Consumer Food · Founded 1992 · www.uniroyalmarine.com · BSE 526113 · · ISIN INE602H01010
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1. Business Overview
Uniroyal Marine Exports Ltd. is an Indian company engaged in the processing and export of marine products. Its core business involves sourcing various types of seafood (such as shrimp, fish, cuttlefish, and squid), processing them into different forms (primarily frozen products), and then exporting these processed marine goods to international markets. The company generates revenue by selling these value-added seafood products globally, leveraging its processing capabilities and export network.
2. Key Segments / Revenue Mix
The company's revenue is primarily derived from the sale of processed and frozen marine products. While a detailed breakdown by specific product type (e.g., shrimp, fish) or geographical export market is typically available in annual reports, public information generally indicates a focus on a diversified basket of seafood items for export. No specific percentage contributions for segments are publicly available without detailed financial statements.
3. Industry & Positioning
Uniroyal Marine Exports operates within the highly competitive Indian marine products export industry, which is a significant component of the broader Consumer Food sector. India is a major global exporter of seafood, particularly shrimp, serving key markets like the USA, EU, Japan, and China. The industry is fragmented, comprising numerous processors and exporters. Uniroyal Marine is one of the many players in this export-oriented market, competing on factors such as product quality, adherence to international standards, pricing, and an established export network. Its positioning is likely that of a mid-sized to smaller exporter within the broader competitive landscape.
4. Competitive Advantage (Moat)
Durable competitive advantages (moats) are challenging to build in the marine processing and export industry, which often operates on commodity-like margins. Potential advantages for Uniroyal Marine could include:
Quality Certifications: Adherence to stringent international food safety and quality standards (e.g., HACCP, BRC, EU approvals) is crucial for market access and can provide a basic level of trust.
Established Sourcing & Export Network: Long-standing relationships with raw material suppliers and international buyers can offer some stability.
Processing Efficiency: Optimized processing facilities and cost management could lead to better margins.
However, these are often common operational requirements in the sector rather than unique, long-term moats, making sustained differentiation difficult.
5. Growth Drivers
Increasing Global Demand for Seafood: Rising global population, changing dietary habits, and health consciousness are driving sustained demand for seafood products.
Expansion into New Markets: Diversifying export destinations beyond traditional markets can open new avenues for growth.
Value-Added Products: Shifting focus towards higher-margin, ready-to-cook, or specialized seafood preparations can improve profitability.
Aquaculture Growth: India's growing aquaculture sector, particularly for shrimp, provides a more stable and scalable source of raw materials.
Government Support: Indian government initiatives aimed at boosting marine exports through infrastructure development, subsidies, and trade agreements.
6. Risks
Commodity Price Volatility: Fluctuations in the prices of raw seafood and processed products in international markets can impact profitability.
Trade Barriers and Protectionism: Changes in import duties, quotas, and non-tariff barriers (e.g., anti-dumping duties) in key export markets.
Quality Control & Regulatory Compliance: Failure to meet stringent international food safety, hygiene, and environmental standards can lead to rejections, import bans, and reputational damage.
Currency Fluctuations: As an exporter, the company is exposed to adverse movements in the Indian Rupee against major foreign currencies.
Disease Outbreaks: Diseases affecting aquaculture (e.g., shrimp diseases) can disrupt raw material supply and increase costs.
Intense Competition: Fierce competition from domestic and international players in a fragmented market.
Environmental Factors: Impact of climate change on fish stocks, water quality, and aquaculture operations.
7. Management & Ownership
Uniroyal Marine Exports Ltd. is typically a promoter-led company, common in the Indian context, where the founding family or group holds a significant stake and exerts control over the management. Specific details on the professional experience of key management personnel beyond the promoter group and the full ownership structure (institutional vs. public holdings) would require examining the latest annual reports and regulatory filings.
8. Outlook
The company operates in a sector with structural tailwinds from increasing global demand for seafood, benefiting from India's position as a major marine exporter. This provides a fundamental demand base for its products. However, the business is inherently exposed to the volatilities of commodity markets, intense competition, and the stringent regulatory environment of international food trade. Sustained performance will depend on its ability to consistently deliver high-quality products, adapt to evolving market demands and trade policies, and efficiently manage its supply chain amidst fluctuating raw material prices and currency movements.
