Mukka Proteins: All You Need to Know About India’s Leading Fish Meal Player


Mukka Proteins, a prominent player in the Fish Protein industry in India, is set to debut in the stock market with its maiden public offering later this week. Here are the top things you should know about Mukka Proteins IPO and its business operations.

#1 Mukka Proteins IPO: Business Overview

Mukka Proteins, founded in 1985, has emerged as a key player in India’s fish meal and fish oil industry. The company specializes in manufacturing and exporting high-quality Fish Protein products, including fish meal, fish oil, and fish soluble paste. With over three decades of industry experience, the company has established itself as a reliable and reputable supplier both domestically and internationally. Fish Meal is the biggest contributor to the company’s topline, accounting for 86.16% of revenues in the six months ended 30 September 2024.

Mukka Proteins IPO

Fish Oil and Fish Soluble Paste are also important products, contributing 8.85% and 2.25% in revenues, respectively.

The company has also ventured in insect meal and insect oil through an associate company.

#2 Mukka Proteins: Market Leadership

Mukka Proteins plays a significant role in the Indian fish meal and fish oil industry. In Fiscal 2022, the company accounted for 45%-50% of the estimated revenue in this sector. The company’s strong market position is bolstered by its extensive product portfolio, robust distribution network, and commitment to quality assurance. By offering a diverse range of Fish Protein products, the company caters to various end-user industries such as aqua feed, poultry feed, pet food, pharmaceuticals, soap manufacturing, leather tanneries, and paint industries.

#3 Mukka Proteins: Export Performance

Mukka Proteins has consistently demonstrated exceptional export performance, earning accolades from the Marine Products Export Development Authority (MPEDA). The company’s products are exported to over 10 countries, including Bahrain, Bangladesh, Chile, Indonesia, Malaysia, Myanmar, Philippines, China, Saudi Arabia, South Korea, Oman, Taiwan, and Vietnam. This international presence helps mitigate risks associated with single-market dependence and positions Mukka Proteins as a global player in the Fish Protein market.

For the six months period ended September 30, 2023, exports accounted for 62.68% of Mukka Proteins’ revenues.

#4 Mukka Proteins: Manufacturing Capabilities

Mukka Proteins operates six manufacturing facilities, strategically located along the coastline to minimize dependency on specific landing sites and optimize raw material access. Out of these, four manufacturing facilities are located in India while two manufacturing facilities are in Oman.

These facilities have a combined annualized manufacturing capacity of 1,15,050 metric tons per annum (MTPA) of fish meal, 16,950 MTPA of fish oil, and 20,340 MTPA of fish soluble paste. Additionally, the company maintains three blending facilities and five storage facilities across India to cater to diverse customer requirements and market demands.

The company has also entered into contractual arrangement with third-party manufacturing
units, situated at Sasihithlu (Karnataka), Udupi (Karnataka), Ullal (Karnataka), Taloja (Maharashtra), Porbandar (Gujarat) and Mangrol (Gujarat), for supply of fish meal and fish oil.

#5 Mukka Proteins IPO: Supply Chain Integration

The company maintains partnerships with fish meal and fish oil suppliers, ensuring a consistent supply of raw materials. Additionally, Mukka Proteins has entered into contractual arrangements with third-party manufacturing units, further enhancing its operational efficiency and raw material sourcing capabilities.

Mukka Proteins

#6 Mukka Proteins: Workforce

As of 31 March 2023, the company’s workforce consists of 385 individuals from diverse departments, spanning skilled and unskilled labor, administration, management, and operations.

#7 Mukka Proteins IPO: Objects of the Issue

The company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:

  • Funding working capital requirements of the company – INR 120 crore
  • Investment in its associate company named Ento Proteins Private Limited (EPPL), for funding its working capital requirements – INR 10 crore
  • General corporate purposes

#8 Mukka Proteins IPO: Financial Performance and Valuations

Mukka Proteins’ financials demonstrate resilience and growth potential. With a significant contribution to the Indian fish meal and fish oil industry’s revenue and a track record of consistent performance, the company presents an attractive investment opportunity for discerning investors.

 FY 2020FY 2021FY 2022FY 2023H1 FY 2024
Net income13.5711.0125.8247.5332.98
Margin (%)2.471.823.354.045.44
Figures in INR Crores unless specified otherwise

In a similar vein, the company has posted a marked decline in its debt to equity ratio and this, along with the revenue growth, has helped it in posting strong growth in return ratios like ROCE.

FY 2020FY 2021FY 2022FY 2023
PE ratio13.0 – 14.0
RONW (%)23.4013.9127.7534.19
ROCE (%)9.655.8613.8617.62
EBITDA (%)5.765.277.048.01
*Compiled by IPO Central from Prospectus

#9 Mukka Proteins IPO: Client Relationships

The company shares a strong client relationship with its customers and receives the majority of its business from long-term clients. For example, as of 30 September 2023, the company had on-going business relationships of more than five years with 19.61% of total customers who contributed 52.90% of the revenue from operations.

Read Also: Upcoming Tata Group IPOs in 2024, Four IPOs Lined-Up

#10 Mukka Proteins: Risk Factors

While Mukka Proteins enjoys a strong market position and favorable growth prospects, investors should be mindful of potential risks associated with the company’s business operations. These risks may include fluctuations in raw material prices, regulatory challenges, currency exchange rate volatility, and competition from domestic and international players. Additionally, external factors such as natural disasters, geopolitical tensions, and global economic downturns could impact Mukka Proteins’ financial performance and operational efficiency.


In conclusion, Mukka Proteins’ upcoming IPO offers investors a chance to participate in a leading player in the Indian Fish Protein industry with a proven track record, innovative ventures, and strong fundamentals. It also helps that the company is generating enough interest in the grey market where it is commanding a premium.


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