Consumer Food · Founded 1995 · www.skmegg.com · BSE 532143 · NSE SKM EGG PROD · ISIN INE411D01023
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Business
SKM Egg Products Export (India) Ltd. is a leading Indian producer and exporter of processed egg products. The company primarily engages in the business of manufacturing and exporting value-added egg products, including egg powder (whole egg powder, egg yolk powder, egg albumin powder), liquid egg products, and frozen egg products. Its core business model revolves around sourcing shell eggs from poultry farms, processing them in technologically advanced facilities to meet international food safety and quality standards, and then exporting these products to various food industries globally. It makes money by selling these processed egg products to clients in segments such as bakeries, confectioneries, noodles, pasta, convenience foods, and pharmaceutical industries worldwide.
Revenue Mix
The company's revenue is primarily derived from the export of processed egg products. While specific revenue percentages for each product type are not publicly available, its main product categories include:
Egg Powder: Whole egg powder, egg yolk powder, egg albumin (white) powder. These are shelf-stable and widely used in baking, confectioneries, and food processing.
Liquid Egg Products: Pasteurized liquid whole egg, liquid egg yolk, liquid egg albumin. These offer convenience and consistent quality for industrial food applications.
Frozen Egg Products: Frozen whole egg, egg yolk, egg albumin. These provide longer shelf life and are used in various food manufacturing processes.
Given its name, "Export" is a significant segment, indicating a strong focus on international markets rather than domestic retail.
Industry
The global egg processing industry is driven by demand for convenience, consistent quality, and safety in food manufacturing. It is a B2B industry primarily serving food service, food manufacturing, and pharmaceutical sectors. SKM Egg Products operates in a global market where quality certifications (e.g., HACCP, ISO, BRC, Halal, Kosher) and adherence to international health standards are critical for market access. The company is positioned as one of India's prominent exporters of processed egg products, leveraging India's large poultry base and cost-effective raw material sourcing. Competition comes from other international egg processors, particularly from Europe and North America, as well as emerging players in Asia.
MOAT
SKM Egg Products possesses several potential competitive advantages:
Scale and Integrated Operations: Operating large-scale processing facilities capable of meeting significant international demand.
Certifications & Quality Standards: Adherence to stringent international quality and food safety certifications (e.g., EU approval, various global standards) acts as a high barrier to entry and a switching cost for buyers who depend on these specific compliances.
Export-Oriented Infrastructure & Experience: Established logistics and distribution networks for global export, coupled with extensive experience in navigating international trade regulations.
Cost Efficiency: Leveraging India's competitive advantages in raw material sourcing (eggs) and labor costs, potentially offering a cost advantage in the global market.
Growth Drivers
Increasing Global Demand for Processed Foods: Growth in convenience food, bakery, confectionery, and ready-to-eat sectors worldwide drives demand for processed egg products as ingredients.
Expansion into New Geographies: Untapped or growing markets for processed egg products in developing economies can provide new export opportunities.
Product Diversification: Developing new value-added egg products or expanding into niche applications within the food and pharmaceutical industries.
Rising Per Capita Consumption: General increase in egg consumption globally translates to higher demand for both shell eggs and processed derivatives.
Focus on Food Safety & Quality: As global standards for food safety increase, reliable suppliers like SKM who meet these standards gain preference.
Risks
Volatility in Raw Material Prices: Fluctuations in shell egg prices (due to feed costs, weather, disease outbreaks) directly impact profitability.
Avian Influenza & Disease Outbreaks: Outbreaks of poultry diseases can disrupt supply, lead to culling, and trigger import bans from affected regions, severely impacting operations and exports.
Currency Fluctuations: As an exporter, adverse movements in foreign exchange rates can affect realized revenues and profitability.
International Trade Barriers & Regulations: Changes in import tariffs, non-tariff barriers, or stricter food safety regulations in key export markets can impact market access.
Intense Competition: Competition from large global players and other emerging market exporters can put pressure on pricing and margins.
Logistical Challenges: Disruptions in global shipping and logistics can impact delivery schedules and costs.
Management & Ownership
SKM Egg Products Export (India) Ltd. is a promoter-driven company, characteristic of many Indian businesses. The "SKM" prefix suggests a family or group associated with its founding and ongoing management. Promoter-led companies often have a long-term vision and commitment to the business, but governance can sometimes be concentrated. Specific details on individual management quality or the exact ownership structure beyond it being promoter-led would require further external information.
