Apex Frozen Foods Ltd. (APEX) AI Stock Analysis

• Market Cap: ₹11.85B
• Dividend Yield: 0.72%
• Average Volume (3M): 27.56K
• Price to Earnings (P/E): 36.9
• Beta (1Y): 1.81
• 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): 3.23
• 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): 11.2
• Revenue Forecast (FY): ₹9.79B

• Rating: 64 Neutral
• Price Target: ₹452.00 ▲(46.87% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is supported by balance-sheet strength and improving cash flow, alongside a strong technical uptrend. It is held back mainly by weakened profitability (very low 2025 net margin and ROE) and a demanding valuation (high P/E with a low dividend yield).

Positive Factors

Balance Sheet Strength

Apex's equity ratio (~80.6%) and improving debt-to-equity provide durable financial flexibility. This reduces refinancing risk, supports seasonal working-capital needs for shrimp procurement, and allows investment or shock absorption without threatening operations or export commitments.

Improved Cash Generation

Free cash flow reversal in 2025 and a healthy operating-cash-flow-to-net-income ratio indicate sustainable cash generation. Reliable cash flow supports capex for processing, funds working capital for procurement cycles, and enables debt reduction or reinvestment without recurring external financing.

Value-Added Margin Profile

A ~20% gross margin reflects the company's focus on value-added frozen shrimp formats rather than raw commodity sales. Structural product differentiation (cooked/ready-to-cook, tailored packs) supports higher realizations and provides a durable margin buffer versus pure commodity competitors.

Negative Factors

Revenue Decline

A multi-year top-line contraction from 2023 to 2025 signals demand loss or execution issues. Persistent revenue decline reduces scale economics in processing and logistics, limits pricing power for value-added formats, and constrains the company's ability to fund growth or absorb cost shocks long-term.

Falling Profitability

Net margin compressing to ~0.5% and ROE near 0.8% show profitability has been materially weakened. Low returns reduce retained earnings and reinvestment capacity, undermine shareholder value creation, and indicate structural margin pressure from input costs, pricing, or operational inefficiencies.

Revenue Volatility

Documented revenue fluctuation reflects sensitivity to raw shrimp availability, seasonality and export demand cycles. Structural volatility increases working-capital needs, complicates capacity planning, and raises exposure to commodity-price swings and supply disruptions over the medium term.

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

Strong balance sheet (equity ratio ~80.6% and improving debt-to-equity) and improved free cash flow in 2025 support resilience. However, revenue declined from 2023 to 2025 and profitability weakened sharply (net margin down to ~0.5% in 2025; ROE down to ~0.8%), limiting the score.

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	Mar 2025	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	8.48B	8.14B	7.59B	8.95B	7.98B	7.76B
Gross Profit	1.96B	1.64B	1.58B	2.39B	1.58B	1.23B
EBITDA	370.82M	297.30M	435.41M	909.18M	984.63M	1.09B
Net Income	91.71M	38.77M	145.99M	410.75M	442.85M	606.42M
Balance Sheet
Total Assets	0.00	6.13B	6.33B	6.78B	6.57B	6.27B
Cash, Cash Equivalents and Short-Term Investments	52.28M	52.28M	98.64M	9.68M	347.34M	7.88M
Total Debt	0.00	726.50M	1.07B	1.68B	1.68B	1.63B
Total Liabilities	-4.94B	1.19B	1.36B	2.09B	2.17B	2.31B
Stockholders Equity	4.94B	4.94B	4.97B	4.68B	4.40B	3.96B
Cash Flow
Free Cash Flow	0.00	389.84M	-10.34M	249.08M	3.31M	198.32M
Operating Cash Flow	0.00	437.87M	111.61M	355.43M	129.20M	583.01M
Investing Cash Flow	0.00	-25.90M	-82.74M	-104.80M	-140.08M	-440.31M
Financing Cash Flow	0.00	-419.91M	-15.58M	-267.39M	37.49M	-137.03M

Apex Frozen Foods Ltd. Technical Analysis

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

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 below the 20-day moving average (MA) of 403.96, below the 50-day MA of 331.55, and above the 200-day MA of 264.31, indicating a neutral trend. The MACD of 24.31 indicates Positive momentum. The RSI at 49.46 is Neutral, neither overbought nor oversold. The STOCH value of 16.78 is Positive, 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	₹8.65B	11.29	―	0.36%	12.43%	29.17%
APEX	64 Neutral	₹11.85B	36.86	―	0.72%	31.51%	378.33%
MAGADSUGAR	63 Neutral	₹6.41B	7.48	―	2.49%	8.96%	-19.55%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KRISHIVAL	60 Neutral	₹8.10B	54.13	―	0.06%	97.10%	40.93%
FOODSIN	59 Neutral	₹4.20B	13.76	―	0.43%	11.46%	-0.46%
SARVESHWAR	51 Neutral	₹4.50B	12.44	―	―	29.26%	46.09%