You should read the following discussion of our financial condition and results of operations together with our restated consolidatedfinancial statements for Fiscal 2026, Fiscal 2025, and Fiscal 2024 including the notes and significant accounting policies and reports thereon, which appear elsewhere in this Red Herring Prospectus. You should also see the section titled Risk Factors on page 25 which discusses a factors and contingencies that could affect our financial condition and results of operations. Unless otherwise stated, the following discussion relates to our company and is based on restated consolidatedfinancial statements.
These Restated Consolidated Financial Statements have been prepared in accordance with the Accounting Standards notified under Section 133 of the Companies Act, 2013 read with the Companies (Accounting Standards) Rules, 2021 (Indian GAAP), the Companies Act, 2013 and the SEBIICDR Regulations, and restated as described in the report of our statutory auditor of our Company, M/s. Sreedar Mohan & Associates Chartered Accountants, which is included in this Red Herring Prospectus under the section titled Financial Information - Restated Financial Statements on page 278. The Restated Consolidated Financial Statements have been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including U.S. GAAP and IFRS. We do not provide a reconciliation of our restated consolidated financial statements to U.S. GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our restated consolidated financial statements.
Our Company had one subsidiary, Green Asia Cold Storages Private Limited, in which it held the entire issued and paid-up equity share capital. Our Company divested its entire shareholding in that subsidiary during Fiscal 2025 and it ceased to be consolidated with effect from April 09, 2024. Accordingly, the Restated Consolidated Financial Statements comprise the financial information of our Company alone for Fiscal 2026; the financial information of our Company together with that subsidiary for the periodfrom April 1, 2024 up to April 09, 2024, and of our Company alone thereafter, for Fiscal 2025; and the financial information of our Company together with that subsidiary for Fiscal 2024. As disclosed in Note 28A to the Restated Consolidated Financial Statements, that subsidiary represented 3% of consolidated net assets and 1% of consolidated profit for Fiscal 2024. Goodwill on consolidation of Z107.17 lakhs recognised as at March 31, 2024 was derecognised on the divestment, and a loss on sale of investment of Z18.07 lakhs was recognised in Fiscal 2025. Rental income of Z44.07 lakhs and storage charges of Z7.09 lakhs recognised in Fiscal 2024 were not recognised in Fiscal 2025. To that extent, our results of operations for Fiscal 2026 and Fiscal 2025 are not directly comparable with those for Fiscal 2024. The divestment was made in favour of our Promoters; for further details, see Financial Information - Note No. 28 Restated Consolidated Statement of Related Party Transaction on page 325 and Related Party Transactions below.
This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements because of certain factors such as those described under Risk Factors and Forward Looking Statements on page 25 and 24 respectively, and elsewhere in this Red Herring Prospectus.
Accordingly, the degree to which the financial statements in this Red Herring Prospectus will provide meaningful information depends entirely on such potential investors level of familiarity with Indian accounting practices. Our financial year ends on March 31 of each year; therefore, all references to a particular financial year are to the twelve-month period ended March 31 of that year. Please also refer to section titled Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation on page 21
BUSINESS OVERVIEW
For details in relation to our business, see Our Business on page 209 KEY PERFORMANCE INDICATORS OF OUR COMPANY
The KPIs disclosed below have been used historically by our Company to understand and analyze our business performance, which in turn assists us in evaluating our growth in comparison with our peers. The KPIs disclosed below have been approved by a resolution of our Audit Committee dated September 09, 2026, and the members
of the Audit Committee have verified and confirmed the details of all KPIs pertaining to our Company. The members of the Audit Committee have further confirmed that, other than the KPIs set out in this section, there are no other KPIs pertaining to our Company that have been disclosed to any investors at any point of time during the three years preceding the date of filing of this Red Herring Prospectus. The KPIs disclosed herein have been certified by M/s. Sreedar Mohan and Associates (Firm Registration No. 012722S), Statutory Auditors, pursuant to a certificate dated September 09, 2026.
Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic basis, at least once in a year (or any lesser period as determined by the Board of our Company), for a duration of one year after the date of listing of the Equity Shares on the Stock Exchange or till the complete utilisation of the proceeds of the Fresh Issue as per the disclosure made in the chapter Objects of the Offer on page 101, whichever is later or for such other duration as may be required under the SEBI ICDR Regulations. Further, the ongoing KPIs will continue to be certified by a member of an expert body as required under the SEBI ICDR Regulations.
Details of the key performance indicators of our business for Fiscal 2026, Fiscal 2025 and Fiscal 2024 are set out below:
| Particulars | Unit | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| 1. GAAP FINANCIAL MEASURES | ||||
| a) Revenue from Operations | (Rs in lakhs) | 38,380.39 | 33,762.21 | 31,738.66 |
| b) Profit After Tax (PAT) | (Rs in lakhs) | 1,561.12 | 1,035.20 | 665.99 |
| 2. NON-GAAP FINANCIAL MEASURES | ||||
| a) Growth in Revenue from Operations Y-o-Y | (%) | 13.68% | 6.38% | 73.39% |
| b) PAT Margin | (%) | 4.07% | 3.07% | 2.10% |
| c) Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) | (Rs in lakhs) | 2,522.97 | 2,074.18 | 1,734.82 |
| d) EBITDA Margin | (%) | 6.57% | 6.14% | 5.47% |
| e) Net Worth | (Rs in lakhs) | 4,142.60 | 2,581.48 | 1,546.28 |
| f) Return on Equity (ROE) | (%) | 46.43% | 50.16% | 51.34% |
| g) Return on Capital Employed (ROCE) | (%) | 19.69% | 19.99% | 18.85% |
| h) Debt-Equity Ratio | Times | 2.40 | 2.90 | 4.12 |
| i) Working capital ratio | Times | 1.16 | 1.13 | 1.08 |
Notes:
1. GAAP Measures
a) Revenue from Operations: Revenue from Operations means Revenue from Operations as appearing in the Restated Financial Statements for the relevant year.
b) Profit After Tax (PAT): PAT means profit for the relevant year as appearing in the Restated Financial Statements.
2. Non - GAAP Measures
a) Growth in Revenue from Operations Y-o-Y (%): Growth in Revenue from Operations Y-o-Y (%) is calculated as [(Revenue from Operations for the relevant year- Revenue from Operations for the preceding corresponding year) / Revenue from Operations for the preceding corresponding year] x 100.
b) PAT Margin (%): PAT Margin (%) is calculated as PAT for the relevant year/period divided by Revenue from Operations for such year/period, multiplied by 100.
c) EBITDA: EBITDA is calculated as Profit Before Tax plus interest expense (excluding bank charges) plus Depreciation and Amortisation Expenses, less Other Income. Accordingly, finance costs other than interest expense, including bank charges, are not added back for purposes of this KPI. This measure should be read together with the reconciliation set out below.
d) EBITDA Margin (%): EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations, multiplied by 100.
e) Net Worth: Net Worth has been calculated in accordance with Regulation 2(1)(hh) of the SEBIICDR Regulations, as amended, and means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance ofprofit and loss account, after deducting the aggregate value of accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, writeback of depreciation and amalgamation
f Return on equity (ROE) (%): ROE (%) is calculated as PAT divided by Average Shareholders Equity, multiplied by 100. Average Shareholders Equity represents the average of opening and closing Shareholders Equity, comprising Equity Share Capital and Other Equity.
g) Return on Capital Employed (ROCE) (%): ROCE (%) is calculated as EBIT divided by Capital Employed, multiplied by 100. EBIT is calculated as Profit Before Tax plus interest expense, excluding bank charges. Capital Employed is calculated as Tangible Net
338
Worth plus long-term borrowings plus short-term borrowings. Tangible Net Worth means Equity Share Capital plus Reserves and Surplus, less goodwill on consolidation.
h) Debt- Equity ratio : Debt to Equity Ratio is calculated as Total Debt divided by Shareholders Equity. Total Debt comprises longterm borrowings and short-term borrowings.
i) Working Capital Ratio: Working Capital Ratio is calculated by dividing Total Current Assets by Total Current Liabilities for the year.
KPI Explanation
| Sr. No. | KPI | UOM | Explanation |
| GAAP Measures | |||
| 1. | Revenue from Operations | e | Revenue from Operations represents the revenue generated by our Company from its principal business operations during the relevant year. |
| 2. | Profit After Tax (PAT) | e | PAT represents the profit earned by our Company after accounting for all expenses and taxes for the relevant year and is an indicator of the overall profitability of our Company. |
| Non - | GAAP Measures | ||
| 3. | Growth in Revenue | % | Growth in Revenue from Operations Y-o-Y represents the percentage |
| from Operations Y-o-Y | increase or decrease in Revenue from Operations for the relevant year as compared to the preceding corresponding year/period and indicates the growth in our Companys operating revenue. | ||
| 4. | PAT Margin | % | PAT Margin represents PAT as a percentage of Revenue from Operations and indicates the overall profitability of our Company. |
| 5. | EBITDA | e | EBITDA represents earnings from our Companys operations before considering finance costs, depreciation and amortisation, and taxes, and provides an indication of the operating performance of our Company. |
| 6. | EBITDA Margin | % | EBITDA Margin represents EBITDA as a percentage of Revenue from Operations and indicates the operating profitability of our Company. |
| 7. | Net Worth | e | Net Worth represents the shareholders funds of our Company and provides an indication of the financial position of our Company. |
| 8. | Return on equity | % | ROE represents the return generated by our Company on the average |
| (ROE) | shareholders equity employed in the business and indicates the efficiency with which our Company generates profits from shareholders funds. | ||
| 9. | Return on capital | % | ROCE represents the return generated by our Company from the capital |
| employed (ROCE) | employed in its business and indicates the efficiency with which our Company utilises its capital to generate operating earnings. | ||
| 10. | Debt-Equity Ratio | Times | Debt to Equity Ratio represents the proportion of debt in relation to shareholders equity and provides an indication of the financial leverage of our Company. |
| 11. | Working Capital Ratio | Times | Working Capital Ratio represents the relationship between current assets and current liabilities and indicates our Companys ability to meet its short-term obligations. |
Comparison of KPIs with our listed industry peers
The peers set out below are listed Indian companies engaged in the processing and export of marine products, our principal product segment. The peers are not of comparable scale. No listed company comparable to our dried chillies segment has been included and, accordingly, the comparison is not representative of that segment. Peer financial information has been sourced from publicly available audited financial statements and has not been independently verified. The comparison should be read together with the explanatory notes below.
Fiscal 2026
| Particulars | Unit | Green Asia Impex Limited | Apex Frozen Foods Limited | Kings Infra Ventures Limited | Essex Marine Limited |
| 1. GAAP FINANCIAL MEASURES | |||||
| a) Revenue from Operations | (Rs in lakhs) | 38,380.39 | 93,113.75 | 16,083.97 | 6,069.26 |
| b) Profit After Tax (PAT) | (Rs in lakhs) | 1,561.12 | 3,884.76 | 1,600.50 | 637.35 |
| Particulars | Unit | Green | Apex | Kings | Essex |
| Asia | Frozen | Infra | Marine | ||
| Impex | Foods | Ventures | Limited | ||
| Limited | Limited | Limited | |||
| 2. NON-GAAP FINANCIAL MEASURES | |||||
| a) Growth in Revenue from Operations Y- o-Y | (%) | 13.68% | 14.45% | 29.90% | 63.04% |
| b) PAT Margin | (%) | 4.07% | 4.17% | 9.95% | 10.50% |
| c) Earnings Before Interest, Tax, Depreciation and amortization (EBITDA) | (Rs in lakhs) | 2,522.97 | 5,555.77 | 2,963.86 | 726.31 |
| d) EBITDA Margin | (%) | 6.57% | 5.97% | 18.43% | 11.97% |
| e) Net Worth | (Rs in lakhs) | 4,142.60 | 52,799.23 | 8,655.27 | 4,005.52 |
| f) Return on Equity (ROE) | (%) | 46.43% | 7.60% | 20.37% | 22.85% |
| g) Return on Capital Employed (ROCE) | (%) | 19.69% | 10.58% | 17.44% | 16.78% |
| h) Debt-Equity Ratio | Times | 2.40 | 0.01 | 0.91 | 0.55 |
| i) Working capital ratio | Times | 1.16 | 5.96 | 1.90 | 3.63 |
NON-GAAP Measures
In addition to our results determined in accordance with the applicable provisions of Companies Act, 2013, Indian GAAP we believe the following Non-GAAP measures are useful to investors in evaluating our operating performance and liquidity. We use the following Non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Non-GAAP financial information, when taken collectively with financial measures disclosed in the financial statements prepared in accordance with AS, may be helpful to investors because it provides an additional tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial results with other companies in our industry because it provides consistency and comparability with past financial performance. However, our management does not consider these Non-GAAP measures in isolation or as an alternative to financial measures.
