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Kings Infra Ventures Ltd Management Discussions

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Oct 13, 2025|09:56:00 AM

Kings Infra Ventures Ltd Share Price Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Global Growth Trends

The International Monetary Funds July 2025 update of the World Economic Outlook projects global growth of 3.0 percent in 2025 and 3.1 percent in 2026, reflecting a slight improvement over the April 2025 forecast. The upward revision stems from stronger-than-expected trade activity in the first half of the year, supported by front-loading of imports and investment in anticipation of tariff hikes. Lower effective tariff rates in the United States, an easing of global financial conditions, and fiscal expansion in several major economies have further bolstered the outlook.

Despite these revisions, the global economy continues to expand at a pace below its historical average of 3.7 percent before the pandemic, and slightly weaker than the 2024 outturn of 3.3 percent. Inflation is expected to continue moderating, with headline inflation projected at 4.2 percent in 2025 and 3.6 percent in 2026. However, inflationary pressures remain uneven across regions, with the United States expected to see inflation above target due to tariff pass-through, while the Euro Area and several other economies are projected to experience more subdued price trends.

Key Growth Drivers

A combination of policy and market factors has provided temporary resilience to global growth. The front-loading of trade and investment activity has created a short-term boost in economic performance, even as underlying demand remains subdued. The depreciation of the U.S. dollar has eased global financial conditions, providing emerging markets with space to accommodate monetary easing and attracting renewed capital inflows. In addition, fiscal measures in economies such as the United States, China, and Germany have added to demand momentum.

Commodity prices have played a role in shaping near-term prospects. Oil prices, averaging around $68 per barrel in 2025, have been influenced by geopolitical tensions as well as robust supply, while non-fuel commodity prices have increased, contributing to inflationary pressures in some economies. Stronger performance in China and India, alongside resilience in select emerging markets, has also been instrumental in sustaining global momentum.

Regional Outlook

Advanced economies as a group are expected to expand by 1.5 percent in 2025 and 1.6 percent in 2026. The United States is projected to grow by 1.9 percent in 2025 and 2.0 percent in 2026, supported by fiscal measures under the One Big Beautiful Bill Act, which provides corporate tax incentives. The Euro Area is expected to expand by 1.0 percent in 2025 and 1.2 percent in 2026, with the near-term acceleration driven by a surge in pharmaceutical exports from Ireland. Growth in Japan is forecast at 0.7 percent in 2025 and 0.5 percent in 2026, constrained by weak consumption, while the United Kingdom and Canada are expected to record more moderate growth of between 1.2 and 1.9 percent.

Emerging market and developing economies continue to account for the bulk of global expansion, with growth of 4.1 percent in 2025 and 4.0 percent in 2026. Chinas growth outlook has been revised up to 4.8 percent in 2025 and 4.2 percent in 2026, benefiting from tariff reductions and resilient exports. India remains the fastest-growing major economy with growth of 6.4 percent in both 2025 and 2026, supported by robust domestic demand and a favorable external environment. Elsewhere, the Middle East and Central Asia are projected to grow by about 3.4 to 3.5 percent, Sub-Saharan Africa by 4.0 to 4.3 percent, and Latin America and the Caribbean are forecast to slow to 2.2 percent in 2025 before recovering to 2.4 percent in 2026. Growth in emerging Europe is expected to remain subdued at around 1.8 to 2.2 percent over the forecast horizon.

Potential Risks

The IMF underscores that risks remain skewed to the downside. Trade policy uncertainty continues to weigh heavily on sentiment, with the risk that tariff pauses may expire without permanent agreements, leading to renewed protectionism. The introduction of new tariffs on key sectors such as electronics and pharmaceuticals could exacerbate supply chain disruptions and result in more persistent inflationary pressures.

Geopolitical tensions add further uncertainty, particularly conflicts in the Middle East and Ukraine, which could disrupt shipping routes, destabilize supply chains, and lead to surges in commodity prices. Fiscal vulnerabilities are also a growing concern. Several economies, including the United States, Brazil, and France, are running large deficits against the backdrop of historically high public debt. This raises the possibility of higher long-term interest rates, tighter global financial conditions, and greater volatility in capital markets.

Moreover, the front-loading of trade and consumption that has supported growth in early 2025 may reverse in subsequent quarters. The unwinding of these distortions could weigh on activity in 2026, creating additional headwinds for both advanced and emerging economies.

Policy Priorities

To safeguard stability and restore confidence, the IMF recommends a combination of trade, fiscal, monetary, and structural policy actions. Transparent and predictable trade policies are essential to reduce uncertainty and encourage investment. International cooperation, whether through multilateral or regional frameworks, remains crucial in addressing trade frictions and avoiding protectionist spirals.

