Vistar Amar (VISTARAMAR) Profit Crashes 80% as Revenue Halves in Q2 FY27
The fishmeal processor's quarterly revenue fell 57% sequentially, erasing most of its profit and highlighting the volatile nature of its raw-material-dependent business.
Vistar Amar's Q2 FY27 saw a sharp sequential decline, with revenue dropping 57% and profit falling 80%. While year-on-year comparisons show a recovery from a loss, the quarter underscores the business's exposure to volatile raw material supply and pricing.
For a fishmeal processor, the quarter is written by the sea. Vistar Amar’s September quarter shows what happens when that rhythm falters, as revenue more than halved from the prior three months and profit followed it down.
The numbers tell a story of two speeds. Year-on-year, revenue jumped 140% to ₹27.12 crore, swinging from a loss to a ₹0.83 crore profit. Sequentially, the picture reversed: revenue fell 57% from ₹63.37 crore and profit plunged 80% from ₹4.06 crore. The net profit margin contracted to 3.1% from 6.4% last quarter.
Revenue & profit
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin
| Metric | CurrentQ2 FY27 (Sep 2026) | PreviousQ1 FY27 (Jun 2026) |
|---|---|---|
| Revenue (₹ Cr) | 27.12 | 63.37 |
| Profit (₹ Cr) | 0.83 | 4.06 |
| Net Profit Margin | 3.1% | 6.4% |
Why the top line collapsed
The research offers no single event, but points to the inherent volatility of the business. A report from ReportsRadar notes that net material costs rose to about 72% of revenue from 59.5% a year ago, squeezing margins as sales volume fell. The business depends entirely on the seasonal availability of marine fish, where weather and fishing cycles can shrink supply overnight.
The margin squeeze that followed
Even as total expenses fell 55% in line with lower sales, profitability weakened. The margin contraction, according to Univest, stemmed from the steep revenue drop outpacing cost savings. With raw material setting the price, the company’s margin is built on conversion efficiency, which appears to have suffered this quarter.
An outlook built on volatility
Management did not provide explicit new guidance. The Univest analysis states the full-year picture for FY27 will depend entirely on the quarters ahead. The company’s own annual report lists fluctuating raw material supply and prices as a principal risk, a reality this quarter made clear.
Key Points
- Revenue fell 57% quarter-on-quarter to ₹27.12 crore, erasing the strong growth seen in Q1 FY27.
- Net profit declined 80% sequentially to ₹0.83 crore, as margins compressed despite lower overall expenses.
- The business remains highly exposed to the volatile supply and pricing of its core raw material, fish.
- Year-on-year comparisons show a sharp improvement, but this is against a very weak base of a loss-making quarter in Q2 FY26.
Hexa Perspective
This quarter lays bare the operational reality of Vistar Amar. Its financials are a direct readout of raw material flows, with little insulation from seasonal and climatic swings. The 660-basis-point year-on-year margin improvement is a positive sign of operational recovery, but the 330-basis-point sequential drop shows how fragile that recovery is.
The company trades at a significant discount to the industry average P/E, reflecting the high-risk profile of its business model. For the earnings momentum to sustain, it needs more than a low base—it needs consistent raw material supply and stable conversion margins, two factors largely outside its control.
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