PAT Margin, EBITDA, EBITDA Margin, Net Worth, Return on Capital Employed, Return on Equity, Debt- Equity Ratio and Working Capital Ratio (Non-GAAP Financial Measures) presented in this Red Herring Prospectus are supplemental measures of our performance and liquidity that are not required by, or presented in accordance with, AS, Indian GAAP, IFRS or US GAAP. Further, such Non-GAAP Measures are not measurements of our financial performance or liquidity under AS, Indian GAAP, IFRS or US GAAP and should not be considered in isolation or construed as alternatives to cash flows, profit for the years/period or any other measure of financial performance or as indicators of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with AS, Indian GAAP, IFRS or US GAAP. In addition, Non-GAAP Measures are not standardized terms; hence, direct comparison of Non-GAAP Measures between companies may not be possible. Other companies may calculate the Non-GAAP Measures differently from us, limiting their usefulness as comparative measures. Although Non-GAAP Measures are not measures of performance calculated in accordance with applicable accounting standards, our Companys management believes that they are useful to investors in evaluating our operating performance.
1. PAT Margin
(Z in lakhs, unless otherwise stated)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Profit After Tax (PAT) (I) | 1,561.12 | 1,035.20 | 665.99 |
| Revenue from Operations (II) | 38,380.39 | 33,762.21 | 31,738.66 |
| PAT Margin (%) (III=I/II) | 4.07% | 3.07% | 2.10% |
| 2. EBITDA and EBITDA Margin | (Z in lakhs, unless otherwise stated) | ||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Restated Profit After Tax (PAT) (I) | 1,561.12 | 1,035.20 | 665.99 |
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Tax Expenses (II) | 542.38 | 404.15 | 236.60 |
| Finance Cost (Only the Interest Expense) (III) | 671.14 | 574.69 | 570.27 |
| Depreciation and Amortisation expense (IV) | 231.43 | 263.15 | 338.22 |
| Other Income (V) | 483.10 | 203.01 | 76.26 |
| EBITDA (VI = I+II+III+IV+V) | 2,522.97 | 2,074.18 | 1,734.82 |
| Revenue from Operations (VII) | 38,380.39 | 33,762.21 | 31,738.66 |
| EBITDA Margin (%) (Vm=WVII*100) | 6.57% | 6.14% | 5.47% |
| 3. Return on Capital Employed | |||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Restated Profit before tax (I) | 2,103.50 | 1,439.34 | 902.59 |
| Finance Cost ( Only the Interest Expense ) (II) | 671.14 | 574.69 | 570.27 |
| EBIT (III= I + II) | 2,774.64 | 2,014.04 | 1,472.86 |
| Capital Employed | |||
| Equity Share Capital (IV) | 1,478.79 | 492.93 | 492.93 |
| Reserve & Surplus (V) | 2,663.81 | 2,088.55 | 1,053.35 |
| Goodwill on Consolidation (VI) | - | 107.17 | |
| Tangible Net worth (VII = IV+V+VI) | 4,142.60 | 2,581.48 | 1,439.11 |
| Long Term Borrowings (VIII) Short Term Borrowings (IX) | 765.69 9,181.07 | 746.04 6,745.91 | 1,041.14 5,332.28 |
| Capital Employed (X=VII+VIII+IX) | 14,089.36 | 10,073.43 | 7,812.53 |
| Return on Capital Employed (XI=III/X) | 19.69% | 19.99% | 18.85% |
| 4. Return on Equity | |||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Restated Profit After Tax (PAT) (I) | 1,561.12 | 1,035.20 | 665.99 |
| Shareholders Equity | |||
| Equity Share Capital (II) | 1,478.79 | 492.93 | 492.93 |
| Reserve and Surplus (III) | 2,663.81 | 2088.55 | 1053.35 |
| Total Shareholders Funds (IV = II+III) | 4,142.60 | 2,581.48 | 1,546.28 |
| Average Shareholders Equity (V= (IV of Current Year + IV Previous Year)/2) | 3,362.04 | 2,063.88 | 1,297.29 |
| Return on Equity (VI= I/V) | 46.43% | 50.16% | 51.34% |
| 5. Net Worth | |||||||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| Equity Share Capital (I) | 1,478.79 | 492.93 | 492.93 | ||||
| Surplus in the Statement of Profit and Loss | 2,663.81 | 1,920.55 | 885.35 | ||||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | ||||
| (II) | |||||||
| Capital Redemption Reserve (III) | - | 168.00 | 168.00 | ||||
| Net Worth (I+II+III) | 4,142.60 | 2,581.48 | 1,546.28 | ||||
| 6. Debt-Equity Ratio | (Rs in lakhs, unless otherwise stated) | ||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Long Term Borrowings (I) | 765.69 | 746.04 | 1,041.14 |
| Short Term Borrowings (II) | 9,181.07 | 6,745.91 | 5,332.28 |
| Total Debt (III= I+II) | 9,946.76 | 7,491.95 | 6,373.43 |
| Equity Share Capital (IV) | 1,478.79 | 492.93 | 492.93 |
| Reserve & Surplus (V) | 2,663.81 | 2,088.55 | 1,053.35 |
| Total Shareholders Funds (VI= IV+V) | 4,142.60 | 2,581.48 | 1,546.28 |
| Debt-Equity Ratio (VII= III/VI) | 2.40 | 2.90 | 4.12 |
| 7. Operating Net Working Capital Days | (Rs in lakhs, unless otherwise stated) | ||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Total Current Asset (I) | 23,684.28 | 17,794.73 | 11,809.95 |
| Cash & Cash Equivalents (II) | 52.65 | 91.51 | 50.37 |
| Current Asset excluding Cash and Cash Equivalents (III= I-II) | 23,631.63 | 17,703.22 | 11,759.59 |
| Total Current Liabilities (IV) | 20,485.58 | 15,800.11 | 10,884.92 |
| Short Term Borrowings (V) | 9,181.07 | 6,745.91 | 5,332.28 |
| Current Liabilities excluding Short Term Borrowings (VI=IV-V) | 11,304.51 | 9,054.20 | 5,552.64 |
| Operating Net Working Capital (VII=III- VI) | 12,327.12 | 8,649.02 | 6,206.95 |
| Revenue from Operation (VIII) | 38,380.39 | 33,762.21 | 31,738.66 |
| Number of Days (IX) | 365 | 365 | 366 |
| Operating Net Working Capital Days (X=VII*IX/VIII) | 117 | 94 | 72 |
Note: Operating Net Working Capital excludes cash and cash equivalents from total current assets and short-term borrowings from total current liabilities. It is therefore not the same as net working capital referred to under Working Capital Position , which is computed as total current assets less total current liabilities and was Rs 3,198.70 lakhs, ^1,994.62 lakhs and Rs 925.03 lakhs as at March 31, 2026, March 31, 2025 and March 31, 2024 respectively. Operating Net Working Capital and Operating Net Working Capital Days are presented for the information of investors and are not among the key performance indicators approved by our Audit Committee.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
For details in respect of Statement of Significant Accounting Policies, please refer to the Note 1- Significant Accounting Policies forming Part of the Financial Statements of the Restated Consolidated financial statements under chapter titled Financial Information on page 278.
SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Our results of operations and financial condition have been, and are expected to continue to be, influenced by the following factors:
Demand from Existing Customers and Repeat Orders
Our revenue is substantially generated from orders placed by our existing customers. In Fiscals 2026, 2025 and 2024, revenue from repeat customers amounted to Rs28,382.97 lakhs, Rs28,117.91 lakhs and Rs23,961.96 lakhs, representing 73.95%, 83.28% and 75.50% of our revenue from operations, respectively. Accordingly, our results of operations are influenced by continued demand from such customers, their procurement cycles and the timing and volume of orders placed by them.
Ordering patterns may also vary depending on the seasonal availability of our key raw materials, prevailing commodity prices and the inventory levels maintained by our customers. While shrimps and dried chillies are available throughout the year, their availability and prices may vary during different periods based on their respective production and supply cycles.
Repeat customers represented 50.82%, 44.21% and 35.11% of our total customer count in Fiscals 2026, 2025 and 2024, respectively, and contributed 73.95%, 83.28% and 75.50% of our revenue from operations in such periods. Total customer count decreased to 61 in Fiscal 2026 from 95 in Fiscal 2025, while revenue from operations increased by 13.68%. Accordingly, our results depend in part on the continuation, timing and value of orders from existing customers. The following table sets forth details of our repeat customers, in terms of value and count, for the periods indicated:
(Z in lakhs)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from Operations | 38,380.39 | 33,762.21 | 31,738.66 |
| Revenue from Repeat Customers | 28,382.97 | 28,117.91 | 23,961.96 |
| Total number of customers | 61 | 95 | 94 |
| No. of repeat Customer count | 31 | 42 | 33 |
| % Repeat (Count Wise) | 50.82% | 44.21% | 35.11% |
| % Repeat (Value Wise) | 73.95% | 83.28% | 75.50% |
Note: Repeat customers means customers who placed orders with us during the relevant Fiscal and in at least one preceding Fiscal
We do not have long-term supply agreements with our customers and typically operate on the basis of purchase orders received from time to time. Any reduction or discontinuation of orders from our key repeat customers may adversely affect our business, results of operations and financial condition.
Availability, Seasonality and Cost of Raw Material
Our principal raw materials are shrimp and dried chilli. Purchases accounted for 91.04%, 89.59% and 95.52% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively, and after adjusting for changes in inventories, our cost of materials consumed was Rs32,214.50 lakhs, Rs29,278.62 lakhs and Rs27,596.73 lakhs, representing 83.94%, 86.72% and 86.95% of our revenue from operations for such periods. Accordingly, our results of operations are significantly affected by the availability, quality and cost of these raw materials, and even modest movements in raw material prices may have a material effect on our margins.
We procure our entire raw material requirement through trader-cum-commission agents and have not undertaken any direct sourcing from farmers during Fiscals 2026, 2025 and 2024. Dried chillies are procured principally from Guntur, Khammam and other regions in Andhra Pradesh. Our procurement network enables us to source from multiple suppliers, which supports continuity of supply for our processing operations, including during periods of higher demand and seasonal variation in availability. All raw materials are subject to quality checks at the point of receipt, including inspection for freshness, size, moisture, colour and uniformity, as applicable, before acceptance, which assists us in maintaining product quality and meeting applicable customer and regulatory requirements.
Purchases of shrimps accounted for 88.56%, 86.02% and 85.90% of our total purchases in Fiscals 2026, 2025 and 2024, respectively, with the balance comprising purchases of red dry chillies. Correspondingly, shrimp accounted for 89.98%, 82.80% and 90.08% of our revenue from products in such periods. Our results are therefore more sensitive to conditions affecting shrimp aquaculture than to those affecting chilli cultivation.
Our two product segments are subject to different supply cycles: shrimp procurement is linked to aquaculture farming cycles, while chilli procurement is linked to agricultural harvest cycles. Shrimps are available throughout the year, with peak availability generally from October to July and moderate availability during August and
September, while dried chillies are available throughout the year, with peak availability generally from January to April and moderate availability from May to December. The presence of both shrimp and dried chillies in our product portfolio enables us to spread our procurement and processing activities across different periods of the year, which mitigates seasonality-related risks to an extent. The peak availability periods for the two products overlap in part. Our results may nonetheless vary between quarters, and results for any one quarter may not be indicative of results for the full Fiscal.
Seasonality also affects our working capital, as we build inventory ahead of the shipment cycle. Our closing inventory of finished goods and work-in-progress was Rs11,760.52 lakhs, Rs9,033.01 lakhs and Rs8,064.71 lakhs as at March 31, 2026, 2025 and 2024, respectively, and the resulting working capital requirement was funded principally through working capital borrowings, contributing to the finance costs incurred during the period.
Raw material prices are subject to fluctuation on account of weather conditions, disease outbreaks in aquaculture, crop yields, changes in acreage under cultivation, freight costs and international demand-supply conditions. We do not have long-term supply agreements with our trader-cum-commission agents and typically procure on a spot basis. Any shortage in availability, deterioration in quality, or increase in raw material cost that we are unable to pass on to customers on a timely basis, or at all, may adversely affect our margins, results of operations and financial condition.
