Essex Marine Ltd Management Discussions

In FY 26, the world has outgrown the comfort of predictable patterns. The past year has delivered a series of tectonic structural shifts, forcing the global economy to transition from an era of frictionless globalization into a high-stakes landscape defined by intense geopolitical realignments, territorial conflicts, and paradigm-shifting inventions. On one hand, regional wars and vital maritime chokepoint vulnerabilities, such as the severe transit disruptions around the Strait of Hormuz have introduced energy volatility and persistent inflationary pressures that force central banks to keep capital tight. This friction is further accelerated by trade fragmentation and aggressive tariff walls, ending the classic, highly vulnerable hub-and-spoke model of international dependency. Yet, this geopolitical pressure cooker has simultaneously triggered an unprecedented wave of human ingenuity. We are witnessing an explosion of transformative inventions.

GLOBAL ECONOMY

1. Macro themes that defined the world in the past year a. The Artificial Intelligence (AI) Buildout Use cases of AI (inference, AI agents etc.)

The most prominent theme that has defined the world & the industry we operate in over the past couple of years is Artificial Intelligence (AI). Since ChatGPTs historic launch in late 2022, AI, especially generative AI, has catalysed one of the fastest global technology diffusion curves in human history, transitioning from a conversational novelty into one of the key foundational shifts of the modern economy.

A McKinsey Analysis reported that by end of 2025, roughly 88% of organizations globally will utilize AI in at least one business function, up from just 55% two years prior, with enterprise adopters realizing an average 3.7x financial return for every dollar invested alongside average productivity gains of over 22%.

On a consumer level, the technology has woven itself into daily life, scaling to over 900 million weekly users & 50 million paid subscribers on ChatGPT alone. Most profoundly, the technological baseline has shifted; the ecosystem has rapidly matured past basic text-and-query generation into highly autonomous Agentic AI and multimodal systems that can reason, see, and independently execute complex, multi-step workflows across fields like healthcare diagnostics, software engineering, and global logistics

b. Energy Volatility & Supply Constraints

The current macro environment presents challenges for global trade through energy infrastructure disruptions, highlighted by the effective closure of the Strait of Hormuz which compromises transit for 20% of global oil and 21% of LNG.

The difference between Brent crude and US oil (WTI) has increased, resulting in a more constrained supply environment and increasing costs for energy-importing regions such as Europe and Asia. Government borrowing costs are climbing, with the US 10-year Treasury yield reaching 4.38%, a multi-month high, as investors anticipate interest rates may remain elevated for longer.

Central banks are navigating the dual challenges of persistent inflationary pressures and decelerating economic growth. Consequently, market expectations for interest rate reductions have receded, with market participants increasingly projecting further monetary tightening. While the above remains concerning, STL has deployed adequate risk management and believes there is enough secular demand in our focus geographies to overcome these constraints.

c. Trade Fragmentation and Tariffs

As nations start looking inwards to strengthen their own economies, globalisation as we have known it, is poised to change. For agile organizations, this evolution represents a pivot toward new growth vectors rather than an unavoidable disruption.

Macroeconomic projections indicate that global trade integration possesses significant baseline resilience. By 2035, the total value of global trade is projected to expand by $12 trillion, representing a 35% increase to a total market size of $45 trillion.

The shifting geopolitical landscape is driving a redistribution of trade flows rather than a contraction, opening highly secure alternative corridors. Approximately 30% of global trade is expected to realign across different corridors by 2035, driven primarily by tariff adjustments in critical sectors. These resilient lanes are predominantly situated between emerging economies like India, Vietnam etc, offering stable alternatives to contracting corridors that link advanced economies with China or Russia.

