Good evening, ladies and gentlemen. I'm pleased to extend a warm welcome to all of you for this investor conference call to review the audited financial results for Q4 FY26 and for the period ended31st March, 2026. Shri. A. Venkata Sanjeev, ED, Avanti Feeds Limited; and Shri A. Nikhilesh, ED, Avanti Frozen Foods Limited, have joined from Feed andFrosting plants respectively. Along with me areMrs. Santhi Latha, CFO of Avanti Feeds Limited; Mr. D. V. S. Satyanarayana,CFO of Avanti Frozen Foods Private Limited; and Mr. K. Srinivasa Reddy, CFO of Avanti Pet Care Private Limited. To begin with, Mrs. Santhi Latha will present highlights of financial results for the quarter ended 31st March, 2026 of Shrimp Feed Divisionand also consolidated financials of the company for the same period. Thereafter, Mr. D. V. S. Satyanarayanawill present the financial highlights of Shrimp Processing and Export Division. Thereafter, Mr. K. Srinivasa Reddy will present the status of the p et care projects. After presentation by all of them, we will take up the question-and-answer session. I would now like to hand over the call to Mr. C. Ramachandra Rao, the JMD. Thank you, and over to you, sir.

Thank you, Mr. Akash. Good evening, ladies and gentlemen. I am pleased to extend a warm welcome to all of you for this investors conference call to review the audited financial results for Q4 FY26 and for the period ended 31st March, 2026. Of course, we have already tol d that, let me say, A. Venkata Sanjeev , Executive Director; and Mr. Nikhilesh, Executive Director, have joined online. Along with me here, Santhi Latha, CFO of Avanti Feeds Limited; and D. V. S. Satyanarayana, CFO of Avanti Frozen Foods Private Limited and K. Srinivasa Reddy, CFO of Avanti Pet Care Limited. To begin with, Mrs. Santhi Latha will present highlights of financial results for the quarter and year ended 31st March, 2026 of Shrimp Feed Division and also consolidated financials of the company for the same period. Thereafter, Mr. D. V. S. Satyanarayanawill present the financial highlights of Shrimp Processing and Export Division. Thereafter, Mr. K. Srinivasa Reddy will present the status of Pet Care Project. After presentation by all of them, I'll give a just brief sum up of the events that have taken place and a bit of future forecast. And then before we take up the questions from you, now I hand it over toSanthi Latha,to give the financial highlights of Avanti Feeds and consolidated statements.

