Unaudited Standalone and Consolidated Financial results for the quarter and half year ended September 30, 2025
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The Waterbase Limited reported Total Income of Rs. 81.99 crore for Q2 FY26 (up from Rs. 65.98 crore in Q2 FY25) and Rs. 170.12 crore for H1 FY26 (up from Rs. 138.80 crore in H1 FY25), driven primarily by a ~82% jump in Processed Shrimp revenue. However, the company continued to post losses, with Loss After Tax of Rs. 5.41 crore in Q2 FY26 (vs Rs. 2.47 crore loss in Q2 FY25) and Rs. 8.70 crore in H1 FY26 (vs Rs. 8.81 crore in H1 FY25). The Shrimp Feeds segment saw revenue decline ~19% in H1 FY26 due to extended monsoons, disease outbreaks, and weak farmer sentiment from US tariff uncertainty. Net cash from operating activities turned negative at Rs. (1.32) crore in H1 FY26 versus a positive Rs. 10.92 crore in H1 FY25, and overall cash position worsened with bank overdrafts pushing cash equivalents to a negative Rs. 24.84 crore. Auditor Deloitte Haskins & Sells LLP issued an unmodified (clean) limited review opinion on both standalone and consolidated results.
Continued quarterly losses, negative operating cash flow, and a negative cash position (due to cash credit facility) signal financial stress, though equity remains adequate at ~Rs. 147 crore. Short-term pain from lost US export access and weak domestic feed demand could keep the stock under pressure, but margin expansion in Processed Shrimp and the company's strict cash-and-carry discipline are positive signs for medium-term recovery.