Mukka Proteins Limited has evolved from a traditional fishmeal manufacturer into a diversified, integrated animal protein and sustainability platform with a legacy spanning over five decades. Founded by Mr. K. Abdul Razak, the company has leveraged deep sector expertise to become one of India’s leading manufacturers and exporters of fishmeal, fish oil, and fish-soluble paste. It commands a significant 25-30% market share in revenue from Indian fish meal and fish oil exports, with a strong global presence across more than 25 countries.

The company's operations are structured across four synergistic verticals: Fish Protein, Alternate Proteins (Insect Biotech), Waste Management, and Frozen & Value-Added Seafood. This diversification strategy is designed to reduce cyclicality and tap into high-growth, ESG-aligned markets. The core fish protein business is supported by 16 owned production facilities in India and Oman, strategically located along coastal belts to ensure access to high-quality raw materials and proximity to export markets.

In recent years, Mukka Proteins has made a strategic pivot towards next-generation sustainable solutions. It is a pioneer in India's insect protein sector through its subsidiary Ento Proteins, which utilizes Black Soldier Fly (BSF) technology to convert municipal wet waste into high-value protein meal and compost. This waste-to-value model not only addresses urban waste challenges but also creates a circular food economy and opens up opportunities in the carbon credit market. The company has further solidified its environmental solutions footprint by securing large-scale government contracts for leachate treatment, transforming a major environmental liability into a recurring revenue stream. The leadership team, composed of second-generation promoters with over 20 years of experience each, continues to drive expansion through both organic growth and disciplined acquisitions, positioning Mukka Proteins at the intersection of food security, sustainability, and industrial biotech.

Official Website: www.mukkaproteins.com

• 9M FY26 Performance:

• Revenue from Operations: Grew significantly to ₹1,068.9 Cr in 9M FY26 from ₹624.8 Cr in 9M FY25.

• EBITDA: Increased to ₹96.2 Cr in 9M FY26 from ₹78.7 Cr in the corresponding period last year.

• Profit After Tax (PAT): Stood at ₹35.7 Cr in 9M FY26 compared to ₹34.1 Cr in 9M FY25.

• Q3 FY26 Performance:

• Revenue from Operations: Reached ₹653.5 Cr in Q3 FY26, a substantial increase from ₹303.2 Cr in Q3 FY25 and ₹244.6 Cr in Q2 FY26.

• EBITDA: Recorded at ₹53.2 Cr in Q3 FY26, compared to ₹47.7 Cr in Q3 FY25.

• Profit After Tax (PAT): Grew to ₹27.3 Cr in Q3 FY26 from ₹26.8 Cr in Q3 FY25.

• Annual Performance Trend (FY23-FY25):

• Revenue from Operations: The company showed revenue of ₹1,156.4 Cr in FY23, increasing to ₹1,342.1 Cr in FY24, before moderating to ₹980.0 Cr in FY25.

• Profit Before Tax (PBT): PBT was ₹64.5 Cr in FY23, rising to ₹84.4 Cr in FY24, and settling at ₹59.2 Cr in FY25.

• Profit After Tax (PAT): PAT followed a similar trend, with ₹47.5 Cr in FY23, ₹74.3 Cr in FY24, and ₹48.1 Cr in FY25.

• Revenue Growth Outlook:

• The company has a stated revenue target of reaching ₹2,500+ Cr by FY30, representing more than double the revenue base of ₹887 Cr in FY25.

The company has demonstrated strong top-line growth in the recent nine-month period, although profitability growth has been more modest, indicating potential pressure on margins.

• Integrated Platform Model: Mukka operates as an integrated platform with four distinct but synergistic business verticals (Fish Protein, Insect Protein, Waste Management, Frozen Seafood). This diversification reduces dependency on the cyclicality of any single market and allows for cross-vertical efficiencies.

• First-Mover in Insect Biotech: The company is a pioneer in India's Black Soldier Fly (BSF)–based insect protein industry at a municipal solid waste (MSW) level. This positions it as an early leader in a next-generation protein market driven by sustainability and the need for fishmeal alternatives.