Product and Geographical Mix
Our results are affected by the mix between our two product segments and between export and domestic sales, as these carry different realisations, margins, working capital cycles and compliance costs.
Shrimp contributed 87.76%, 80.73% and 87.00% of our revenue from operations in Fiscals 2026, Fiscal 2025 and Fiscal 2024 respectively, with dried chillies contributing 9.77%, 16.77% and 9.58%, respectively.
Export revenue from products was Rs14,488.28 lakhs, Rs15,379.47 lakhs and Rs12,209.66 lakhs in Fiscals 2026, Fiscal 2025 and Fiscal 2024 respectively, representing 37.75%,45.55% and 38.47% of our revenue from operations, while domestic revenue from products was Rs22,946.13 lakhs, Rs17,536.48 lakhs and Rs18,441.83 lakhs, representing 59.79%, 51.94% and 58.11%, in the same periods.
Domestic revenue from products increased by 30.85% in Fiscal 2026, primarily due to an increase in domestic sales of shrimp and dry chillies. Export revenue from products declined by 5.79%, primarily due to a decline in dry chilli exports, which decreased from Rs4,948.14 lakhs in Fiscal 2025 to Rs1,627.55 lakhs in Fiscal 2026, partly due to reduction in exports to China due to increased local demand for chillies during February and March 2026. This was reflected in the increase in domestic dry chilli sales from Rs712.68 lakhs to Rs2,124.06 lakhs during the same period. The decline in dry chilli exports was partially offset by an increase in shrimp exports from ^10,431.33 lakhs to Rs12,860.73 lakhs.
As of March 31, 2026, we exported to China, Kuwait, the United States of America, Malaysia, the United Kingdom, Vietnam and Thailand. Any adverse development in a market that accounts for a significant share of our export revenue, or a shift in mix towards lower-margin products or geographies, may affect our results of operations.
Investment in Processing Capacity and Capital Expenditure
Our ability to grow is dependent on our processing, freezing and cold storage capacity. Our Companys ability to substantially scale production within its existing infrastructure is constrained by operational, space and logistical considerations, and we propose to establish an additional shrimp processing unit of approximately 4,955.69 sqm built-up area at Chinnayagudem Village, Andhra Pradesh. The proposed facility is expected to increase our shrimp processing capacity from approximately 10,800 MTPA to approximately 21,900 MTPA on a three-shift basis.
| Installed Capacity, Actual Production and Capacity Utilisation | ||||||||||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||||||
| Installed capacity - block frozen shrimp (MTPA) | 7,200 | 7,200 | 7,200 | |||||||
| Installed capacity - IQF shrimp (MTPA) | 3,600 | 3,600 | 3,600 | |||||||
| Gross actual production - block frozen shrimp (MT) | 3,947 | 4,037 | 3,809 | |||||||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||||||
| Gross actual production - IQF shrimp (MT) | 720 | 305 | 20 | |||||||
| Net actual production - block frozen shrimp (MT) | 2,763 | 2,826 | 2,666 | |||||||
| Net actual production - IQF shrimp (MT) | 468 | 198 | 13 | |||||||
| Gross Capacity utilisation - block frozen shrimp (%) | 54.82% | 56.07% | 52.90% | |||||||
| Gross Capacity utilisation - IQF shrimp (%) | 20.00% | 8.46% | 0.56% | |||||||
| Net Capacity utilisation - block frozen shrimp (%) | 38.38% | 39.25% | 37.03% | |||||||
| Net Capacity utilisation - IQF shrimp (%) | 13.00% | 5.50% | 0.36% | |||||||
Installed capacity is as certified by V Radha Krishna, Independent Chartered Engineer, by certificate dated September 09, 2026, and is stated on a three-shift basis.
For further details, see Objects of the Offer on page 101.
We propose to utilise Rs 4,002.77 lakhs from the Net Proceeds of the Fresh Issue towards this expansion, with commercial operations expected to commence in April 2028, subject to receipt of necessary approvals and completion of installation and commissioning. For further details, see Objects of the Offer on page 101. Such investments will result in higher depreciation and finance costs, while also enabling us to expand production capacity and improve operational efficiencies over time.
Capital expenditure of this nature results in an upfront increase in depreciation and, where partly debt-funded, in finance costs, which may be incurred before corresponding revenue is realised. Our depreciation and amortisation expense was Rs231.43 lakhs, Rs263.15 lakhs and Rs338.22 lakhs in Fiscal 2026, 2025 and 2024. Any delay in commissioning, cost overrun, or inability to achieve anticipated utilisation levels at the proposed facility may adversely affect our results of operations.
Working Capital Requirements and Finance Costs
Our business is working capital intensive, as we build inventory ahead of shipment cycles and extend credit to customers. Our closing inventory of finished goods and work-in-progress was Rs11,760.52 lakhs, Rs9,033.01 lakhs and Rs8,064.71 lakhs as at March 31, 2026, 2025 and 2024, respectively.
Our finance costs were Rs1,246.69 lakhs, Rs637.51 lakhs and Rs701.30 lakhs in Fiscals 2026, 2025 and 2024, representing 3.25%, 1.89% and 2.21% of our revenue from operations respectively. Finance costs increased by Rs609.18 lakhs, or 95.56%, in Fiscal 2026. This comprised an increase of Rs512.73 lakhs in bank charges, from Rs62.82 lakhs to Rs575.55 lakhs, representing 84.17% of the aggregate increase; an increase of ^115.71 lakhs, or 27.52%, in interest on working capital facilities, from Rs420.52 lakhs to Rs536.23 lakhs, on account of higher utilisation of packing credit and cash credit facilities; and an increase of Rs1.62 lakhs in other interest; partially offset by a decrease of Rs20.88 lakhs, or 18.12%, in interest on term loans consequent to scheduled repayments. Interest rates on our borrowings during Fiscal 2026 were in the range of 7.50% to 10.50% per annum. The increase in bank charges was principally attributable to costs incurred on our packing credit in foreign currency facilities. Our debt-equity ratio was 2.40 times, 2.90 times and 4.12 times, and our working capital ratio was 1.16 times, 1.13 times and 1.08 times, as at the end of the respective Fiscals.
Our results are therefore sensitive to the availability and cost of working capital finance, movements in interest rates, and our ability to realise receivables and liquidate inventory in a timely manner. Any inability to obtain or renew working capital facilities on commercially acceptable terms may constrain our ability to accept orders and adversely affect our growth.
Competition
We operate in a competitive and fragmented industry. In the shrimp segment, we compete with organised players operating at scale, several of which are backward integrated into feed and hatchery operations and have greater financial resources and larger processing capacities than us. In the dried chilli segment, we compete with a mix of large-scale exporters and numerous regional players operating in the principal chilli-growing regions. In international markets, we also face competition from exporters based in other shrimp-producing and chilli- producing countries.
Competition is based principally on price, product quality and consistency, certifications held, delivery reliability and customer relationships. As we source our entire raw material requirement through trader-cum-commission agents and are not backward-integrated into aquaculture or cultivation, we may be at a disadvantage relative to
integrated competitors during periods of raw material price volatility. Competitive pressure may require us to reduce prices or absorb increases in raw material cost, which may adversely affect our margins and market share.
Some of our competitors may also have longer operating histories, wider distribution networks, or established presence in markets we intend to enter. There can be no assurance that we will be able to compete effectively, and any failure to do so may adversely affect our business, results of operations and financial condition.
RESULTS OF OUR OPERATIONS
(Amount in lakhs, unless otherwise stated)
| Sr No Particulars | Fiscal 2026 | % of Revenue from Operations | Fiscal 2025 | % of Revenue from Operations | Fiscal 2024 | % of Revenue from Operations |
| I Revenue from operations | 38,380.39 | 100.00% | 33,762.21 | 100.00% | 31,738.66 | 100.00% |
| II Other income | 483.10 | 1.26% | 203.01 | 0.60% | 76.26 | 0.24% |
| III (I+II) Total Income | 38,863.49 | 101.26% | 33,965.22 | 100.60% | 31,814.92 | 100.24% |
| Purchases | 34,942.01 | 91.04% | 30,246.92 | 89.59% | 30,318.08 | 95.52% |
| Changes in inventories of finished goods and work-in-progress | (2,727.51) | (7.11%) | (968.30) | (2.87%) | (2,721.35) | (8.57%) |
| Operating Expenses | 1,203.31 | 3.14% | 933.14 | 2.76% | 1,039.30 | 3.27% |
| Employee benefits expense | 471.04 | 1.23% | 411.87 | 1.22% | 386.89 | 1.22% |
| Finance Costs | 1,246.69 | 3.25% | 637.51 | 1.89% | 701.30 | 2.21% |
| Depreciation and amortisation | 231.43 | 0.60% | 263.15 | 0.78% | 338.22 | 1.07% |
| expense | ||||||
| Other expenses | 1,393.02 | 3.63% | 1,001.59 | 2.97% | 849.88 | 2.68% |
| IV Total Expenses | 36,759.99 | 95.78% | 32,525.88 | 96.34% | 30,912.32 | 97.40% |
| Profit before exceptional and extraordinary items and tax | 2,103.50 | 5.48% | 1,439.34 | 4.26% | 902.59 | 2.84% |
| Exceptional items | 0.00 | 0.00% | 0.00 | 0.00% | 0.00 | 0.00% |
| Extraordinary items | 0.00 | 0.00% | 0.00 | 0.00% | 0.00 | 0.00% |
| V Profit before tax | 2,103.50 | 5.48% | 1,439.34 | 4.26% | 902.59 | 2.84% |
| - Current tax Payable | 552.13 | 1.44% | 394.84 | 1.17% | 268.78 | 0.85% |
| - Deferred tax | (9.75) | (0.03%) | (20.42) | (0.06%) | (32.18) | (0.10%) |
| - Earlier year taxes | 0.00 | 0.00% | 29.72 | 0.09% | 0.00 | 0.00% |
| VI Tax Expense | 542.38 | 1.41% | 404.15 | 1.20% | 236.60 | 0.75% |
| VII (V-VI) Profit for the Year | 1,561.12 | 4.07% | 1,035.20 | 3.07% | 665.99 | 2.10% |
ANALYSIS OF RESTATED CONSOLIDATED FINANCIAL STATEMENTS
FISCAL 2026 COMPARED WITH FISCAL 2025 Key Business Highlights
Revenue from Operations
Revenue from operations increased by 13.68%, from Rs33,762.21 lakhs in Fiscal 2025 to Rs38,380.39 lakhs in Fiscal
2026. Of the total revenue from operations for Fiscal 2026, 87.76% was contributed by shrimp, 9.77% by dried chillies and 2.46% by other operating revenue and services. The increase was primarily attributable to higher shrimp revenue and growth in domestic sales, partially offset by a decline in dried chilli exports. For a detailed discussion of the underlying movements, see Explanation on Key Variations in the Restated Consolidated Statement of Profit and Loss - Revenue from Operations below.
Cost Structure
Total expenses represented 95.78% of revenue from operations in Fiscal 2026, compared to 96.34% in Fiscal 2025. This was primarily attributable to a decrease in cost of materials consumed as a percentage of revenue from operations to 83.94% in Fiscal 2026 from 86.72% in Fiscal 2025. Purchases increased to 91.04% of revenue from operations in Fiscal 2026 from 89.59% in Fiscal 2025; however, the credit to the statement of profit and loss on account of changes in inventories increased to 7.11% of revenue from operations in Fiscal 2026 from 2.87% in Fiscal 2025, reflecting the build-up of finished goods and work-in-progress from Rs9,033.01 lakhs as at March 31, 2025 to Rs11,760.52 lakhs as at March 31, 2026. This movement was partially offset by increases in finan ce costs to 3.25% of revenue from operations from 1.89%, other expenses to 3.63% from 2.97%, and operating expenses to 3.14% from 2.76%.
Operating Profitability
EBITDA increased by 21.64%, from Rs2,074.18 lakhs in Fiscal 2025 to Rs2,522.97 lakhs in Fiscal 2026, and EBITDA margin improved to 6.57% from 6.14%. The improvement was primarily driven by higher revenue from operations and the decrease in cost of materials consumed as a percentage of revenue from operations, principally reflecting the higher credit arising from the build-up of finished goods and work-in-progress, partially offset by higher operating expenses.
