B	8.14B	10.11B	7.59B	8.95B	7.98B
Gross Profit	1.96B	1.64B	2.22B	1.58B	2.39B	1.58B
EBITDA	370.82M	297.30M	847.66M	435.41M	909.18M	984.63M
Net Income	91.71M	38.77M	358.74M	145.99M	410.75M	442.85M
Balance Sheet
Total Assets	0.00	6.13B	6.14B	6.33B	6.78B	6.57B
Cash, Cash Equivalents and Short-Term Investments	52.28M	52.28M	16.20M	98.64M	9.68M	347.34M
Total Debt	0.00	726.50M	905.80M	1.07B	1.68B	1.68B
Total Liabilities	-4.94B	1.19B	1.24B	1.36B	2.09B	2.17B
Stockholders Equity	4.94B	4.94B	4.90B	4.97B	4.68B	4.40B
Cash Flow
Free Cash Flow	0.00	389.84M	985.03M	-10.34M	249.08M	3.31M
Operating Cash Flow	0.00	437.87M	1.21B	111.61M	355.43M	129.20M
Investing Cash Flow	0.00	-25.90M	-217.98M	-82.74M	-104.80M	-140.08M
Financing Cash Flow	0.00	-419.91M	-987.35M	-15.58M	-267.39M	37.49M

Apex Frozen Foods Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 307.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:APEX, the sentiment is Positive. The current price of 307.75 is above the 20-day moving average (MA) of 282.04, above the 50-day MA of 282.74, and above the 200-day MA of 245.17, indicating a bullish trend. The MACD of 3.16 indicates Negative momentum. The RSI at 54.37 is Neutral, neither overbought nor oversold. The STOCH value of 73.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:APEX.

Apex Frozen Foods Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SKMEGGPROD	65 Neutral	₹10.43B	19.00	―	0.36%	12.43%	29.17%
APEX	63 Neutral	₹9.11B	40.11	―	0.72%	31.51%	378.33%
MAGADSUGAR	63 Neutral	₹6.12B	7.42	―	2.49%	8.96%	-19.55%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KRISHIVAL	60 Neutral	₹8.09B	54.71	―	0.06%	97.10%	40.93%
FOODSIN	54 Neutral	₹4.43B	14.07	―	0.43%	11.46%	-0.46%
SARVESHWAR	51 Neutral	₹4.93B	13.95	―	―	29.26%	46.09%