BSE: 539963
Zeal Aqua Limited
Produces aquaculture and poultry feed and processes shrimp for export. Operates 143 feed plants, 33 hatcheries and 7 processing facilities, with shrimp processing capacity of 2,379 metric tonnes. The shrimp business sells into export markets at an average realised price of Rs. 515.03 per kg. Materials account for 86.6% of revenue, reflecting the commodity nature of feed ingredients and raw shrimp. Employee costs run at 2.2% of revenue and depreciation at 0.8%, indicating a working-capital-heavy rather than capital-heavy cost structure. FY26 revenue stood at Rs. 667.51 crore with net profit of Rs. 14.11 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Aquaculture and poultry feed, Shrimp processing and export. Working-capital-heavy aquaculture feed and seafood processing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 345 | 363 | 398 | 511 | 668 |
| EBITDA (ex other income) | 16 | 19 | 21 | 33 | 28 |
| margin % | 4.5 | 5.2 | 5.3 | 6.4 | 4.1 |
| Owners' profit | 6 | 7 | 8 | 10 | 14 |
| EPS, as reported (₹) | 0.46 | 0.56 | 0.66 | 0.80 | 1.12 |
| ROE % · ROCE % | 9.0 · 17.3 | 10.0 · 21.7 | 10.5 · 21.3 | 11.3 · 32.8 | 13.7 · 33.8 |
| Debt / equity (x) | 1.99 | 1.93 | 1.90 | 1.93 | 1.80 |
| Cash from operations | 1 | 22 | 25 | 35 | 36 |
| Capex | (3) | (2) | (11) | (3) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87 | 152 | 169 | 97 | 124 | 185 | 222 | 137 |
| Profit before tax | 1 | 2 | 6 | 5 | 2 | 5 | 10 | 3 |
| Net profit | 1 | 2 | 6 | 5 | 2 | 3 | 8 | 2 |
| EPS (₹) | 0.07 | 0.37 | 0.50 | 0.43 | 0.12 | 0.24 | 0.60 | 0.16 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APEX FROZEN FOODS LIMITED | 955 | 18.6 | 1.81 | — | 7.4 | 9.8 | — | 12.9 |
| SHARAT INDUSTRIES LTD. | 647 | 40.4 | 4.19 | 19.4 | 10.3 | 11.8 | — | 3.6 |
| COASTAL CORPORATION LTD | 236 | 6.0 | 0.83 | 8.1 | 9.4 | 8.3 | 15.4 | 11.5 |
| WATERBASE LTD. | 167 | — | 1.18 | — | (10.4) | (13.5) | 10.6 | (1.3) |
| KINGS INFRA VENTURES LIMITED | 147 | 10.1 | 1.70 | 7.0 | 18.5 | 18.3 | — | 16.8 |
| Zeal Aqua Limited ◆ | 133 | 9.4 | 1.28 | — | 13.7 | 16.2 | — | 6.6 |
| ESSEX MARINE LIMITED | 63 | 8.9 | — | — | — | 15.7 | — | — |
| NCC BLUE WATER PRODUCTS LTD. | 17 | 5.8 | 1.14 | — | 19.5 | 23.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 9.4 | 4 of 7 | 50% |
| P/B | 1.3 | 1.5 | 4 of 8 | 57% |
| ROCE | 16.2 | 12.3 | 3 of 9 | 75% |
| ROE | 13.7 | 12.0 | 4 of 8 | 57% |
| Debt / Equity | 1.8 | 0.9 | 7 of 8 | 14% |
| EBITDA margin | 6.6 | 6.6 | 4 of 7 | 50% |
| Revenue growth | 41.2 | 3.9 | 1 of 7 | 100% |
| Profit growth | (62.4) | (0.2) | 6 of 8 | 29% |
| Market cap | 133 | 147 | 6 of 9 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 2026 results approval | results | low | — | — |
| 22 Oct 2026 · CRISIL Reaffirms BBB Rating; Bank Facility Enhanced to Rs 246 Cr | credit debt | medium | — | — |
| 21 Oct 2026 · CRISIL reaffirms Zeal Aqua ratings; bank loan limit enhanced to Rs 246 cr | credit debt | medium | — | — |
| 10 Oct 2026 · Reg 74(5) compliance certificate for quarter ended Sept 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Re-appointment of Whole-time Director Dhaval Patel for 3 years | management changes | medium | — | — |
| 1 Oct 2026 · Appointment of Secretarial Auditor for five year term | management changes | low | — | — |
| 1 Oct 2026 · Correction of term end dates for CMD and two Whole-time Directors | management changes | high | — | — |
| 1 Oct 2026 · Revision in remuneration of MD and Whole-time Directors approved at AGM | management changes | medium | — | — |
| 1 Oct 2026 · 18th AGM: All 11 resolutions passed with over 99.9 percent support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Zeal Aqua 18th AGM: Financials adopted, director remuneration revised | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.