Outlook
SKM Egg Products is well-positioned to capitalize on the growing global demand for processed egg products, driven by trends in convenience food, food safety, and industrial applications. Its established export infrastructure, quality certifications, and potential cost advantages from Indian sourcing provide a strong foundation for continued growth. However, the company operates in a volatile environment, highly susceptible to raw material price fluctuations, poultry disease outbreaks (like avian influenza which can severely impact supply and export viability), and changes in international trade policies. Managing these risks, particularly through robust biosecurity measures, supply chain diversification, and hedging strategies, will be crucial for sustainable performance and maximizing the opportunities presented by the expanding global market for value-added egg products.
Price goes above X
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PE falls below X
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 162 | 118 | 127 | 135 | 117 | 176 | 202 | 204 | 187 | 184 |
| Other Income | 9 | 3 | 4 | 2 | 5 | 4 | 2 | 5 | -3 | 7 |
| Total Income | 172 | 121 | 131 | 137 | 122 | 180 | 204 | 208 | 183 | 192 |
| Total Expenditure | 152 | 101 | 113 | 121 | 105 | 151 | 165 | 161 | 135 | 153 |
| Operating Profit | 20 | 20 | 18 | 16 | 17 | 29 | 40 | 47 | 49 | 39 |
| Interest | 3 | 3 | 2 | 3 | 3 | 3 | 3 | 4 | 3 | 3 |
| Depreciation | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 14 | 14 | 13 | 10 | 10 | 22 | 33 | 40 | 42 | 32 |
| Provision for Tax | 4 | 2 | 3 | 3 | 3 | 6 | 8 | 10 | 10 | 8 |
| Profit After Tax | 10 | 12 | 9 | 7 | 6 | 16 | 24 | 30 | 32 | 24 |
| Adjustments | 0 | 0 | -1 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 10 | 12 | 9 | 8 | 6 | 16 | 25 | 30 | 33 | 24 |
| Adjusted Earnings Per Share | 1.9 | 2.3 | 1.6 | 1.4 | 1.2 | 3.1 | 4.7 | 5.7 | 6.2 | 4.5 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 303 | 232 | 318 | 335 | 313 | 269 | 302 | 662 | 701 | 498 | 768 | 777 |
| Other Income | 14 | 23 | 20 | 14 | 21 | 13 | 8 | 1 | 12 | 14 | 19 | 11 |
| Total Income | 317 | 256 | 337 | 348 | 334 | 282 | 310 | 663 | 713 | 512 | 787 | 787 |
| Total Expenditure | 267 | 238 | 322 | 330 | 313 | 237 | 272 | 518 | 550 | 419 | 597 | 614 |
| Operating Profit | 50 | 17 | 16 | 18 | 21 | 45 | 39 | 145 | 162 | 93 | 191 | 175 |
| Interest | 3 | 5 | 5 | 4 | 6 | 4 | 4 | 9 | 10 | 11 | 15 | 13 |
| Depreciation | 12 | 12 | 6 | 6 | 7 | 21 | 24 | 34 | 40 | 35 | 39 | 16 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 35 | 0 | 5 | 7 | 8 | 21 | 10 | 103 | 114 | 46 | 137 | 147 |
| Provision for Tax | 10 | -1 | 3 | 1 | 3 | 4 | 3 | 27 | 29 | 12 | 34 | 36 |
| Profit After Tax | 25 | 2 | 1 | 6 | 5 | 16 | 7 | 76 | 85 | 35 | 104 | 110 |
| Adjustments | -0 | 0 | -0 | -1 | -1 | -0 | 0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 25 | 2 | 1 | 5 | 5 | 16 | 7 | 76 | 85 | 35 | 104 | 112 |
| Adjusted Earnings Per Share | 4.7 | 0.3 | 0.2 | 0.9 | 0.9 | 3.1 | 1.4 | 14.4 | 16.2 | 6.6 | 19.7 | 21.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 54% | 5% | 23% | 10% |
| Operating Profit CAGR | 105% | 10% | 34% | 14% |
