Apex Frozen Foods Ltd. (APEX) AI Stock Analysis

• Market Cap: ₹10.14B
• Dividend Yield: 0.72%
• Average Volume (3M): 27.56K
• Price to Earnings (P/E): 21.6
• Beta (1Y): 1.85
• 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: ₹347.00 ▲(12.75% 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

Strong balance sheet / high equity ratio

A high equity ratio (~80.6%) and improving debt-to-equity provide durable financial resilience, lowering bankruptcy and refinancing risk. This stability supports steady operations, capacity investment and tolerance for cyclical shocks in exports, enhancing long-term strategic flexibility.

Improved free cash flow and operating cash generation

The return to positive free cash flow and healthy operating cash flow to net income ratio strengthens internal funding for working capital, maintenance capex and selective investments. Reliable cash generation reduces dependence on external funding and supports sustainable operations over months.

Value-added seafood export business model

Apex's focus on value-added shrimp processing and tailored product formats creates structural differentiation versus commodity suppliers. Export-oriented, specification-driven production supports customer stickiness, higher realization potential and margin resilience if operational quality and compliance are maintained.

Negative Factors

Sharply weakened profitability (low net margin, falling ROE)

Very thin net margins and collapsing ROE indicate weak earnings conversion and poor returns on shareholder capital. Persistently low profitability limits reinvestment, dividend capacity and ability to build operational scale, making recovery and long-term capital efficiency harder without structural cost or pricing fixes.

Declining and fluctuating revenue trend

A declining top line reduces operating leverage and raises per-unit fixed cost pressures. Persistent revenue volatility suggests challenges in demand, market access or contract stability in export markets, hindering margin recovery and predictability of free cash flow over the medium term.

Structural exposure to input, logistics and export risks

Dependence on raw-material availability, cold-chain logistics, currency and strict food-safety compliance creates recurring operational and cost risks. These structural exposures can compress margins and require ongoing capex and working-capital, making earnings vulnerable across 2-6 month horizons.

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 primarily makes money by selling processed, value-added frozen shrimp products to customers in export markets. Revenue is generated from (i) processing and exporting frozen shrimp (the core stream), where APEX procures shrimp raw material, performs cleaning, grading, peeling/deveining, cooking and other value-added processing, freezes and packs the product to customer specifications, and sells it under contract/POs to overseas buyers; and (ii) product/format mix and value addition, where higher processing (e.g., cooked/ready-to-cook formats, tailored pack sizes, and specification-driven processing) typically supports higher realizations than commodity raw/frozen shrimp. Earnings are influenced by factors such as export demand and pricing in key destination markets, shrimp raw material availability and input costs, processing yields, plant utilization, cold-chain/logistics costs, currency movements (given export invoicing), and compliance with international food-safety and quality standards required by importers. Specific details on named customer partnerships, contract structures, or a quantified breakdown of revenue by geography/product are null.

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	8.86B	8.14B	7.59B	8.95B	7.98B	7.76B
Gross Profit	2.17B	1.64B	1.58B	2.39B	1.58B	1.23B
EBITDA	526.85M	297.30M	435.41M	909.18M	984.63M	1.09B
Net Income	227.13M	38.77M	145.99M	410.75M	442.85M	606.42M
Balance Sheet
Total Assets	6.31B	6.13B	6.33B	6.78B	6.57B	6.27B
Cash, Cash Equivalents and Short-Term Investments	139.00M	52.28M	98.64M	9.68M	347.34M	7.88M
Total Debt	405.93M	726.50M	1.07B	1.68B	1.68B	1.63B
Total Liabilities	1.21B	1.19B	1.36B	2.09B	2.17B	2.31B
Stockholders Equity	5.09B	4.94B	4.97B	4.68B	4.40B	3.96B
Cash Flow
Free Cash Flow	434.28M	389.84M	-10.34M	249.08M	3.31M	198.32M
Operating Cash Flow	463.52M	437.87M	111.61M	355.43M	129.20M	583.01M
Investing Cash Flow	-83.44M	-25.90M	-82.74M	-104.80M	-140.08M	-440.31M
Financing Cash Flow	-349.14M	-419.91M	-15.58M	-267.39M	37.49M	-137.03M

Apex Frozen Foods Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 307.75
• 50DMA: Negative
• 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 Neutral. The current price of 307.75 is below the 20-day moving average (MA) of 392.93, below the 50-day MA of 342.40, and above the 200-day MA of 269.45, indicating a neutral trend. The MACD of -5.32 indicates Positive momentum. The RSI at 38.24 is Neutral, neither overbought nor oversold. The STOCH value of 9.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	₹8.08B	9.32	―	0.36%	12.43%	29.17%
APEX	64 Neutral	₹10.14B	21.59	―	0.72%	31.51%	378.33%
MAGADSUGAR	63 Neutral	₹6.06B	7.06	―	2.49%	8.96%	-19.55%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KRISHIVAL	60 Neutral	₹8.14B	36.20	―	0.06%	97.10%	40.93%
FOODSIN	54 Neutral	₹4.04B	296.89	―	0.43%	11.46%	-0.46%
SARVESHWAR	51 Neutral	₹3.97B	14.95	―	―	29.26%	46.09%