Profit Before and After Tax
Profit before tax increased by 46.14%, from Rs1,439.34 lakhs in Fiscal 2025 to Rs2,103.50 lakhs in Fiscal 2026 and increased to 5.48% of revenue from operations from 4.26%. The increase reflected higher operating profit, higher other income and lower depreciation and amortisation expense, partially offset by higher finance costs. Other income was Rs483.10 lakhs in Fiscal 2026 and represented 22.97% of profit before tax, compared to Rs203.01 lakhs and 14.10% of profit before tax in Fiscal 2025. Profit before tax excluding other income increased by 31.07%, from Rs1,236.33 lakhs in Fiscal 2025 to Rs1,620.40 lakhs in Fiscal 2026. Profit after tax increased by 50.80%, from Rs1,035.20 lakhs to Rs1,561.12 lakhs, and PAT margin increased to 4.07% from 3.07%.
Strengthening of Net Worth
Net worth increased by Rs1,561.12 lakhs (60.47%) to Rs4,142.60 lakhs as at March 31, 2026, entirely on account of profit attributable to the owners of the Company, which resulted in a corresponding accretion to reserves and surplus. Consequently, our debt-equity ratio improved to 2.40 times as at March 31, 2026 from 2.90 times as at March 31, 2025, notwithstanding an increase in total borrowings during the year.
The increase in net worth was accompanied by a change in its composition. During Fiscal 2026, our Company issued 98,58,600 bonus equity shares of Rs10 each in the ratio of 2:1, resulting in the capitalisation of Rs985.86 lakhs of reserves, of which Rs168.00 lakhs was applied out of the Capital Redemption Reserve and Rs817.86 lakhs out of the surplus in the statement of profit and loss. Accordingly, our equity share capital increased from Rs492.93 lakhs as at March 31, 2025 to Rs1,478.79 lakhs as at March 31, 2026, the Capital Redemption Reserve stood at Nil as at March 31, 2026, and basic and diluted earnings per share for all periods presented have been retrospectively adjusted, being Rs10.56, Rs7.00 and Rs4.50 in Fiscals 2026, 2025 and 2024, respectively.
Working Capital Position
Net working capital, computed as total current assets less total current liabilities, increased by 60.37%, to Rs3,198.70 lakhs as at March 31, 2026 from Rs1,994.62 lakhs as at March 31, 2025.
Our net working capital cycle lengthened to 90 days in Fiscal 2026 from 70 days in Fiscal 2025, primarily due to an increase in inventory and trade receivables, partially offset by an increase in trade payable days. Inventory days
increased to 114 days from 103 days and trade receivable days increased to 77 days from 49 days, reflecting higher working capital deployed in inventory and receivables during the year, while trade payable days increased to 101 days from 82 days, partially mitigating the increase in working capital requirements. The increase in working capital requirements was funded principally through working capital borrowings.
Net cash utilised in operating activities was Rs626.63 lakhs in Fiscal 2026, compared to Rs505.82 lakhs in Fiscal 2025, consistent with the higher working capital requirements during the year. Our working capital ratio increased to 1.16 times as at March 31, 2026 from 1.13 times as at March 31, 2025.
The following table sets forth the details of our working capital cycle for Fiscal 2026 and Fiscal 2025:
| Particulars | Fiscal 2026 | Fiscal 2025 |
| Inventory days | 114 | 103 |
| Trade receivable days | 77 | 49 |
| Trade payable days | (101) | (82) |
| Net working capital cycle (days) | 90 | 70 |
| Working capital ratio (times) | 1.16 | 1.13 |
| Net working capital (Rs in lakhs) | 3,198.70 | 1,994.62 |
Notes:
(i) Inventory days are computed as average inventory divided by cost of goods sold, multiplied by the number of days in the relevant Fiscal. Cost ofgoods sold comprises cost of materials consumed and operating expenses.
(ii) Trade receivable days are computed as average trade receivables divided by revenue from operations, multiplied by the number of days in the relevant Fiscal.
(iii) Trade payable days are computed as average trade payables divided by purchases, multiplied by the number of days in the relevant Fiscal.
Separately, Operating Net Working Capital Days, which is computed calculated on a different basis, using the methodology set out in the non-GAAP measures above and excludes cash and cash equivalents and short-term borrowings, increased to approximately 117 days in Fiscal 2026 from approximately 94 days in Fiscal 2025, primarily due to higher inventories and trade receivables, partially offset by higher trade payables
Capital Expenditure and Fixed Assets
During Fiscal 2026, our additions to property, plant and equipment amounted to Rs650.71 lakhs, primarily comprising Rs391.70 lakhs towards freehold land and Rs251.21 lakhs towards vehicles, with the balance comprising additions to plant and machinery, electrical equipment, furniture and fixtures and computers. The increase in freehold land primarily relates to the land acquired at Chinnayagudem for our proposed expansion. The increase in vehicles was primarily attributable to the addition of vehicles to support our operations and transportation requirements.
As at March 31, 2026, the net block of property, plant and equipment increased to Rs1,542.51 lakhs from Rs1,153.99 lakhs as at March 31, 2025. During Fiscal 2026, the Company also recognised a government investment subsidy of Rs15.05 lakhs, which was adjusted against the carrying amount of the related plant and machinery in accordance with the applicable accounting policy.
Borrowings
Short-term borrowings increased by Rs2,435.16 lakhs (36.10%) to Rs9,181.07 lakhs as at March 31, 2026, primarily on account of higher utilisation of packing credit and cash credit facilities to fund the increased in working capital requirements, including higher inventory and trade receivables. This increase was consistent with the lengthening of our working capital cycle during Fiscal 2026. Long-term borrowings increased marginally by Rs19.65 lakhs (2.63%) to Rs765.69 lakhs as at March 31, 2026.
Break-up of Borrowings
(t in lakhs, unless otherwise stated)
| Particulars | As at March 31, | As at March 31, | As at March 31, |
| 2026 | 2025 | 2024 | |
| Term loans from banks | 615.36 | 694.71 | 926.71 |
| Vehicle loans | 150.33 | 11.19 | 49.44 |
| Particulars | As at March 31, | As at March 31, | As at March 31, |
| 2026 | 2025 | 2024 | |
| Term loan from financial institution (unsecured) | - | 40.14 | 65.00 |
| Long-term borrowings | 765.69 | 746.04 | 1,041.14 |
| Loans repayable on demand (working capital, PCFC and stock loans) | 8,665.33 | 6,219.88 | 4,525.20 |
| Current maturities of term loans | 260.30 | 230.66 | 245.69 |
| Current maturities of vehicle loans | 51.91 | 51.40 | 35.40 |
| Current maturities of term loan from financial institution | 40.14 | 69.22 | 109.36 |
| Unsecured loans from Promoters and Directors | 163.39 | 174.75 | 416.64 |
| Short-term borrowings | 9,181.07 | 6,745.91 | 5,332.28 |
| Total borrowings | 9,946.76 | 7,491.95 | 6,373.43 |
| Debt-Equity Ratio (times) | 2.40 | 2.90 | 4.12 |
For further details, see Financial Indebtedness on page 334.
Explanation on Key Variations in the Restated Consolidated Statement of Profit and Loss
Total Income
Total income increased by 14.42%, from Rs33,965.22 lakhs in Fiscal 2025 to Rs38,863.49 lakhs in Fiscal 2026,mainly on account of an increase in revenue from operations, supported by an increase in other income, in themanner set out below.
Revenue from Operations
Revenue from operations increased by 13.68%, from Rs33,762.21 lakhs in Fiscal 2025 to Rs38,380.39 lakhs in Fiscal
2026. The increase in revenue was primarily driven by the following factors:
- Growth in the shrimp segment: Revenue from shrimp increased by 23.58%, from Rs27,255.13 lakhs in Fiscal 2025 to Rs33,682.79 lakhs in Fiscal 2026. During the same period, gross production of block -frozen shrimp decreased from 4,037 MT to 3,947 MT, while gross production of IQF shrimp increased from 305 MT to 720 MT, resulting in an aggregate increase in gross shrimp production of 7.49%. The production mix therefore shifted towards IQF shrimp. Purchases of prawns increased by 18.93%, from Rs26,017.64 lakhs to Rs30,942.90 lakhs. For details, see the table below.
- Growth in domestic demand: Domestic revenue from products increased by 30.85%, from Rs17,536.48 lakhs in Fiscal 2025 to Rs22,946.13 lakhs in Fiscal 2026. Revenue from repeat customers was broadly unchanged at Rs28,382.97 lakhs in Fiscal 2026 as compared to Rs28,117.91 lakhs in Fiscal 2025. Revenue from customers other than repeat customers increased from Rs5,644.30 lakhs in Fiscal 2025 to Rs9,997.42 lakhs in Fiscal 2026, accounting for Rs4,353.12 lakhs, or 94.26%, of the total increase in revenue from operations during the year.
- Partially offset by a decline in the dried chilli segment: Revenue from dried chillies decreased by 33.73%, from Rs5,660.82 lakhs in Fiscal 2025 to Rs3,751.61 lakhs in Fiscal 2026, primarily on account of a reduction in export sales to China, from Rs4,948.14 lakhs in Fiscal 2025 to Rs1,228.41 lakhs in Fiscal 2026. This was partially offset by higher domestic demand during February and March of Fiscal 2026, and by the commencement of exports to Thailand of Rs399.14 lakhs during the year. Domestic chilli sales expanded significantly, rising from Rs712.68 lakhs in Fiscal 2025 to Rs2,124.06 lakhs in Fiscal 2026.
- This was partially offset by growth in domestic dried chilli sales from Rs712.68 lakhs to Rs2,124.06 lakhs and the commencement of exports to Thailand of Rs399.14 lakhs during Fiscal 2026.
- Export revenue decreased by 5.79%, from Rs15,379.47 lakhs in Fiscal 2025 to Rs14,488.28 lakhs in Fiscal 2026, as growth in shrimp exports from Rs10,431.33 lakhs to Rs12,860.73 lakhs was more than offset by the decline in dried chilli exports referred to above. Accordingly, export revenue constituted 37.75% of our revenue from operations in Fiscal 2026, as compared to 45.55% in Fiscal 2025.
- Other operating revenue increased by 10.07%, from Rs804.52 lakhs in Fiscal 2025 to Rs885.62 lakhs in Fiscal 2026, comprising sale of export licences of Rs426.51 lakhs (Fiscal 2025: Rs373.78 lakhs) and
customs duty drawback of Rs443.26 lakhs (Fiscal 2025: Rs414.81 lakhs) and scrap sales of Rs15.85 lakhs (Fiscal 2025: Rs15.93 lakhs), in line with the increase in export volumes of shrimp.
- Revenue from services increased by 44.61%, from Rs41.74 lakhs in Fiscal 2025 to Rs60.36 lakhs in Fiscal 2026, on account of an increase in third-party processing undertaken at our facility.
Other Income
Other income increased by 137.97%, from Rs203.01 lakhs in Fiscal 2025 to Rs483.10 lakhs in Fiscal 2026 and constituted 1.26% of our revenue from operations in Fiscal 2026 as compared to 0.60% in Fiscal 2025. The increase was primarily attributable to credit balances no longer required written back of Rs202.30 lakhs in Fiscal 2026, as compared to Rs3.36 lakhs in Fiscal 2025, together with an increase in realised gain on foreign exchange from Rs168.60 lakhs to Rs223.06 lakhs and an unrealised foreign exchange gain of Rs41.33 lakhs recognised during Fiscal 2026 (Fiscal 2025: Nil). Other income constituted 22.97% of profit before tax in Fiscal 2026, as compared to 14.10% in Fiscal 2025. Other income in Fiscal 2026 also included a profit on sale of vehicle of Rs6.73 lakh s (Fiscal 2025: Nil), partially offset by a decrease in provisions no longer required written back from Rs23.46 lakhs in Fiscal 2025 to Rs3.72 lakhs in Fiscal 2026. During the same year, debit balances of Rs145.66 lakhs were written off under other expenses; the net positive effect of the credit-balance write-back and debit-balance write-off on profit before tax was therefore Rs56.64 lakhs.
Total Expenses
Total expenses increased by 13.02%, from Rs32,525.88 lakhs in Fiscal 2025 to Rs36,759.99 lakhs in Fiscal 2026, at a rate lower than the growth in revenue from operations. The increase was primarily attributable to higher purchases, finance costs and other expenses.