On the fiscal side, governments are urged to rebuild buffers through credible medium-term consolidation plans that balance growth-supportive spending with debt sustainability. At the same time, targeted and temporary support should be provided to households and firms most affected by trade disruptions. Central banks face complex trade-offs, particularly in economies directly imposing or facing tariffs. For them, maintaining credibility in the fight against inflation, while supporting financial stability, is essential. In other economies where demand is weaker, there is greater scope for monetary easing.

Finally, structural reforms in labor markets, education, digitalization, and innovation are critical to enhancing productivity and lifting medium-term growth prospects. By fostering competitiveness and resilience, such reforms can ensure that economies are better positioned to withstand shocks and seize opportunities from technological change and shifting global trade dynamics.

Conclusion

The IMFs July 2025 World Economic Outlook presents a cautiously optimistic view of the global economy. Growth has been more resilient than expected due to temporary factors such as front-loaded trade and fiscal stimulus, but the underlying picture remains fragile. Persistent trade tensions, fiscal vulnerabilities, and geopolitical risks cloud the medium-term outlook, while distortions from temporary drivers could fade in 2026.

Sustaining global growth will require policy clarity, prudent fiscal management, and reforms that enhance productivity and competitiveness. For businesses and investors, this environment highlights the need for resilience and adaptability, while for policymakers it underscores the importance of restoring confidence and ensuring long-term sustainability.

Indian Economic Outlook Growth Momentum

India continues to stand out as the worlds fastest-growing major economy. The International Monetary Fund (IMF), in its July 2025 World Economic Outlook Update, revised Indias GDP forecast upward to 6.4 percent in both 2025 and 2026, reaffirming its position as the global growth leader. The Reserve Bank of India (RBI) projects a slightly higher growth trajectory of 6.5 percent for FY2025-26, driven by resilient domestic demand, favorable demographics, and steady fiscal support.

This momentum has been supported by robust consumption patterns, particularly in the services and retail segments, as well as strong public investment in infrastructure. The governments continued push on capital expenditure has created multiplier effects across industries, while rural consumption has begun to recover following favorable monsoons. The services sector remains a critical pillar, contributing significantly to GDP growth, while manufacturing activity is gradually strengthening, aided by policy initiatives and rising domestic demand.

Notably, Indias growth trajectory is outperforming most emerging and developed economies. While global GDP is projected to grow at about 3.0 percent in 2025, Indias sustained expansion above 6 percent underscores the economys resilience and growing role as a global growth engine.

Key Growth Drivers

Indias economic momentum is shaped by a combination of cyclical and structural drivers. On the domestic front, rising household incomes, expanding urbanization, and increasing financial inclusion are bolstering consumption. The services sector—particularly IT, financial services, and digital platforms—remains robust, contributing to job creation and export revenues. Government policy has also played a supportive role, with capital expenditure directed at roads, railways, and energy transition projects providing stimulus to the broader economy.

The manufacturing sector, though still facing challenges, is benefitting from initiatives such as the Production- Linked Incentive (PLI) schemes, designed to enhance competitiveness and integrate India more deeply into global value chains. Private investment is showing early signs of revival, encouraged by policy reforms and improving corporate balance sheets. Meanwhile, the agricultural sector has gained from improved monsoon conditions, lifting rural demand and stabilizing food supplies.

Externally, India has been supported by a relatively benign financial environment. Softer global commodity prices, a weaker U.S. dollar, and resilient capital inflows have helped maintain macroeconomic stability. Indias strong foreign exchange reserves and manageable external debt profile continue to provide buffers against volatility, further anchoring investor confidence.

Potential Risks and Challenges

While the medium-term outlook remains favorable, India faces mounting risks that could temper its growth trajectory. The most pressing challenge stems from escalating trade tensions with the United States. Reciprocal tariffs, some as high as 50 percent, on Indian exports—particularly textiles, apparel, and certain engineering goods—pose a significant risk to external demand. Analysts warn that prolonged trade frictions could shave up to one percentage point off GDP growth if sustained, while also weighing on corporate earnings in export-oriented industries.

In addition, recent data from the Finance Ministry highlights a decline in merchandise exports, with June 2025 exports contracting by nearly 9 percent month-on- month. This signals weakening external demand at a time when global trade is already moderating. Equity markets have also reflected this uncertainty, with foreign investors pulling back from Indian equities in recent months, leading to subdued stock market performance compared to peers.

