Key Financial Figures - Standalone (Rs. in Lakhs)

Quarterly Performance (Q2 FY27):

  • Revenue from operations: ₹9,461.25 (Q2 FY26: ₹8,171.74)
  • Other income: ₹207.39 (includes ₹239.88 lakhs reversal of provision for doubtful trade receivables)
  • Total income: ₹9,668.64
  • Total expenses: ₹10,539.97
  • Loss before tax: ₹(871.33)
  • Tax expense: ₹(33.32) (deferred tax)
  • Net loss: ₹(838.01)
  • Other comprehensive income: ₹24.70
  • Total comprehensive loss: ₹(813.31)
  • Basic and diluted EPS: ₹(2.03)

Half-Yearly Performance (H1 FY27):

  • Revenue from operations: ₹21,610.49 (H1 FY26: ₹16,885.81)
  • Other income: ₹327.56
  • Total income: ₹21,938.05
  • Total expenses: ₹22,657.25
  • Loss before tax: ₹(719.20)
  • Tax expense: ₹0.00
  • Net loss: ₹(719.20)
  • Other comprehensive income: ₹39.47
  • Total comprehensive loss: ₹(679.73)
  • Basic and diluted EPS: ₹(1.74)

Comparative Figures:

  • Q1 FY27 Net profit: ₹118.81 lakhs
  • FY26 Full Year Net loss: ₹(1,465.69) lakhs

Segment Performance - Standalone (Rs. in Lakhs)

Q2 FY27 Revenue:

  • Shrimp Feeds: ₹3,262.23
  • Processed Shrimp: ₹5,869.02
  • Others: ₹330.00

Q2 FY27 Segment Results:

  • Shrimp Feeds: ₹(133.95) loss
  • Processed Shrimp: ₹(510.51) loss
  • Others: ₹(21.62) loss
  • Unallocated: ₹(205.25) loss

H1 FY27 Revenue:

  • Shrimp Feeds: ₹8,718.56
  • Processed Shrimp: ₹12,244.57
  • Others: ₹647.36

Assets and Liabilities Position - Standalone (as of September 30, 2026)

  • Total assets: ₹27,997.89 lakhs (Mar 31, 2026: ₹25,086.70 lakhs)
  • Inventories: ₹13,008.19 lakhs (significant increase from ₹10,638.08 lakhs)
  • Trade receivables: ₹3,240.56 lakhs
  • Borrowings (current): ₹7,835.13 lakhs
  • Borrowings (non-current): ₹482.73 lakhs
  • Total equity: ₹13,444.06 lakhs (decreased from ₹14,123.80 lakhs)

Cash Flow Statement - Standalone (H1 FY27)

  • Net cash used in operating activities: ₹(1,994.26) lakhs
  • Net cash used in investing activities: ₹(52.50) lakhs
  • Net cash from financing activities: ₹1,525.41 lakhs
  • Net decrease in cash: ₹(521.35) lakhs
  • Cash and cash equivalents: ₹(772.63) lakhs (includes bank overdraft)

Consolidated Financial Results

The consolidated results include subsidiary Waterbase Frozen Foods Private Limited. The financial results are substantially similar to standalone results with minor differences:

  • Q2 FY27 Net loss: ₹(838.20) lakhs
  • H1 FY27 Net loss: ₹(719.42) lakhs
  • Total comprehensive loss H1 FY27: ₹(679.95) lakhs

The subsidiary contributed negligible revenue (₹Nil) and a loss of ₹0.22 lakh for the period.

Auditor Review

Deloitte Haskins & Sells LLP conducted a limited review and issued an unmodified opinion on both standalone and consolidated financial results. The review was performed under SRE 2410 issued by ICAI.

Management Commentary

Mr. Ramakanth V Akula, Managing Director, commented on challenging industry conditions:

  • Sharp increase in feed raw-material prices (fishmeal and soybean meal) pressuring margins
  • Soft international shrimp prices with competitive pressure from Ecuador
  • Processing business reviewing operating model with focus on merchant exports and inventory clearance in Q3
  • Growth in feed volumes during first half and momentum in Farm-care business
  • Priorities include strengthening core feed business, improving efficiencies, and prudent working capital management

Additional Information

  • Paid-up equity share capital: ₹4,142.68 lakhs (face value ₹10 per share)
  • The aquaculture industry has seasonal nature, and quarterly results may not be indicative of annual performance
  • Meeting duration: Commenced at 12:00 noon and concluded at 7:45 pm