Index Agro Industries

What Index Agro Industries does

Index Agro Industries Limited (IAIL) is a Bangladeshi publicly listed agro-industrial company, founded in 2000 and headquartered in Dhaka, that manufactures and sells poultry feed (broiler and layer formulations including Bonraja and 300-series products), fish feed (Economy and Platinum tier carp feeds), cattle feed (dairy and fattening), and Day-Old Chicks for broiler and layer operations. The company serves primarily small and mid-scale poultry farmers, aquaculture operators, and livestock owners across Bangladesh, distributing through company-operated cluster shops, agricultural dealer networks, and agro-vets. IAIL is the core operating entity under the diversified Index Group of Companies, alongside wholly owned subsidiaries Index Poultry Private Limited (breeder farms and hatchery in Rangpur District, with 56,000 female parent stock and 230,000 DOC/week capacity) and Index Fisheries Limited (aquaculture seed and fingerlings in collaboration with the Rural Development Academy, Bogura).

The operating model is built on vertical integration - the company controls feed milling, parent stock, hatchery, and aquaculture seed in-house - combined with quality-controlled manufacturing using Near Infrared (NIR) raw-material analysis machines, automated production lines with individual QC, and Current Good Manufacturing Practice (CGMP) compliance. The poultry breeder and hatchery section is ISO 9001:2008 certified, and the company sources over 75% of its raw materials internationally under supervised procurement, supported by a 2009 joint venture with Gold Coin (Switzerland) that brought global feed-manufacturing protocols. Proprietary consumer-facing brands X Feed and XGoldring package the feed portfolio.

The company completed its Initial Public Offering on the Dhaka Stock Exchange in 2021 under ticker dse:INDEXAGRO and trades as a publicly listed entity with active investor relations (annual reports, AGM disclosures through the 25th AGM in 2025, dividend distribution policy, corporate governance reports). The business monetizes through direct product sales - feed, DOC, and aquaculture seed - sold to a fragmented base of farmers via dealer and cluster-shop channels; pricing is not publicly disclosed and is distributed across thousands of small-volume transactions, with no named enterprise anchors.

Name

Index Agro Industries

Legal name

Index Agro Industries Limited

Website

https://index-agro.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Index Agro Industries Limited is a Bangladeshi publicly listed agro-industrial company producing poultry feed, fish feed, cattle feed, and Day-Old Chicks through vertically integrated feed mills, breeder farms, and hatcheries serving poultry, fish, and cattle farmers across Bangladesh.

Ownership category

akta.pro rank

Product category

Animal Feed

NAICS

Other Animal Food Manufacturing (311119), Poultry and Egg Production (1123)

SIC

Food And Kindred Products (2000)

akta.pro primary industry

Livestock & Poultry Nutrition (Feed & Premixes) (HLAMAHAD)

Keywords

• Animal feed manufacturing
• Poultry feed production
• Fish feed production
• Day-old chicks supply
• Livestock feed products

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Poultry Feed Sales: Manufacturing and selling poultry feed under X Feed and XGoldring brands to broiler and layer farmers. Feed products include broiler starter, grower, finisher and layer feeds at various protein levels.
2. Fish Feed Sales: Production and sale of fish feed products including carp starter, grower, finisher, economy and platinum lines for aquaculture farmers.
3. Day-Old Chicks (DOC): Production and sale of Day-Old Chicks (broiler and layer) from breeder farms and hatchery operations. Broiler breeds include Lohman, known as fastest growing breed.
4. Cattle Feed Sales: Production and sale of cattle feed products for fattening and dairy cattle.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Index Agro Industries Limited manufactures and distributes livestock and aquaculture feed products—poultry feed (broiler and layer), fish feed, and cattle feed—marketed under X Feed and XGoldring brands, alongside Day-Old Chicks (broiler and layer) produced from in-house breeder farms and hatcheries. Operations are supported by automated CGMP-compliant manufacturing with NIR-based ingredient and finished-product quality testing, and the company sells primarily to poultry, fish, and cattle farmers across Bangladesh via its own cluster shops and a dealer network.

Product overview

Index Agro Industries is an agro-industry company that operates as a multi-business enterprise producing livestock feed and poultry products. The portfolio consists of three operating divisions: Index Agro Industries Limited (core feed and DOC production since 2000), Index Poultry Private Limited (North Bengal poultry operations since 2006), and Index Fisheries Limited (aquaculture since 2004). The company produces poultry feed (broiler and layer formulations across growth stages including Bonraja and 300-series products), fish feed (economy and Platinum tier carp feeds), and cattle feed (dairy and fattening), all marketed under the X Feed and XGoldring brands. The company also produces Day-Old Chicks for both broiler and layer segments. An automated manufacturing facility with NIR quality analysis and CGMP compliance supports operations, with over 75% of raw materials sourced internationally.