Thank you, sir. Good evening, everyone. I will take you through the consolidated andstandalone financial performance highlights for the quarter and year ended 31st March, 2026. The comparative performance of Q4 FY 26 with that of Q3 FY 26, and Q4 F Y25, and of FY26 with that of FY25 have been given in the presentation already circulated. Moving on to consolidated financial results for Q4 FY26. Q4 FY26 financial highlights. The gross income in Q4 FY26 is INR 1,515 crores as compared to INR 1,447 crores in the previous quarter, Q3 FY26, an increase of INR 69 crores by about 4.77%. And when compared with Q4 FY 25 gross income of INR 1 ,432 crores, there is an increase of INR 84 crores by 5.86%. The PBT is INR 184 crores in Q4 FY26 as compared to INR 222 crores in Q3 FY26, a decrease of INR 38 crores by 17.12%. And compared to Q4 FY25 PBT of INR 211 crores, there is a decrease of INR 27 crores by about 12.8%. Coming to the financial results for the financial year ended 31st March, 2026, the gross income in FY26 is INR 6,279 crores as compared to INR 5,766 crores in FY 25, an increase of INR 513 crores by about 8.9%. The PBT is INR 882 crores in FY26 as compared to INR 737 crores in FY25, an increase of INR 145 crores by about 20%. The consolidated results indicate net impact of several factors , such as increase or decrease in income, expenditure and exceptional items relating to both Feed and Frozen division, which will be discussed in the following divisional performance of these units individually. Standalone financial results of Feed division. Q4 FY26 financial results. The gross income of Feed division for the Q4 FY26 is INR 1,068 crores as compared to INR 993 crores in the previous quarter of Q3 FY26, an increase of INR 75 crores due to increase in quantity of feed sold. The gross income in Q4 FY26 increased to INR 1,068 crores from INR 1,067 crores, a marginal increase of INR 1 crore. The PBT for Q4 FY26 is INR 139 crores as compared to INR 172 crores in Q3 FY26, a decrease of INR 33 crores by 19% due to increase in raw material costs. And compared to Q4 PBT of INR 194 crores, there is a decrease of INR 55 crores about 28%, mainly due to decrease in quantity sold by 5,986 MT and also increase in raw material costs. The feed sales increased to 1,23,725 MT in Q4 FY26 as compared to 1,18,127 in Q3 and decreased from 1,29,711 in Q4 FY25. Now coming to the financial year highlights of Feed division. The gross income in FY26 is INR 4,538 crores as compared to INR 4,549 crores in FY25, a decrease of INR 11 crores mainly due to decrease in sale price during, April 25 of the previous year. The PBT is INR 715 crores in FY 26 as compared to INR 658 crores in FY25, an increase of INR 57 crores by 8.66%. The feed sales during the year increased to 5,62,060 MT as compared to INR 5,55,248 MTs in previous year. The major raw materials are fish meal, soya bean meal and wheat flour. The noticeable development in this quarter is increasing trend of two major raw materials, thatis fish meal and soya bean meal, resulting in decrease in the profitability when compared with the previous quarters. The prices of these raw materials keep fluctuating since their production is based on fish catches and agriculture. The average consumption prices of fish meal increased in Q4 FY 26 to INR 130 per kg from INR 117 in Q3 FY26 and from INR 91 in Q4 FY25. In case of soya bean meal, their prices increased to INR 55 per kg in Q4 FY26 from INR 44 in Q3 FY26 and increased from INR 41 in Q4 FY 25. However, the wheat flour price decreased to INR 31 in Q4 FY26 from INR 32 per kg in Q3 FY 26, and decreased from INR 36 in Q4 FY25. Present purchase price of fish meal is INR 230 per kg and soya bean meal is INR 72 per kg, and wheat flour is INR 30 per kg. While on one hand, the raw materials are instrumental in determining the margin, on the other hand, the status of aquaculture activity conditions like climatic changes, diseases, etc., determine the consumption of feed in terms of volume, which will have an impact on the overall performance of the company. The PBT during the FY26 stood at 15.5% on revenue as compared to about 14.34% during FY25. Data period ended31st March, 2025. To sum up, in general, FY2627 is expected to be a challenging season for the aquaculture industry in respect of shrimp production due to steep increase in feed raw material prices, as well as exports from India and global demand for shrimp exports. The shrimp production and feed consumption FY26 and company plants for FY27. On the basis of estimated shrimp production of about 8-9 lakh MTs in calendar year 2026, the feed consumption is estimated to be about 1 1-12 lakh MTs. The company feed sales during FY 26 is 5,62,060 MT against 5,55,247 MT in FY25. It is estimated that the feed sales during FY27 would be around 5,80,000 MTs. Shrimp Processing and Export Division. The export of frozen shrimp during FY2526 was to the tune of 7,92,647 MT worth USD 5,624.48 million. USA was the largest importer, about 2,56,128 MT of frozen shrimp, followed by China, 1,69,505 MT; European Union, 1,35,599 MT; Southeast Asia, 83,810MT; Japan, 40,776; Middle East, 30,478 MT; and other countries, 76,351 MT. On a year on basis, export volumes to the U.S. declined by 17.9%, whereas export to China increased by 24%, to the European Union by 36%, and to Japan by 5% in MTs terms. Frozen shrimps contributed to be the major item of export in terms of quantity and value, accounting for a share of 40% in quantity and 67% of the total U.S. dollar earnings. During FY26, frozen shrimp export registered a growth of 13.16% in rupee value, and 8.64% in dollar value, and 6.9% by volume. Your company's shrimp exports during the FY26 was 16,976 MTs as compared to 14,149 in FY25, an increase by 2,827 MTs. It is estimated that the exports during FY25 would be around 19,000 MT. Now, I would like to hand over to Mr. D. V.S. Satyanarayana to present highlights of S hrimp Processing and Export Division.