Domestic risks also remain. Structural bottlenecks in manufacturing, skill development, and infrastructure, if not addressed, could limit Indias ability to fully capitalize on its growth potential. Fiscal pressures, stemming from the dual challenge of sustaining capital expenditure while managing deficits, require careful balancing. Inflation, though currently contained, could see renewed pressures from tariff pass-through or unexpected commodity price shocks, particularly in oil and food markets.

Policy Priorities and Strategic Outlook

The Reserve Bank of India has so far maintained a neutral monetary stance, balancing the need to anchor inflation expectations with support for growth. The RBI has signaled that policy changes will remain data-dependent, with scope for measured easing if global conditions deteriorate. Fiscal policy continues to emphasize capital spending on infrastructure and targeted incentives for priority sectors, while also maintaining a commitment to gradual fiscal consolidation.

Looking ahead, Indias strategic focus must be on sustaining high growth while building resilience to external shocks. Achieving the Finance Ministrys stated aspiration of 8 percent long-term growth will require deepening structural reforms, accelerating industrial capacity expansion, and strengthening integration into global supply chains. Enhancing competitiveness, simplifying business regulations, and promoting digitalization and innovation remain essential.

Equally important will be sustaining investor confidence through predictable policies, stable macroeconomic management, and credible fiscal frameworks. If trade tensions with the U.S. ease and external demand recovers,

India is well positioned to capitalize on its strengths as a consumer powerhouse, a hub for manufacturing and services, and a key player in the global digital economy.

Conclusion

Indias economic outlook for 2025-26 remains one of resilient growth amid rising external headwinds. With GDP growth expected to remain above 6 percent, the country continues to outperform global peers. Strong domestic demand, infrastructure investment, and favorable demographics underpin this momentum, while risks from trade tensions, fiscal vulnerabilities, and global uncertainties demand careful policy navigation.

In essence, India remains a bright spot in the global economy. Sustaining this trajectory will depend on policy clarity, structural reforms, and resilience in the face of global uncertainties. If these priorities are met, Indias growth story will not only remain intact but could strengthen further, positioning the country as a cornerstone of global economic expansion in the coming decade.

Global Shrimp Industry

The global shrimp market is valued at USD 75.24 billion in 2024, reaching USD 121.35 billion by 2033 (CAGR 5.5%, 2025-2033). Demand is propelled by health-oriented protein consumption, value-added formats (ready- to-cook/frozen), sustained aquaculture growth, and expanding retail/e-commerce reach. Asia-Pacific remains the anchor market (52% share, 2024), while L. vannamei (whiteleg) dominates species mix (44.6% share, 2024). Aquaculture accounts for 61.2% of supply (2024).

Regional Insights

• Asia-Pacific: 52% share (2024)—scale in production and deep local demand followed by technology upgrades and government support sustain capacity (India, Vietnam, China, Ecuador as a key global exporter).

• North America: 23.6% share (2024); the U.S. forms 84.3% of regional revenue, driven by convenience products, foodservice, and rising low-carb/keto adoption; traceability/safety initiatives bolster trust.

• Europe: projected -5.3% CAGR (2025-2033); premium/sustainable/organic positioning and retail chain expansion; Southern Europes strong import base (noted 2023 benchmarks) underpins growth.

Key Growth Drivers

• Protein & health positioning: Consumers shift to low- fat, high-protein seafood; omega-3 and nutrition messaging expands the addressable market.

• Value-added convenience: Rapid uptake of frozen, ready-to-cook, and breaded products (fastest- growing form) aligns with modern retail and foodservice trends.

• Aquaculture scale & tech: Productivity gains via selective breeding, better biosecurity, and feed management underpin supply reliability and cost control.

• Cold chain & e-commerce: Wider frozen distribution and online grocery/home delivery accelerate B2C growth and penetration into secondary cities.

• Policy support & certification: Export incentives and sustainability programs (e.g., retailer-producer-NGO collaborations) expand access to high-value markets.

Key Risks & Constraints

GVR emphasizes sustainability and disease-control advances; broader literature highlights persistent risk factors that operators/investors monitor.

• Disease outbreaks & biosecurity: Viral diseases (e.g., WSSV, AHPND/EMS, YHV, IHHNV) have historically caused severe production shocks; robust biosecurity and genetics programs are essential

• Environmental & social impacts: Shrimp pond expansion has been linked to mangrove loss, salinization, and biodiversity impacts in parts of Asia and Latin America, prompting stricter regulation and certification requirements.

