Waterbase Limited passed all three ordinary resolutions at its 39th Annual General Meeting held on September 30, 2026. The meeting, conducted via video conferencing, saw the adoption of standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The scrutinizer's report confirmed that the resolutions received requisite majority support from shareholders. Voting was conducted through remote e-voting and e-voting during the meeting, facilitated by Central Depository Services (India) Limited. The record date for entitlement to vote was September 23, 2026.

Resolution outcomes

The company addressed three key agenda items, all of which were approved as ordinary resolutions. The first resolution pertained to the adoption of financial statements and reports of directors and auditors. The second involved the appointment of Nitasha Thapar as a director by retirement by rotation. The third resolution covered the redesignation of Ramakanth V Akula as Managing Director.

What the numbers show

Voting patterns reveal a significant divergence between promoter and public shareholder sentiment, particularly regarding management roles. Promoters and their group voted unanimously in favour of all three resolutions, casting 25,590,056 votes each time. In contrast, public non-institutional shareholders showed increasing dissent across the agenda items.

While opposition to the financial statements was minimal (107 votes against), dissent rose to 157 votes for the director appointment and peaked at 427 votes against the redesignation of the Managing Director. This suggests that while public shareholders accepted the operational results, there was greater scrutiny regarding executive leadership changes. Institutional shareholders did not cast any votes on any resolution.

The Waterbase Limited has confirmed the schedule for its 39th Annual General Meeting on September 30, 2026, with remote e-voting commencing on September 27. The company also reported a narrowing consolidated net loss to ₹14.66 crore in FY26 from ₹18.16 crore in the previous year.

AGM Schedule and E-Voting Details

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 1, 2026, subject to shareholder approval.

In compliance with Section 108 of the Companies Act, 2013, the company is providing remote e-voting facility via Central Depository Services India Limited (CDSL). The e-voting module will be active during the following period:

Only members whose names appear in the Register of Members or Beneficial Owners as on the cut-off date of September 23, 2026, are entitled to avail the facility. Once a vote is cast remotely, it cannot be changed or recast during the meeting. 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 FY26 in view of the company's financial performance.

FY26 Financial Performance

The following table summarises the consolidated financial highlights for FY26 compared with FY25:

Consolidated revenue from operations increased to ₹349.74 crore in FY26 from ₹277.71 crore in FY25, 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 FY26 and FY25:

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 FY26 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 FY26 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 FY26 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 FY26.