Mukka Proteins Limited successfully completed its Initial Public Offering (IPO) and listed on the NSE and BSE in March 2024.15 September 2026Mainline IPO - NSE · 7 min read

Mukka Proteins — Pre-IPO Research Report

Mukka Proteins Limited is a manufacturer and supplier of fish meal, fish oil, and fish soluble paste, which are crucial ingredients for aqua feed, poultry feed, and pet food industries. The company recently completed its Initial Public Offering (IPO) in March 2024, making it a relevant entity for investors tracking newly listed Indian companies.

Founded

2003

Headquarters

Mangaluru, Karnataka, India

Promoters

Kalandan Mohammed Haris, Kalandan Mohammed Arif (per the DRHP filed with SEBI)

Product Portfolio

Fish Meal, Fish Oil, Fish Soluble Paste

Manufacturing Facilities

6 facilities in India and 2 in Oman (through its foreign subsidiary, Ocean Aquatic Proteins LLC) (per the DRHP filed with SEBI)

What the company is (and how it makes money)

Manufactures and supplies fish meal, a high-protein ingredient primarily used in aquafeed (for fish, shrimp) and poultry feed.
Produces fish oil, rich in Omega-3 fatty acids, which is used in aquafeed, poultry feed, pet food, and pharmaceutical products.
Develops fish soluble paste, a liquid protein product used as a feed attractant and nutritional supplement.
Operates manufacturing facilities strategically located along the Indian coastline to ensure proximity to raw material sources (fish landing centers).
Serves a diverse customer base, including aquafeed and poultry feed manufacturers, both domestically and internationally.
Exports a significant portion of its products to countries in Asia and Europe.

Financial snapshot (officially disclosed only)

Revenue from operations was ₹7,705.50 million for Fiscal 2023, up from ₹6,038.35 million for Fiscal 2022 (per the DRHP filed with SEBI).
Profit After Tax (PAT) stood at ₹482.02 million for Fiscal 2023, compared to ₹251.93 million for Fiscal 2022 (per the DRHP filed with SEBI).
The company reported a Return on Equity (ROE) of 34.09% for Fiscal 2023 (per the DRHP filed with SEBI).
Total borrowings were ₹1,048.40 million as of September 30, 2023 (per the DRHP filed with SEBI).

The moat

**Strategic Sourcing Network:** Proximity of manufacturing units to major fishing harbors in Karnataka and Gujarat provides a logistical advantage in raw material procurement, which is crucial for perishable goods.
**Integrated Operations:** Control over various stages from raw material processing to finished product allows for quality control and potentially better cost management.
**Certifications and Quality Standards:** Adherence to various national and international quality standards (e.g., ISO, FSSAI) helps build trust and comply with export market requirements.
**Established Customer Relationships:** Long-standing relationships with key customers in the aquafeed and poultry feed industries, both domestically and internationally, provide stable demand.
**Product Diversification within Niche:** While focused on fish-based proteins, the range of products (meal, oil, paste) caters to different needs within the animal feed industry, and the investment in insect-based protein (Ento Proteins) indicates future diversification.

Where it is in the IPO pipeline

The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on October 27, 2023, and received SEBI approval on January 10, 2024.
The Initial Public Offering (IPO) opened for subscription on February 29, 2024, and closed on March 4, 2024.
The IPO was a fresh issue of equity shares aggregating up to ₹2,240 million (₹224 crore), with no Offer for Sale (OFS) component (per the RHP filed with SEBI).
The net proceeds from the fresh issue were intended to be utilized for funding working capital requirements, investment in its associate Ento Proteins Private Limited for working capital, and general corporate purposes (per the RHP filed with SEBI).
Mukka Proteins Limited successfully listed its shares on the National Stock Exchange (NSE) and BSE Limited on March 7, 2024.

What most investors miss

**Raw Material Volatility & Seasonality:** The business is heavily dependent on the availability and pricing of specific fish species (e.g., Sardines, Anchovies), which are subject to seasonal catch fluctuations, environmental factors, and government fishing bans. This directly impacts procurement costs and production volumes.
**Working Capital Intensity:** Manufacturing and storing fish meal and oil, especially given raw material seasonality, necessitates significant working capital. The IPO's primary use of proceeds for working capital highlights this ongoing operational need.
**Global Commodity Price Linkage:** Fish meal and fish oil are global commodities, meaning their prices are influenced by international supply-demand dynamics, which can impact export revenues and overall profitability irrespective of domestic factors.
**Regulatory Environment for Fishing:** The Indian fishing industry is subject to evolving regulations, including fishing quotas, environmental clearances, and specific fishing zone restrictions, which can affect raw material access and operational continuity.
**Investment in Ento Proteins:** The strategic investment in Ento Proteins Private Limited for insect-based protein manufacturing is a forward-looking move, but its contribution to Mukka Proteins' overall business and the scalability of insect protein remain areas to monitor.
**Customer Concentration & Diversification:** While the company serves multiple industries, the degree of reliance on a few large customers or specific geographies for a substantial portion of revenue is an important factor to assess for revenue stability.