• ESG-Driven Business Model: Sustainability is a core business driver, not just a compliance metric. The waste-to-value model creates a circular economy, reduces landfill waste, lowers greenhouse gas emissions, and opens revenue streams from carbon credits and environmental solutions.

• High Entry Barriers: The business is protected by significant moats. These include deep operational expertise, long-term global customer relationships in the fishmeal segment, and high regulatory hurdles and long-term government contracts in the waste management vertical.

The company's key differentiator is its integrated, ESG-aligned platform model that creates a sustainable cost advantage and high barriers to entry across its diversified business segments.

• Fish Protein (Core Market):

• The global fishmeal and fish oil market is approximately 5-6 million metric tons annually.

• A structural supply constraint is anticipated, with Rabobank forecasting a fishmeal shortage starting from 2028 due to climate change and El Niño effects, which supports price stability and inelasticity.

• India is a key global exporter, and Mukka is a leading player in this segment.

• Alternate Proteins (Insect Biotech):

• This is a high-growth market with a global size of approximately $1 billion, projected to grow at a CAGR of ~25%.

• Growth is driven by the increasing need for fishmeal substitution, sustainability mandates, and expanding regulatory approvals for insect-based feed.

• Waste Management:

• India generates 1.7 lakh tonnes of municipal solid waste annually, with 50-60% being wet waste.

• This presents a significant opportunity for waste-to-value solutions and leachate treatment, which is a largely under-penetrated market with high entry barriers.

• Frozen & Value-Added Seafood:

• India is the world's second-largest fish producer, with annual seafood exports valued at $7.5 billion.

• The industry is shifting from raw material exports to higher-margin value-added products like IQF and surimi.

• Policy Tailwinds:

• The sector is supported by strong government policy, including the highest-ever fisheries allocation (₹2,761.8 Cr), the PM Matsya Sampada Yojana (₹2,500 Cr), and favorable duty structures for seafood processing inputs.

Mukka Proteins operates across multiple industries with favorable structural tailwinds, including supply constraints in its core market, high growth in its alternate protein segment, and strong policy support.

• Revenue Ambition: The company targets a revenue of over ₹2,500 Cr by FY30, indicating a clear multi-year growth strategy aimed at more than doubling its FY25 revenue base.

• Inorganic Growth through Acquisitions:

• The company pursues disciplined expansion through acquisitions to build capabilities and expand its footprint.

• Recent acquisitions in 2025 include GSM Marine Export, FABBCO Bio Cycle, Mukka Frozen Impex, and MPL HRC Ecosolutions in India, along with United Gulf Fishery Products in Oman.

• The company also plans to increase its stake in Ento Proteins Pvt. Ltd. (EPPL) and Haris Marine Products Pvt. Ltd. (HMPPL) to 100%, making them wholly-owned subsidiaries to consolidate control over its insect protein and fish protein verticals.

• Organic Growth Strategy:

• Business Diversification: Continuously expanding across its four synergistic verticals to de-risk the business and capture multiple market opportunities.

• Backward Integration: Investing in fishing assets and advanced R&D to secure raw material supply, improve cost control, and deliver high-quality products.

• Global Expansion: Leveraging its strategically located coastal assets in India and Oman to strengthen its export-led supply chain and expand its global market reach.

The company's growth is propelled by a two-pronged strategy of aggressive organic expansion within its diversified verticals and disciplined acquisitions to secure market share and new capabilities.

• Carbon Credit Monetization:

• The company is strengthening its carbon credit portfolio. Its 300 TPD BSF-driven wet waste processing operation is listed on the Verra Registry, moving it closer to issuing Verified Carbon Units (VCUs).

• It has received approval to expand its BSF capacity to 1,000 TPD in Bengaluru, significantly increasing its future carbon credit potential.

• Large-Scale Environmental Contracts:

• The company secured a ₹474.89 Cr order from Bengaluru Solid Waste Management Limited (BSWML) for the scientific treatment of legacy leachate over four years.

• This project validates Mukka's environmental technology and provides a replicable, high-barrier model that can be scaled across other Indian cities.