| PAT CAGR | 197% | 11% | 45% | 15% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 23% | -1% | 38% | 20% |
| ROE Average | 30% | 26% | 27% | 18% |
| ROCE Average | 32% | 27% | 27% | 19% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 92 | 91 | 92 | 97 | 100 | 115 | 120 | 195 | 277 | 303 | 395 |
| Minority's Interest | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Borrowings | 1 | 0 | 0 | 5 | 4 | 1 | 4 | 14 | 49 | 38 | 30 |
| Other Non-Current Liabilities | 8 | 7 | 8 | 7 | 7 | 13 | 11 | 15 | 14 | 32 | 27 |
| Total Current Liabilities | 68 | 74 | 80 | 73 | 93 | 80 | 97 | 114 | 129 | 120 | 142 |
| Total Liabilities | 169 | 172 | 181 | 183 | 204 | 210 | 233 | 339 | 469 | 494 | 595 |
| Fixed Assets | 66 | 61 | 64 | 62 | 65 | 69 | 70 | 75 | 114 | 188 | 178 |
| Other Non-Current Assets | 5 | 6 | 4 | 8 | 5 | 5 | 4 | 26 | 39 | 5 | 13 |
| Total Current Assets | 98 | 106 | 113 | 112 | 135 | 135 | 159 | 237 | 316 | 300 | 405 |
| Total Assets | 169 | 172 | 181 | 183 | 204 | 210 | 233 | 339 | 469 | 494 | 595 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 6 | -16 | -26 | -22 | -15 | -41 | -42 | -53 | -13 | 55 | 73 |
| Cash Flow from Operating Activities | 30 | -4 | 17 | 14 | -12 | 26 | 2 | 60 | 109 | 65 | 53 |
| Cash Flow from Investing Activities | -6 | -1 | -7 | -6 | -5 | -17 | -8 | -16 | -54 | -23 | -81 |
| Cash Flow from Financing Activities | -10 | -5 | -5 | -1 | -9 | -10 | -5 | -5 | 13 | -25 | -31 |
| Net Cash Inflow / Outflow | 13 | -10 | 4 | 7 | -26 | -1 | -11 | 39 | 68 | 18 | -59 |
| Closing Cash & Cash Equivalent | 19 | -26 | -22 | -15 | -41 | -42 | -53 | -13 | 55 | 73 | 14 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.66 | 0.31 | 0.24 | 0.92 | 0.89 | 3.1 | 1.41 | 14.42 | 16.22 | 6.57 | 19.7 |
| CEPS(Rs) | 7.01 | 2.59 | 1.41 | 2.34 | 2.35 | 7.03 | 6 | 20.81 | 23.76 | 13.13 | 27.18 |
| DPS(Rs) | 0.5 | 0 | 0.25 | 0.25 | 0.25 | 0.5 | 0.25 | 1.25 | 1.25 | 0.75 | 1.25 |
| Book NAV/Share(Rs) | 17.38 | 17.36 | 17.52 | 18.36 | 18.91 | 21.76 | 22.79 | 36.97 | 52.6 | 57.57 | 75.07 |
| Core EBITDA Margin(%) | 12 | -2.61 | -1.24 | 1.27 | 0.16 | 11.75 | 10.2 | 21.78 | 21.5 | 15.79 | 22.33 |
| EBIT Margin(%) | 12.54 | 2.26 | 3.06 | 3.41 | 4.59 | 9.13 | 4.68 | 16.92 | 17.72 | 11.59 | 19.82 |
| Pre Tax Margin(%) | 11.67 | 0.1 | 1.45 | 2.1 | 2.64 | 7.69 | 3.41 | 15.49 | 16.25 | 9.32 | 17.89 |
| PAT Margin (%) | 8.21 | 0.69 | 0.41 | 1.75 | 1.73 | 6.08 | 2.44 | 11.48 | 12.18 | 6.95 | 13.53 |
| Cash Profit Margin (%) | 12.19 | 5.87 | 2.34 | 3.69 | 3.95 | 13.76 | 10.45 | 16.56 | 17.85 | 13.89 | 18.63 |
| ROA(%) | 15.55 | 0.93 | 0.74 | 3.21 | 2.8 | 7.91 | 3.34 | 26.59 | 21.14 | 7.19 | 19.08 |
| ROE(%) | 30.73 | 1.74 | 1.42 | 6.19 | 5.51 | 15.27 | 6.3 | 48.3 | 36.21 | 11.93 | 29.74 |
| ROCE(%) | 31.68 | 3.99 | 7.15 | 8.2 | 9.29 | 14.53 | 7.66 | 46.45 | 35.72 | 13.76 | 32.37 |
| Receivable days | 19.9 | 28.72 | 27.1 | 28.76 | 28.85 | 27.39 | 25.19 | 17.46 | 17.39 | 21.12 | 21.44 |
| Inventory Days | 62.25 | 88.08 | 60.42 | 51.82 | 71.82 | 105 | 104.02 | 58.36 | 60.65 | 80.15 | 54.32 |
| Payable days | 40.06 | 46.1 | 41.28 | 45.38 | 42.44 | 42.83 | 28.47 | 18.24 | 20.6 | 27.65 | 22.84 |
| PER(x) | 9.6 | 131.63 | 179.21 | 27.42 | 17.33 | 7.57 | 21.81 | 4.5 | 6.64 | 12.32 | 7.59 |
