Waterbase Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Processed Shrimp: 48.2% • Shrimp Feeds: 47.0% • Others: 4.8%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Latest quarter profit grew 136.1% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.32x)
- Working capital cycle has improved - days down from 92 to 66
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of -5.5%
- Company has a low return on equity of -6.3% over last 3 years
- Interest coverage is weak at -7.7x - earnings barely cover interest
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APEX | 368.80 | 22.42 | 1152.50 | 0.68 | 21.66 | 138.08 | 256.53 | -0.63 | 10.45 | 11.79 |
| SHINDL | 163.85 | 38.22 | 642.53 | 0.00 | 6.28 | 16.95 | 120.30 | 4.43 | 11.89 | 10.78 |
| WATERBASE | 47.23 | 0.00 | 195.66 | 0.00 | 1.19 | 136.13 | 121.49 | 39.42 | -10.64 | 2.77 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 111 | 87 | 74 | 67 | 72 | 62 | 67 | 76 | 87 | 82 | 102 | 79 | 121 | |
| 108 | 87 | 76 | 72 | 78 | 66 | 70 | 81 | 90 | 86 | 103 | 81 | 121 | |
| Operating Profit | 4 | -1 | -2 | -4 | -6 | -4 | -3 | -5 | -3 | -5 | -1 | -2 | 0 |
| OPM % | 3.25% | -0.70% | -3.22% | -6.60% | -8.19% | -6.94% | -4.79% | -6.32% | -3.11% | -5.64% | -1.17% | -2.02% | 0.26% |
| 1 | 1 | 0 | 1 | 0 | 4 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Profit before Tax | 1 | -3 | -5 | -6 | -9 | -3 | -5 | -7 | -4 | -7 | -4 | -4 | 2 |
| Tax % | 24.17% | 25.46% | 14.96% | 24.37% | 25.50% | 23.29% | 26.64% | 20.61% | 26.07% | 25.48% | 26.40% | 21.46% | 21.89% |
| Net Profit | 0 | 0 | 0 | 0 | -6 | -2 | -4 | -5 | -3 | -5 | -3 | -3 | 1 |
| 0.22 | -0.59 | -1.00 | -1.15 | -1.53 | -0.60 | -0.94 | -1.31 | -0.79 | -1.31 | -0.63 | -0.81 | 0.29 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 322 | 212 | 299 | 304 | 339 | 278 | 384 | |
| 290 | 197 | 298 | 300 | 343 | 296 | 391 | |
| Operating Profit | 32 | 14 | 1 | 4 | -4 | -18 | -7 |
| OPM % | 10.00% | 6.68% | 0.22% | 1.33% | -1.21% | -6.58% | -1.84% |
| 2 | 3 | 9 | 3 | 3 | 5 | 3 | |
| Interest | 3 | 1 | 1 | 2 | 3 | 3 | 5 |
| Depreciation | 7 | 7 | 8 | 9 | 10 | 8 | 7 |
| Profit before Tax | 25 | 8 | 0 | -4 | -13 | -24 | -14 |
| Tax % | 25.55% | 26.79% | 77.82% | 20.43% | 21.17% | 24.00% | 24.87% |
| Net Profit | 18 | 6 | 0 | -3 | -10 | -18 | -10 |
| EPS | 0.00 | 1.43 | 0.02 | -0.84 | -2.52 | -4.38 | — |
| Dividend Payout % | 0.00% | 70.04% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -3%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -17%
- 3 Years:
- -17%
- 1 Year:
- -38%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -3%
- 3 Years:
- -6%
- Last Year:
- -11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 41 | 41 | 41 | 41 | 41 | 41 |
| 142 | 149 | 145 | 141 | 131 | 114 | |
| 14 | 1 | 1 | 38 | 26 | 44 | |
| Trade Payables | 20 | 29 | 25 | 46 | 32 | 33 |
| 84 | 89 | 82 | 86 | 74 | 70 | |
| Total Liabilities | 302 | 310 | 294 | 353 | 304 | 302 |
| 70 | 66 | 65 | 75 | 72 | 75 | |
| Capital Work in Progress | 1 | 0 | 3 | 4 | 2 | 0 |
| 62 | 58 | 59 | 75 | 83 | 89 | |
| 0 | 0 | 0 | 0 | 43 | 33 | |
| Cash & Bank | 23 | 57 | 42 | 26 | 17 | 7 |
| 146 | 129 | 125 | 172 | 88 | 97 | |
| Total Assets | 302 | 310 | 294 | 353 | 304 | 302 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 51 | 57 | 4 | -36 | 7 | -13 | |
| Cash from Investing | -4 | -53 | 28 | -15 | 1 | -2 |
| Cash from Financing | -20 | -10 | -5 | 31 | -14 | -1 |
| 20 | -11 | 25 | -21 | -7 | -15 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for WATERBASE
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