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Apex Frozen Foods Limited (APEX) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹12.7B

AF Apex Frozen Foods Limited APEX · NSE
Price₹371.50
Fair Value₹222.77
Upside-40.0%
Quality71/100
Healthy Growth
Thin margins · 3.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/14)
Narrow moat 31/100
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Evidence: High Range ₹168.10 – ₹277.43 Share as image

Fair value as of: Aug 2, 2026

From 26 valuation models · updated yesterday

Share price −7.5% over the past month.

A solid business, but screening 40% overvalued on our models.

What matters now

  • A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (₹277.43). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

₹501.30 ₹181.22 Fair Value ₹222.77 Apr 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹181.22 – ₹501.30 · fair‑value band ₹168.10 – ₹277.43 · the ₹371.50 price screens above the ₹222.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

Which stocks are undervalued right now? Check free Discover now →

Analysis

Apex Frozen Foods Limited (APEX) currently trades at ₹371.50, while our model-based Fair Value estimate is ₹222.77, implying the stock looks roughly 40.0% overvalued today. We read business quality at 71/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Apex Frozen Foods Limited generated revenue of ₹9.6B at a net margin of 3.5%. Revenue grew 14.5% year over year. It earns a return on equity of 4.5%. The balance sheet holds a net cash position of ₹128M. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹168.10 (bear case) to ₹277.43 (bull case); at ₹371.50, the current price sits above that range. The share trades about 28% below its 52-week high and 79% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 102% fair-value upside, at -40%, APEX screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ₹317.47 ₹461.35 ₹664.80 80
Residual Income ₹137.88 ₹145.77 ₹159.45 76
Rev-Margin DCF ₹185.08 ₹261.78 ₹349.89 74
All 26 models by family
DCF Models
FCF DCF ₹311.17 ₹471.61 ₹711.92 38
Owner Earnings ₹175.19 ₹264.29 ₹397.73 31
5Y Revenue Exit ₹185.08 ₹257.71 ₹345.91 39
5Y EBITDA Exit ₹212.58 ₹308.45 ₹416.31 41
5Y P/E Exit ₹220.11 ₹322.34 ₹426.43 38
10Y Revenue Exit ₹224.84 ₹300.98 ₹395.32 36
10Y EBITDA Exit ₹245.78 ₹335.94 ₹448.37 37
10Y P/E Exit ₹250.56 ₹345.52 ₹456.00 35
Earnings-Based
Graham-Dodd ₹84.53 ₹245.04 ₹323.51 54
Lynch FV ₹50.73 ₹72.47 ₹94.22 50
PEG = 1.0 ₹50.73 ₹72.47 ₹94.22 46
EPV ₹84.73 ₹97.96 ₹109.53 59
Dividend Discount
Gordon GGM ₹18.36 ₹38.18 ₹60.57 70
DDM Multi-Stage ₹18.36 ₹29.45 ₹40.07 61
Multiples
P/E Multiple ₹186.47 ₹248.62 ₹310.78 63
P/S Multiple ₹158.50 ₹211.33 ₹264.16 58
P/B Multiple ₹158.50 ₹211.33 ₹264.16 55
EV/EBIT ₹179.04 ₹236.91 ₹294.79 53
EV/EBITDA ₹178.74 ₹236.52 ₹294.30 54
EV/Revenue ₹122.44 ₹172.60 ₹222.77 43
Asset-Based
NCAV (Graham) ₹84.48 ₹113.20 ₹168.96 50
Growth DCF
Growth DCF ₹317.47 ₹461.35 ₹664.80 80
Rev-Margin DCF ₹185.08 ₹261.78 ₹349.89 74
Economic Profit
Residual Income ₹137.88 ₹145.77 ₹159.45 76
ROIC Compounder ₹84.73 ₹97.96 ₹109.53 72
Growth Earnings
Growth-Adj P/E ₹151.25 ₹216.07 ₹280.89 68

Widest divergence: DCF Models (₹308.45) versus Dividend Discount (₹29.45). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) ₹9.6B
Revenue growth (YoY) +14.5%
Net margin 3.5%
Return on equity 4.5%
Free cash flow ₹857M FY2026
P/E ratio 32.6
More key figures
Operating margin 4.0%
EPS (TTM) ₹12.44
EPS growth (YoY) +139%
Net cash ₹128M FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 76 · Market factors (momentum, volatility) 64

