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.