• Supply chain & cost volatility: Exposure to feed/ freight/energy swings and cold-chain bottlenecks can pressure margins and retail availability.

• Trade & market access: Changing tariff/non-tariff barriers and retailer sourcing standards can redirect flows and compress exporter margins.

Competitive Landscape & Recent Moves

Some of the leading companies shaping the category are Thai Union Group, Clearwater Seafoods, Avanti Feeds, High Liner Foods, Surapon Foods, Mazzetta, Aqua Star, Nordic Seafood, The Waterbase, and Wild Ocean Direct— with a focus on portfolio gaps, format innovation, and targeted marketing to capture emerging niches.

Outlook to 2023

• Mix shift toward value-added (breaded/seasoned) and retail B2C continues; foodservice recovery supports B2B base.

• Species mix remains L. vannamei-heavy; selective breeding and hatchery capacity are pivotal to defend yields and disease resistance.

• Sustainability premium rises via certification and retailer programs; producers aligning with deforestation-free and traceability goals gain access to premium channels.

• Regional dynamics: APAC supply leadership persists; Europes growth tied to sustainability credentials; U.S. remains the largest single end market in North America with strong convenience demand.

Indian Shrimp Industry

India Shrimp Market was valued at USD 8.47 Billion in 2024 and is expected to reach USD 14.85 Billion by 2030 with a CAGR of 9.8% during the forecast period. The India shrimp market is experiencing significant growth due to rising consumer demand for seafood, increased export opportunities, and evolving consumer preferences. The market is primarily segmented by species, shrimp size, and distribution channels, each contributing to its expansion. By Species, the market is driven by Penaeus Vannamei, owing to its high-yield shrimp species that is extensively farmed for both domestic consumption and export. Penaeus Monodon, also known as the black tiger shrimp, is another key species, prized for its larger size and robust flavor. Other species, though smaller in share, also contribute to the markets diversity and growth. By Shrimp Size, the demand is distributed across various size categories.

A significant factor contributing to the growth of the India shrimp market is the large domestic consumption potential. With a population exceeding 1.5 billion people, approximately A significant factor contributing to the growth of the India shrimp market is the large domestic consumption potential. With a population exceeding 1.5 billion people, approximately 50% (750 million) are nonvegetarian and consume meat or fish at least once a week. If these individuals eat 500 grams of shrimp annually, the domestic shrimp consumption would total 375,000 MT per year. This substantial demand reduces Indias dependence on the export market and highlights the growing role of domestic consumption in driving the shrimp industrys expansion are non-vegetarian and consume meat or fish at least once a week. If these individuals eat 500 grams of shrimp annually, the domestic shrimp consumption would total 375,000 MT per year. This substantial demand reduces Indias dependence on the export market and highlights the growing role of domestic consumption in driving the shrimp industrys expansion.

Key Market Drivers

Increasing Demand for Healthy and High-Protein Foods

One of the primary factors fueling the growth of the shrimp market in India is the rising consumer demand for healthy and high-protein foods. Shrimp, known for its low fat, high protein, and rich nutrient content, has become a popular choice among health-conscious consumers. As awareness of the health benefits of seafood increases, particularly its role in maintaining a balanced diet, more consumers are turning to shrimp as a viable alternative to meat and poultry.

Expansion of Export Opportunities

India is one of the largest producers and exporters of shrimp globally, with the demand for Indian shrimp, particularly Penaeus Vannamei, experiencing a significant rise in international markets. The key export destinations for Indian shrimp include the United States, the European Union, and Japan, among others. Indias shrimp industry benefits from favorable trade agreements and the rising global demand for high-quality seafood, which presents vast export opportunities. India exported a record 716,004 MT of frozen shrimp, generating approximately USD 4.88 billion. This accounted for 40.19% of the total seafood export volume and 66.12% of the dollar earnings. In 2022-2023, the export volume was 711,099 MT, valued at USD 4.87 billion. The export of black tiger (BT) shrimp increased by 74.06% and 55.41% in quantity, and USD terms, respectively.

Advancements in Shrimp Farming and Aquaculture Technologies

Technological advancements in shrimp farming and aquaculture practices have played a crucial role in enhancing the production and quality of shrimp in India. Over the past decade, the shrimp farming industry has seen substantial improvements in breeding, feed quality, water management, and disease control. These innovations have helped boost shrimp yield per hectare, reduce mortality rates, and improve the overall health and quality of the shrimp produced.

