The Waterbase Limited

TWL has long track record of over three decades in the shrimp feed industry. It is a part of the KCT group, which is spearheaded by Vikramaditya Thapar and his son, Varun Aditya Thapar. Vikramaditya Thapar has been in the shrimp feed industry for almost 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release three decades and thus has long experience in the seafood business. The promoter group

TWL is predominantly a shrimp feed manufacturer with a processing facility for shrimp. The company has increased its integration and presence in the value chain post commencement of hatchery with 250 million post larvae capacity from October 2018. The company sells shrimp feeds under the brands, Bay White-Advanced, Maximy, Tiger XL, and Vanamax. It sells shrimp feeds characterised by high quality, freshness, appropriate calorific value, and rich in nutrients through an established network of ove

TWL had diversified its product offering through launch of its farm care range of products under the brand, Baylife, and frozen sea food products (processed shrimps and pasteurised crab meat) under the brand, Prize Catch. Contribution from farm care, processing and hatchery business improved to over 50% of TOI in FY25 and H1FY26 against ~43% in FY24. Comfortable capital structure Overall gearing remains comfortable at 0.28x as on March 31, 2025 (0.15x as on March 31, 2024). The company does not

Overall gearing remains comfortable at 0.28x as on March 31, 2025 (0.15x as on March 31, 2024). The company does not have term debt on its books. The borrowing of TWL comprises only working capital borrowings, which has increased in FY25 and H1FY26 owing to operating losses. The average working capital limit utilisation for the last 12 months ended October 31, 2025, was ~47%, which provides cushion to its liquidity. Liquidity: Adequate

TWL had liquidity in the form of cash and cash equivalents of ₹10.98 crore as on March 31, 2025, out of which ₹10.51 crore has been pledged against bank guarantee and sanctioned working capital limits. The company does not have term debt on its books and moderate working capital limit utilisation. The average working capital limit utilisation for the last 12 months ended October 31, 2025, was ~47%, which provides cushion to its liquidity.

TOI moderated from ₹339.25 crore in FY24 to ₹277.89 crore in FY25, due to decrease in shrimp feed sales by ~35% in FY25. The reduction in sales volume was due to change in credit policy by TWL from credit to cash and carry model. In H1FY26, TOI grew by ~25% over H1FY25 driven by increased revenue from processed shrimp segment, while revenue from feed business witnessed decline of ~20%. The company continues to incur operating loss in FY25 and H1FY26 in view of low CU leading to

The company’s operations are working capital intensive considering credit period offered to dealers and stocking of raw materials (depending on prevailing market prices). There was slight deterioration in operating cycle in FY25 to 124 days (112 days in FY24) because of decrease in average creditors’period and increase in inventory holding period. However, the company has recovered its receivables from Gujarat region in FY24 and FY25 and reduced its outstanding debtors to ₹41.18 crore as on Marc

Raw materials’ cost constitutes major portion of the company’s cost of sales (~71% in FY25 against ~74% in FY24). The major raw materials are agro products, such as soya, wheat flour, and fish meal. Other raw materials include fish oil, mono-calcium phosphate, minerals, Vitamin C, and binders, among others. Since availability of major raw materials is seasonal and depends on climatic conditions, the raw material costs are volatile. The company has limited ability to pass on the increase in raw m

TWL derives 48% of its revenue from exports of processed shrimp with majority exports to China and Belgium. While domestic market contributes 52% of revenue driven by shrimp feed segment. The feed industry is driven by regional demand and supply 2 CARE Ratings Ltd. Press Release because of transportation constraints and perishable products. TWL’s domestic sales remain geographically concentrated with ~75-80% of contribution from Andhra Pradesh. The company has lower presence in other geographies

The main threat to shrimp industry is from outbreak of diseases. The Indian shrimp exports industry is highly fragmented given the low entry barriers and significant competition in the export market from other competing countries and threat from other seafood varieties. Government policies keep varying depending on other macroeconomic factors such as anti-dumping duties, and inflation among others, which increase expenses of the companies operating on the seafood industry. The prospects of shrim