The Waterbase Limited has scheduled its 39th Annual General Meeting for September 30, 2026, alongside reporting a narrowing of its consolidated net loss to ₹14.66 crore in FY 2025-26 from ₹18.16 crore in the previous year.

AGM and Corporate Developments

The 39th AGM will be held on Wednesday, September 30, 2026 at 11.30 AM (IST) through Video Conferencing / Other Audio-Visual Means. The meeting will transact ordinary business including adoption of standalone and consolidated financial statements for the year ended March 31, 2026, and the re-appointment of Ms. Nitasha Thapar (DIN: 00061445), who retires by rotation. Special business includes the redesignation of Mr. Ramakanth V Akula (DIN: 07107616) as Managing Director with effect from April 01, 2026, subject to shareholder approval. The Board of Directors approved the audited financial statements at its meeting held on May 28, 2026.

The board has not recommended any final dividend for FY 2025-26 in view of the company's financial performance.

FY 2025-26 Financial Performance

The following table summarises the consolidated financial highlights for FY 2025-26 compared with FY 2024-25:

Consolidated revenue from operations increased to ₹349.74 crore in FY 2025-26 from ₹277.71 crore in FY 2024-25, representing an increase of approximately 25.94%. Total income rose to ₹352.14 crore from ₹282.93 crore. The EBITDA loss reduced to ₹7.71 crore from ₹13.05 crore in the previous year, reflecting improved operating leverage and cost discipline.

Segment-wise Performance

The table below presents segment revenue and EBITDA for FY 2025-26 and FY 2024-25:

The Shrimp Processing and Exports segment was the primary growth driver, with revenue rising to ₹209.89 crore from ₹133.90 crore. The segment's EBITDA loss narrowed significantly to ₹7.95 crore from ₹14.01 crore. Revenue from outside India increased to ₹197.17 crore in FY 2025-26 from ₹128.82 crore in the previous year. The Shrimp Feed segment saw revenue decline to ₹118.10 crore from ₹130.60 crore, though its EBITDA turned positive at ₹0.12 crore from a negative ₹0.37 crore.

Balance Sheet and Key Ratios

The company's total equity stood at ₹141.11 crore as at March 31, 2026. Trade receivables reduced to ₹31.41 crore at March 31, 2026 from ₹41.18 crore a year earlier, while inventories increased to ₹106.38 crore from ₹89.12 crore, primarily to support growth in processing and export operations.

The following key financial ratios reflect the year's performance:

CARE Ratings downgraded the company's long-term rating from CARE BBB to BBB- and its short-term rating from CARE A3+ to CARE A3 in November 2025, citing recent financial performance.

Capital Expenditure and Credit Rating

Capital expenditure during FY 2025-26 amounted to ₹544 lakh, of which ₹458 lakh was deployed in the Shrimp Processing and Exports business towards equipment upgrades including a glazing hardener and re-freezer, a shrimp grading machine, a double deep reach truck, laboratory upgrades and an evaporative condenser. The remaining ₹86 lakh represented regular maintenance capital expenditure in the Shrimp Feed business.

Subsidiary and Auditor Details

The consolidated financial statements include the performance of Waterbase Frozen Foods Private Limited, a wholly owned subsidiary. The subsidiary reported a loss before tax of ₹0.54 lakh in FY 2025-26 against ₹0.82 lakh in the previous year, with no revenue from operations. Statutory auditor M/s Deloitte Haskins & Sells LLP issued an unmodified opinion on the financial statements for FY 2025-26.

Waterbase Limited returned to profitability in the first quarter of FY27, reporting a consolidated net profit of ₹1.19 crore compared to a net loss of ₹3.29 crore in Q1 FY26. The company’s revenue from operations rose 39% year-on-year to ₹121.49 crore, driven by improved performance in its shrimp feed segment and the resumption of exports to the United States following an easing of tariff barriers. This turnaround marks a significant shift from the previous financial year, where the company posted a consolidated loss of ₹14.66 crore.

The Board of Directors approved the unaudited standalone and consolidated financial results on August 11, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Deloitte Haskins & Sells LLP, the statutory auditors, issued an unmodified review report on the interim financial information. Additionally, the Board appointed Ms. Nitasha Thapar as a director retiring by rotation under Section 152(6) of the Companies Act, 2013.

Financial Performance Overview

The company’s total income stood at ₹122.70 crore for the quarter, up from ₹88.13 crore in the corresponding period last year. Other income contributed ₹12.02 crore, which included a ₹90.52 lakh reversal of provisions for doubtful trade receivables realized during the period. Profit before tax reached ₹1.52 crore, a stark contrast to the ₹4.45 crore loss recorded in Q1 FY26.

On a standalone basis, the company reported a net profit of ₹33.32 lakh, reversing a loss of ₹11.59 lakh in the prior year. Earnings per share (basic) were ₹0.29, compared to a loss of ₹0.79 per share in Q1 FY26.

Segment-wise Analysis

The Shrimp Feeds segment was the primary growth engine, with revenue jumping 61.9% to ₹54.56 crore from ₹33.69 crore in Q1 FY26. This segment also turned profitable, contributing ₹56.52 lakh to the bottom line, whereas it had reported a loss of ₹17.46 lakh in the same period last year.

The Processed Shrimp segment saw revenue increase 32.3% to ₹63.76 crore from ₹48.19 crore. However, this segment continued to operate at a loss of ₹23.70 lakh, though this was an improvement over the ₹53.68 lakh loss recorded in Q1 FY26. The 'Others' segment, comprising Hatchery & Frozen Foods, reported minimal revenue of ₹3.17 crore.

What the Numbers Show

The return to profitability is largely attributable to operational leverage in the high-margin Shrimp Feeds business rather than broad-based margin expansion across all segments. While the Processed Shrimp segment grew significantly in revenue, it remains loss-making, indicating that the current profit turnaround is concentrated in the feed division. Furthermore, the inclusion of a ₹90.52 lakh provision reversal in other income suggests that the reported net profit includes non-operational gains, warranting caution when assessing sustainable operational cash flows.

Managing Director Ramakanth V Akula noted that while performance was encouraging, the company faces headwinds from rising raw material costs, particularly fishmeal and soybean meal. He highlighted that the easing of tariff situations has enabled the commencement of exports to the US market, a development the company aims to leverage prudently. The company cautioned that due to the seasonal nature of the aquaculture industry, quarterly results may not be indicative of annual performance.