Key Market Challenges

Environmental Concerns and Sustainability Issues

The environmental impact of shrimp farming is one of the most significant challenges facing the Indian shrimp market. Traditional shrimp farming practices often rely on coastal areas, which are highly sensitive ecosystems. Large-scale shrimp farming has been criticized for causing coastal degradation, mangrove deforestation, and the destruction of vital marine habitats. Over the years, these environmental concerns have drawn scrutiny from environmental organizations, governments, and international buyers who are increasingly favoring sustainably sourced seafood.

Disease Outbreaks and Biosecurity Issues

The lack of robust biosecurity measures in some farms makes it difficult to control disease spread, especially in the absence of uniform industry standards. Inadequate monitoring, poor hygiene, and unregulated use of antibiotics and chemicals exacerbate the problem. As international markets, particularly in the US and EU, demand higher standards of shrimp safety, the Indian shrimp industry faces increasing pressure to comply with stringent regulations.

Supply Chain Inefficiencies and Infrastructure Gaps

Many shrimp farmers, particularly in rural and coastal areas, lack access to modern processing and packaging facilities. This often results in delays in getting the product to market or export destinations, which can reduce product quality and increase the risk of spoilage. Inconsistent processing standards further exacerbate this issue, leading to a lack of uniformity in product quality, which is a key concern for international buyers. The fragmented nature of the Indian shrimp industry, with numerous small and medium-sized players, makes it challenging to implement standardized practices across the sector.

Key Market Trends

Shift Towards Sustainable and Eco-Friendly Farming Practices

As environmental concerns continue to grow, there is a noticeable shift in the shrimp farming industry towards sustainable and eco-friendly practices. Traditional shrimp farming methods, particularly those reliant on coastal areas, have often been associated with environmental degradation, including mangrove deforestation, water pollution, and loss of biodiversity. These concerns have led to increased scrutiny from both consumers and regulators, especially in international markets that demand higher environmental standards.

Rise of Value-Added Shrimp Products

Another significant trend in the Indian shrimp market is the growing demand for value-added shrimp products. Traditionally, shrimp has been sold primarily as fresh or frozen whole shrimp. However, with rising consumer demand for convenience and ready-to-cook meal options, there has been an increasing shift towards processed shrimp products such as shrimp cocktail, shrimp skewers, shrimp burgers, shrimp tempura, and other ready-to-eat or easy-to-cook variants. These products cater to busy consumers, especially in urban areas, who are looking for convenient, high-quality protein options.

Increased Focus on Traceability and Food Safety

With the growing demand for shrimp, both domestically and internationally, there is an increasing emphasis on food safety and traceability. Consumers, especially in developed markets like the United States, the European Union, and Japan, are becoming more conscious about the origin of their food and the methods used to produce it. As a result, there is a greater demand for transparency in the shrimp supply chain, from farm to plate. One of the key trends in the market is the adoption of traceability systems that allow consumers and regulators to track the journey of shrimp from the farm to the final point of sale. These systems use technologies like blockchain, barcodes, and QR codes to provide detailed information about the shrimps origin, farming practices, feed used, and whether the shrimp have been treated with any chemicals or antibiotics. This trend aligns with global consumer preferences for ethically sourced and environmentally friendly products.

Global processed Fish and Seafood Market Industry

Processed seafood market size was valued at $263.5 billion in 2024 and is anticipated to reach $466.4 billion in 2035, increasing at a CAGR of 5.5% during the forecast period (2025-2035). The beneficial properties of processed seafood attract consumers and increase the consumption of seafood. Processed seafood contains vitamin B12, phosphorus, magnesium, potassium, and others, which are also medically recommended and beneficial to keeping low cholesterol levels and fighting cancer and tumor growth.

Market Dynamics

Growing Seafood Production and Consumption Driving Market Growth

The steady increase in world fisheries and aquaculture production is a robust support for growth in the processed seafood industry. According to the FAO, Global apparent consumption of aquatic animal foods reached 162.5 million MT in 2021. This growth has increased at nearly double the rate of the world population since 1961, with global per capita annual consumption rising from 9.1 kg in 1961 to 20.7 kg in 2022. In addition, Aquatic foods provide high- quality proteins - 15% of animal proteins and 6% of total proteins worldwide - and key nutrients including omega-3 fatty acids, minerals, and vitamins. For instance, in 2021, they contributed at least 20% of the per capita protein supply from all animal sources to 3.2 billion people.

Supporting Regulatory Standards Ensuring Product Quality

Government agencies around the globe set tough standards for seafood processing and trade that have led to better product quality and safety. For instance, the European Union, the largest fish and seafood product importer in the world, has set harmonized importing regulations among all its member states to ensure strict hygiene, consumer protection, and animal health standards. These regulations make processors use better quality measures, which ultimately feed the market with safer products. All other interested parties and private businesses wishing to export to the EU should contact their competent authority which in turn will communicate with the European Commission.