Red flags and what to scrutinise

**Dependence on Raw Material Availability and Price:** Fluctuations in the catch of specific fish species due to environmental conditions, overfishing, or regulatory changes can disrupt production and increase raw material costs, directly impacting margins.
**Exposure to Foreign Currency Exchange Rate Fluctuations:** A significant portion of the company's revenue is derived from exports, making it vulnerable to adverse movements in foreign currency exchange rates.
**Intense Competition:** The fish meal and fish oil market is competitive, with both domestic and international players. This can exert pressure on pricing and market share, potentially limiting growth and profitability.
**Regulatory and Environmental Risks:** Operating in the fishing and processing industry entails strict compliance with environmental norms, waste disposal regulations, and fishing laws. Any non-compliance could lead to penalties, operational disruptions, or reputational damage.
**Seasonality of Business Operations:** The availability of raw materials is seasonal, leading to variations in production and sales volumes across different quarters, which can result in uneven financial performance.
**Working Capital Management Challenges:** The business is inherently working capital intensive due to the need to maintain sufficient inventory of raw materials and manage receivables, which can strain liquidity if not managed efficiently.

How to evaluate it (a diligence checklist)

**Examine the Red Herring Prospectus (RHP):** Carefully review the RHP for detailed disclosures on business operations, financial performance, risk factors, and the specific utilization of the IPO proceeds.
**Analyze Raw Material Procurement Strategy:** Understand how the company mitigates risks associated with raw material availability, quality, and price volatility, including long-term contracts or diversification of sourcing.
**Assess Working Capital Efficiency:** Review historical trends in inventory days, debtor days, and creditor days to understand the efficiency of their working capital cycle and its impact on cash flows.
**Evaluate Market Positioning and Customer Diversification:** Investigate their market share, competitive advantages in different product segments, and the degree of customer concentration to gauge revenue stability.
**Review Regulatory Compliance Track Record:** Examine any past environmental or fishing regulatory non-compliances and the company's current framework for adherence to relevant laws and standards.
**Understand the Investment in Ento Proteins:** Study the rationale, potential synergies, and risks associated with their strategic investment in insect-based protein, as this represents a future growth avenue and diversification strategy.

Official references

SEBI - Draft offer documents & public issues SEBI - Securities and Exchange Board of India NSE India - listings & filings BSE India - listings & filings MCA - company master data & financial filings

The company Red Herring Prospectus (RHP) on the SEBI website
Mukka Proteins Limited's filings on the NSE and BSE websites
Mukka Proteins Limited's official website for corporate information

Frequently asked questions

What products does Mukka Proteins Limited manufacture?

Mukka Proteins Limited manufactures and supplies fish meal, fish oil, and fish soluble paste, which are key ingredients for aquafeed, poultry feed, and pet food.

When did Mukka Proteins Limited's IPO take place?

The IPO of Mukka Proteins Limited opened on February 29, 2024, and closed on March 4, 2024, with listing on March 7, 2024.

What was the structure of Mukka Proteins' IPO?

The IPO was entirely a fresh issue of equity shares aggregating up to ₹2,240 million (₹224 crore), with no Offer for Sale (OFS) component, as per the RHP filed with SEBI.

How did Mukka Proteins intend to use the proceeds from its IPO?

The net proceeds from the fresh issue were intended to be utilized for funding working capital requirements, investment in its associate Ento Proteins Private Limited for working capital, and general corporate purposes, as per the RHP filed with SEBI.

What are the primary raw materials for Mukka Proteins' products?

The primary raw materials are various species of fish such as Sardines, Anchovies, and Mackerel, which are sourced from fishing harbors along the Indian coastline.

Does Mukka Proteins Limited have international operations?

Yes, Mukka Proteins Limited exports a significant portion of its products to countries in Asia and Europe and operates two manufacturing facilities in Oman through its foreign subsidiary, Ocean Aquatic Proteins LLC, as per the DRHP filed with SEBI.

This report is prepared by Neoma Capital for information and investor-education purposes only. It is not investment advice, a recommendation, or an offer to buy or sell any security. Unlisted and pre-IPO shares are illiquid, high-risk and may never list. Any figures mentioned are only those officially disclosed by the company, SEBI, the stock exchanges or the MCA, and may change. Neoma Capital does not guarantee accuracy or completeness. Verify everything independently from official sources and consult a SEBI-registered adviser before making any decision. Neoma Capital, 15 September 2026.