Essex Marine Limited held its Board of Directors meeting on May 15, 2026, at its registered office at 19, Pollock Street, Kolkata 700001, wherein the board considered and approved the audited standalone financial results for the half year and financial year ended March 31, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, M/s. Baid Agarwal Singhi & Co., Chartered Accountants (Firm Registration No.: 0326871E), issued an audit report with an unmodified opinion on the financial statements. The meeting commenced at 3:15 p.m. and concluded at 4:00 p.m., with the filing signed by Managing Director Debashish Sen (DIN: 02591346).

Financial Performance

Essex Marine delivered a strong financial performance for the full year ended March 31, 2026. Revenue from operations rose to ₹6,069.26 lakhs from ₹3,722.47 lakhs in the previous year, while total income grew to ₹6,470.90 lakhs from ₹4,001.19 lakhs. Net profit for the year stood at ₹637.34 lakhs, compared to ₹400.26 lakhs in the prior year. The following table presents the key financial metrics:

Segment Performance

Essex Marine operates across two reportable business segments: processing and selling of frozen fish, shrimps and vegetables (domestic, export, and job work), and income from cold and dry storage. For the full year ended March 31, 2026, the processing segment contributed revenue of ₹5,749.04 lakhs, up from ₹3,388.02 lakhs in the prior year, while the cold and dry storage segment generated ₹320.22 lakhs against ₹334.45 lakhs previously. Total segment profit before interest, tax, and unallocable items stood at ₹1,724.28 lakhs for FY26, compared to ₹1,552.52 lakhs in FY25.

Balance Sheet Highlights

As at March 31, 2026, total assets stood at ₹6,513.09 lakhs, compared to ₹4,616.24 lakhs as at March 31, 2025. Share capital increased to ₹1,526.20 lakhs from ₹1,100.00 lakhs, while reserves and surplus grew significantly to ₹2,479.32 lakhs from ₹471.84 lakhs. Cash and bank balances improved to ₹455.55 lakhs from ₹121.48 lakhs. Long-term borrowings declined to ₹1,095.54 lakhs from ₹1,637.57 lakhs, reflecting partial repayment during the year.

IPO Proceeds Utilisation

Essex Marine completed its initial public offer (IPO) of 42,62,000 equity shares of face value of ₹10 each at an issue price of ₹54 per share (including ₹44 security premium), raising total proceeds of ₹2,301.48 lakhs through a BSE SME IPO. The equity shares were listed on the BSE platform on August 11, 2025. As at March 31, 2026, the entire IPO proceeds of ₹2,301.48 lakhs have been fully utilised with no deviation or variation reported.

Auditor Appointments

At the same board meeting, the company also approved two key appointments for the financial year 2026-27. M/s. Meghna & Co., Chartered Accountants (FRN No. 332009E), a firm established in 2019 specialising in internal audit, financial accounting, IFRS reporting, and regulatory compliance, was appointed as Internal Auditor. M/s. M Shahnawaz & Associates, Practising Company Secretaries (M. No. 21427; CoP 15076), a firm established in 2015 with over 10 years of experience in corporate law compliance including SEBI regulations, FEMA, and the Companies Act, was appointed as Secretarial Auditor. Both appointments are effective May 15, 2026.

Essex Marine Limited has announced the successful completion of significant expansion initiatives at its Shankarpur processing unit, marking a key milestone in the company's growth strategy. The seafood processing and exporting company completed both the expansion of existing peeling capacity and the establishment of a new Ready-to-Cook section on April 18, 2026.

Facility Expansion Details

The company has achieved two major objectives as outlined in its prospectus dated July 28, 2025:

The expanded facility has been developed with modern infrastructure designed to meet international standards. The Ready-to-Cook section incorporates blanching into the existing processing line at the Shankarpur facility, enhancing the company's value-added product capabilities.

Regulatory Approvals and Next Steps

Essex Marine Limited is currently completing requisite regulatory formalities to commence commercial production. The company is preparing to submit necessary applications and documentation to the Export Inspection Agency (EIA) for obtaining required approvals.

Managing Director Debasish Sen commented on the development, stating that the company is delighted to have achieved this important milestone in line with the objectives outlined in their prospectus. He emphasized that this expansion strengthens operational capabilities and establishes a solid foundation for the company's next phase of growth.

Company Background

Essex Marine Limited operates as an integrated player across the processed frozen fish and shrimp supply chain, covering raw fish and shrimp procurement, processing, and overseas distribution. The company exports frozen fish and shrimps from India under the "Essex" brand name to customers in China, Europe, and Israel. With over 16 years of experience in fish and shrimp processing, the company also operates a dry and cold store facility centrally located in Kolkata for storing varieties of frozen food items.

The completion of these expansion projects represents a significant step toward achieving full operational readiness and positions the company for enhanced production capabilities in the seafood processing sector.