Regional Outlook

The global processed seafood market is further divided by region, including North America (the US and Canada), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North America Represents a Mature Market with Steady Growth

North America holds a big market share with stable growth opportunities. The American fisheries sector played an important role in the market with local production of processed fishery products worth $13.1 billion in 2022. U.S. consumers strongly prefer quick and easy-to-prepare seafood foods, especially frozen and canned goods. In 2022, U.S. commercial fishermen landed approximately 8.4 billion pounds (3.8 million MT) of edible and industrial fishery products at ports across all 50 states. This represented a 2.6% decline in volume—223.9 million pounds less—compared to 2021. The total value of these landings dropped by 11%, amounting to $5.9 billion, which is $632.2 million lower than the previous year.

Asia-Pacific Region is expected to hold a Prominent Share in the Global Processed Seafood Market

Geographically, the Asia-Pacific region is expected to hold a prominent share of the global processed seafood market due to the increasing number of healthconscious people in India and China. China is the largest exporter of seafood items. According to the Food and Agriculture Organization of the United Nations, Asian countries continue to remain the major exporters of fish for human consumption. For instance, Nandus, Indias largest hyperlocal and omnichannel meat retail brand, has announced its expansion into fish and seafood retail. The company has added fish and seafood to its category of offerings across all its sales channels.

Market Players Outlook

The major companies operating in the global processed seafood market include Maruha Nichiro Corp., Mowi ASA, Nippon Suisan Kaisha (Nissui Corp.), Trident Seafoods, High Liner Foods, Seaboard Corp., and Thai Union Group Public Company Ltd., among others. Market players are leveraging partnerships, collaborations, mergers, and acquisition strategies for business expansion and innovative product development to maintain their market positioning.

Indian processed Fish and Seafood Market Industry

India Seafood Market Size was estimated at 12.41 (USD Billion) in 2023. The Industry is expected to grow from 12.55(USD Billion) in 2024 to 16.45 (USD Billion) by 2035. The CAGR (growth rate) is expected to be around 2.48% during the forecast period (2025 - 2035).

India Seafood Market Drivers

Increase in Domestic Seafood Consumption

The Industry is experiencing significant growth driven by the increasing per capita consumption of seafood among the Indian population. According to the Food and Agriculture Organization (FAO), India has seen an increase in seafood consumption, rising from 9.6 kilograms per person in 2018 to approximately 11.5 kilograms in 2020. This increase is attributed to changing dietary habits, where consumers are increasingly opting for seafood due to its perceived health benefits, including high protein and omega-3 fatty acid content. Organizations such as the Marine Products Export Development Authority (MPEDA) are actively working to promote seafood consumption through various initiatives and campaigns, highlighting the nutritional benefits of seafood, which further supports market growth in the Industry. The rising trend of health consciousness is projected to result in an increase in seafood consumption by an additional 10% over the next five years, supported by government policies aimed at promoting aquaculture and sustainable fishing practices.

Government Initiatives to Boost Aquaculture

The Indian government has implemented several initiatives to enhance aquaculture production, which is a critical driver for the Industry. With the ‘Pradhan Mantri Matsya Sampada Yojana, launched in 2020, the government aims to double fish production by 2024. The plan includes funding of INR 20,000 crores (approximately USD 2.8 Billion) over the next few years to support infrastructure development for fisheries, which includes modernizing fishing practices and creating more aquaculture farms. This initiative is expected to significantly increase fish availability and promote sustainable fishing practices, thus driving market growth in the Industry. Moreover, the National Fisheries Policy aims to enhance farmers income, bolster export potential, and create job opportunities, all contributing to a favorable environment for seafood enterprises.

Growing Export Demand for Indian Seafood

With the increasing global demand for seafood, especially from developed markets such as the United States and the European Union, the Industry is poised for significant export growth. According to the MPEDA, seafood exports from India reached approximately USD 6.57 billion in 2021, reflecting a 10% growth compared to the previous year. This surge in export demand is driven by the high quality of Indian seafood products, which are often preferred for their taste and sustainability practices.The Indian government is also focusing on strengthening trade relationships and exploring new markets, which further supports export growth in the seafood sector. Additionally, the adoption of international quality standards by Indian seafood producers enhances their competitiveness, paving the way for more export opportunities in various international markets and bolstering the overall growth of the Industry.