| Price/Book(x) | 2.57 | 2.34 | 2.43 | 1.38 | 0.82 | 1.08 | 1.35 | 1.76 | 2.05 | 1.41 | 1.99 |
| Dividend Yield(%) | 1.12 | 0 | 0.59 | 0.99 | 1.62 | 2.13 | 0.81 | 1.92 | 1.16 | 0.93 | 0.84 |
| EV/Net Sales(x) | 0.83 | 1.03 | 0.78 | 0.46 | 0.41 | 0.62 | 0.73 | 0.56 | 0.8 | 0.81 | 1.06 |
| EV/Core EBITDA(x) | 5.03 | 13.89 | 15.56 | 8.6 | 5.97 | 3.74 | 5.72 | 2.55 | 3.47 | 4.33 | 4.26 |
| Net Sales Growth(%) | 4.43 | -23.36 | 36.8 | 5.32 | -6.43 | -14.03 | 12.4 | 118.79 | 5.95 | -29 | 54.27 |
| EBIT Growth(%) | -5.58 | -86.2 | 85.26 | 17.35 | 26.12 | 70.82 | -42.33 | 690.29 | 11 | -53.56 | 163.76 |
| PAT Growth(%) | -2.5 | -93.59 | -18.13 | 348.35 | -7.51 | 202.46 | -54.79 | 927.71 | 12.38 | -59.49 | 200.25 |
| EPS Growth(%) | -3.63 | -93.39 | -22.79 | 287.13 | -3.19 | 247.46 | -54.52 | 923.49 | 12.5 | -59.48 | 199.74 |
| Debt/Equity(x) | 0.39 | 0.48 | 0.48 | 0.47 | 0.68 | 0.49 | 0.66 | 0.45 | 0.49 | 0.4 | 0.3 |
| Current Ratio(x) | 1.44 | 1.43 | 1.41 | 1.54 | 1.45 | 1.69 | 1.64 | 2.07 | 2.45 | 2.51 | 2.86 |
| Quick Ratio(x) | 0.64 | 0.64 | 0.82 | 0.88 | 0.64 | 0.69 | 0.68 | 1.04 | 1.56 | 1.64 | 1.98 |
| Interest Cover(x) | 14.4 | 1.05 | 1.9 | 2.61 | 2.35 | 6.36 | 3.69 | 11.9 | 12.04 | 5.11 | 10.28 |
| Total Debt/Mcap(x) | 0.15 | 0.21 | 0.2 | 0.34 | 0.84 | 0.45 | 0.49 | 0.26 | 0.24 | 0.29 | 0.15 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.11 | 55.11 | 55.11 | 55.4 | 56.25 | 57.39 | 57.43 | 57.47 | 57.47 | 57.47 |
| FII | 0.77 | 0.14 | 0.04 | 0.07 | 0.29 | 0.1 | 0.76 | 0.49 | 1.3 | 0.76 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.22 | 0.32 | 0.36 | 0.21 | 0.19 |
| Public | 44.11 | 44.75 | 44.84 | 44.53 | 43.46 | 42.29 | 41.49 | 41.68 | 41.02 | 41.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.45 | 1.45 | 1.45 | 1.46 | 1.48 | 1.51 | 1.51 | 3.03 | 3.03 | 3.03 |
| FII | 0.02 | 0 | 0 | 0 | 0.01 | 0 | 0.02 | 0.03 | 0.07 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Public | 1.16 | 1.18 | 1.18 | 1.17 | 1.14 | 1.11 | 1.09 | 2.19 | 2.16 | 2.19 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 5.27 | 5.27 | 5.27 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +54% | +5% | +23% | +10% |
| Operating Profit CAGR | +105% | +10% | +34% | +14% |
| PAT CAGR | +197% | +11% | +45% | +15% |
| Share Price CAGR | +23% | -1% | +38% | +20% |
| ROE Average | +30% | +26% | +27% | +18% |
| ROCE Average | +32% | +27% | +27% | +19% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.11 | 55.11 | 55.11 | 55.4 | 56.25 | 57.39 | 57.43 | 57.47 | 57.47 | 57.47 |
| FII | 0.77 | 0.14 | 0.04 | 0.07 | 0.29 | 0.1 | 0.76 | 0.49 | 1.3 | 0.76 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.22 | 0.32 | 0.36 | 0.21 | 0.19 |
| Public | 44.11 | 44.75 | 44.84 | 44.53 | 43.46 | 42.29 | 41.49 | 41.68 | 41.02 | 41.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.45 | 1.45 | 1.45 | 1.46 | 1.48 | 1.51 | 1.51 | 3.03 | 3.03 | 3.03 |
| FII | 0.02 | 0 | 0 | 0 | 0.01 | 0 | 0.02 | 0.03 | 0.07 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Public | 1.16 | 1.18 | 1.18 | 1.17 | 1.14 | 1.11 | 1.09 | 2.19 | 2.16 | 2.19 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 5.27 | 5.27 | 5.27 |
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