• Fishmeal Substitution:

• The anticipated global shortage of fishmeal creates a direct and scalable opportunity for its Alternate Proteins division. Insect meal serves as a sustainable and effective substitute, catering to the company's existing aquafeed customer base.

• Strategic Global Expansion:

• The investment in United Gulf Fishery Products LLC in Oman is a strategic move to expand the company's business and manufacturing footprint in the Middle East, a key export region.

Key opportunities lie in monetizing ESG-linked initiatives like carbon credits and large-scale waste management contracts, while capitalizing on the structural shift towards sustainable alternate proteins.

• Installed Capacity:

• Fish Protein: The company has an installed capacity of 2,64,390 MT per year for fish meal, fish oil, and paste.

• Alternate Proteins (Insect Biotech): Total capacity stands at 1,400 TPD across its facilities (200 TPD in Mangaluru, 1,000 TPD approved in Bengaluru, 200 TPD in Kochi).

• Frozen & Value-Added Products: The facility has a capacity to produce ~5,000 MT of Surimi per annum, with a total freezing capacity of 50 MT per day and cold storage of 100 MT.

• Capital Expenditure (Capex):

• A significant capex of approximately ₹100 Cr is allocated for the Bengaluru leachate treatment project, which is expected to be built over 6 months.

The company has established substantial manufacturing capacity across its business verticals and is actively deploying capital towards new, high-value environmental infrastructure projects.

• Deepen Vertical Integration: The company plans to pursue backward integration by investing in fishing assets. This strategy aims to secure a consistent supply of raw materials, enhance cost control, and improve operational efficiency.

• Consolidate Strategic Subsidiaries: A key plan is to convert Ento Proteins Pvt. Ltd. (EPPL) and Haris Marine Products Pvt. Ltd. (HMPPL) into wholly-owned subsidiaries. This move will provide full control over its high-growth insect protein and core fish protein operations.

• Expand Global Manufacturing Footprint: The company will continue to expand its presence both in India and internationally, with a specific focus on Oman to serve the GCC and other export markets more effectively.

• Drive Innovation: There is a stated focus on investing in advanced R&D and state-of-the-art manufacturing to develop differentiated, high-quality protein and agri-solutions, moving up the value chain.

Future plans are centered on securing the supply chain through backward integration, consolidating ownership of key growth engines, and expanding its global manufacturing and innovation capabilities.

• EBITDA Margin:

• The EBITDA margin for 9M FY26 was 9.0%, a compression from 12.6% in 9M FY25.

• In Q3 FY26, the EBITDA margin stood at 8.1%, compared to a strong 15.7% in Q3 FY25, indicating significant pressure in the recent quarter.

• PAT Margin:

• The PAT margin for 9M FY26 was 3.3%, down from 5.5% in the same period last year.

• The Q3 FY26 PAT margin was 4.2%, which is half of the 8.8% margin reported in Q3 FY25.

While the company has achieved strong revenue growth, it has experienced significant margin compression in both EBITDA and PAT levels during the first nine months of FY26 compared to the previous year.

• Major Order Win in Waste Management: Mukka Proteins secured a landmark order worth ₹474.89 Cr from Bengaluru Solid Waste Management Limited (BSWML). The contract is for the scientific treatment of legacy leachate over a four-year period.

• Advancement in Carbon Credits: The company's 300 TPD Black Soldier Fly (BSF) wet waste processing project has been formally listed on the Verra Registry, a crucial step towards issuing and monetizing carbon credits. It has also received approval to expand this capacity to 1,000 TPD.

• Strategic Consolidation of Subsidiaries: The Board has approved proposals to increase the company's stake to 100% in two key subsidiaries:

• Ento Proteins Private Limited (EPPL): To gain full control of its high-growth insect protein business.

• Haris Marine Products Private Limited (HMPPL): To fully own a core fish protein manufacturing unit.

• Expansion in the Middle East: The company made a strategic investment in United Gulf Fishery Products LLC in Oman to expand its business operations and manufacturing base in the region.

The company has recently secured a major long-term contract, advanced its carbon credit monetization plans, and is actively consolidating ownership in its key strategic subsidiaries to drive future growth.