Key Players and Competitive Insights

The India Seafood Market is characterized by a diverse range of players operating within a landscape marked by increasing consumer demand for seafood products. The competitive dynamics are influenced by various factors, including regional preferences, sustainability practices, and the overall growth of the aquaculture sector. Companies in the market leverage their unique strengths, such assourcing capabilities, production technologies, and distribution networks, to gain market share. Furthermore, marketing strategies that focus on health benefits and the cultural significance of seafood in Indian cuisine continue to shape consumer perceptions and buying behaviors. The markets competitive landscape witnesses a blend of traditional practices alongside modern processing methods, which significantly boost product variety while ensuring quality and freshness. Sanket Seafood has established a strong presence in the through a focus on quality and reliability in its product offerings. Known for its wide array of seafood products, the company emphasizes sustainable sourcing practices that align with growing consumer demands for eco-friendly options. Sanket Seafood has strategically positioned itself to tap into regional markets, enabling it to build a loyal customer base. The companys strengths also lie in its extensive distribution network, which enhances accessibility for consumers across various states in India. This network, combined with effective marketing initiatives, has allowed Sanket Seafood to solidify its reputation as a trusted brand within the competitive landscape of the Indian seafood industry. Himalaya Seafood also plays a significant role in the, recognized for its premium quality seafood products that cater to both retail and food service sectors. Their key offerings include processed seafood, such as shrimp and fish fillets, which are popular among healthconscious consumers. Himalaya Seafood has successfully expanded its market presence by embracing modern processing techniques and adhering to stringent quality control measures. In addition to its product innovation, the company has engaged in strategic mergers and collaborations to enhance its operational capabilities and market reach. These moves have not only bolstered its production capacities but have also solidified its competitive stance against other players in the industry. The commitment to customer satisfaction, consistent product quality, and a strong distribution network further contribute to Himalaya Seafoods strengths in the rapidly evolving Indian seafood market.

About the company Overview

Kings Infra Ventures Limited ("Kings Infra", "the Company") is an integrated aquaculture and seafood enterprise with operations spanning sustainable land- based shrimp farming, seafood processing and exports, and branded retail under "Kings Frigo" and "Kings Bento". Established in 1987 with an integrated aquaculture project at Tuticorin, the Company has evolved into a tech-driven, sustainability-led platform anchored by its proprietary SISTA360 farming protocol and ongoing development of Indias first Al-enabled Indoor Precision Aquaculture facility—Kings Maritech Eco Park. The Companys strategic pillars comprise (i) sustainable farming, (ii) export growth from facilities/partners across Vizag, Tuticorin and Kollam, (iii) omni-channel domestic retail, (iv) technology-led Maritech Eco Park, and (v) monetisation of non-core land assets to fund growth.

Industry & Operating Environment

Kings Infra operates across the aquaculture value chain with a focus on Vannamei shrimp. The Company is positioning for higher export penetration across Europe, China and select Far East markets while scaling domestic premium demand via branded ready-to-cook/ready-to-eat products. Domestic organised processed seafood remains nascent relative to total market size, creating a medium-term structural growth runway for branded players with supply assurance and traceability.

Business Model & Segment Mix

Revenue is diversified across:

• Aquaculture operations (-70%) - sustainable, high- density, biosecure farming using modified RAS/ biofloc practices under SISTA360;

• Seafood exports (-30%) - with a plan to scale to ~50- 60% through deeper market access in Europe/China and product breadth:

• Other segments- white-label, farm-to-market supply and the Kings Frigo/Bento retail formats;

• Aqua King healthcare inputs - supplied to contract farmers, improving farm economics (2-3% cost benefit) though not yet booked as standalone revenue.

Kings Infras tech stack—EMUs (Eco Mariculture Units), multi-layer filtration, loT/AI-enabled farm automation and blockchain traceability—underpins productivity, biosecurity and end-to-end provenance. The Company reports superior farming metrics vs. industry averages: 16-20 MT/Ha (vs. 3-5), FCR 1.1-1.3 (vs. 1.5-1.8), survival 90-95% (vs. 65-70%), and faster crop cycles (?100 days; 3 cycles/year), validated through internal R&D at Tuticorin.

FY25 Performance Review (Consolidated)

Despite a challenging global backdrop, Kings Infra delivered strong growth and margin expansion in FY25:

• Total income: Rs.124.55 crore (FY24: Rs.90.60 crore), up 37.5% YoY;

• EBITDA: Rs.24.10 crore (TI4.40 crore), up 67.4% YoY; EBITDA margin expanded 346 bps to 19.35%;

• PAT: TI2.90 crore ( Rs.7.56 crore), up 70.7% YoY; PAT margin improved 202 bps to 10.36%;

• EPS: Rs.5.31 ( Rs.3.22), +64.9% YoY.