Thank you, madam. Good evening, everyone. Now, I would like to take you through the financial highlights of Shrimp Processing and Export Division. Q4 FY26 results. The gross income for Q4 FY 26 was INR 446 crores as compared to INR 455 crores in Q3 FY26, a decrease by INR 9 crores, representing 2% , mainly due to decrease in average sales price realization. The gross income in Q4 FY26 increased to INR 446 crores from INR 364 crores during Q4 FY25, an increase of INR 82 crores, representing 22% YoY growth. Higher sales in Q4 FY 26 were driven by an increase in average selling price realization and favourable foreign exchange rates. The profit before tax for Q4 FY26 was INR 48 crores as compared to INR 52 crores in Q3 FY 26, preceding immediate quarter, decreasing mainly due to decrease in average price realization. And also, there was an additional provision for gratuity and leave encashment in Q4 FY26 as part of the new labour code. The profit before tax in Q4 FY 26 was INR 48 crores, an increase from INR 18 crores in the corresponding quarter, that is Q4 FY25, reflecting a significant increase primarily due to improved sales price realization, favourable foreign exchange rates , and higher other income . And also, there was a reduction in ocean freight rates during the current quarter. Comparison of performance for 12-month ended 31st March, 2026, with 12-month ended 31st March, 2025. The gross income for the 12 months of FY26 was INR 1,741 crore compared to INR 1 ,220 crore in the corresponding 12 months period of previous year, that is FY25. This represents an increase of INR521 crore, reflecting a growth of 43%. The increase in gross income during FY26 was primarily driven by a rise in the sales volume of 2,827 MT, representing 20% growth, improved average sales price realization , and also there was a higher other income. The profit before tax for the12 months ended FY26 was INR 178 crore as compared to INR 86 crore in the corresponding period of FY25, reflecting an increase of INR 92 crore. This growth was primarily attributable to higher sales volumes during the current year, improved sales price realization, favourable FX rates and also increased other income. This completes the presentation of Processing and Export Division financial results. Thank you. Now I hand over to Mr. K. Srinivasa Reddy to update the status of Pet Food Project.

Thank you, Mr. D. V. S. Satyanarayana. Good evening, all. Now, I would like to update Pet Food Project. As already informed, company continued to strengthen its presence in the Pet Food segment during Q4 FY2526 under its Pet Care brand, Avant Furst. The response from the pet owners for both cat food and dog food products have been encouraging, with the growing acceptance across various markets, reflecting the strong potential of the business. During Q4 FY2526, the company recorded sales INR 151 lakhs compared to INR 136 lakhs in Q3 FY 2526, reflecting a sustained growth and increasing market acceptance of our products. The growth was supported by continuous demand for our cat food range, and steady expansion of dog food segment across existing and new markets.The company continued to expand its market reach by strengthening its presence in Tier-1 cities and gradually entering Tier-2 and Tier-3 markets. Our products are also available on leading e -commerce platform, including Amazon and Super tails, improving accessibility and enhancing our reach to customer across the country. The company continued to focus on strengthening the Avant Furst brand through the targeted digital marketing initiatives on Instagram and Facebook. That is Avant Furst. The effects are aimed to enhancing the brand awareness, increasing the customer engagement , and expanding our reach among pet owners across the country. The company also actively working on expanding its product portfolio and plans to introduce additional flavours and variants to cater to evolve the customer preference, and strengthen its market position. On the project side, as informed earlier, the company has purchased the land near Hyderabad, converted from agriculture to non-agriculture use for setting up a state -of-the-art manufacturing facility. The land development works are in progress, and we are in the final stage of finalizing the designs and drawings. Upon completion of the detailed project report and receipts of necessary government approval, construction activities will commence. Now I hand over to JMD sir for closing remarks.