Cost of Materials Consumed (Purchases and Changes in Inventories)
Cost of materials consumed increased by 10.03%, from Rs29,278.62 lakhs in Fiscal 2025 to Rs32,214.50 lakhs in Fiscal 2026, at a rate lower than the 13.68% growth in revenue from operations. As a percentage of revenue from operations, cost of materials consumed decreased to 83.94% in Fiscal 2026 from 86.72% in Fiscal 2025. The movement was primarily attributable to the following factors:
- Increase in shrimp procurement: Purchases of prawns increased by 18.93%, from Rs26,017.64 lakhs in Fiscal 2025 to Rs30,942.90 lakhs in Fiscal 2026. Purchases of red dry chillies decreased by 5.44%, from Rs4,229.28 lakhs to ^3,999.11 lakhs.
- Inventory build-up: Closing inventory of finished goods and work-in-progress increased from Rs9,033.01 lakhs as at March 31, 2025 to Rs11,760.52 lakhs as at March 31, 2026, resulting in a credit to the statement of profit and loss on account of changes in inventories of Rs2,727.51 lakhs in Fiscal 2026, as compared to Rs968.30 lakhs in Fiscal 2025.
- Effect of the inventory build-up: purchases increased to 91.04% of revenue from operations in Fiscal 2026 from 89.59% in Fiscal 2025. The decrease in cost of materials consumed as a percentage of revenue from operations was therefore attributable principally to the higher credit to the statement of profit and loss on account of changes in inventories, which increased to 7.11% of revenue from operations from 2.87%, and not to a reduction in the cost of procurement per unit of revenue. Accordingly, this benefit will reverse in the periods in which the related finished goods are sold.
Operating Expenses
Operating expenses increased by 28.95%, from Rs933.14 lakhs in Fiscal 2025 to Rs1,203.31 lakhs in Fiscal 2026 and constituted 3.14% of revenue from operations as compared to 2.76% in Fiscal 2025. The increase reflected higher costs across salaries and wages - operations, power and fuel, consumables, loading and unloading, freight inwards and processing expenses, partially offset by lower repairs to plant and machinery, as discussed below:
- Salaries and wages - operations increased by 22.09%, from Rs375.94 lakhs in Fiscal 2025 to Rs458.97 lakhs in Fiscal 2026, on account of increased processing activity and higher shift operations.
- Consumables, stores and spares increased by 28.14%, from Rs229.42 lakhs to Rs293.98 lakhs, alongside higher processing activity during the year.
- Power and fuel increased by 21.15%, from Rs181.01 lakhs to Rs219.28 lakhs, primarily on account of higher power consumption arising from increased freezing and cold storage activity.
- Loading and unloading charges increased by 116.52%, from Rs54.07 lakhs to Rs117.07 lakhs, and freight inwards increased by 97.46%, from Rs20.20 lakhs to Rs39.90 lakhs, primarily on account of higher volumes of raw material handled during the year.
- Processing expenses increased by 22.19%, from Rs50.30 lakhs to Rs61.46 lakhs, partially offset by a decrease in repairs to plant and machinery from Rs22.20 lakhs to Rs12.65 lakhs.
Employee Benefits Expense
Employee benefits expense increased by 14.37%, from Rs411.87 lakhs in Fiscal 2025 to Rs471.04 lakhs in Fiscal 2026 and constituted 1.23% of revenue from operations as compared to 1.22% in Fiscal 2025. The increase was primarily driven by salaries and wages, which increased by 21.99%, from Rs310.44 lakhs to Rs378.70 lakhs, on account of annual increments and increased shift working, notwithstanding a decrease in the number of employees from 123 as at March 31, 2025 to 117 as at March 31, 2026. This was partially offset by a decrease in the provision for gratuity from Rs25.82 lakhs to Rs17.41 lakhs, arising principally from actuarial gains of Rs17.14 lakhs recognised during Fiscal 2026 consequent to a change in the rate of discounting from 6.80% to 7.55%.
Finance Costs
Finance costs increased by 95.56%, from Rs637.51 lakhs in Fiscal 2025 to Rs1,246.69 lakhs in Fiscal 2026 and constituted 3.25% of revenue from operations as compared to 1.89% in Fiscal 2025. The increase was primarily attributable to the following:
- Bank charges increased from Rs62.82 lakhs in Fiscal 2025 to Rs575.55 lakhs in Fiscal 2026, accounting for Rs512.73 lakhs, or 84.17%, of the aggregate increase in finance costs of Rs609.18 lakhs. This increase was principally attributable to charges incurred on our packing credit in foreign currency facilities.
- Interest on working capital loans increased by 27.52%, from Rs420.52 lakhs to Rs536.23 lakhs, on account of higher utilisation of packing credit and cash credit facilities to fund the increase in inventory and trade receivables during the year.
- This was partially offset by a decrease in interest on term loans by 18.12%, from Rs115.23 lakhs to Rs94.35 lakhs, consequent to scheduled repayments.
| Break-up of Finance Costs | f in lakhs, unless otherwise stated) | ||
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Interest on term loans | 94.35 | 115.23 | 152.30 |
| Interest on working capital loans | 536.23 | 420.52 | 373.66 |
| Interest on vehicle loans | 9.77 | 9.81 | 2.42 |
| Interest - others | 30.79 | 29.13 | 41.89 |
| Total interest expense | 671.14 | 574.69 | 570.27 |
| Bank charges | 575.55 | 62.82 | 131.03 |
| Total finance costs | 1,246.69 | 637.51 | 701.30 |
| As a percentage of revenue from operations | 3.25% | 1.89% | 2.21% |
Note: Interest rates on our borrowings during Fiscal 2026 were in the range of 7.50% to 10.50%per annum.
Bank charges are not added back in the computation of EBITDA under Non-GAAP Measures above, which adds back interest expense only. Had bank charges been added back, EBITDA would have been ^3,098.52 lakhs in Fiscal 2026 (EBITDA margin: 8.07%) and ^2,136.99 lakhs in Fiscal 2025 (EBITDA margin: 6.33%). Investors should have regard to this in comparing our EBITDA and EBITDA Margin with those of our listed industry peers, which may be computed on a different basis.
Depreciation and Amortisation Expense
Depreciation and amortisation expense decreased by 12.05%, from Rs263.15 lakhs in Fiscal 2025 to Rs231.43 lakhs in Fiscal 2026 and constituted 0.60% of revenue from operations as compared to 0.78% in Fiscal 2025. The decrease was primarily attributable to certain assets having been depreciated to their residual value, partially offset by depreciation on assets capitalised during the year.
Other Expenses
Other expenses increased by 39.08%, from Rs1,001.59 lakhs in Fiscal 2025 to Rs1,393.02 lakhs in Fiscal 2026 and represented 3.63% of revenue from operations compared to 2.97% in Fiscal 2025. The increase was primarily attributable to the following:
- Debit balances written off increased from Rs10.41 lakhs in Fiscal 2025 to Rs145.66 lakhs in Fiscal 2026, primarily comprising long-outstanding balances written off following a review of their recoverability. A provision for doubtful debts of Rs2.30 lakhs was also recognised in Fiscal 2026. As at March 31, 2026, gross trade receivables were Rs9,737.78 lakhs, against which a provision for doubtful debts of Rs2.30 lakhs was recognised. For details of the ageing of trade receivables, see Additional Points of Discussion Related to the Financial Statements below.
- Insurance expenses increased from Rs10.82 lakhs to Rs46.82 lakhs.
- Commission expenses increased by 17.75%, from Rs104.56 lakhs to Rs123.12 lakhs.
- Travelling and conveyance expenses increased by 47.96%, from Rs30.76 lakhs to Rs45.50 lakhs, while other selling expenses increased by 48.15%, from Rs61.18 lakhs to Rs90.64 lakhs.
- Rent expenses increased from Rs11.01 lakhs to Rs24.14 lakhs and office maintenance expenses increased from Rs9.51 lakhs to Rs20.64 lakhs.
- Other administrative expenses increased from Rs15.64 lakhs to Rs27.96 lakhs, corporate social responsibility expenditure increased from Rs8.00 lakhs to Rs13.02 lakhs and repairs to buildings increased from Rs5.54 lakhs to Rs11.46 lakhs. Discount allowed of Rs4.56 lakhs was also recognised in Fiscal 2026, with no corresponding expense in Fiscal 2025.
EBITDA
EBITDA increased by 21.64%, from Rs2,074.18 lakhs in Fiscal 2025 to Rs2,522.97 lakhs in Fiscal 2026, and EBITDA margin improved from 6.14% to 6.57%. The increase in EBITDA was primarily attributable to the reasons explained above.
Profit Before Tax
Profit before tax increased by 46.14%, from Rs1,439.34 lakhs in Fiscal 2025 to Rs2,103.50 lakhs in Fiscal 2026 and constituted 5.48% of revenue from operations as compared to 4.26% in Fiscal 2025, due to the reasons discussed above.
Tax Expense
Tax expense increased by 34.20%, from Rs404.15 lakhs in Fiscal 2025 to Rs542.38 lakhs in Fiscal 2026, in line with the increase in profit before tax. Current tax increased to Rs552.13 lakhs in Fiscal 2026 from Rs394.84 lakhs in Fiscal 2025. Deferred tax resulted in a credit of Rs9.75 lakhs in Fiscal 2026, as compared to a credit of Rs20.42 lakhs in Fiscal 2025. Further, earlier year taxes of Rs29.72 lakhs were recognised in Fiscal 2025, with no corresponding charge in Fiscal 2026. Our effective tax rate was 25.78% in Fiscal 2026, as compared to 28.08% in Fiscal 2025.
Profitfor the Year
Profit after tax increased by 50.80%, from Rs1,035.20 lakhs in Fiscal 2025 to ^1,561.12 lakhs in Fiscal 2026, primarily attributable to the following factors:
- Growth in revenue from operations of 13.68%, driven by higher shrimp revenue and growth in domestic sales.
- A decrease in cost of materials consumed to 83.94% of revenue from operations in Fiscal 2026 from 86.72% in Fiscal 2025, principally reflecting the higher credit arising from the build-up of finished goods and work-in-progress, as described above.
- Improvement in EBITDA, which increased by 21.64% from Rs2,074.18 lakhs to Rs2,522.97 lakhs, with EBITDA margin expanding from 6.14% to 6.57%.
- An increase in other income from Rs203.01 lakhs to Rs483.10 lakhs and a decrease in depreciation and amortisation expense from Rs263.15 lakhs to Rs231.43 lakhs.
- Partially offset by an increase in finance costs of 95.56% and in other expenses of 39.08%, incurred in connection with higher working capital utilisation and the scale-up of operations.
Overall, these factors resulted in an increase in profit after tax of 50.80%, and our PAT margin improved to 4.07% of revenue from operations in Fiscal 2026 from 3.07% in Fiscal 2025.
Cash Flows
Net cash utilised in operating activities was Rs626.63 lakhs in Fiscal 2026, as compared to Rs505.82 lakhs in Fiscal 2025. Notwithstanding an operating profit before working capital changes of Rs3,486.93 lakhs in Fiscal 2026 (Fiscal 2025: Rs2,366.89 lakhs), cash flows were absorbed by an increase in inventories of Rs2,727.51 lakhs and an increase in trade receivables of Rs3,386.24 lakhs, partially offset by an increase in trade payables of Rs2,203.03 lakhs. Net cash utilised in investing activities was Rs620.36 lakhs in Fiscal 2026, as compared to net cash generated of Rs48.38 lakhs in Fiscal 2025, primarily on account of capital expenditure of Rs650.71 lakhs. Net cash generated from financing activities was Rs1,208.12 lakhs in Fiscal 2026, as compared to Rs501.77 lakhs in Fiscal 2025, principally reflecting net proceeds from short-term borrowings.
FISCAL 2025 COMPARED WITH FISCAL 2024
Key Business Highlights
Revenue from Operations
Revenue from operations grew by 6.38%, from Rs31,738.66 lakhs in Fiscal 2024 to Rs33,762.21 lakhs in Fiscal 2025. Of the total revenue from operations for Fiscal 2025, 80.73% was contributed by shrimp, 16.77% by dried chillies and 2.50% by other operating revenue and services. Revenue growth was driven primarily by a substantial expansion of the dried chilli segment, particularly exports to China, which offset a marginal decline in shrimp revenue.
Cost Structure
Total expenses decreased to 96.34% of revenue from operations in Fiscal 2025, compared to 97.40% in Fiscal 2024. This was primarily driven by decreases in operating expenses to 2.76% of revenue from operations from 3.27%, in finance costs to 1.89% from 2.21%, and in depreciation and amortisation expense to 0.78% from 1.07%. Cost of materials consumed remained broadly stable at 86.72% of revenue from operations in Fiscal 2025, as compared to 86.95% in Fiscal 2024. The overall decrease was partially offset by an increase in other expenses to 2.97% of revenue from operations from 2.68%.