Profitability 59
Margins and returns on capital today
Quality Growth 88
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Apex Frozen Foods Limited engages in the farming, processing, production, and sale of shrimps in India. It provides ready-to-cook whiteleg and black tiger shrimps, which include head on and whole, headless and shell-on, easy peel, peeled, and cooked peeled & deveined-tail-on, cooked in shell, dusted and breaded, par-fried, butterfly, skewered, seasoned, …

Full company description

Apex Frozen Foods Limited engages in the farming, processing, production, and sale of shrimps in India. It provides ready-to-cook whiteleg and black tiger shrimps, which include head on and whole, headless and shell-on, easy peel, peeled, and cooked peeled & deveined-tail-on, cooked in shell, dusted and breaded, par-fried, butterfly, skewered, seasoned, peeled and deveined-tail-on, peeled and un-deveined-tail-on, peeled and deveined-tail-off, peeled and un-deveined, and peeled and deveined shrimps, as well as shrimp rings. The company offers ready-to-cook products under Bay Fresh, Bay Harvest, and Bay Premium brand names to food companies, retail chains, restaurants, club stores, and distributors. It exports its products to the United States, the European Union, and China. Apex Frozen Foods Limited was founded in 1995 and is based in Kakinada, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Apex Frozen Foods Limited reported revenue of ₹9.3B in FY2026 versus ₹8.9B in FY2022, a compound +1.0%/yr. Reported net income was ₹388M in FY2026, compounding −1.4%/yr from FY2022.

Growth Quality 64/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹9.3B
Latest YoY
+14.5%
Avg. growth/yr (3Y)
−2.7%
Avg. growth/yr (5Y)
+3.1%
Avg. growth/yr (13Y)
+10.6%
Revenue +1.0%/yr
FY22 ₹8.9B
FY23 ₹10.1B
FY24 ₹7.6B
FY25 ₹8.1B
FY26 ₹9.3B
Net income −1.4%/yr
FY22 ₹411M
FY23 ₹359M
FY24 ₹146M
FY25 ₹38.8M
FY26 ₹388M

APEX screens 40% overvalued. Compare with Archer-Daniels-Midland Company →

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Cite: Fair Value Calculator (2026). "Apex Frozen Foods Limited Fair Value". https://www.fairvalue-calculator.com/stock/APEX

Peer Group

Farm Products · 296 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 71 · Top 25%
Fair Value upside −40% · Below median
Return on equity (TTM) 5% · Above median
Return on assets 2% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 4% · Below median
Revenue growth 15% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 32.6× · Pricier than 75% of peers
P/B 2.40× · Pricier than 75% of peers
P/S (TTM) 1.33× · Pricier than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 25.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 31
FUTURE 73 · sector 24
PAST 18 · sector 16
HEALTH 100 · sector 94
DIVIDEND 0 · sector 41

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Archer-Daniels-Midland Company ADM $82.30 $38.02 -54%
Muyuan Foods Group 002714 ¥40.90 ¥48.19 +18%
Wens Foodstuff Group 300498 ¥14.51 ¥12.08 -17%
Mowi ASA MOWI kr 188.40 kr 262.59 +39%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,120 IDR 7,076 IDR +127%
Charoen Pokphand Foods Public Company CPF 22.00 THB 55.71 THB +153%
PT Triputra Agro Persada Tbk TAPG 1,540 IDR 3,105 IDR +102%
PT FAP Agri Tbk FAPA 7,300 IDR 7,463 IDR +2%
PT Japfa Comfeed Indonesia Tbk JPFA 2,070 IDR 7,231 IDR +249%
Thaifoods Group TFGR 10.60 THB 23.53 THB +122%

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Frequently asked questions

Is Apex Frozen Foods Limited (APEX) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹222.77 versus a price of ₹371.50, about −40% (overvalued).
What is the fair value of APEX?
Our model-based fair value for Apex Frozen Foods Limited is ₹222.77 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹371.50.
What is the quality score of APEX?
Apex Frozen Foods Limited has a Quality Score of 71/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Apex Frozen Foods Limited (APEX)?
Apex Frozen Foods Limited reported trailing-twelve-month revenue of about ₹9.6B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of APEX?
The net profit margin of Apex Frozen Foods Limited is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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