Geopolitical realignments present a manageable risk rather than an existential threat to business continuity. By proactively mapping scenario dynamics, diversifying supply networks, and aligning corporate strategy with emerging trade corridors, organizations can successfully insulate operations from downside risks and capture new market share.

d. Divergent Regional Growth

Global GDP is projected to grow by 3.1% in 2026 and 3.2% in 2027. WEO attributes this forecast to continued tailwinds partially offsetting the negative shocks from the conflict, including lower tariffs, preexisting policy support, and carryover from stronger-than-expected outturns at the end of 2025. This masks significant variation across countries, with lower-income commodity-importing economies being hit particularly hard through higher energy and food prices as well as foreign exchange depreciation.

2. Market Overview for the industry & in our focus markets

The global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty, according to the World Banks latest Global Economic Prospects report. Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in

2026 before rising to 2.7% in 2027, an upward revision from the June forecast. The resilience reflects better-than-expected growth especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026. Even so, if these forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s. The sluggish pace is widening the gap in living standards across the world, the report finds: at the end of 2025, nearly all advanced economies enjoyed per capita incomes exceeding their 2019 levels, but about one in four developing economies had lower per capita incomes.

In 2025, growth was supported by a surge in trade ahead of policy changes and swift readjustments in global supply chains. These boosts are expected to fade in 2026 as trade and domestic demand soften. However, the easing global financial conditions and fiscal expansion in several large economies should help cushion the slowdown, according to the report. Global inflation is projected to edge down to 2.6% in 2026, reflecting softer labor markets and lower energy prices. Growth is expected to pick up in 2027 as trade flows adjust and policy uncertainty diminishes.

In 2026, growth in developing economies is expected to slow to 4% from 4.2% in 2025 before edging up to 4.1% in 2027 as trade tensions ease, commodity prices stabilize, financial conditions improve, and investment flows strengthen. Growth is projected to be higher in low-income countries, reaching an average of 5.6% over 2026 27, buoyed by firming domestic demand, recovering exports, and moderating inflation. However, this will not be sufficient to narrow the income gap between developing and advanced economies. Per capita income growth in developing economies is projected to be 3% in 2026 about a percentage point below its 2000-2019 average. At this pace, per capita income in developing economies is expected to be only 12% of the level in advanced economies.

More than half of developing economies now have at least one fiscal rule in place. These can include limits on fiscal deficits, public debt, government expenditures, or revenue collection. Developing economies that adopt fiscal rules typically see their budget balance improve by 1.4 percentage points of GDP after five years, once interest payments and the ups and downs of the business cycle are accounted for. Use of fiscal rules also increases by 9 percentage points the likelihood of a multi-year improvement in budget balances. However, the medium- and long-term benefits of fiscal rules depend heavily on the strength of institutions, the economic context in which the rules are introduced, and how the rules are designed, the report finds.

OVERVIEW OF THE INDIAN ECONOMY

Indias economic journey over the past few years has been marked by remarkable growth and a steady rise in its position on the global stage. After overtaking the United Kingdom (UK) to become the fifth largest economy in Q1 FY23, India has continued this upward trajectory to surpass Japan in June 2025 to become the fourth largest economy in the world. With a nominal Gross Domestic Product (GDP) of Rs. 3,31,03,000 crore (US$ 3.78 trillion), Indias growth reflects a combination of strong domestic demand and policy reforms positioning the country as a key destination for global capital.

Further, India is projected to reach a GDP of Rs. 4,26,45,000 crore (US$ 5 trillion) by 2027 and is on course to surpass Germany by 2028. Rising employment and increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months.

For India, 2026 will be the year of resilience in domestic demand, decisive reforms in fiscal, monetary, and labor policies, and recalibrations in trade policies

Three of the biggest global risks for India in 2026 will come from:

US tariff policies and the conclusion of the India-US trade deal, which remains unpredictable.

Chinas slow recovery and its dominance in critical minerals, which India must monitor as it recalibrates its relationship with Beijing.

Geopolitical tensions in Central Asia that could disrupt commodity prices and key logistics routes, including the Red Sea corridor.

Domestically, the three biggest risks that need to be monitored are:

Poor transmission of policy rate cuts to credit growth.

A resurgence of inflation as demand picks up fast (and core has been above 4%).

Possible implications of lower tax revenues for fiscal consolidation this year.