Operating Profitability
EBITDA increased by 19.56%, from Rs1,734.82 lakhs in Fiscal 2024 to Rs2,074.18 lakhs in Fiscal 2025, and EBITDA margin improved to 6.14% from 5.47%. The improvement was primarily driven by higher revenue from operations and a reduction in operating expenses on account of increased in-house processing at our own facility.
Profit Before and After Tax
Profit before tax increased to 4.26% of revenue from operations in Fiscal 2025, as compared to 2.84% in Fiscal 2024, supported by improved operating profitability together with reductions in finance costs and depreciation. Consequently, profit after tax increased to 3.07% of revenue from operations as compared to 2.10% in Fiscal 2024, after accounting for the applicable tax expense.
Strengthening of Net Worth
Net worth increased by Rs1,035.20 lakhs (66.95%) to Rs2,581.48 lakhs as at March 31, 2025, entirely on account of profit attributable to the owners of the Company, which resulted in a corresponding accretion to reserves and surplus. Consequently, our debt-equity ratio improved to 2.90x as at March 31, 2025 from 4.12x as at March 31, 2024.
Working Capital Position
Net working capital increased by 115.63%, to Rs1,994.62 lakhs as at March 31, 2025 from Rs925.03 lakhs as at March 31, 2024.
The following table sets forth the details of our working capital cycle for Fiscal 2025 and Fiscal
| Particulars | Fiscal 2025 | Fiscal 2024 |
| Inventory days | 103 | 85 |
| Trade receivable days | 49 | 26 |
| Trade payable days | (82) | (59) |
| Net working capital cycle (days) | 70 | 52 |
| Working capital ratio (times) | 1.13 | 1.08 |
| Net working capital (Rs in lakhs) | 1,994.62 | 925.03 |
Notes:
(i) Inventory days are computed as average inventory divided by cost of goods sold, multiplied by the number of days in the relevant Fiscal. Cost ofgoods sold comprises cost of materials consumed and operating expenses.
(ii) Trade receivable days are computed as average trade receivables divided by revenue from operations, multiplied by the number of days in the relevant Fiscal.
(iii) Trade payable days are computed as average trade payables divided by purchases, multiplied by the number of days in the relevant Fiscal.
Separately, operating net working capital days, calculated using the methodology set out in the non-GAAP measures above, increased to approximately 94 days in Fiscal 2025 from approximately 72 days in Fiscal 2024, as the increase in trade receivables was only partially offset by higher trade payables. Trade receivable days increased to 49 days from 26 days. Net cash utilised in operating activities was Rs505.82 lakhs in Fiscal 2025, compared to Rs1,499.90 lakhs in Fiscal 2024.
Capital Expenditure and Fixed Assets
Property, plant and equipment decreased by Rs205.16 lakhs (15.09%) to ^1,153.99 lakhs as at March 31, 2025, as depreciation charged during the year exceeded additions. Capital expenditure of Rs132.43 lakhs was incurred during Fiscal 2025, as compared to Rs127.77 lakhs in Fiscal 2024.
Divestment of Subsidiary
During Fiscal 2025, our Company divested its shareholding in its erstwhile subsidiary, which accordingly ceased to be consolidated with effect from April 09, 2024. This resulted in the discontinuation of rental income of Rs44.07 lakhs and storage charges of Rs7.09 lakhs which had been recognised in Fiscal 2024, and the recognition of a loss
354
on sale of investment of t18.0l lakhs and a reversal of goodwill on consolidation of t1Ql.1l lakhs.
Borrowings
Short-term borrowings increased by t1,413.63 lakhs (26.51%) to t6,l45.91 lakhs as at March 31, 2025, primarily on account of higher utilisation of packing credit and cash credit facilities to fund the increase in trade receivables. Long-term borrowings decreased by t295.10 lakhs (28.34%) to tl46.04 lakhs as at March 31, 2025, on account of scheduled repayments of term loans.
Explanation on Key Variations in the Restated Consolidated Statement of Profit and Loss Total Income
Total income increased by 6.76%, from t31,814.92 lakhs in Fiscal 2024 to t33,965.22 lakhs in Fiscal 2025, mainly on account of an increase in revenue from operations, supported by an increase in other income, in the manner set out below.
Revenue from Operations
Revenue from operations increased by 6.38%, from t31,l38.66 lakhs in Fiscal 2024 to t33,l62.21 lakhs in Fiscal 2025. The movement in revenue was primarily attributable to the following factors:
- Growth in the dried chilli segment: Revenue from dried chillies increased by 86.24%, from t3,039.53 lakhs in Fiscal 2024 to t5,660.82 lakhs in Fiscal 2025, primarily on account of an increase in exports to China from t2,441.80 lakhs to t4,948.14 lakhs, supported by higher demand from customers in that market. Domestic dried chilli sales increased from t5l0.34 lakhs to tl12.68 lakhs during the same period.
- Marginal decline in the shrimp segment: Revenue from shrimp decreased by 1.29%, from t2l,611.95 lakhs in Fiscal 2024 to t2l,255.13 lakhs in Fiscal 2025. Within this, export revenue from shrimp increased by 7.09%, from t9,l40.4l lakhs to t10,431.33 lakhs, while domestic revenue from shrimp decreased by 5.86%, from t1l,8l1.49 lakhs to t16,823.80 lakhs, attributable to marginal decrease in domestic demand for shrimps during Fiscal 2025 which was partially offset by increase in shrimp export business.
- Increase in export revenue: Export revenue increased by 25.96%, from t12,209.66 lakhs in Fiscal 2024 to t15,3l9.4l lakhs in Fiscal 2025 and constituted 45.55% of our revenue from operations in Fiscal 2025 as compared to 38.47% in Fiscal 2024, reflecting the growth in dried chilli exports to China and in shrimp exports.
- Decline in revenue from services and rental income: Revenue from services decreased from t324.11 lakhs in Fiscal 2024 to t41.l4 lakhs in Fiscal 2025, and rental income of t44.0l lakhs and storage charges of tl.09 lakhs recognised in Fiscal 2024 were not recognised in Fiscal 2025, primarily consequent to the divestment of our erstwhile subsidiary and a reduction in third-party processing undertaken at our facility.
- Other operating revenue increased by 11.89%, from tl18.99 lakhs in Fiscal 2024 to t804.53 lakhs in Fiscal 2025, comprising customs duty drawback of t414.81 lakhs (Fiscal 2024: t299.ll lakhs) and sale of export licences of t373.78 lakhs (Fiscal 2024: t400.64 lakhs) and scrap sales of t15.93 lakhs (Fiscal 2024: t11.49 lakhs) and storage charges of nil (Fiscal 2024: tl.09 lakhs), in line with the increase in export volumes.
Other Income
Other income increased by 166.22%, from tl6.26 lakhs in Fiscal 2024 to t203.01 lakhs in Fiscal 2025 and constituted 0.60% of our revenue from operations in Fiscal 2025 as compared to 0.24% in Fiscal 2024. The increase was primarily attributable to a higher realised gain on foreign exchange, which increased from t68.24
lakhs to Rs168.60 lakhs consequent to the increase in export sales, together with provisions no longer required written back of Rs23.46 lakhs (Fiscal 2024: Nil) and an insurance claim received of Rs2.81 lakhs (Fiscal 2024: Nil). Other income constituted 14.10% of profit before tax in Fiscal 2025, as compared to 8.45% in Fiscal 2024.
Total Expenses
Total expenses increased by 5.22%, from Rs30,912.32 lakhs in Fiscal 2024 to Rs32,525.88 lakhs in Fiscal 2025, at a rate lower than the growth in revenue from operations. The increase was primarily attributable to a lower inventory build-up during the year, partially offset by reductions in operating expenses, finance costs and depreciation.
Cost of Materials Consumed (Purchases and Changes in Inventories)
Cost of materials consumed increased by 6.09%, from Rs27,596.73 lakhs in Fiscal 2024 to Rs29,278.62 lakhs in Fiscal 2025, broadly in line with the 6.38% growth in revenue from operations. As a percentage of revenue from operations, cost of materials consumed decreased marginally to 86.72% in Fiscal 2025 from 86.95% in Fiscal 2024. The movement was primarily attributable to the following factors:
- Purchases remained broadly stable, decreasing by 0.23% from Rs30,318.08 lakhs in Fiscal 2024 to Rs30,246.92 lakhs in Fiscal 2025. Purchases of prawns decreased by 0.09%, from Rs26,041.79 lakhs to Rs26,017.64 lakhs, and purchases of red dry chillies decreased by 1.10%, from Rs4,276.29 lakhs to Rs4,229.28 lakhs, notwithstanding the growth in dried chilli revenue.
- Lower inventory build-up: Closing inventory of finished goods and work-in-progress increased from Rs8,064.71 lakhs as at March 31, 2024 to Rs9,033.01 lakhs as at March 31, 2025, resulting in a credit to the statement of profit and loss on account of changes in inventories of Rs968.30 lakhs in Fiscal 2025, as compared to Rs2,721.35 lakhs in Fiscal 2024. The lower build-up in Fiscal 2025 was the principal reason for the increase in cost of materials consumed notwithstanding stable purchases.
Operating Expenses
Operating expenses decreased by 10.21%, from Rs1,039.30 lakhs in Fiscal 2024 to Rs933.14 lakhs in Fiscal 2025 and constituted 2.76% of revenue from operations as compared to 3.27% in Fiscal 2024. The decrease was primarily attributable to the following:
- Processing expenses decreased by 70.64%, from Rs171.30 lakhs in Fiscal 2024 to Rs50.30 lakhs in Fiscal 2025, primarily on account of increased in-house execution of processing activities at our own facility, which commenced operations in January 2023, resulting in reduced dependence on third-party processing.
- Power and fuel decreased by 17.21%, from Rs218.62 lakhs to Rs181.01 lakhs, and freight inwards decreased by 44.78%, from Rs36.59 lakhs to Rs20.20 lakhs.
- These decreases were partially offset by an increase in consumables, stores and spares by 13.79%, from Rs201.61 lakhs to Rs229.42 lakhs, in loading and unloading charges by 76.93%, from Rs30.56 lakhs to Rs54.07 lakhs, and in salaries and wages - operations by 2.27%, from Rs367.61 lakhs to Rs375.94 lakhs.
Employee Benefits Expense
Employee benefits expense increased by 6.46%, from Rs386.89 lakhs in Fiscal 2024 to Rs411.87 lakhs in Fiscal 2025 and constituted 1.22% of revenue from operations in each of Fiscal 2025 and Fiscal 2024. The increase was primarily driven by higher staff welfare expenses, which increased from Rs40.51 lakhs to Rs56.42 lakhs, and higher contributions to provident and other funds, which increased from Rs14.86 lakhs to Rs19.20 lakhs, consequent to an increase in the number of employees. Salaries and wages remained broadly stable at Rs310.44 lakhs in Fiscal 2025, as compared to Rs307.53 lakhs in Fiscal 2024.
Finance Costs
Finance costs decreased by 9.10%, from Rs701.30 lakhs in Fiscal 2024 to Rs637.51 lakhs in Fiscal 2025 and constituted 1.89% of revenue from operations as compared to 2.21% in Fiscal 2024. The decrease was primarily attributable to the following:
- Interest on term loans decreased by 24.34%, from Rs152.30 lakhs in Fiscal 2024 to Rs115.23 lakhs in Fiscal 2025, consequent to scheduled repayments, with long-term borrowings reducing from Rs1,041.14 lakhs to Rs746.04 lakhs during the year.
- Bank charges decreased by 52.06%, from Rs131.03 lakhs to Rs62.82 lakhs, and interest on others decreased by 30.46%, from Rs41.89 lakhs to Rs29.13 lakhs.
- These decreases were partially offset by an increase in interest on working capital loans by 12.55%, from Rs373.66 lakhs to Rs420.52 lakhs, on account of higher utilisation of packing credit and cash credit facilities to fund the increase in trade receivables.
Depreciation and Amortisation Expense
Depreciation and amortisation expense decreased by 22.20%, from Rs338.22 lakhs in Fiscal 2024 to Rs263.15 lakhs in Fiscal 2025 and constituted 0.78% of revenue from operations as compared to 1.07% in Fiscal 2024. The decrease was primarily attributable to certain assets having been depreciated to their residual value and to the divestment of our erstwhile subsidiary during the year, with additions to property, plant and equipment during Fiscal 2025 being limited to Rs132.43 lakhs.