Thank you. At the outset, I'm delighted to share with you that India's seafood exports reached anall-time high of USD 8.546 billion in FY2526. The volume and value of exportstouched historic peak despite global challenges. U.S. and China remain main key markets , and frozen shrimp continues to dominate exports with 66% in terms of value of the seafood exports from India. As you know, the Q1, representing April, May, June months is the peak season for shrimp culture. Basing on the successful performance in FY26, the farmers started stocking for the main season with high expectations for the FY27 also. The shrimp culture is progressing without much hurdles so far. The export market is promising and also farm gate prices of shrimp is stable to the expectations of the farmers. Unfortunately, when things were going smoothly, the prices of raw materials used for the manufacture of shrimp feed are going up steeply since past two months. A major reason attributed is Gulf War on one hand, and added to it is the threat of severe El Nino this year, seriously impacting the rainfall and agricultural crops. As you know, fish meal, fish oil, soya bean meal, soya lecithin, soya oil, wheat flour are the major raw materials used in the manufacture of feed. My colleagues have already explained to you the increasing trend of these raw materials. The price of fish m eal doubled from INR 100 to INR 240 in a span of two months, May and June. Even soya bean meal price has also gone up steeply by about 45%. The prices of soybean meal increasing steeply due to shortage in the previous year crop by 13 lakh tons and fear of failure of current year's crop due to El Nino conditions. Moreover, the Government of India has increased minimum support price of soybean meal by about INR 380 per quintal, making the soybean price at INR 5,708 per quin tal. In the light of increasing in this raw material, the company is preparing for increase in feed price at the earliest to compensate the price hike as much as possible, keeping in view the overall shrimp culture. So, we are confident that it's increasing in price feed, the increasing cost will be absorbed to a great extent. At this stage, I would like to share with you the major reason for steep increase in fish meal price is export of about 75% of the fish meal manufactured in India due to higher price realization and also incentives given by the Government of India for export of fish meal. Moreover, 5% GST is applicable for local purchase of fish meal, whereas there is no GST on exports. The company, along with Feed Manufacturers Association and CLFMA, is making efforts to represent the Government regulate the fish meal by bringing in appropriate vessels , by limiting export quantity and withdrawal of incentives so that fish meal is available to the local shrimp feed manufacturer, which is used for production of shrimp for export purpose , earning valuable foreign exchange. Even in the case of soybean meal, the government is being approached for permission to import soybean meal to regulate the increasing price. With all these efforts, the company is confident that feed prices would be stabilized in course of time to continue the shrimp culture without interruption. Coming to the outlook for shrimp exports, the shrimp exports in the United States has improved following the recent developments in U.S. Trade Policy, while some uncertainty remains regarding the final tariff structure applicable to seafood imports, the overall environment has become more favourable for exports. In parallel, the company continues to strengthen its presence in other international markets, thereby reducing its dependence on any single geography. The company is focusing on increasing thevalue-added products and also expanding the new markets. A significant development occurred on 20th February, 2026, when the U.S. Supreme Court , by 6-3 majority ruled that the International Emergency Economic Powers Act (IEEPA), does not authorize the President to impose tariffs on imports, as the authority to levy taxes and duties rest with the Congress. Consequently, the reciprocal tariffs imposed under IEEPA, including the reciprocal duties, were invalidated and ceased to be legally enforceable. As a result, CBP U.S. Customs initiated process for refund of reciprocal tariffs collected by it. Further, U.S. Customs and Border ProtectionForce discontinued the collection ofIEEPA-based tariffs with effect from 24th February, 2026. The U.S. Administration subsequently introduced a temporary global import surcharge under Section 122 of the Trade Act of 1974, effective from the same date for a period up to 150 days. Although the surcharge was initially fixed at 10%, there have been indications of a possible increase and further clarity is awaited. Subsequently, U.S. Court decisions, including Atmus Filtration, Incorporation and United States and Euro- Notions Florida, Inc. v. United States, directed CBP to refund duties collected under IEEPA, to facilitate large scale refund processing, CBP launch, keep consolidated administration and processing of entries. A new functionality with the automated commercial environment on 20th April, 2026. According to the legal consultants of the Seafood Exporters Association, the initial phase of the refund process is likely to cover entries that remain unliquidated due to ongoing anti-dumping and countervailing duty administrative reviews. In the case of frozen sh rimp exports from India, entries on IEEPA tariffs were paid since 1st April, 2025, remain suspended pending completion of these reviews, which are expected to conclude over the next 12-18 months . CBP , U.S. Customs is expected to process the related refunds once the suspension of liquidation on these entries is lifted. With this, we will take up the questions from you, gentlemen. I think you can proceed with the question- and-answer session.

Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question please press * and 1 on your telephone keypad, and wait for your turn to ask your question. I f you would like to withdraw your request you may do so by pressing * and 1 again. The first question comes from the line of Mr. Ronak Shah from Equirus Securities. Please go ahead, sir.

Hi, team, and thanks for the opportunity. I have multiple questions. So first is on the Feed division. In opening remarks, the management is highlighting around 11 -12 lakh odd MT offtake of the feed, which implies we can see a flattish kind of feedofftake, wherein sir is highlighting regarding incremental positive farm get price related benefit and all. Is there something I am missing on? And how you are seeing the Feed division to perform in FY27? Secondly, from the margin perspective, which implies you have taken a meaningful price hike in fourth quarter FY27, what is the quantum of that and how you are seeing margins to pan out in FY27, especially from the Feed division? See, the Feed division, we are preparing for taking a price increase because we're working on that . Because the prices of raw materials are almost increasing every day. We work out the total impact on account of this price increase and we propose to increase depending upon the acceptability of themarket also. We have to balance between these two. We hope that maybe as early as possible, we will take up the exact price increase, how much it needs some time to get the complete picture about , how much increase we can go for it, how much is acceptable to the market, all these things are being considered. I think in the next May, maybe in one week or 10 days, we should be able to come to a specific number as far as the price increase is concerned. And as far as the market is concerned, the shrimp culture is stable, the export market is stable, and there is no significant changes in the market conditions. As of now, the farmers are able to get reasonably good returns on their shrimp culture, and we do not foresee any big change in the expectations for the current year, unless some unforeseen events take place in the rest of the year. See, we are still in the first quarter. There is second quarter, the July, August, September is equally important for the first season to complete. And the total production figures , that they come, the first season being the major season for Shrimp production. As of now, we are very confident, very positive about the market, positive about the performance of the company.

So, haven't we any taken price hike into the fourth quarter?

We have taken a price increase in February of the fourth quarter.So, the impact is not there much because only one month we had the improved price, and that is also not a full price impact. Because we are going to other price hike right now.

As I stated in my introductory remarks,that the prices of soya bean meal and fish meal have gone up very steeply in the last two months, unprecedented price increase. For the reasons I have mentioned as one fish meal prices have gone up, and also this has been made price. This has impacted on the cost. We are working on that very seriously.And maybe in the next few days, we will be going for another price increase of the feed. I think that should take care of whatever the cost that is going to incur to a great extent.

Second question is on the export front. When the management is aspiring for around 19,000 odd MTs export in FY27, which implies like 10-12% odd sort of growth. But when we compare it with the peers or even the benefit of FTAs, doesn't the management sound bit conservative on that front? Or am I missing something over here?

Nikhilesh, can you take this question? Yeah, thank you. Thank you for that question. I think, generally, if you look at last 10 years, and there's YoY, YoY, YoY, increase last 10 years, if you even put it in the CAGR number.This business cannot increase exponentially at one point. It has to be built step by step. So that will continue to happen. I hope that answered your question. This is the opening of FTA with Europe, everything is better market access, but we will need to build the production step by step because it’s quality related food consumption, safety, and everything. We need to take it step by step.

So, sir, are there any CapEx required both in terms of the feed or in terms of the processing front? Are we aspiring for any major CapEx over the next two to three odd years, right now?

We don't foresee any big CapEx in the next two years.

Understood. And sir, lastly, on the pet care front. What is the scale of the pet care business right now? And considering the initial burn, what is the burn rate which we are seeing and how the distribution is expanding? Can you just highlight on qualitative front? Venkata Sanjeev Garu, can you take this question, please?

Oh, yes, sir. We've been increasing from 53 tons to, right now, 100 tons with goal of 800 MTs by end of this year. Our distribution network, as of now, we have 31 distributors in 13 cities, and we are constantly expanding. And we are also looking to expand into other products like treats, more economical food, and also wet food in the coming months.