Price goes above X
Price falls below X
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| #(Fig in Cr.) | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 5 | 2 | 7 | 6 | 3 | 5 | 12 | 6 | 5 | 5 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 5 | 2 | 7 | 6 | 4 | 7 | 12 | 6 | 5 | 5 |
| Total Expenditure | 5 | 2 | 7 | 7 | 4 | 6 | 11 | 5 | 4 | 5 |
| Operating Profit | 0 | -1 | 1 | -1 | -0 | 0 | 0 | 2 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -1 | 0 | -1 | -1 | -0 | 0 | 1 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -1 | 0 | -1 | -1 | -0 | 0 | 1 | 0 | 0 |
| Adjustments | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -1 | 0 | -1 | -1 | -0 | 0 | 1 | 0 | 0 |
| Adjusted Earnings Per Share | -0.5 | -1.4 | 0 | -2.3 | -1 | -0.5 | 0 | 1.6 | 0 | 0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 38 | 41 | 44 | 44 | 43 | 44 | 34 | 27 | 29 | 19 | 28 | 28 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 38 | 41 | 44 | 44 | 43 | 44 | 34 | 27 | 29 | 20 | 29 | 28 |
| Total Expenditure | 38 | 39 | 42 | 42 | 40 | 42 | 33 | 25 | 28 | 20 | 27 | 25 |
| Operating Profit | 0 | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | -1 | 2 | 2 |
| Interest | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 0 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit Before Tax | -2 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -1 | -3 | 0 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -2 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -1 | -3 | 0 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -2 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -1 | -3 | 0 | 1 |
| Adjusted Earnings Per Share | -2.6 | 0.1 | 0.2 | 0.4 | 0.6 | 0.2 | -0.7 | 0.2 | -0.8 | -4.2 | 0.1 | 1.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 47% | 1% | -9% | -3% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -11% | -5% | 7% | 4% |
| ROE Average | 17% | -52% | -33% | -16% |
| ROCE Average | 10% | 3% | 4% | 6% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 3 | 3 | 4 | 4 | 4 | 3 | 4 | 3 | 0 | 0 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 2 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 13 | 20 | 20 | 21 | 19 | 21 | 26 | 15 | 15 | 14 | 15 |
| Total Liabilities | 19 | 25 | 25 | 26 | 24 | 26 | 31 | 19 | 19 | 18 | 18 |
| Fixed Assets | 5 | 5 | 4 | 4 | 4 | 3 | 3 | 2 | 2 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 14 | 19 | 20 | 22 | 20 | 23 | 28 | 17 | 17 | 17 | 17 |
| Total Assets | 19 | 25 | 25 | 26 | 24 | 26 | 31 | 19 | 19 | 18 | 18 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 |
| Cash Flow from Operating Activities | 1 | -2 | 3 | 1 | 3 | 2 | 1 | 0 | 0 | -0 | 2 |
| Cash Flow from Investing Activities | -3 | -1 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 |
| Cash Flow from Financing Activities | 2 | 3 | -2 | -0 | -2 | -2 | -1 | 0 | 0 | 1 | -2 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 1 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -2.61 | 0.07 | 0.18 | 0.38 | 0.62 | 0.19 | -0.66 | 0.21 | -0.81 | -4.25 | 0.1 |
| CEPS(Rs) | -2.01 | 0.9 | 1.01 | 1.22 | 1.46 | 1.05 | 0.22 | 1.06 | 0.03 | -3.42 | 0.94 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 5.09 | 5.16 | 5.26 | 5.63 | 5.94 | 5.96 | 5.32 | 5.56 | 4.82 | 0.55 | 0.68 |
| Core EBITDA Margin(%) | 0.19 | 5.19 | 5.58 | 4.87 | 5.36 | 4.41 | 3.42 | 5.11 | 4.44 | -5.73 | 6.34 |
| EBIT Margin(%) | -0.67 | 3.92 | 4.42 | 3.75 | 4.14 | 3.2 | 1.81 | 4.58 | 3.21 | -6.41 | 5.6 |