Other Expenses
Other expenses increased by 17.85%, from Rs849.88 lakhs in Fiscal 2024 to Rs1,001.59 lakhs in Fiscal 2025 and constituted 2.97% of revenue from operations as compared to 2.68% in Fiscal 2024. The increase was primarily attributable to the following factors:
- Transportation charges increased by 19.36%, from Rs488.92 lakhs in Fiscal 2024 to Rs583.58 lakhs in Fiscal 2025, in line with the increase in export volumes.
- Legal and professional charges increased from Rs5.67 lakhs to Rs48.41 lakhs, and payment to auditors increased from Rs2.04 lakhs to Rs13.00 lakhs, primarily on account of enhanced compliance and advisory requirements consequent to the conversion of our Company into a public limited company and the scale- up of operations.
- A loss on sale of investment of Rs18.07 lakhs was recognised in Fiscal 2025 on the divestment of our erstwhile subsidiary, with no corresponding charge in Fiscal 2024.
- Debit balances written off of Rs10.41 lakhs and CSR expenses of Rs8.00 lakhs were recognised in Fiscal 2025, with no corresponding charges in Fiscal 2024.
- These increases were partially offset by decreases in insurance from Rs24.49 lakhs to Rs10.82 lakhs, in commission by 21.99% from Rs134.04 lakhs to Rs104.56 lakhs, in travelling and conveyance from Rs37.80 lakhs to Rs30.76 lakhs, and in other administrative expenses from Rs25.62 lakhs to Rs15.64 lakhs.
EBITDA
EBITDA increased by 19.56%, from Rs1,734.82 lakhs in Fiscal 2024 to Rs2,074.18 lakhs in Fiscal 2025 and EBITDA margin improved from 5.47% to 6.14%. The increase in EBITDA was primarily attributable to the reasons explained above.
Profit Before Tax
Profit before tax increased by 59.47%, from Rs902.59 lakhs in Fiscal 2024 to Rs1,439.34 lakhs in Fiscal 2025 and constituted 4.26% of revenue from operations as compared to 2.84% in Fiscal 2024, due to the reasons discussed above.
Tax Expense
Tax expense increased by 70.81%, from Rs236.60 lakhs in Fiscal 2024 to Rs404.15 lakhs in Fiscal 2025, in line with the increase in profit before tax. Current tax increased to Rs394.84 lakhs in Fiscal 2025 from Rs268.78 lakhs in Fiscal 2024. Deferred tax resulted in a credit of Rs20.42 lakhs in Fiscal 2025, as compared to a credit of Rs32.18 lakhs in Fiscal 2024. Further, earlier year taxes of Rs29.72 lakhs were recognised in Fiscal 2025, with no corresponding charge in Fiscal 2024. Our effective tax rate was 28.08% in Fiscal 2025, as compared to 26.21% in Fiscal 2024.
Profitfor the Year
Profit after tax increased by 55.44%, from Rs665.99 lakhs in Fiscal 2024 to Rs1,035.20 lakhs in Fiscal 2025, primarily attributable to the following factors:
- Growth in revenue from operations of 6.38%, driven by the expansion of the dried chilli segment, particularly exports to China.
- A reduction in operating expenses of 10.21%, primarily on account of increased in-house execution of processing activities at our own facility and reduced dependence on third-party processing.
- A reduction in finance costs of 9.10% consequent to scheduled repayments of term loans, and in depreciation and amortisation expense of 22.20%.
- Improvement in EBITDA, which increased by 19.56% from Rs1,734.82 lakhs to Rs2,074.18 lakhs, with EBITDA margin expanding from 5.47% to 6.14%.
- An increase in other income from Rs76.26 lakhs to Rs203.01 lakhs, principally on account of higher realised foreign exchange gains.
- Partially offset by an increase in other expenses of 17.85% and a higher effective tax rate of 28.08% as compared to 26.21% in Fiscal 2024.
Overall, these factors resulted in an increase in profit after tax of 55.44%, and our PAT margin improved to 3.07% of revenue from operations in Fiscal 2025 from 2.10% in Fiscal 2024.
Cash Flows
Net cash utilised in operating activities was Rs505.82 lakhs in Fiscal 2025, as compared to Rs1,499.90 lakhs in Fiscal
2024. Notwithstanding an operating profit before working capital changes of Rs2,366.89 lakhs in Fiscal 2025 (Fiscal 2024: Rs1,958.09 lakhs), cash flows were absorbed by an increase in trade receivables of Rs3,923.04 lakhs, an increase in inventories of Rs968.30 lakhs and an increase in short-term loans and advances of Rs1,156.95 lakhs, substantially offset by an increase in trade payables of Rs3,840.70 lakhs. Net cash generated from investing activities was Rs48.38 lakhs in Fiscal 2025, as compared to net cash utilised of Rs107.47 lakhs in Fiscal 2024, primarily on account of proceeds from the sale of investments aggregating Rs172.97 lakhs, partially offset by capital expenditure of Rs132.43 lakhs. Net cash generated from financing activities was Rs501.77 lakhs in Fiscal
2025, as compared to Rs1,593.15 lakhs in Fiscal 2024, principally reflecting net proceeds from short-term borrowings, partially offset by repayment of long-term borrowings and finance charges paid.
ANALYSIS OF CASH FLOW STATEMENT
in Lakhs, unless otherwise stated)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Net cash generated from/ (utilised in) operating activities (A) | (626.63) | (505.82) | (1,499.90) |
| Net cash generated from/ (utilised in) investing activities (B) Net cash generated from/ (utilised in) financing activities (C) | (620.36) 1,208.12 | 48.38 501.77 | (107.47) 1,593.15 |
| Net (decrease)/ increase in cash & cash equivalents (A+B+C) | (38.86) | 44.33 | (14.22) |
| Cash and cash equivalents at the end of the year | 52.65 | 91.51 | 50.37 |
CASH FLOWS FROM OPERATING ACTIVITIES Fiscal 2026
For Fiscal 2026, net cash flow utilised in operating activities was Rs626.63 lakhs. Profit before tax was Rs2,103.50 lakhs. Primary adjustments consisted of depreciation and amortisation expense of Rs231.43 lakhs; finance costs of Rs1,246.69 lakhs; provision for gratuity of Rs17.41 lakhs; provision for doubtful debts of Rs2.30 lakhs; and debit balances written off of Rs145.66 lakhs. These were partially offset by credit balances not required written back of Rs202.30 lakhs; provision no longer required written back of Rs3.72 lakhs; profit on sale of vehicle of Rs6.73 lakhs; unrealised foreign exchange gain of Rs41.33 lakhs; and interest income of Rs5.96 lakhs. Operating profit before working capital changes was Rs3,486.93 lakhs.Adjustments to operating profit before worki ng capital changes included: (i) increase in inventories of Rs2,727.51 lakhs; (ii) increase in trade receivables of Rs3,386.24 lakhs; (iii) decrease in short-term loans and advances of Rs68.93 lakhs; (iv) increase in long-term loans and advances of Rs30.23 lakhs; (v) decrease in other current assets of Rs57.39 lakhs; (vi) increase in trade payables of Rs2,203.03 lakhs; (vii) increase in other current liabilities of Rs72.01 lakhs; and (viii) increase in short-term provisions of Rs0.70 lakhs.
Cash utilised in operations before tax was Rs255.00 lakhs. After payment of income tax of Rs371.63 lakhs, net cash utilised in operating activities was Rs626.63 lakhs.
The negative operating cash flow in Fiscal 2026 was primarily attributable to higher working capital requirements arising from increased deployment in inventories and trade receivables. Inventory days increased to 114 days from 103 days and trade receivable days increased to 77 days from 49 days, while the increase in trade payable days to 101 days from 82 days partially mitigated the working capital absorption. The increased working capital requirement was principally funded through working capital borrowings.
Fiscal 2025
For Fiscal 2025, net cash flow utilised in operating activities was Rs505.82 lakhs. Profit before tax was Rs1,439.34 lakhs. Primary adjustments consisted of depreciation and amortisation expense of Rs263.15 lakhs; finance costs of Rs637.51 lakhs; provision for gratuity of Rs25.82 lakhs; loss on sale of investment of Rs18.07 lakhs; debit balances written off of Rs10.41 lakhs; and unrealised foreign exchange loss of Rs4.19 lakhs. These were partially offset by provision no longer required written back of Rs23.46 lakhs; credit balances not required written back of Rs3.36 lakhs; and interest income of Rs4.78 lakhs. Operating profit before working capital changes was Rs2,366.89 lakhs. Adjustments to operating profit before working capital changes included: (i) increase in trade receivables of Rs3,923.04 lakhs; (ii) increase in inventories of Rs968.30 lakhs; (iii) increase in short-term loans and advances of ^1,156.95 lakhs; (iv) increase in long-term loans and advances of Rs0.90 lakhs; (v) increase in trade payables of Rs3,840.70 lakhs; (vi) decrease in other current liabilities of Rs269.84 lakhs; (vii) decrease in other current assets of Rs63.67 lakhs; and (viii) increase in short-term provisions of Rs13.36 lakhs.
Cash utilised in operations before tax was Rs34.41 lakhs. After payment of income tax of Rs471.41 lakhs, net cash utilised in operating activities was Rs505.82 lakhs.
The negative operating cash flow in Fiscal 2025 was primarily attributable to higher working capital requirements, particularly the increase in trade receivables from Rs2,573.58 lakhs as at March 31, 2024 to Rs6,455.87 lakhs as at March 31, 2025. Trade receivable days increased from 26 days to 49 days. A key reason for the increase was the revision in the Companys credit policy during Fiscal 2025, pursuant to which the credit period for export customers was extended from approximately 90 days to 120 days. The increase in short-term loans and advances
and inventory levels also contributed to working capital absorption. The resulting working capital requirements were funded through a combination of increased working capital borrowings and, to a limited extent, extended supplier credit.
Fiscal 2024
For Fiscal 2024, net cash flow utilised in operating activities was Rs1,499.90 lakhs. Profit before tax was Rs902.59 lakhs. Primary adjustments consisted of depreciation and amortisation expense of Rs338.22 lakhs; finance costs of Rs701.30 lakhs; and provision for gratuity of Rs23.99 lakhs. These were partially offset by credit balances not required written back of Rs(3.46) lakhs and interest income of Rs4.55 lakhs. Operating profit before working capital changes was Rs1,958.09 lakhs.
Adjustments to operating profit before working capital changes included: (i) increase in inventories of Rs2,721.35 lakhs; (ii) increase in trade receivables of Rs619.88 lakhs; (iii) increase in short -term loans and advances of Rs126.53 lakhs; (iv) increase in long-term loans and advances of Rs43.52 lakhs; (v) decrease in trade payables of Rs51.20 lakhs; (vi) increase in other current liabilities of Rs213.18 lakhs; and (vii) increase in other current assets of Rs55.36 lakhs.
Cash utilised in operations before tax was Rs1,446.57 lakhs. After payment of income tax of Rs53.33 lakhs, net cash utilised in operating activities was Rs1,499.90 lakhs.
The negative operating cash flow in Fiscal 2024 was primarily attributable to working capital absorption resulting from the increase in inventories of Rs2,721.35 lakhs, together with increases in trade receivables, short -term loans and advances, long-term loans and advances and other current assets. These cash outflows were partially offset by the increase in other current liabilities of Rs213.18 lakhs. The decrease in trade payables of Rs51.20 lakhs also contributed to the cash outflow.
CASH FLOWS FROM INVESTING ACTIVITIES
Fiscal 2026
For Fiscal 2026, Net cash flow utilised in investing activities was Z620.36 Lakhs, primarily on account of capital expenditure on purchase of property, plant and equipment of Z650.71 Lakhs; and purchase offixed deposits of Z13.11 Lakhs. This was partially offset by proceeds from sale ofproperty, plant and equipment of Z22.45 Lakhs; Government subsidy received in respect of property, plant and equipment of Z15.05 Lakhs; and interest received of Z5.96 Lakhs.
Fiscal 2025
For Fiscal 2025, Net cash flow generated from investing activities was Z48.38 Lakhs, primarily on account of proceeds on sales of investments of Z135.75 Lakhs; sale of investment of Z37.22 Lakhs; and interest received of Z7.84 Lakhs. This was partially offset by capital expenditure on purchase of property, plant and equipment of Z132.43 Lakhs.
