Unaudited Standalone and Consolidated Financial Results for the quarter and Half Year Ended September 30, 2025
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Waterbase reported Q2 FY26 revenue from operations of Rs. 8,171.74 lakhs, up about 31.6% from Rs. 6,210.47 lakhs in Q2 FY25, driven mainly by strong growth in the Processed Shrimp (exports) segment. For H1 FY26, total revenue rose to Rs. 16,885.81 lakhs from Rs. 13,453.74 lakhs, a ~25.5% increase. However, profitability remained under pressure with a Q2 loss after tax of Rs. 541.16 lakhs (vs Rs. 246.98 lakhs loss in Q2 FY25) and H1 FY26 loss of Rs. 869.79 lakhs. The Shrimp Feeds segment saw revenue decline ~19% in H1 due to weak farming activity from extended monsoons and disease outbreaks, while the Processed Shrimp segment grew ~81%. Operating cash flow turned negative at Rs. (132.17) lakhs versus a positive Rs. 1,091.82 lakhs in H1 FY25. Statutory auditor Deloitte Haskins & Sells LLP issued an unmodified review opinion.
Despite strong top-line growth led by exports, the company continues to report losses with widening quarterly losses and deteriorating cash generation, suggesting profitability challenges and margin pressure. Shareholders may view the persistent losses, negative operating cash flow, and weak domestic feed demand as negatives, though the unmodified audit opinion and continued export growth provide some comfort.