Differentiator

Problem solved

Functional benefit

Brands

• X Feed: Feed products marketed under the X Feed brand name, including poultry feed, fish feed, and cattle feed
• XGoldring

Products and services

• Broiler Poultry Feed (Bonraja and 300-series formulations) Complete stage-formulated broiler chicken feed range covering starter, grower, finisher, and harvest stages with EnPro Booster Gold additive, marketed to commercial broiler farmers across Bangladesh.
• Layer Poultry Feed Stage-specific feed for layer pullets and laying hens covering chick, grower, and lay phases, intended for commercial egg-producing farms.
• Fish Feed (Platinum, Carp, and Economy lines) Formulated feeds for carp and other cultured freshwater species across pre-starter, starter, nursery, grower, and finisher stages, including premium Platinum-tier and Economy-tier options, sold to aquaculture and fish farmers.
• Cattle Feed (Dairy and Fattening) Specialized cattle feed formulations for dairy and beef fattening production, supplied to livestock farmers in Bangladesh.
• Day-Old Chicks (Broiler and Layer) Day-old broiler and layer chicks produced from in-house breeder farms and ISO 9001:2008-certified hatchery operations, supplied to commercial poultry farmers across Bangladesh.
• X Feed and XGoldring Proprietary Feed Brands Proprietary brand names—X Feed and XGoldring—under which the company markets and packages its poultry, fish, and cattle feed lines to farmers across Bangladesh.

Quantifiable outcome

• Hatchery capacity of 230,000 DOC/week at Rangpur facility
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Gold Coin (Switzerland)coreTechnology or Integration · 1 January 2009A joint venture company created in 2009 with technical personnel from Gold Coin of Switzerland, bringing global manufacturing standards to feed production. The partnership has maintained heavy global manufacturing protocols to produce every batch of feed.
• Rural Development Academy (RDA), BoguracoreStrategic or Co-development PartnerJoint collaboration and R&D farm with Rural Development Academy under the Ministry of LGRD for development of brood stock and tilapia fry. Index Fisheries is the only company in Bangladesh producing fish fry with technical support from RDA scientists.
• KK FoundationminorStrategic or Co-development PartnerPartnership for training programs for fish farmers alongside RDA collaboration.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Others

• Gold Coin (Singapore/Asia): Asia-Pacific feed manufacturer and Index Agro's joint-venture partner since 2009. Comparable animal feed formulations and quality standards in Bangladesh and the broader region.

Direct peers

• Kazi Farms Limited: Bangladesh's largest integrated poultry conglomerate operating feed mills, breeder farms, hatcheries, broiler farming, and processed meat. Highly comparable vertically integrated model and Bangladesh focus.
• Aftab Bahumukhi Farms Limited: Listed Bangladeshi poultry and feed company producing poultry feed, DOC, and cattle feed under the Aftab brand. Direct overlap in feed products, customers, and Bangladesh distribution model.
• AKIJ Food & Beverage Limited: Diversified Bangladeshi conglomerate with poultry feed manufacturing, broiler farming, and chilled/frozen chicken processing. Overlaps Index Agro in feed and DOC categories.
• Bengal Meat Processing Industries: Bangladesh's largest halal meat processor with backward integration into broiler farming and feed. Comparable downstream poultry chain and feed procurement patterns.
• Paragon Poultry Limited: Bangladesh poultry producer with feed milling, breeder, hatchery, and broiler operations. Closest overlapping product set in poultry feed and DOC, also DSE-listed.

Regional players

• Japfa Comfeed Indonesia: Indonesia-listed vertically integrated poultry and aquaculture feed/protein company. Useful regional benchmark for feed, DOC, and aquaculture integration economics, though Indonesia-focused.
• Malindo Feedmill Indonesia: Indonesia poultry and aquaculture feed manufacturer with breeder and DOC operations. Comparable product portfolio (poultry feed, DOC, fish feed) albeit in a different geography.

Broad incumbents

• C.P. Bangladesh (Charoen Pokphand): Bangladesh subsidiary of Thailand's Charoen Pokphand Group, a global feed and protein major. Competes across poultry feed, DOC, and broiler integration in Bangladesh with superior capital base and genetics.
• De Heus Bangladesh: Bangladesh operations of Dutch feed giant Royal De Heus, focused on poultry, aqua, and livestock feed. Competes head-on with Index Agro in commercial feed milling.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Index-Agro-696331154077555
• LinkedInlinkedin.com/company/agro-group

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Index Agro Industries