Market Overview

Indias Real Gross Domestic Product (GDP) or GDP at Constant Prices stood at Rs. 47.89 lakh crore (US$ 544.20 billion) in Q1 of FY26, up from Rs. 44.42 lakh crore (US$ 504.77 billion) in Q1 FY25, registering a growth rate of 7.8%. Nominal GDP or GDP at Current Prices for the same period was estimated at Rs. 86.05 lakh crore (US$ 977.84 billion), compared to Rs. 79.08 lakh crore (US$ 898.64 billion) in the corresponding quarter of the previous year, showing a growth rate of 8.8%.

As on October 14, 2025, India is home to 123 unicorns, with six new startups achieving unicorn status in 2025.

Indias current account recorded a deficit of Rs. 21,288 crore (US$ 2.37 billion) in Q1 FY26 (April-June), compared to Rs. 76,282 crore (US$ 8.6 billion) in the same period of FY25, according to the Reserve Bank of India (RBI). The improvement reflects a narrower merchandise trade gap and steady growth in service exports. Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP. Going forward, the contribution of merchandise exports may waver as several of Indias trade partners witness an economic slowdown. According to

Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030 .

Indias near-term outlook

In its latest World Economic Outlook report, the IMF said Indias economy is now expected to grow by 7.3% in FY26, up 0.7 percentage points from its earlier estimate. The upgrade reflects better-than-expected growth in the third quarter and continued strength in the fourth quarter of the current fiscal year.

The International Monetary Fund (IMF) has raised its growth forecast for Indias economy in fiscal year 2026 by 0.7 percentage points to 7.3%, pointing to strong economic momentum. However, it expects growth to moderate to around 6.4% over the following two financial years as temporary cyclical factors ease.

The IMFs revised outlook follows an update by Indias National Statistics Office (NSO), which earlier this month raised its estimate for growth in the year ending March 31 to 7.4%. This was higher than the governments initial projection of 6.3% to 6.8%, reinforcing the view that the economy has performed better than expected.

Industry Overview

The Seafood Processing and Export

The seafood processing and export sector has become a vital engine of growth for the Indian economy, contributing significantly to both national revenue and global food security. India is currently the worlds second-largest fish-producing country, ranks second globally in aquaculture, and is one of the top exporters of premium seafood worldwide.

Positioned at the forefront of this thriving industry is Essex Marine Limited. Based in West Bengal, we are a modern seafood processing and exporting company dedicated to bringing the finest marine products to the global market, including the European Union.

The current emphasis in global seafood is on uncompromising quality, sustainable sourcing, and rigorous safety standards. Our company meets these demands through a combination of state-of-the-art facilities, unpolluted sourcing locations, and strict adherence to international safety protocols (including HACCP and GMP). By leveraging Indias abundant aquaculture resources and skilled workforce, we are proudly delivering safe, high-quality seafood to plates around the world while contributing to the economic empowerment of our local communities.

MARKET SIZE

India is the second largest fish producing nation in the world. It accounts for 8% of the total global fish production. The industry created 58 lakh employment opportunities, as of December 2024.

The marine resources of India constitute a coastline of 11,098 km, an Exclusive Economic Zone (EEZ) of 2 million sq. km, and a continental shelf area of 0.53 sq. km. The inland resources include 0.27 million km of rivers and canals, 2.36 million hectares of ponds and tanks, 3.54 million hectares of reservoirs, and 1.2 million hectares of floodplain lakes.

Indias fish production has grown by 104% from 96 lakh tonnes in FY14 to 195 lakh tonnes in FY25. Inland fisheries have expanded by 142% for the same period from 61 lakh tonnes to 147.37 lakh tonnes.

A tremendous increase of 77.71 lakh tons was achieved in Inland and Aquaculture fish production from FY14 to FY24 as against the 26.78 lakh tons achieved from FY04 to FY14. India mainly has eight major fish-producing states: Andhra Pradesh, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Tamil Nadu, and West Bengal.

