APIS INDIA LTD. (APIS) share price
₹52.72 on BSE as of 2026-09-04. -2.37% on the day. market cap ₹29 Cr. P/E 1.8. 52-week range ₹15.02 to ₹107.79. Fast Moving Consumer Goods.
Apis India FY26: Honey, We Have Revenue Growth
At a glance
Revenue hit ₹391 Cr in FY26, up 11.5% year-on-year. Net profit stayed flat at ₹25.3 Cr—no growth to write home about.
The company's stock has returned 410% in one year, 181% over three years. On the raw numbers: the company paid no dividend. Ever. So returns are pure capital appreciation.
A modest honey processor with a booming share price and a question mark the size of a balance sheet.
The multiple trades at 32.7x earnings—well above the food-processing peer median of 18.7x. An arbitrage between street buzz and fundamentals.
Introduction
Apis India was incorporated in 1983, then bought by Deepak Anand's family in 2006. The Anands—now run by Amit and Vimal—own 74.7% of the company.
The equity capital structure went haywire in Dec 2025 when the board issued a 24:1 bonus. Pre-bonus, the company had ₹5.5 Cr shares outstanding; post-bonus, ₹138 Cr shares. That is, the nominal count exploded, but the economics didn't budge.
The company sits in Roorkee, Uttarakhand, with a honey processing capacity of 100 metric tonnes per day. It also has a Dubai facility.
Revenue used to be 85% honey (FY18). By FY25, that had shrunk to 70-75%, diluted by dates, cornflakes, soya, vermicelli, pickles, jams, and tea. A portfolio spread that is strategic, if not yet profitable.
Exports account for roughly 45% of revenue—a cushion against domestic price wars. Top 10 customers represent 45-50% of sales. Concentration risk with a global exit ramp.
Business model
Core play: honey.
The company sources raw honey (mostly from mustard-flower seasons, so inventory swells and shrinks), processes it in-house, and sells flavoured variants (ginger, lemon, tulsi, organic, honey with nuts, with comb) to B2B and B2C.
B2B: bulk sales to food companies, institutional buyers. B2C: retail brands like "Apis" on e-commerce, modern trade, direct sales. The latter got its own subsidiary (Anantdrishti Smart India) in July 2023—an attempt to sandbox retail away from wholesale cycles.
The pivot into dates, cornflakes, pickles, and preserves is real, but marginal. These are the undercard items. Honey is still the ring.
The margin tension is built-in: raw material is 60% of sales, so any slip in procurement or commodity pricing kills operating profit. The company's OPM has swung from 5% to 16% over recent years—a sign that cost control and product mix both matter.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for APIS INDIA LTD..
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