The balance sheet reflects growth investments: Total assets rose to Rs. Rs.141.19 crore (FY24: TI01.48 crore), driven by higher fixed assets (Rs.32.60 crore), inventories (Rs.40.36 crore) and receivables (Rs.39.67 crore). Net worth increased to Rs.70.56 crore. Shortterm borrowings increased in line with scale-up and stocking for exports. Debt-to-equity stood at -0.85.

Key Developments in FY25 / Q4 FY25

• Kings Maritech Eco Park funding progress: Fresh

equity infusion of Rs.6.22 crore into Kings Maritech Eco Park Ltd; in-principle sanction for a Rs.100 crore term loan from a nationalised bank to support project execution. The facility is designed as Indias first Al-enabled indoor precision aquaculture system, increasing production cycles from -2 to ~5 per annum.

• Farm division expansion: Launch of a lease-cum- revenue-sharing program, targeting a above 50% capacity increase through enhanced farmer participation and better margins.

• Processing capacity: Onboarding of a new factory with -1,800 MT p.a. capacity in Q4 FY25 to widen export footprint and optimise cost.

• M&A and partnerships in Andhra Pradesh: Proposed takeover of Sriaqua Seafoods (Visakhapatnam)—900 MT exports per annum, long-term contract with LX Corporation (South Korea); parallel strategic collaboration with Aadhya Sea Foods to strengthen sourcing and operations in Indias leading seafood exporting state. Visakhapatnam Port emerged as Indias top seafood export hub in FY24.

Strategy & Outlook

Aligned to a "farm-to-fork" vision, the Companys medium-term priorities are:

• Export scale-up: Re-balance revenue mix toward

-60% exports / 40% domestic, with emphasis on premium SKUs and direct customer relationships in Europe and China; establishing Kl Global in Dubai for international expansion.

• Retail acceleration: Kings Frigo (frozen/ready-to- cook) and Kings Bento (smart QSR) to expand via multi-channel distribution—city hubs (Bengaluru operational), supermarkets, proprietary kiosks and outlets; targeted 75+ retail points in 5 years and selective Middle East presence.

• Technology & productivity: Development of Maritech Eco Park as a climate-resilient, zero-discharge system integrating AI/loT/ML, with end-to-end traceability. SISTA360 to drive further improvements in FCR, survival and crop cycles, with an expanded technical services/training layer.

• Capital discipline: Land monetisation of Land Banks belonging to the Company to fund capex and working capital; maintain healthy leverage while pursuing 18- 20% sustainable EBITDA margins alongside topline CAGR aspirations.

Risks & Mitigation

• Biosecurity&disease: Multi-layer watertreatment(UV/ cartridge/bio-filters), SISTA360 protocol, proprietary probiotics and effective pond management; disease- free record over multiple crop cycles at Company facilities.

• Raw-material and price volatility: Long-term contracts for feed/seed to stabilise aquaculture input costs; flexible export pricing arrangements mitigate daily processing price swings.

• Forex exposure: Natural USD hedge through exports; no foreign-currency debt.

• Regulatory/market access: Continuous facility upgrades and process improvements to align with evolving global standards.

Sustainability & ESG

Kings Infra is transitioning its farming operations toward Best Aquaculture Practices (BAP) certification, deploying zero-discharge water systems and packaging for domestic market entry. Traceability is embedded via blockchain, and the Maritech Eco Park is designed as a climate-resilient indoor system.

Human Capital

Kings Infra continues to strengthen its human capital by industry leaders at the helm across key functions, fostering a culture of expertise and innovation. The Companys leadership brings multi-decadal aquaculture and processing expertise. The management team is focused on technology integration, operational excellence and domestic market expansion, supported by an R&D- led culture and farmer-training programs planned at the Maritech Park.

Internal Controls & Systems

Kings Infra continues to strengthen its control environment in line with expansion—across biosecurity SOPs, quality assurance in processing/export, inventory controls, and traceability from pond to plate. The focus remains on systematising processes as scale increases (factories/ leased farms/retail nodes) and aligning with international buyer specifications and audits.

Outlook

With improving scale in exports, deliberate retail buildout, and development of the Maritech Eco Park, Kings Infra targets an enhanced growth trajectory with stronger operating margins. The strategy is supported by capital recycling through land monetisation, disciplined leverage, and a technology-first approach to farming productivity and product traceability.

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