The Indian marine products and seafood export market has reached unprecedented milestones, with exports touching an all-time high of 73,890.46 crore (US $8.46 billion) in FY 2025-26. Driven by rising global demand, the broader Indian seafood market is projected to expand at a robust CAGR of 7.34% during the forecast period of 2026-2034, expected to reach USD 25.7 Billion by 2034.

In FY26 (April-July 2025), the country exported marine products worth US$ 2.59 billion as compared to US$ 2.20 billion in same period last year.

In FY25, the country exported marine products worth US$ 7.40 billion as 0.45% YoY growth as compared to US$ 7.37 billion in FY24.

India mainly exports frozen shrimps, fish, cuttlefish, squids, dried items, and live and chilled items. Out of these, frozen shrimp is the largest exported marine product contributing to more than 40% of the total quantity and about 66.12% of the total export value. In the period FY24, frozen fish, cuttlefish, and squid accounted for 21.42%, 3.05%, and 5.25% of the total export value of marine products, respectively. This was a change from the previous period, FY23, where they represented 21.23%, 3.16%, and 5.49% of the total quantity exported.

During FY24 the country exported marine products worth US$ 7.38 billion, compared to US$ 8.09 billion for the same period last year. In FY25 (April-January) the country exported marine products worth US$ 6.21 billion).

India exports fish and fish products primarily to the following regions - the USA, China, Japan, Vietnam, Thailand, and Belgium.

In FY26 (April-July 2025), with an import of US$ 966 million, the USA remained the largest importer of Indian seafood both in terms of value and volume. China stood in second position with imports worth US$ 402 million, followed by the Vietnam with US$ 192 million worth of imports.

The growing global preference for protein-rich diets and health-conscious consumption is contributing primarily to the surge in seafood demand, fuelling the growth of Indias marine export market. Consumers in key international markets including the USA, the European Union, and Japan are prioritizing premium, ethically sourced marine products over conventional dietary staples, presenting immense scope for Indian exporters. Frozen shrimp remains the principal catalyst, accounting for over two-thirds of Indias total export earnings, highlighting the importance of sustainable aquaculture and stringent quality standards in modern export strategies.

With the increasing emphasis on food safety and global compliance, advanced traceability systems and state-of-the-art processing infrastructure have become crucial within the Indian seafood market. Towards that purpose, various companies are integrating strict HACCP protocols and investing in modernized cold chain logistics to appeal to quality-conscious international buyers.

The robust expansion of these global supply chains is actively influencing the Indian export outlook. Capitalizing on this trend, our company is leveraging its unpolluted sourcing locations in West Bengal and uncompromised Good Manufacturing Practices (GMP) to build a powerful global export ecosystem. By processing safe, premium marine products like Vannamei shrimp, sole fish, and squid for demanding international markets, our company is monetizing Indias rich aquaculture resources to provide highly Measurable and targeted seafood solutions worldwide.

INTEGRATION OF ADVANCED TRACEABILITY AND QUALITY CONTROL

Traceability and quality control are important in Indias seafood export industry. MPEDA has also introduced initiatives such as SHAPHARI certification and Aqua Trace to strengthen traceability and quality assurance in shrimp exports. Our company follows HACCP, GMP, SSOP and FSSC 22000 Version 5 systems.

RISE OF MODERNIZED COLD CHAIN AUTOMATION

The modernization of processing infrastructure and integrated cold chain logistics is a critical driver for the Indian seafood export sector, where maintaining strict temperature control is paramount for highly perishable goods. Aligning with this trend, our company is actively strengthening its operational capabilities by developing modern processing facilities including dedicated Ready-to-Cook blanching sections and operating an integrated cold chain logistics network under its DE SENS COLDSTORE platform.