I may add to what Mr. Venkata Sanjeev said. That you see, now presently, what we are doing is , we are importing the products from Thailand , where according to our formulations and our brand , we are marketing now. So, till such a time we have our own production facility, we would like to focus more on brand image on the products. Because the cost and effectiveness will really start getting realized only once we start our own production unit. Till such a time, we are trying to diversify the markets and also improve the image and make o ur products more popular. So that is a brand image exercise is going on now. Once we start our own production, we'll be able to see the real fruits of this project once we start manufacturing in our own production facility.

Understood, sir. That's it from my side. Thank you.

Thank you so much, sir. The next question comes from the line of Mr. Arjun K hanna from Kotak Mutual Fund. Please go ahead, sir. Thank you for taking my question. My first question is related to the imports into the U.S. So, just to understand, is Avanti Feeds or its subsidiaries the importer on record for this? And what is the tune of these reciprocal tariffs that we have asked for reimbursement? Nikhilesh, would you like to take this question?

Let D. V. S take it, sir.

Yes.

Yeah. Avanti Frozen Foods Private Limited is the importer of record in U.S. So, Avanti itself import the goods and do the customs clearance and arrange for the deliveries to the respective buyers. And with regard to tariffs, Avanti Frozen has an importer of record will file the entries into ACE portal to get the refunds.

And what would be the quantum, sir?

The quantum, we are just calculating it.Still, it is in the process. We are validating it. Roughly, it will come around USD 15-20 million.

Okay. Perfect. Sir, this – Yes, I opened the account also in U.S. When the refund starts, it gets credited to that U.S. account, which is one of the conditions for refund that we have complied with. Absolutely, sir. The second query is regarding the growth.We mentioned that we would grow step by step over a period of time.Just to understand in terms of our capacities, I understand would be north of 19,000 tons. Does that mean those additional capacities are unmanned at this time? Or is there difficulty in sourcing of the shrimp and hence step by step . Just if you could run us through what prevents us from scaling up capacity faster than the 10%, 15% that have been mentioned?

Yeah. So, there are few things to answer that question. Overall, the capacity that we stated is about 26,000 or 28,000 MTs. But this business is very seasonal. There are months where we want raw material, but we don't have enough raw material because that's how the growth cycle, let's say, installed capacity. So, technically, if you don't understand the seasonality, then on paper, it looks large.

Fair.

In the season, we try to process as much as we can. And after then, we try to procure whatever we can.

Sure. That helps. What would be the effective capacity of these 26,000 or 28,000 tons , given that there are probably two seasons at max? So, in terms of what is the max rated capacity of this?

Maybe if you send an email, then. Perfect. Sure. The context is, sir, that we are indicating we aren't looking at expanding capacities over the next two years. Hence, was wondering that if –

No, we are expanding the sense that there are a lot of things that we are doing in the business to take it up step by step. We are going to increase capacity utilization. That is the thought process behind it. But there's a lot of work which it needs to prepare, so it takes one step by step with the products that we're doing there. Looking to continue to grow, if that's the question.

Sure. The last question is that we are hearing that apart from the Indo -Europe FTA, there is talk of some bilateral trade agreement with the U.S. Now as part of it, we would probably be importing some of the Agri products from there, such as, say, DDGS or maybe Red Sorghum. Now in terms of our input materials, this ideally should come at a lower price than theAgri inputs available in India. Is this the right understanding and are these possible substitutes for the higher pricedAgri inputs available in the country?

No, we are not importing anything from Agri products.

Absolutely, sir. This is more in terms of in the future, if the bilateral treaty allows it in terms of duty-free imports. Is that something that can be looked at?

We have to see. Today, we cannot see, because it is a policy of the government to permit or not to permit. See, in respect of soybean meal, we are already approaching the government for giving us a limited period permission for import of soybean meal.That would stabilize the prices which are going up now. They have done earlier once, and we are going to have to do it again. In 2003. Yes. So these particularly Agri products, India being Agri economy, it depends upon the consumption fee. See, India being the Agri economy, the lot depends upon the crop that comes with the year after year and the local consumption requirement, food requirements, essentials of the country. All these things determine the need for the products, whether it is to be imported or not to be imported , or even exported. We never expected that wheat would be allowed to be exported, wheat meal. Now they are allowing the wheat export because there is a huge production and sto ck available in Indi a. Like that, it depends on the situation, okay.

