Venky’s (India) Limited (NSE: VENKEYS | BSE: 523261)
Source: Venky’s (India) Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Venky’s (India) Limited |
| Corporate Identity Number (CIN) | L01222PN1976PLC017422 |
| ISIN | INE398A01010 |
| NSE Symbol & BSE Scrip Code | NSE: VENKEYS | BSE: 523261 |
| Date of Incorporation / Founding Year | 1976 |
| Founders / Key Founding Figures | Dr. B. V. Rao |
| Registered Office & Corporate Headquarters | Venkateshwara House, S. No. 114/A/2, Pune-Sinhagad Road, Pune – 411030, Maharashtra |
| Telephone & Investor Relations Contact | Telephone: (020) 71251530 to 41 | Email: corp.shares@venkys.com |
| Chairman / Managing Director & CEO | Mrs. Anuradha J. Desai (Chairperson) | Mr. B. Balaji Rao (Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. J. K. Handa (CFO) | Mr. Rohan Bhagwat (Company Secretary) |
| Promoter & Holding Group | Venkateshwara Hatcheries Private Limited (Holding Company, holding 51.61%) |
| Industry / Sector Classification | Poultry and Poultry Products, Animal Health Products, and Oilseed |
| Total Employees / Permanent & Contractual Workforce | 5,488 Employees as on March 31, 2026 |
| Manufacturing Plants / Branches / Offices Count | 63 Plants, 8 Offices across India |
| Countries / States Served | Serving 11 States nationally and exporting to 4 countries internationally |
| Statutory Auditors | M/s. Sudit K. Parekh & Co. LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | M/s Bigshare Services Private Limited |
🏢 The Corporate Identity: Venky’s (India) Limited Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
Venky’s (India) Limited is a premier listed public company in India operating within the poultry and allied sectors. The company has successfully diversified its operations across multiple agricultural and biological verticals, creating a fully integrated business model spanning primary poultry breeding, Specific Pathogen Free (SPF) eggs, chicken processing, animal health products, poultry feed manufacturing, and oilseed processing.
The company commands a resilient market presence supported by a robust balance sheet, negligible long-term borrowings, and advanced scientific expertise. By operating across multiple Indian states and supplying both retail and institutional markets, Venky’s (India) Limited plays a pivotal role in meeting the growing domestic demand for protein-rich diets, poultry nutrition, and livestock healthcare.
The Founders, Promoters & Their Legacy
Venky’s (India) Limited was founded under the visionary leadership of Dr. B. V. Rao, who pioneered commercial poultry farming in India. The company is spearheaded by Mrs. Anuradha J. Desai as Chairperson, alongside Vice-Chairman Mr. B. Venkatesh Rao and Managing Director Mr. B. Balaji Rao. The promoter group is anchored by Venkateshwara Hatcheries Private Limited, which holds a 51.61% equity stake in the company.
The leadership team brings decades of specialized industry knowledge, steering the organization through various agricultural cycles while maintaining rigorous governance standards, financial prudence, and consistent support for rural employment and development.
The Journey: Corporate History & Key Milestones
Incorporated in 1976, Venky’s (India) Limited has evolved from a regional poultry breeding operation into a diversified national enterprise. Over the decades, the company established advanced hatcheries, SPF egg production facilities, solvent extraction plants for oilseeds, and pharmaceutical manufacturing units for animal health.
Marking its 50th Annual Report for the financial year 2025-26, the company continues to benchmark its operational standards against global leaders. Strategic expansions into specialized segments such as SPF eggs for vaccine manufacturing and value-added processed chicken products have solidified its competitive standing.
The Corporate Umbrella & Group Structure
Venky’s (India) Limited operates as a flagship entity within the Venkateshwara Hatcheries (VH) Group. The group ecosystem comprises several entities specializing in allied agricultural, poultry, and biotechnology activities, enabling strong operational synergies across feed supply, breeding stock exchange, and veterinary care distribution.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
The company structures its operations into three primary business segments: Poultry and Poultry Products, Animal Health Products, and Oilseed.
| Segment Name | FY 2025-26 Revenue (₹ in Crores) | FY 2024-25 Revenue (₹ in Crores) | Segment PBIT FY 2025-26 (₹ in Crores) | Segment PBIT FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|---|---|
| Poultry and Poultry Products | 1,896.75 | 1,927.96 | 65.46 | 99.51 | -1.62% |
| Animal Health Products | 353.20 | 308.67 | 98.99 | 72.35 | +14.43% |
| Oilseed | 1,477.37 | 1,070.37 | 54.38 | 19.14 | +38.02% |
| Total Segment Revenue | 3,727.32 | 3,306.99 | 218.83 | 191.00 | +12.71% |
The Product & Service Catalog (with Operational KPIs & Order Book)
Venky’s portfolio addresses diverse agricultural and nutritional requirements. The Poultry segment covers grownup commercial broilers, day-old commercial chicks, hatching eggs, SPF eggs, processed chicken, and poultry feed. The Animal Health division formulates powders and liquids for veterinary care. The Oilseed segment produces refined soya oil and de-oiled cake.