ADOPTION OF SUSTAINABLE AQUACULTURE AND ECO-CERTIFICATION

The surging global demand for ethically sourced and safe seafood is driving Indian exporters to implement strict aquatic health management and globally recognized quality certifications. Our company addresses this critical market need by strategically procuring its raw materials from ideal, unpolluted locations to ensure the fundamental safety and sustainability of its aquaculture products. By strictly adhering to advanced, internationally recognized frameworks including Hazard Analysis Critical Control Point (HACCP) systems, Good Manufacturing Practices (GMP), and comprehensive FSSC 22000 standards the company guarantees zero-defect marine products. Furthermore, through continuous monitoring and regular audits by competent independent agencies like the EIA and MPEDA, we demonstrate a steadfast commitment to responsible processing that consistently meets the rigorous compliance and ethical demands of international buyers, including the European Union.

STRATEGIC EXPANSION INTO PREMIUM GLOBAL MARKETS

As international demand for high-quality seafood diversifies, our industry is increasingly looking beyond traditional trade routes to highly discerning, premium markets. Our company is actively accelerating this geographic expansion by penetrating regions with rigorous import regulations, such as Japan and the European Union. By successfully executing high-value export consignments such as our recent delivery of premium Frozen Headless Vannamei Shrimp to Japan we are demonstrating our ability to navigate some of the worlds most stringent quality control systems. This strategic market diversification not only strengthens our global footprint under the Essex brand but also insulates our revenue streams, proving our capability to serve international buyers with products that meet the absolute highest benchmarks of food safety, consistency, and reliability.

THE RISE OF NEW TECHNOLOGIES IN SEAFOOD EXPORTS

Indias seafood processing and export sector is undergoing a rapid technological transformation. While traditional processing and cold storage remain the foundation of the industry, the demand for uncompromising food safety, transparent supply chains, and operational efficiency has surged. Forward-thinking companies like our company is positioned to integrate these next-generation technologies to consistently meet rigorous global standards, including HACCP protocols and European Union import regulations.

Automated Processing & Quality Assurance: Automation is revolutionizing the processing line, driving rapid efficiencies, and minimizing manual handling to maintain strict hygiene. The industry is increasingly adopting automated grading machines, optical sorting, and advanced weighing technologies to classify marine products like Vannamei shrimp and sole fish by size and quality with pinpoint accuracy, ensuring a uniform, premium export.

Smart Cold Chain Management (IoT): Maintaining absolute temperature control is the lifeline of perishable seafood exports. Modern logistics networks are integrating the Internet of Things (IoT) via digital sensors placed inside blast freezers, cold storage units, and refrigerated transport. These sensors send continuous, real-time telemetry data to cloud platforms, alerting operations teams instantly to any temperature deviations that could compromise product safety.

Advanced Traceability Systems: With stringent import regulations in international markets, end-to-end traceability is becoming an industry standard. Seafood exporters are adopting digitized smart ledgers and blockchain-based frameworks to track marine products from the exact unpolluted farm or fishing vessel to the global shipping container. This provides immutable proof of origin, verifies sustainable sourcing, and prevents seafood fraud.

Data-Driven Sustainable Sourcing: To guarantee zero-defect end products, the technological focus is shifting to the very origin of the raw materials. Indian exporters are leveraging digital farm monitoring and predictive analytics in aquaculture to assess water quality and predict stock health, ensuring that the raw materials meet all necessary Good Manufacturing Practices (GMP) before they even reach the processing facility

Major Government Schemes for the Seafood Processing Industry in India

Several government schemes in India offer support to the marine processing and export industry, particularly focusing on infrastructure development, technology upgradation, and quality assurance. Key initiatives provide assistance for expanding processing facilities, modernizing cold storage, and navigating international compliance.

India-UK Free Trade Agreement

India and the UK have signed a Comprehensive Economic and Trade Agreement (CETA) granting India 100% duty-free access for most seafood products, removing tariffs of up to 21.5% on items such as shrimp, lobster, squid, and value-added marine goods. In FY25, India exported US$ 7.38 billion worth of seafood (1.78 million tonnes), but its share in the UKs US$ 5.4 billion seafood import market was only 2.25%, with exports of US$ 104 million. The new duty-free access is expected to boost Indias marine exports to the UK by about 70%, strengthening export competitiveness and supporting coastal communities and value-added processing.

