Waterbase Ltd

₹ 44.4 -3.79%

08 Jun - close price

waterbaseindia.com BSE: 523660 NSE: WATERBASE

About

Incorporated in 1993, Waterbase Ltd is in the business of Shrimp Feeds, Shrimp Aquaculture and Shrimp Hatchery^[1]

Key Points

Business Overview:^[1]
WBL is a part of the KCT group. It is a manufacturer and exporter of shrimp feed, prawn feed, and crab & fish processing machinery in India. It also processes shrimp in IQF, Block Frozen and Cooked form from its own captive farms, and exports its produce to global markets, predominantly Japan, Europe and the United States.
The company’s processing plant is FDA listed and EU approved, and processing is done as per HACCP guidelines

Website BSE NSE

Market Cap ₹ 184 Cr.
Current Price ₹ 44.4
High / Low ₹ 67.7 / 38.0
Stock P/E
Book Value ₹ 34.1
Dividend Yield 0.00 %
ROCE -7.35 %
ROE -9.90 %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 38.1 to 23.0 days.
Company's working capital requirements have reduced from 58.2 days to 34.8 days

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 11.1% over past five years.
Company has a low return on equity of -8.84% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	65.62	111.23	86.76	73.96	67.31	72.43	62.10	66.79	76.38	87.14	81.72	101.56	79.32
	65.93	107.61	87.37	76.35	71.76	78.36	66.42	70.00	81.22	89.85	86.33	102.75	80.92
Operating Profit	-0.31	3.62	-0.61	-2.39	-4.45	-5.93	-4.32	-3.21	-4.84	-2.71	-4.61	-1.19	-1.60
OPM %	-0.47%	3.25%	-0.70%	-3.23%	-6.61%	-8.19%	-6.96%	-4.81%	-6.34%	-3.11%	-5.64%	-1.17%	-2.02%
	1.29	1.20	0.61	0.34	0.94	0.39	3.87	0.19	0.78	0.99	0.27	0.59	0.54
Interest	0.95	1.12	0.76	0.51	0.61	0.69	0.64	0.50	0.92	1.01	1.18	1.29	1.35
Depreciation	2.32	2.50	2.50	2.33	2.20	2.28	2.13	1.81	1.86	1.72	1.74	1.67	1.83
Profit before tax	-2.29	1.20	-3.26	-4.89	-6.32	-8.51	-3.22	-5.33	-6.84	-4.45	-7.26	-3.56	-4.24
Tax %	-17.03%	24.17%	-25.46%	-14.93%	-24.37%	-25.50%	-23.29%	-26.64%	-20.61%	-26.07%	-25.48%	-26.40%	-21.46%
	-1.91	0.91	-2.43	-4.16	-4.78	-6.35	-2.47	-3.91	-5.43	-3.29	-5.41	-2.63	-3.34
EPS in Rs	-0.46	0.22	-0.59	-1.00	-1.15	-1.53	-0.60	-0.94	-1.31	-0.79	-1.31	-0.63	-0.81
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	318	207	292	298	332	273	350
	286	193	284	294	336	291	360
Operating Profit	32	14	7	4	-4	-18	-10
OPM %	10%	7%	2%	1%	-1%	-7%	-3%
	2	3	3	3	3	5	2
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	-20
Tax %	26%	27%	76%	-20%	-21%	-24%	-25%
	18	6	0	-3	-10	-18	-15
EPS in Rs	4.46	1.43	0.02	-0.84	-2.52	-4.38	-3.54
Dividend Payout %	0%	70%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	11%
3 Years:	5%
TTM:	28%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	19%

Stock Price CAGR
10 Years:	-7%
5 Years:	-19%
3 Years:	-17%
1 Year:	-21%

Return on Equity
10 Years:	%
5 Years:	-5%
3 Years:	-9%
Last Year:	-10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	41	41	41	41	41	41	41
Reserves	142	149	145	141	131	114	100
	12	1	1	39	26	44	59
	42	52	40	65	44	45	51
Total Liabilities	238	243	227	287	242	244	251
	70	66	65	75	72	75	73
CWIP	1	0	3	4	2	0	1
Investments	0	0	0	0	0	0	0
	167	177	159	207	169	169	176
Total Assets	238	243	227	287	242	244	251

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	44	52	2	-37	7	-13	-5
	-4	-53	28	-15	1	-2	-5
	-20	-10	-5	31	-14	-1	27
Net Cash Flow	20	-11	25	-21	-7	-15	16
Free Cash Flow	42	50	-10	-54	1	-21	-13
CFO/OP	160%	402%	52%	-883%	-120%	71%	51%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	85	84	49	106	47	45	23
Inventory Days	100	153	98	122	118	155	141
Days Payable	33	77	42	74	45	56	44
Cash Conversion Cycle	153	159	105	154	120	143	120
Working Capital Days	118	111	86	87	79	61	35
ROCE %		5%	1%	-1%	-5%	-11%	-7%

Insights

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Mar 2025

Installed Manufacturing Capacity - Shrimp Feed
MTPA

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			xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
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				xx.xx	xx.xx	xx.xx	xx.xx		xx.xx	xx.xx
			xxx			xxx	xxx		xxx	xxx
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Hatchery Capacity
Million Post Larvae (PL) ・Standalone data

Installed Capacity - Shrimp Processing
MTPA ・Standalone data

Number of Employees
Number ・Standalone data

Capacity Utilization - Shrimp Feed Unit
% ・Standalone data

Number of Dealers
Number ・Standalone data

Capacity Utilization - Processed Shrimp Unit
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	69.05%	69.05%	69.05%	69.05%	69.05%	69.04%	69.05%	69.05%	69.05%	69.05%	69.05%	69.05%
	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.00%
	30.96%	30.95%	30.95%	30.96%	30.96%	30.96%	30.96%	30.94%	30.95%	30.95%	30.84%	30.96%
No. of Shareholders	38,030	37,028	35,844	36,147	35,299	36,019	35,619	35,053	34,713	34,369	33,336	33,396

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	61.01%	63.72%	66.83%	67.12%	68.85%	68.99%	69.05%	69.05%	69.05%	69.05%
	1.57%	0.88%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%
	0.03%	0.02%	0.02%	0.06%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%
	37.39%	35.37%	33.15%	32.81%	31.13%	30.94%	30.96%	30.96%	30.94%	30.96%
No. of Shareholders	26,405	42,461	42,732	43,750	47,223	41,428	38,726	36,147	35,053	33,396

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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