HMA Agro Inds. Q1 FY27 Earnings Call — Analysis (NSE: HMAAGRO)
HMA Agro delivered a very strong Q1 FY27 with consolidated revenue up 88% YoY to ₹2,110.32 Cr and PAT rising from ₹0.6 Cr to ₹50.51 Cr on export-led operating leverage.
Result quality: stable — Steady quarter. Management sentiment: optimistic.
The take
FY26 consolidated revenue ₹6,916 Cr ( +~35% YoY ) . New story: Core buffalo export growth .
Results
Consolidated revenue ₹2,110.32 Cr +88% YoY; consolidated EBITDA ₹81.05 Cr +388% YoY; consolidated PAT ₹50.51 Cr vs ₹0.6 Cr YoY; consolidated EBITDA margin 3.8% vs 1.48%.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Standalone revenue | ₹2,072.14 Cr | +~90% | yoy · Q1FY27 · vs ₹1,088.49 Cr in Q1FY26 |
| Standalone revenue | ₹2,072.14 Cr | +~35% | qoq · Q1FY27 · vs ₹1,503.48 Cr in Q4FY26 |
| Standalone EBITDA | ₹55.28 Cr | +~209% | yoy · Q1FY27 · vs ₹17.91 Cr in Q1FY26 |
| Standalone EBITDA margin | 2.67% | +from 1.65% | yoy · Q1FY27 · vs 1.65% in Q1FY26 |
| Standalone PBT | ₹42.74 Cr | +₹9.59 Cr → ₹42.74 Cr | yoy · Q1FY27 · vs ₹9.59 Cr in Q1FY26 |
| Standalone PAT | ₹31.91 Cr | +~345% | yoy · Q1FY27 · vs ₹7.17 Cr in Q1FY26 |
| Standalone PAT margin | 1.54% | +from 0.66% | yoy · Q1FY27 · vs 0.66% in Q1FY26 |
| Consolidated revenue | ₹2,110.32 Cr | +~88% | yoy · Q1FY27 · vs ₹1,122.61 Cr in Q1FY26 |
| Consolidated revenue | ₹2,110.32 Cr | +~34% | qoq · Q1FY27 · vs Q4FY26 |
| Consolidated EBITDA | ₹81.05 Cr | +~388% | yoy · Q1FY27 · vs ₹16.62 Cr in Q1FY26 |
| Consolidated EBITDA | ₹81.05 Cr | +~165% | qoq · Q1FY27 · vs ₹30.64 Cr in Q4FY26 |
| Consolidated EBITDA margin | 3.8% | +from 1.48% | yoy · Q1FY27 · vs 1.48% in Q1FY26 |
| Consolidated PBT | ₹62.51 Cr | +₹1.42 Cr → ₹62.51 Cr | yoy · Q1FY27 · vs ₹1.42 Cr in Q1FY26 |
| Consolidated PAT | ₹50.51 Cr | +₹0.6 Cr → ₹50.51 Cr | yoy · Q1FY27 · vs ₹0.6 Cr in Q1FY26 |
| Consolidated PAT margin | 2.39% | +from 0.5% | yoy · Q1FY27 · vs 0.5% in Q1FY26 |
| FY26 standalone revenue | ₹6,769 Cr | +~39% | yoy · FY26 · vs ₹4,862 Cr in FY25 |
| FY26 standalone EBITDA margin | 3.12% | +from 2.4% | yoy · FY26 · vs 2.4% in FY25 |
| FY26 standalone PAT | ₹127 Cr | +~100% | yoy · FY26 · vs ~₹60 Cr in FY25 |
| FY26 consolidated revenue | ₹6,916 Cr | +~35% | yoy · FY26 · vs ₹5,133 Cr in FY25 |
| FY26 consolidated EBITDA margin | 4.11% | +from 3.57% | yoy · FY26 · vs 3.57% in FY25 |
| FY26 consolidated PAT margin | 2.39% | +from 1.7% | yoy · FY26 · vs 1.7% in FY25 |
What management committed to
- HMA Agro is working on a separate research team for pet-food product development to explore opportunities to increase [HMA Agro's] exports and add new clients.
Key themes
Buffalo export growth and margin expansion
How the narrative shifted
- Core buffalo export growth: Management attributes the top-line surge to the core buffalo meat export business, which remains the main growth engine.
- Margin and operating leverage improvement: Scale, operational efficiency, and disciplined execution drove meaningful EBITDA and PAT margin expansion on standalone and consolidated basis.
- Other income boost from forex and duty drawback: Higher other income from foreign exchange gains, duty drawback, and interest on fixed deposits flattered reported profitability.
- Value-added products lack traction: Management says value addition in the main product is not getting good market response, so focus stays on core buffalo meat.
- Pet food optionality in early stage: Management sees a growing global pet food market and is exploring it through a research team, using byproducts from existing operations.
- FY26 foundation supports momentum: Management highlighted FY25-26 full-year top-line and margin improvement as a foundation for current-year momentum.
Operational commentary
- Core revenue growth is driven by export of buffalo products; management confirmed this remains the main business and growth engine.
- Other income increased sharply due to foreign exchange gains, duty drawback, and interest on fixed deposits; no quantified break-up was provided on the call.
- Value-added product demand is weak; management said value addition in the main product is not showing good market response and the company remains focused on core buffalo meat.
- Pet food is at a very early stage; management sees a good growing global market and has a separate research team for product development, with no quantified target yet.
- No capacity additions, large order wins, new certifications, or major customer additions were disclosed during the call.
Analyst Q&A
Q. What explains the sharp increase in other income; what is the value/volume breakup of revenue; does HMA sell certificates from its plants; does HMA have a Vietnam subsidiary and is Brazilian beef included?
CFO said other income comprises foreign exchange gain, duty drawback, and interest on FDs; core revenue comes from buffalo product exports. He said the value/volume break-up would be shared in a separate follow-up because the call was short, and the certificate and Vietnam/Brazil questions were not addressed.
Q. What drove the margin improvement, what is the contribution of value-added products, and how are value-added/pet-food segments moving?
CFO said value addition in the main product is not showing good market response and focus remains on core buffalo meat. He said the pet food market is good and growing globally and the company has a separate research team for product development, but it is in a very initial stage with no reliable figure.
Research and educational content only. Not investment advice.