Mukka Proteins Limited | Globe Capital Market LTD.
Mukka Proteins Limited
Price Band
₹26 to ₹28
IPO Issue Period
Feb 29, 2024 to Mar 4, 2024
Issue Size
₹224.00 Cr
Face value
₹1 per share
Fresh issue
₹224.00 Cr
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Cameo Corporate Services Limited
Tentative Listing Date
March 7, 2024

Fedex Securities Pvt Ltd

Incorporated in March 2003, Mukka Proteins Limited manufactures fish protein products. The company produces and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for the production of aqua feed (for fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food).

The company exports its products to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan and Vietnam.

As of March 31, 2023, the company employed 385 people from various departments, including technical and support staff, administration, management and operations.

The company currently operates six production facilities, including four in India and two in Oman, which are held by its foreign subsidiary Ocean Aquatic Proteins LLC. In addition, the company operates three blending plants and five storage facilities, all of which are located in India. All of the company’s facilities are strategically located near the coast.

The company is certified by NQA and UKAS to ISO 22000:2018 and ISO 9001:2015 management system standards.

As of December 31, 2022, the company has contractual arrangements with third-party manufacturing facilities in Sasihithlu (Karnataka), Udupi (Karnataka), Taloja (Maharashtra) and Ratnagiri (Maharashtra) for the supply of fishmeal and fish oil.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 1,183.80 776.15 609.95
Profit After Tax 47.53 25.82 11.01
EPS 2.00 1.10 0.41
OPM (%) 7.32% 6.18% 3.62%
PATM (%) 4.04% 3.35% 1.82%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Mukka Proteins Ltd. *840 28 2.77 14 1183.80 47.53
Avanti Feeds Ltd. 6,943.08 509.6 3.05 20.04 5,178.38 381.41
Godrej Agrovet Ltd. 9,936.34 516.95 4.08 29.79 9,496.69 265.68
Waterbase Ltd. 337.26 81.41 1.9 0 337.57 -7.58


*Market cap @upper band 

  • Its position as a leading manufacturer and exporter of Fish Protein products
  • Established customer base and strong relationships
  • Strategically located processing facilities
  • Entry Barriers
  • Strong and consistent financial performance
  • Focus on Quality, Environment, Health and Safety (QEHS)
  • Experienced Promoter Directors with extensive domain knowledge.
  • Funding working capital requirements of the Company;
  • Investment in the Associate, viz. Ento Proteins Private Limited, for funding its working capital requirements; and
  • General Corporate Purposes.

With the products market share of 25-30% domestically. It also has good demand in global markets also. The company may attract first mover fancy post listing.

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