| Pre Tax Margin(%) | -4.4 | 0.14 | 0.26 | 0.56 | 0.95 | 0.28 | -1.27 | 0.52 | -1.82 | -14.27 | 0.24 |
| PAT Margin (%) | -4.4 | 0.11 | 0.26 | 0.56 | 0.95 | 0.28 | -1.27 | 0.52 | -1.82 | -14.27 | 0.24 |
| Cash Profit Margin (%) | -3.4 | 1.43 | 1.48 | 1.8 | 2.22 | 1.55 | 0.43 | 2.57 | 0.06 | -11.49 | 2.14 |
| ROA(%) | -9.4 | 0.21 | 0.47 | 0.97 | 1.61 | 0.48 | -1.51 | 0.55 | -2.7 | -14.57 | 0.37 |
| ROE(%) | -40.19 | 1.39 | 3.44 | 6.93 | 10.74 | 3.15 | -11.75 | 3.95 | -15.6 | -157.98 | 16.89 |
| ROCE(%) | -1.89 | 9.69 | 10.64 | 8.86 | 9.55 | 7.81 | 3.16 | 6.68 | 5.83 | -7.95 | 10.48 |
| Receivable days | 10.26 | 13.46 | 7.95 | 9.56 | 15.23 | 11.97 | 35.56 | 44.47 | 18.17 | 42.78 | 37.8 |
| Inventory Days | 114.2 | 128.28 | 147.11 | 155.31 | 153.52 | 153.37 | 213.42 | 230.46 | 176.09 | 242.89 | 151.08 |
| Payable days | 48.73 | 61.51 | 65.37 | 71.09 | 70.51 | 70.65 | 125.13 | 122.52 | 54.69 | 54.43 | 28.4 |
| PER(x) | 0 | 117.71 | 90.34 | 36.42 | 14.97 | 51.17 | 0 | 44.48 | 0 | 0 | 155.77 |
| Price/Book(x) | 1.99 | 1.63 | 3.08 | 2.44 | 1.57 | 1.61 | 1.7 | 1.72 | 1.62 | 19.81 | 23.91 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.45 | 0.51 | 0.57 | 0.55 | 0.46 | 0.45 | 0.68 | 0.66 | 0.6 | 1.09 | 0.86 |
| EV/Core EBITDA(x) | 133.56 | 9.66 | 10.04 | 11 | 8.57 | 10.02 | 19.27 | 9.9 | 9.67 | -29.96 | 11.47 |
| Net Sales Growth(%) | 4.5 | 6.33 | 8.57 | -1.27 | -2.57 | 2.77 | -22.87 | -20.56 | 7.26 | -32.99 | 47.53 |
| EBIT Growth(%) | -206.01 | 726.04 | 22.63 | -16.4 | 7.76 | -20.67 | -56.36 | 101.11 | -24.82 | -233.84 | 228.94 |
| PAT Growth(%) | -90.02 | 102.74 | 151.3 | 110.5 | 64.74 | -69.83 | -453.41 | 132.38 | -477.14 | -424.63 | 102.45 |
| EPS Growth(%) | -90.3 | 102.74 | 151.3 | 110.51 | 64.74 | -69.83 | -453.41 | 132.38 | -477.08 | -424.64 | 102.45 |
| Debt/Equity(x) | 3.31 | 4.6 | 4.32 | 4.16 | 3.71 | 3.59 | 5.08 | 3.39 | 4.09 | 41.35 | 33.62 |
| Current Ratio(x) | 1.02 | 0.97 | 0.99 | 1.02 | 1.06 | 1.08 | 1.07 | 1.17 | 1.16 | 1.18 | 1.13 |
| Quick Ratio(x) | 0.15 | 0.12 | 0.07 | 0.15 | 0.16 | 0.16 | 0.3 | 0.22 | 0.23 | 0.36 | 0.33 |
| Interest Cover(x) | -0.18 | 1.04 | 1.06 | 1.18 | 1.3 | 1.1 | 0.59 | 1.13 | 0.64 | -0.82 | 1.04 |
| Total Debt/Mcap(x) | 1.66 | 2.83 | 1.4 | 1.71 | 2.37 | 2.23 | 2.98 | 1.97 | 2.53 | 2.09 | 1.41 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 31.19 | 31.19 | 31.19 | 31.19 | 30.42 | 30.34 | 30.34 | 29.49 | 29.49 | 29.41 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 68.8 | 68.8 | 68.8 | 68.8 | 69.58 | 69.65 | 69.65 | 70.5 | 70.5 | 70.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.19 | 0.19 | 0.19 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.46 | 0.46 | 0.46 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 31.19 | 31.19 | 31.19 | 31.19 | 30.42 | 30.34 | 30.34 | 29.49 | 29.49 | 29.41 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 68.81 | 68.81 | 68.81 | 68.81 | 69.58 | 69.66 | 69.66 | 70.51 | 70.51 | 70.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.19 | 0.19 | 0.19 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.46 | 0.46 | 0.46 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +47% | +1% | -9% | -3% |
| Operating Profit CAGR | — | 0% | 0% | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -11% | -5% | +7% | +4% |
| ROE Average | +17% | -52% | -33% | -16% |
| ROCE Average | +10% | +3% | +4% | +6% |
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