Union Budget 2025-26

The Union Budget 2025-26 proposed the highest ever total annual budgetary support of US$ 305 million for the fisheries sector.

Pradhan Mantri Matsya Sampada Yojana (PMMSY): The PMMSY was introduced in 2020 with an earmarked investment of US$ 2.53 billion, to increase the productivity, production capacity, and area under cultivation and to increase the exports of marine products in India. The Central Governments share in PMMSY is US$ 1.12 billion, the States share is US$ 617 million, and the beneficiaries share is US$ 729 million. The objective of the scheme is to increase fish production to 22 million MT by 2024-25, enhance aquaculture productivity to 5 tons per hectare and increase the GVA contribution of the fisheries sector to 9% by 2024-25.

Pradhan Mantri Kisan Sampada Yojana (PMKSY): Implemented by the Ministry of Food Processing Industries (MoFPI), PMKSY provides support through various components aimed at strengthening food-processing infrastructure. Of particular relevance to the seafood industry is the Integrated Cold Chain and Value Addition Infrastructure component, which supports infrastructure such as cold storage, packing, freezing and refrigerated transportation across the supply chain. The scheme covers fish and marine products, subject to the applicable guidelines and exclusions.

Marine Products Export Development Authority (MPEDA): MPEDA, established in 1972 under the Ministry of Commerce & Industry, is the statutory authority responsible for promoting the export of marine products from India. Its activities include registration of infrastructure facilities, dissemination of trade information, promotion of Indian seafood in overseas markets, quality control, processing infrastructure and value addition, research and development, and implementation of schemes supporting infrastructure development and modernized processing.

Fisheries and Aquaculture Infrastructure Development Fund (FIDF): In 2018-19, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying formed a fund called the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying (FIDF) to meet the infrastructure requirement of the fisheries sector. The total fund size is US$ 951 million. The objective of the fund is to provide concessional finance to eligible entities like State Governments/Union

Territories and State entities for developing the identified fisheries infrastructure through loaning entities namely - National Cooperatives Development Corporation (NCDC), National Bank for Agriculture and Rural Development (NABARD), and all scheduled banks

THE FUTURE OF THE SEAFOOD EXPORT SECTOR IN INDIA: KEY TRENDS AND INSIGHTS

The seafood processing and marine export sector in India has been a major driver of economic growth and a key player in the global food ecosystem, with Indias seafood exports reaching an all-time high of US$ 8.46 billion in FY 2025-26. Looking ahead, the future of this sector holds immense potential, influenced by several trends and evolving needs within the global market. Below are key points that define the future of the marine export sector in India, positioning forward-thinking companies like Essex Marine Limited for rapid growth:

1. Growth in Value-Added Processing

As global consumer preferences shift toward convenient, ready-to-cook, and premium seafood, Indias processing sector is poised to benefit greatly. The demand for value-added formats like breaded, battered, seasoned, and Individual Quick Freezing (IQF) products is growing. This creates new opportunities for our company to deliver specialized, high-margin marine products to international markets at scale.

2. Rise of Advanced Cold Chain Logistics

With the highly perishable nature of seafood, modernizing cold chain infrastructure is accelerating nationwide to reduce post-harvest losses. Indian exporters are well-positioned to capitalize on this trend by optimizing their freezing, storing, and temperature-controlled logistics. Our company is expanding its robust cold storage capacities to maintain strict product integrity from the point of harvest to international shipment.

3. Increased Demand for Traceability and Food Safety

As global import regulations become stricter, there is an increasing need for robust quality control and transparent traceability. Indian seafood firms are likely to enhance their capabilities in this area, offering end-to-end verifiable supply chains to global clients. Essex Marines strict adherence to HACCP and Good Manufacturing Practices (GMP) taps directly into this rapidly expanding demand for zero-defect, safe seafood.

