Mukka Proteins Ltd.
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ABOUT
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has delivered good profit growth of 39.0% CAGR over last 5 years
- Latest quarter profit grew 1072.7% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 19.1% CAGR over last 5 years
- Working capital cycle has improved - days down from 112 to 59
- Stock looks reasonably valued - P/E of 13.2 is below its historical median
CONS
- Company has a high debt-to-equity of 1.54x
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (38.2% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.08x)
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 70.5% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GODREJAGRO | 672.00 | 28.94 | 12930.05 | 1.64 | 128.31 | -13.79 | 2855.22 | 9.68 | 20.95 | 8.85 |
| AVANTIFEED | 815.25 | 20.91 | 11107.42 | 1.23 | 116.30 | -37.36 | 1899.87 | 18.27 | 28.96 | 5.57 |
| MUKKA | 30.40 | 13.19 | 912.00 | 0.00 | 18.63 | 1072.69 | 489.65 | 196.98 | 11.93 | 9.60 |
| KSE | 178.65 | 12.31 | 571.68 | 7.00 | 0.94 | -97.55 | 453.67 | 9.06 | 33.62 | -0.05 |
| AJOONI | 3.50 | 13.61 | 63.44 | 0.00 | 4.32 | 453.14 | 634.91 | 1930.54 | 6.53 | 2.63 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 266 | 324 | 502 | 250 | 167 | 145 | 296 | 372 | 165 | 236 | 635 | 368 | 490 | |
| 258 | 294 | 498 | 225 | 158 | 140 | 262 | 352 | 156 | 224 | 608 | 347 | 463 | |
| Operating Profit | 8 | 30 | 4 | 25 | 8 | 5 | 34 | 20 | 9 | 12 | 27 | 21 | 27 |
| OPM % | 3.15% | 9.39% | 0.71% | 10.15% | 5.00% | 3.60% | 11.61% | 5.33% | 5.25% | 5.18% | 4.19% | 5.76% | 5.46% |
| 3 | 4 | 6 | 3 | 3 | 3 | 6 | 4 | 3 | 6 | 5 | 15 | 2 | |
| Interest | 6 | 6 | 6 | 7 | 8 | 9 | 11 | 10 | 11 | 13 | 15 | 15 | 16 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 3 | 3 | 4 | 4 | 5 | 5 |
| Profit before Tax | 10 | 33 | 16 | 26 | 6 | 0 | 32 | 20 | 3 | 10 | 32 | 29 | 27 |
| Tax % | 36.31% | 19.07% | 34.33% | -8.63% | 4.89% | -182.61% | 19.01% | 30.21% | 27.40% | 24.59% | 23.19% | 26.18% | 31.93% |
| Net Profit | 0 | 0 | 0 | 0 | 5 | 15 | 27 | 14 | 2 | 7 | 27 | 21 | 19 |
| 0.16 | 1.29 | 0.48 | 1.20 | 0.14 | 0.07 | 0.88 | 0.45 | 0.05 | 0.20 | 0.79 | 0.69 | 0.63 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 409 | 549 | 604 | 771 | 1,177 | 1,380 | 1,006 | 1,449 | 1,728 | |
| 385 | 525 | 582 | 724 | 1,091 | 1,274 | 912 | 1,335 | 1,642 | |
| Operating Profit | 23 | 24 | 22 | 47 | 86 | 105 | 95 | 115 | 87 |
| OPM % | 5.71% | 4.33% | 3.62% | 6.07% | 7.32% | 7.64% | 9.43% | 7.91% | 5.02% |
| 2 | 8 | 10 | 7 | 7 | 17 | 15 | 29 | 28 | |
| Interest | 4 | 7 | 8 | 10 | 16 | 26 | 37 | 54 | 59 |
| Depreciation | 2 | 5 | 8 | 9 | 12 | 12 | 14 | 17 | 18 |
| Profit before Tax | 19 | 20 | 15 | 36 | 66 | 87 | 60 | 75 | 98 |
| Tax % | 27.24% | 31.20% | 28.77% | 28.24% | 27.93% | 15.04% | 20.19% | 24.03% | 26.66% |
| Net Profit | 14 | 14 | 11 | 26 | 48 | 74 | 48 | 57 | 72 |
| EPS | 0.62 | 0.62 | 0.50 | 1.10 | 2.00 | 2.34 | 1.55 | 1.74 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 19%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 42%
- 3 Years:
- 6%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 12%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- 17%
- Last Year:
- 12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 22 | 22 | 30 | 30 | 30 |
| Minority Interest | 0 | 1 | 3 | 5 | 8 | 12 | 16 | 30 |
| 38 | 51 | 61 | 76 | 126 | 366 | 411 | 469 | |
| 83 | 142 | 159 | 175 | 261 | 359 | 447 | 761 | |
| Trade Payables | 60 | 81 | 100 | 98 | 131 | 136 | 142 | 241 |
| 14 | 11 | 25 | 17 | 28 | 38 | 31 | 90 | |
| Total Liabilities | 201 | 293 | 355 | 392 | 575 | 941 | 1,076 | 1,621 |
| 48 | 77 | 78 | 81 | 83 | 84 | 93 | 193 | |
| Capital Work in Progress | 0 | 2 | 4 | 0 | 0 | 0 | 9 | 30 |
| 9 | 5 | 12 | 21 | 21 | 31 | 37 | 56 | |
| 90 | 115 | 150 | 165 | 230 | 423 | 564 | 857 | |
| 0 | 0 | 0 | 0 | 0 | 185 | 200 | 182 | |
| Cash & Bank | 1 | 2 | 4 | 14 | 29 | 127 | 42 | 60 |
| 53 | 92 | 107 | 112 | 212 | 91 | 132 | 243 | |
| Total Assets | 201 | 293 | 355 | 392 | 575 | 941 | 1,076 | 1,621 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| -16 | -19 | 6 | 11 | -45 | -150 | -112 | -111 | |
| Cash from Investing | -23 | -28 | -14 | -11 | -3 | -48 | -35 | -146 |
| Cash from Financing | 34 | 54 | 13 | 15 | 75 | 266 | 56 | 267 |
| -9 | 1 | 2 | 8 | 15 | 68 | -91 | 10 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Mukka Proteins Limited has informed the Exchange about outcome of the AGM.
2026-09-10 - Mukka Proteins Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 10, 2026
2026-09-10 - Mukka Proteins Limited has informed the Exchange regarding allotment of 20000000 securities pursuant to Preferential Issue at its circular resolution dated September 09, 2026.
2026-09-04 - Mukka Proteins Limited has informed the Exchange about Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals
2026-09-01 - Mukka Proteins Limited has informed the Exchange about Acquisition
2026-09-01 - Mukka Proteins Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "MUKKA PROTEINS LIMITED EXPANDS CIRCULAR BIO-ECONOMY FOOTPRINT: SCALING BENGALURU S WET WASTE CONVERSION INTO HIGH-VALUE INSECT PROTEIN, OIL, COMPOST, AND HUMIC ACID".
2026-08-28 - Mukka Proteins Limited has informed the Exchange about receipt of in-principle approvals from NSE & BSE for issue of convertible warrants to non-promoter category on a preferential basis.
2026-08-20 - Mukka Proteins Limited has informed the Exchange regarding 'Clarification on intimation of investment in Swaccha Eco Solutions Private Limited.'.
2026-08-19 - Mukka Proteins Limited has informed the Exchange about Copy of Newspaper Publication of Notice of 16th Annual General Meeting.
News
Recent coverage and analyst commentary for MUKKA
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