Waterbase Limited's Credit Rating Downgraded by CARE Ratings on Weak Financial Performance

CARE Ratings downgraded Waterbase Limited's long-term/short-term bank facilities rating from CARE BBB, Stable/CARE A3+ to CARE BBB-, Stable/CARE A3, citing continuous subdued financial performance in FY25 and H1FY26 with cash losses and declining shrimp feed unit capacity utilization at 13%. The downgrade reflects increased debt levels, reduced liquidity buffer, and operational challenges despite the company's diversification efforts into farm care products and frozen seafood under its established brands.

Waterbase Limited's Credit Rating Downgraded by CARE Ratings

CARE Ratings Limited downgraded Waterbase Limited's long-term/short-term bank facilities worth ₹93.81 crore from CARE BBB, Stable/CARE A3+ to CARE BBB-: Stable/CARE A3, and short-term bank facilities of ₹5.03 crore from CARE A3+ to CARE A3. The downgrade affects the company's banking facilities totaling ₹98.84 crore and indicates a deterioration in the company's creditworthiness assessment.

Waterbase Limited Reports Q2FY26 Loss of Rs 5.4 Crores Amid Market Volatility

Waterbase Limited announced its quarterly results for the quarter ended September 30, 2025. The company reported total income of Rs 81.9 crores in Q2FY26, with a loss before tax of Rs 7.2 crores and loss after tax of Rs 5.4 crores. For the half-year period, total income reached Rs 170 crores, while loss before tax was Rs 11.7 crores and loss after tax was Rs 8.7 crores. The aquaculture company faced challenges from extended monsoon conditions, disease outbreaks in key regions, and uncertainty around US tariff policies that dampened farmer sentiment. Feed sales were subdued due to lower farming activity, though export business maintained growth trajectory with higher volumes. The company maintained a strict cash-and-carry policy to safeguard financial discipline. CEO Ramakanth V. Akula noted that while export operations scaled up volumes, ongoing loss of access to the US market continued to impact pricing as global buyers leveraged India's dependence on China, EU, and Japan markets.

Waterbase Limited Reports Q1 FY26 Loss Amid Feed Sales Decline and Export Growth

Waterbase Limited announced quarterly results with total income of Rs. 88.1 crores, loss before tax of Rs. 4.4 crores, and loss after tax of Rs. 3.3 crores. The company experienced subdued feed sales due to early harvests and weather-related disease outbreaks affecting the summer crop, while achieving robust growth in exports through enhanced operational scalability. Revenue from operations reached Rs. 87.14 crores compared to Rs. 76.38 crores in the previous year quarter. The Board approved unaudited standalone and consolidated financial results and appointed Mr. Varun Aditya Thapar for reappointment as Non-Executive Director. M/s. M Francis & Associates was appointed as Secretarial Auditor for financial year 2025-30. CEO Ramakanth V. Akula cited challenges from tariff uncertainty and weather impacts, while expressing optimism about market recovery and the company's integrated business model positioning.