Key biological and physical operational volumes for FY 2025-26 include:
- Poultry for livestock breeding: 19,35,708 birds.
- Hatching eggs: 2,23,58,390 units.
- Commercial broiler birds: 52,92,700 birds.
- S.P.F. eggs production output: 89,90,710 units.
- Grownup commercial broiler output: 9,71,75,967 Kgs.
The Names You Know: Key Brands & Flagship Portfolio
The company markets its products under established brands recognized for quality and biosecurity across institutional and retail channels.
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| Venky’s Processed Chicken | Poultry and Poultry Products | Ready-to-eat and ready-to-cook packaged chicken products for retail and HORECA. |
| Venky’s Animal Health Products | Animal Health Products | Pharmaceutical formulations, powders, and liquids for livestock and poultry healthcare. |
| Venky’s SPF Eggs | Poultry and Poultry Products | Specific Pathogen Free eggs utilized in human and livestock vaccine manufacturing. |
Mapping the Domestic & Global Reach (India vs. Exports)
The company primarily serves the domestic Indian market across 11 states, while maintaining a selective international footprint through exports of hatching eggs and SPF eggs.
| Region | FY 2025-26 Revenue (₹ in Crores) | FY 2024-25 Revenue (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Domestic (India) | 3,706.83 | 3,301.21 | +12.29% |
| International (Exports) | 20.49 | 5.78 | +254.50% |
| Total Revenue from Operations | 3,727.32 | 3,306.99 | +12.71% |
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
Venky’s (India) Limited operates across extensive manufacturing and breeding infrastructure comprising 63 plants and 8 corporate/regional offices. Major operational units are located in Maharashtra (Pune, Patan, Solapur, Nanded, Shrirampur, Kesurdi), Gujarat (Anand), Uttarakhand (Selakui, Manduwala, Rampur), Uttar Pradesh (Sunderpur, Jasmour, Basti, Shivrajpur, Naini, Malwan), Haryana (Karnal, Panipat, Patvi, Hissar, Kurukshetra, Kaithal, Yamuna Nagar, Samalkha, Sountli, Larsauli, Dhamouli, Paterheri, Jind), Punjab (Ludhiana, Khanna, etc.), Madhya Pradesh (Rewa), Himachal Pradesh (Nalagarh, Una), Jammu & Kashmir (Kathua), Bihar (Muzaffarpur, Arrah), and Rajasthan.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Parameter | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 3,727.32 | 3,306.99 | +12.71% |
| EBITDA / Operating Profit | 154.98 | 134.87 | +14.91% |
| Profit After Tax (PAT) | 139.25 | 116.62 | +19.40% |
| Total Equity / Net Worth | (1,596.09) | (1,475.57) | +8.17% |
| Total Debt | 162.77 | 165.14 | -1.44% |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
| Particulars | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 3,727.32 | 3,306.99 | +12.71% |
| Other Income | 47.61 | 44.19 | +7.74% |
| Total Income | 3,774.93 | 3,351.17 | +12.65% |
| Cost of materials consumed | 2,520.59 | 2,184.96 | +15.36% |
| Purchases of bearer biological assets | 54.96 | 51.62 | +6.47% |
| Purchases of Stock-in-Trade | 246.84 | 226.86 | +8.81% |
| Changes In Inventories Of Finished Goods, Work-In-Progress, Stock-In-Trade And Biological Assets | (23.89) | (20.04) | +19.21% |
| Employee benefits expense | 259.27 | 236.84 | +9.47% |
| Finance costs | 17.04 | 16.34 | +4.28% |
| Depreciation and amortization expense | 37.10 | 36.72 | +1.03% |
| Other expenses | 477.47 | 455.14 | +4.91% |
| Total Expenses | 3,589.38 | 3,188.46 | +12.57% |
| Profit Before Tax | 185.55 | 162.71 | +14.04% |
| Tax Expense (Current & Deferred Tax) | 46.30 | 46.09 | +0.46% |
| Profit for the year (PAT) | 139.25 | 116.62 | +19.40% |
| Other Comprehensive Income (net of tax) | (4.65) | (1.43) | +225.17% |
| Total Comprehensive Income for the year | 134.61 | 115.20 | +16.85% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
| Particulars | As at 31st March, 2026 (₹ in Crores) | As at 31st March, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-current assets (PPE, Intangibles, Financial & Other Assets) | 890.37 | 727.82 | +22.33% |
| Inventories | 329.01 | 247.88 | +32.73% |
| Biological assets (Current) | 223.31 | 211.11 | +5.78% |
| Current Investments | 213.34 | 121.57 | +75.49% |
| Trade receivables | 544.04 | 553.81 | -1.76% |
| Cash and cash equivalents | 62.16 | 14.88 | +317.74% |
| Bank balances other than cash and cash equivalents | 28.78 | 173.77 | -83.44% |
| Other financial & current assets | 17.66 | 19.49 | -9.39% |
| Total Current Assets | 1,418.29 | 1,342.52 | +5.64% |
| Total Assets | 2,308.66 | 2,070.34 | +11.51% |
| EQUITY AND LIABILITIES | |||
| Equity Share Capital | 14.09 | 14.09 | 0.00% |
| Other Equity | 1,582.00 | 1,461.49 | +8.25% |
| Total Equity | 1,596.09 | 1,475.57 | +8.17% |
| Non-Current Borrowings | 9.50 | 0.00 | N/M |
| Other Non-Current Liabilities & Provisions | 64.47 | 64.22 | +0.39% |
| Current Borrowings (Short-term loans & Cash Credit) | 153.27 | 165.14 | -7.19% |