4. Automation and Modernization in Processing

Automation is revolutionizing food processing industries, and Indias seafood sector is increasingly adopting modern technologies to boost production efficiency. From automated grading machinery to digitalized processing lines, India is likely to see immense operational advancements. Essex Marines state-of-the-art facilities reflect this shift towards minimizing manual handling and maximizing hygiene.

5. IoT and Digital Supply Chain Expansion

The integration of the Internet of Things (IoT) will create new avenues for operational excellence in marine exports. Seafood exporters will need to develop innovative solutions leveraging IoT-enabled monitoring solutions that track critical parameters like temperature during transit and water quality during aquaculture.

6. Focus on Sustainable Aquaculture and Green Practices

Sustainability is becoming a key priority for seafood buyers worldwide, and this trend is reflected in marine exports. Indian companies will likely increase their focus on eco-friendly practices delivering sustainably sourced shrimp and fish, supporting responsible aquaculture frameworks like Recirculating Aquaculture Systems (RAS), and minimizing their environmental footprint.

7. Integration of Blockchain Technology

Blockchain technology is gaining traction across global food industries to ensure uncompromised transparency. Indian seafood providers are expected to explore blockchain-based ledgers to address the need for verified product origin, ethical sourcing, and regulatory compliance, contributing to the rise of highly secure international seafood trade.

ROAD AHEAD

India is one of the foremost sourcing destinations for premium marine products across the world. Having proven its capabilities in delivering high-quality, safe aquaculture to global clients, advanced value-added processing and sustainable sourcing now offer an entirely new gamut of opportunities for top seafood exporting firms in India.

The Indian marine products export market has demonstrated remarkable growth, with recent exports touching an all-time high of US$ 8.46 billion in FY 2025-26. The broader Indian seafood market is projected to expand at a robust pace, expected to reach US$ 25.7 billion by 2034.

Indias modernized cold chain and specialized seafood processing infrastructure are expanding rapidly. This provides companies with the necessary capabilities to scale up high-margin, ready-to-cook, and Individual Quick Freezing (IQF) export categories for demanding global markets.

Widespread modernization of the aquaculture and fisheries sector, driven by major initiatives like the Pradhan Mantri Matsya Sampada Yojana (PMMSY), is projected to generate millions of direct and indirect employment opportunities, empowering coastal communities and adding substantial value to Indias agricultural GDP.

With an increasing focus on Good Aquaculture Practices (GAP) and stringent quality control, India is developing a highly capable workforce trained in modern food safety protocols, sustainable farming, and international compliance standards like HACCP and GMP.

The Ministry of Commerce and Industry, along with the Marine Products Export Development Authority (MPEDA), has continuously lauded the Indian marine sector for its competitive strength and resilience. The government has set ambitious targets for the industry, aiming to scale seafood exports to 1 lakh crore (approximately US$ 12 billion) in the near future, underscoring an immense growth trajectory for the road ahead.

The highlights of the financial results for the year ended March 31, 2026 and the corresponding figure for the previous year are as under:

( in Lakhs except EPS)

	Standalone
Particulars
	2025-26	2024-25
Revenue from Operations	6,069.26	3,722.47
Other Income	401.64	278.72
Total Income	6,470.90	4,001.19
Total Expenditure	5,605.02	3,383.01
Profit before tax	865.88	618.18
Current Tax	194.46	137.25
Income tax Adjustment	10.65	78.14
Deferred Tax Adjustment	23.42	2.53
Profit after Tax	637.34	400.26
Basic Earnings per share (in )	4.63	3.64

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Our employees are our core resource and the Company has continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the same can be felt in the past growth of the Company. The Company is constantly working on providing the best working environment to its Human Resources with a view to inculcate leadership, autonomy and towards this objective; your company spends large efforts on training. Your Company shall always place all necessary emphasis on continuous development of its Human Resources. The belief great people create great organization has been at the core of the Companys approach to its people.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand supply conditions, raw material prices, finished goods prices, cyclical demand and pricing in the Companys products and their principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and other factors such as litigation and / or labor negotiations.

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