Mukka Proteins Ltd
Incorporated in 2003, Mukka Proteins
Ltd is a manufacturer and exporter
of Fish Meal and Fish oil[1]
- Market Cap ₹ 682 Cr.
- Current Price ₹ 22.7
- High / Low ₹ 41.1 / 22.6
- Stock P/E 15.9
- Book Value ₹ 13.6
- Dividend Yield 0.00 %
- ROCE 11.4 %
- ROE 10.8 %
- Face Value ₹ 1.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 31.4% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 10.2% over past five years.
- Debtor days have increased from 47.4 to 63.8 days.
- Working capital days have increased from 52.8 days to 105 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 407 | 546 | 536 | 693 | 1,066 | 1,269 | 887 | 970 | |
| 383 | 526 | 529 | 660 | 1,000 | 1,187 | 811 | 887 | |
| Operating Profit | 25 | 20 | 7 | 33 | 66 | 81 | 76 | 84 |
| OPM % | 6% | 4% | 1% | 5% | 6% | 6% | 9% | 9% |
| 2 | 8 | 9 | 8 | 9 | 20 | 17 | 20 | |
| Interest | 4 | 7 | 7 | 8 | 15 | 24 | 34 | 41 |
| Depreciation | 2 | 3 | 3 | 4 | 4 | 6 | 6 | 6 |
| Profit before tax | 21 | 19 | 6 | 28 | 55 | 72 | 53 | 56 |
| Tax % | 25% | 32% | 24% | 30% | 28% | 12% | 21% | |
| 15 | 13 | 5 | 20 | 39 | 63 | 42 | 43 | |
| EPS in Rs | 0.90 | 1.79 | 2.09 | 1.39 | 1.44 | |||
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 9% |
| TTM: | -2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 30% |
| TTM: | 23% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -40% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 19% |
| Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 22 | 22 | 30 | 30 | 30 |
| Reserves | 40 | 52 | 57 | 60 | 100 | 335 | 374 | 379 |
| 81 | 112 | 126 | 162 | 238 | 332 | 418 | 572 | |
| 70 | 88 | 99 | 84 | 141 | 154 | 152 | 131 | |
| Total Liabilities | 197 | 257 | 288 | 329 | 500 | 851 | 974 | 1,112 |
| 44 | 46 | 49 | 50 | 52 | 60 | 60 | 67 | |
| CWIP | -0 | 1 | -0 | -0 | -0 | -0 | 4 | 11 |
| Investments | 10 | 7 | 12 | 21 | 24 | 34 | 44 | 53 |
| 143 | 204 | 228 | 259 | 424 | 757 | 867 | 981 | |
| Total Assets | 197 | 257 | 288 | 329 | 500 | 851 | 974 | 1,112 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -22 | -24 | -2 | -15 | -47 | -141 | -132 | |
| -19 | 2 | -5 | -7 | 1 | -46 | -18 | |
| 31 | 23 | 8 | 27 | 61 | 258 | 60 | |
| Net Cash Flow | -10 | 0 | 0 | 5 | 15 | 71 | -91 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 22 | 36 | 18 | 28 | 37 | 41 | 64 |
| Inventory Days | 94 | 68 | 108 | 88 | 87 | 135 | 274 |
| Days Payable | 59 | 58 | 59 | 44 | 49 | 43 | 69 |
| Cash Conversion Cycle | 57 | 47 | 67 | 72 | 75 | 133 | 269 |
| Working Capital Days | 9 | 10 | 6 | 6 | 10 | 43 | 105 |
| ROCE % | 15% | 6% | 16% | 23% | 18% | 11% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Credit Rating
8 Jan - CARE downgraded Mukka Proteins’ facilities to CARE BBB; Negative and CARE A3+, total ₹495 crore (08-Jan-2026)
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
31 Dec - Acquisition of 70% Mukka Proteins Vietnam for Rs.10,00,000 delayed to 30-Jun-2026 due regulatory approvals.
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
31 Dec - Acquired 1,04,500 shares (51%) of Ocean Proteins for Rs.1,04,50,000; subsidiary w.e.f. 30 Dec 2025.
-
Receipt Of Bond Enforcement Order From Office Of The Commissioner Of Customs.
30 Dec - Bond Enforcement Order dated 29-12-2025 demanding ₹7,67,03,840 plus interest.
-
Closure of Trading Window
30 Dec - Trading window closed from 1 Jan 2026 until 48 hours after Q3/Q9M results ended 31 Dec 2025.
Business Overview:[1]
MPL manufactures Fish Protein products and supplies fish meal, fish oil and fish soluble paste
which is an essential ingredient in manufacturing of aqua feed (for fish and shrimp), poultry feed (for broiler and layer) and pet food (dog and cat food). Further, fish oil also finds application in pharmaceutical products (Omega-3 pills and related products derived from fish oil), soap manufacturing, leather tanneries and paint industries