| Trade Payables & Other Current Liabilities/Provisions | 485.33 | 365.40 | +32.82% |
| Total Current Liabilities | 638.60 | 530.54 | +20.37% |
| Total Equity and Liabilities | 2,308.66 | 2,070.34 | +11.51% |
Cash Flow: Tracking the Money Movement
| Particulars | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net Cash generated from Operating Activities | 191.32 | 66.19 | +189.05% |
| Net Cash used in Investing Activities (including Capex) | 108.38 | 38.27 | +183.20% |
| Net Cash used in Financing Activities | (35.67) | (30.14) | +18.35% |
| Net Increase / (Decrease) in Cash and Cash Equivalents | 47.28 | (2.21) | N/M |
| Cash and Cash Equivalents at the beginning of the year | 14.88 | 17.10 | -12.98% |
| Cash and Cash Equivalents at the end of the year | 62.16 | 14.88 | +317.74% |
Funding the Future: CapEx, CWIP & R&D Spending
The company continues to invest in modernizing processing facilities and expanding breeding infrastructure. Capital work-in-progress stood at ₹8.56 Crores as of March 31, 2026. Research and development expenditure incurred during the year amounted to ₹6.96 Crores, focusing on expanding applications for SPF eggs in biological industries and enhancing breeder productivity and feed efficiency.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mrs. Anuradha J. Desai | Chairperson | 00012212 | Non-Executive Promoter |
| Mr. B. Venkatesh Rao | Vice-Chairman & Director | 00013614 | Non-Executive Promoter |
| Mr. B. Balaji Rao | Managing Director | 00013551 | Executive Promoter |
| Mr. Jitendra M. Desai | Director | 00012248 | Non-Executive Promoter |
| Ms. Uttara J. Desai | Director | 07130282 | Non-Executive Promoter |
| Mrs. P. Neeraja | Director | 07142475 | Non-Executive Independent |
| Brig. Vidur Nevrekar (Retd.) | Director | 08226065 | Non-Executive Independent |
| Col. Bipin Shinde (Retd.) | Director | 08535081 | Non-Executive Independent |
| Maj. Gen. Amar Krishna (Retd.) | Director | 09230588 | Non-Executive Independent |
| Brig. Govindarajan Srinivasan (Retd.) | Director | 10769493 | Non-Executive Independent |
| Mr. J. K. Handa | Chief Financial Officer | – | Key Managerial Personnel |
| Mr. Rohan Bhagwat | Company Secretary | – | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category | No. of Shares | % of Total Shares |
|---|---|---|
| Promoters | 78,24,089 | 55.54% |
| Mutual Funds / Unit Trust of India | 693 | 0.00% |
| Financial Institutions / Banks | 161 | 0.00% |
| Foreign Portfolio Investors | 1,60,046 | 1.14% |
| Private Bodies Corporate | 7,13,289 | 5.06% |
| Non-resident Indians | 1,77,034 | 1.25% |
| Public (Retail) | 52,12,024 | 37.01% |
| Total | 1,40,87,336 | 100.00% |
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Venky’s (India) Limited does not have any subsidiaries, associate companies, or joint ventures. Financial disclosures and reporting are conducted on a standalone basis, which serves as the consolidated group financial statement for the entity.
Strategic Investments & Treasury Holdings
The company maintains a strong treasury portfolio consisting of unquoted investments in mutual funds amounting to ₹213.34 Crores as of March 31, 2026, deployed conservatively across high-liquidity money market and debt funds.
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
Venky’s (India) Limited possesses established leadership in India’s poultry sector, anchored by extensive integrated biosecurity protocols, proprietary breeding strains, and nationwide distribution networks. Its high-margin Animal Health Products division and specialized SPF egg production provide strong structural earnings buffers against raw material price volatility.
What Could Go Wrong? Key Challenges & Business Risks
The poultry sector faces inherent structural risks, including volatility in feed ingredient prices (such as maize and soya), disease outbreaks impacting livestock populations, and fluctuations in realizations for day-old chicks and broiler birds. Inadequate cold chain infrastructure for processed poultry and external geopolitical or petroleum price shocks also represent ongoing operational challenges.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
The management remains confident in long-term secular growth driven by rising per capita consumption of eggs and chicken meat in India, urbanization, and expanding disposable incomes. Ongoing investments in technologically advanced facilities, such as the SPF unit in Patan and processing plant modernization in Baur, position the company to capture expanding market demand.
The Verdict: Strategic Outlook & Conclusion
With a robust balance sheet, negligible debt, solid profitability, and a diversified product portfolio spanning poultry, animal health, and oilseeds, Venky’s (India) Limited is well-positioned to sustain long-term value creation for its stakeholders.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.venkys.com
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