Perfect. Just the final bit, in terms of the shrimp processing side of things, we've been talking of moving into more value addition. In terms of value-added shrimp, say, for F Y26, how has that changed versus FY25? And how do we envisage this changing in FY27? Thank you.

Nikhilesh?

D.V.S, could you pull out some of the statistics? But on the value-added side, I can tell you generally that we've done a lot of work over here where we're doing a lot more value-added products than what we were doing 10 years ago, in the sense that, I guess, in India, we're probably one of the larger producers of value-added products. Initially, in 2015, we used to produce raw products only. But today, we do ready to eat, which is cooked products. It's for the kind of straight to consumption. We do breading, we do some shrimp drinks. We do Japanese preparation. So, we do a wide range of products and we also have a partnership with the food ingredients company. We're accelerating R&D into value-added products in our facilities in India. But this is generally the theme of the business, India produces a lot of raw materials. We also try to do as much as commodity as possible. We try to maintain the balance to get the right margin output, if that answers your question. Sure. Just wanted to understand in context of margin. Should we assume that going forward with better utilization, higher throughput, the EBITDA margin should move north for the processing piece?

I would generally say, if you compare to our peers, if you look to do a general analysis, you will see that our margin structure is much better because we do all these products.We're already upward of a general market margin level because of these products.We want to keep that balance because I think just before this, you asked about capacity utilization.

Right.

The more value-added products we do, the lesser output from the factory. Because of the additional process, yeah.

Sure. Thank you, and wish you all the best.

Thank you, sir. Ladies and gentlemen, if you have any questions, please press * and 1 on your telephone keypad. I repeat, if you have any questions , please press * and 1 on your telephone keypad. We have a question from the line of Ms. Vidhya individual investor. Please go ahead.

Hello, sir. Thank you for opportunity. My question is, in next two, three years, our company is expecting how much percentage of revenue growth and profit growth? See, to answer your question, as you know that we have been as a group, we have been expanding our activities, not only diversifying, we have this pet care business also coming , and we are expecting lot of growth in that. Apart from capacity utilization of frozen products, value-added products, which will increase the bottom line as well as the top line. And also, the aquaculture we have enough capacity, we'll be able to increase the total bottom and top line of both the units.Overall, the target, if you put around 10-15% growth with the present global situation, it will be a big achievement. Because today, we are in a situation where many things are uncertain. We don't know, today we are unable to even prepare the budget forFY26, FY27 even though three months have already lapsed. We are not sure how things are going to do, what is going to be the cost. I think you know better that all these developments will definitely influence the process of our budgeting and also targets and also the revenues, top line and all these things. I think it will take some time for us to really understand the situation to come to have a reasonably good budget estimates, madam.

Okay, sir. Thank you.

Thank you, ma'am. We have a follow-up question from Mr. Ronak Shah from Equirus Securities. Please go ahead, sir.

Yeah, thanks for the follow-up. Sir, my question is regarding the competition.Right now, we see from the Ecuador perspective, we are getting that there are certain issues which are coming up over there.Earlier, when we are highlighting, we were detrimental compared to the Ecuador blended cost, how we are positioned right now. If something else is emerging in terms of the other geographies, can you highlight?

Yeah, Nikhilesh?

I would say it Ecuador continues to be largest exporter. India also continues to be one of the largest exporter, the number two. In the U.S. market, we still, with the tariffs gone and everything, it's looking bright there. Also in Europe, it's looking very bright. Hopefully, the higher demand encourages more farmers to do more feeding and everything. But on a general level, India continues to play a very important role in the shrimp supply chain globally. We'll continue to do so. Government and the industry is doing everything they can. The last point I wanted to say is, as you know, Avanti also invest ed into Ecuador i n partnership with the union. So, it's about working with the global supply chain and Ecuador in the promising market along with India.

Understood.

Thank you, sir. There are no further questions. Now , I hand over the floor to the management for the closing comments.

Thank you, everyone. Thank you, all the investors,for joining this conference call of Avanti Feeds Limited. Thank you.

Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Do or Sabha 's conference call service. You may disconnect your lines now. Thank you, and have a pleasant evening.

1. This document has been edited to improve readability 2. Blanks in this transcript represent inaudible or incomprehensible words.