Fiscal 2024
For Fiscal 2024, Net cash flow utilised in investing activities was Z107.47 Lakhs, primarily on account of capital expenditure on purchase ofproperty, plant and equipment of Z127.77 Lakhs. This was partially offset by proceeds from redemption of fixed deposits of Z15.75 Lakhs; and interest received of Z4.55 Lakhs.
CASH FLOWS FROM FINANCING ACTIVITIES Fiscal 2026
For Fiscal 2026, Net cash flow generatedfrom financing activities was Z1,208.12 Lakhs, primarily on account of proceeds from short-term borrowings of Z58,158.65 Lakhs; and proceeds from long-term borrowings of Z507.24 Lakhs. This was partially offset by repayment of short-term borrowings of Z55,723.50 Lakhs; Interest/finance
charges paid of f1,246.69 Lakhs; and repayment of long-term borrowings of f487.58 Lakhs.
Fiscal 2025
For Fiscal 2025, Net cash flow generated from financing activities was f501. 77 Lakhs, primarily on account of proceeds from short-term borrowings of f47,857.53 Lakhs. This was offset by repayment of short-term borrowings of f46,424.44 Lakhs; Repayment of long-term borrowings of f293.83 Lakhs; and Interest/finance charges paid of Z637.51 Lakhs.
Fiscal 2024
For Fiscal 2024, Net cash flow generatedfrom financing activities was f1,59315 Lakhs, primarily on account of proceeds from short-term borrowings of f35,065.79 Lakhs. This was partially offset by repayment of short-term borrowings of f32,386.12 Lakhs; Repayment of long-term borrowings of f217.22 Lakhs; Redemption of preference share capital of f168.00 Lakhs; and Interest/finance charges paid of f701.30 Lakhs.
ADDITIONAL POINTS OF DISCUSSION RELATED TO THE FINANCIAL STATEMENTS
The following table sets forth the amount of trade receivables and their proportion of current assets for Fiscal 2026, Fiscal 2025 and Fiscal 2024:
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Trade receivables | 9,735.48 | 6,455.87 | 2,573.58 |
| Current assets | 23,684.28 | 17,794.73 | 11,809.95 |
| Trade receivables as a % of Current assets | 41.10% | 36.28% | 21.79% |
Overview of Movement in Trade Receivables:
Trade receivables increased from Rs. 2,573.58 lakhs in Fiscal 2024 to Rs. 6,455.87 lakhs in Fiscal 2025, representing an increase of Rs. 3,882.29 lakhs. This movement was driven by a combination of segment-wise growth, revised credit terms, and an overall increase in business volumes during the year.
Segment-wise Contribution to Increase:
The following table sets forth our trade receivables by segment as at the dates indicated:
(Rs in lakhs)
| Segment | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | Increase/ (Decrease) in Fiscal 2026 | Increase/ (Decrease) in Fiscal 2025 |
| Domestic | 8,573.15 | 3,426.13 | 1,039.36 | 5,147.02 | 2,386.77 |
| Export - dried chillies | 106.58 | 1,771.93 | 330.25 | (1,665.35) | 1,441.68 |
| Export - shrimp | 1,055.75 | 1,257.81 | 1,203.97 | (202.06) | 53.84 |
| Total | 9,735.48 | 6,455.87 | 2,573.58 | 3,279.61 | 3,882.29 |
Receivables from the export chillies segment increased significantly from Rs. 330.25 lakhs to Rs. 1,771.93 lakhs, while receivables from the export shrimp segment remained largely stable, increasing from Rs. 1,203.97 lakhs to Rs. 1,257.81 lakhs. Domestic receivables rose from Rs. 1,039.36 lakhs to Rs. 3,426.13 lakhs, primarily due to higher credit limits extended to domestic customers during Fiscal 2025 in support of business operations.
Key Drivers:
Fiscal 2024
Trade receivables increased from Rs1,953.69 lakhs as at March 31, 2023 to Rs2,573.58 lakhs as at March 31, 2024, an increase of Rs619.89 lakhs or 31.73%. This increase was materially lower than the growth in revenue from operations of 73.39% during the same period, from Rs18,304.81 lakhs in Fiscal 2023 to Rs31,738.66 lakhs in Fiscal 2024. Consequently, trade receivables as a percentage of revenue from operations reduced from 10.67% in Fiscal
2023 to 8.11% in Fiscal 2024, and trade receivable days stood at 26 days. During Fiscal 2024, we transacted with our export customers on credit terms of approximately 90 days and collections were realised broadly in accordance with such terms.
Fiscal 2025
A key reason for the increase was the revision in credit policy during Fiscal 2025, under which the credit period for export customers was extended from approximately 90 days to 120 days. This led to higher outstanding receivables at year-end and slower collections, particularly in the export dried chillies segment, where longer credit cycles are customary. These revised terms were extended selectively on the basis of customer profile, order volumes and the duration of the business relationship, in line with our strategy to expand our export business. The increase in revenue from operations of 6.38% during the period also contributed to the rise in receivables. The higher receivable balance during Fiscal 2025 was funded through increased utilisation of working capital borrowings from banks.
Fiscal 2026
Trade receivables increased further from Rs6,455.87 lakhs as at March 31, 2025 to Rs9,735.48 lakhs as at March 31, 2026, an increase of Rs3,279.61 lakhs or 50.80%. Trade receivable days correspondingly increased from 49 days in Fiscal 2025 to 77 days in Fiscal 2026, and trade receivables as a percentage of revenue from operations increased from 19.12% to 25.37%. As receivables grew at a rate materially higher than the 13.68% growth in revenue from operations during the year, the increase is attributable to the lengthening of the collection cycle rather than to the growth in business volumes alone.
The increase in Fiscal 2026 was attributable entirely to our domestic business. Receivables from domestic customers increased from Rs3,426.13 lakhs as at March 31, 2025 to Rs8,573.15 lakhs as at March 31, 2026, an increase of Rs5,147.02 lakhs or 150.23%, as against growth in domestic revenue from products of 30.85%. Receivables from export customers decreased over the same period, from Rs3,029.74 lakhs to Rs1,162.33 lakhs, comprising a decrease of Rs1,665.35 lakhs in the dried chillies segment and Rs202.06 lakhs i n the shrimp segment. Domestic receivables accordingly represented 88.06% of our trade receivables as at March 31, 2026, as compared to 53.07% as at March 31, 2025. The extension of credit terms for export customers introduced in Fiscal 2025 was therefore not the principal driver of the increase in Fiscal 2026. The increase reflects higher credit periods extended to domestic customers and the growth in domestic sales volumes and has resulted in a longer collection cycle and higher working capital requirements.
The higher receivable balance in Fiscal 2026 was funded through increased utilisation of working capital borrowings, as described above.
Working Capital and Cash Flow Impact:
The increase in trade receivables led to higher working capital requirements. Trade Receivable Days increased from 26 days in Fiscal 2024 to 49 days in Fiscal 2025 and further to 77 days in Fiscal 2026, reflecting a meaningful lengthening of collection cycles.
To manage these higher working capital requirements, the Company also availed extended credit terms from suppliers, resulting in an increase in trade payables and supporting liquidity during the period. However, continued reliance on extended payable cycles may require careful management to maintain supplier relationships and stable procurement terms.
The higher receivable levels and resulting working capital requirements also contributed to negative operating cash flow of Rs. (505.82) lakhs in Fiscal 2025, notwithstanding the growth in profitability. This position was funded through a combination of increased working capital borrowings and, to a limited extent, extended supplier credit during the period.
Our business depends on our ability to successfully collect payments from our customers for the products sold by us. The table below sets forth additional details of our trade receivables:
(2. in lakhs, unless otherwise stated)
| Particulars Fiscal 2026 Fiscal 2025 Fiscal 2024 | ||||
| Trade Receivables | 9,735.48 | 6,455.87 | 2,573.58 | |
| Revenue from Operations | 38,380.39 | 33,762.21 | 31,738.66 | |
| Trade Receivables Days | 77 | 49 | 26 | |
| Trade Receivables as a % of Revenue from Operations | 25.37% | 19.12% | 8.11% | |
Trade Receivables Days: It is calculated as Average Trade Receivables [(Current Period Closing + Previous Period Closing)/2] divided by Revenue from Operations multiplied by the total number of days in the year.
Ageing of Trade Receivables
(Z in lakhs)
| Particulars | Less than 6 months | 6 months to 1 year | 1 to 2 years | 2 to 3 years | Total |
| As at March 31, 2026 | 9,259.06 | 167.33 | 293.00 | 18.39 | 9,737.78 |
| As at March 31, 2025 | 6,089.50 | 166.16 | 126.14 | 74.07 | 6,455.87 |
| As at March 31, 2024 | 2,294.15 | 190.25 | 89.18 | - | 2,573.58 |
Notes:
(i) All amounts above are undisputed trade receivables considered good. There were no disputed trade receivables as at the end of any of the Fiscals presented.
(ii) Amounts are stated gross of the provision for doubtful debts of Z2.30 lakhs as at March 31, 2026 (March 31, 2025 and March 31, 2024: Nil).
(iii) Trade receivables outstanding for more than one year increased to Z311.39 lakhs as at March 31, 2026from Z200.21 lakhs as at March 31, 2025. During Fiscal 2026 we wrote off long outstanding debit balances of Z145.66 lakhs and recognised a pro-vision for doubtful debts of Z2.30 lakhs.
Ageing of Trade Payables
(Z in lakhs, unless otherwise stated)
| Particulars | Less than 1 year | 1 to 2 years | 2 to 3 years | Total |
| As at March 31, 2026 - micro and small enterprises | 5.92 | - | - | 5.92 |
| As at March 31, 2026 - others | 10,414.73 | 285.74 | 9.52 | 10,710.00 |
| As at March 31, 2026 - total | 10,420.65 | 285.74 | 9.52 | 10,715.92 |
| As at March 31, 2025 - total | 8,699.58 | 15.61 | - | 8,715.19 |
| As at March 31, 2024 - total | 3,955.95 | 922.65 | - | 4,878.60 |
Note: Interest accrued and remaining unpaid to suppliers registered under the Micro, Small and Medium Enterprises Development Act, 2006 was Z0.85 lakhs as at March 31, 2026 (March 31, 2025: Z0.30 lakhs; March 31, 2024: Nil).
Trade payable days increased to 101 days in Fiscal 2026from 82 days in Fiscal 2025, reflecting extended credit terms negotiated with our trader-cum-commission agents. Continued reliance on extended payable cycles may require careful management to maintain supplier relationships and stable procurement terms.
Any increase in trade receivable days, delays in billing, disputes regarding quality or specifications, extension of credit terms, or default by customers may adversely affect our liquidity and working capital cycle. We may not always be able to accurately assess the creditworthiness of our customers. Adverse macroeconomic conditions or financial distress faced by our customers, including insolvency or bankruptcy, may further impair recoverability of receivables.
INDEBTEDNESS
As of August 31, 2026, we had total outstanding borrowings amounting to ^11,197.37 Lakhs. For further details in relation to our indebtedness, see Financial Indebtedness on page 334.
CHANGES IN ACCOUNTING POLICIES
There have been no changes in our accounting policies in the last three Fiscals. During Fiscal 2026, the rate of discounting used in the actuarial valuation of our gratuity obligation was revised from 6.80% to 7.55%, being a change in accounting estimate, which resulted in the recognition of an actuarial gain of Rs17.14 lakhs
Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:
An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:
1. Unusual or infrequent events or transactions
Except as disclosed in this section and elsewhere in this Red Herring Prospectus, there were no unusual or infrequent events or transactions that materially affected our results of operations during the periods under review.
2. Significant economic changes that materially affected or are likely to affect income from continuing operations.
Our results of operations may be materially affected by economic and industry factors including changes in raw material prices and availability, international demand-supply conditions, freight and finance costs, foreign exchange movements and applicable regulatory or trade conditions. For further details, see Significant Factors Affecting Our Results of Operations and Financial Condition above.
3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.
Known trends and uncertainties that have affected, or may affect, our revenue or income from continuing operations include raw material availability and prices, product and geographical mix, working capital requirements and finance costs, customer ordering patterns and competitive conditions, as described under Significant Factors Affecting Our Results of Operations and Financial Condition above.
4. Future changes in relationship between costs and revenues
Our future costs and revenues will depend, among other factors, on raw material prices and our ability to pass through increases to customers, product and geographical mix, capacity utilisation, working capital requirements and finance costs. The proposed expansion of our shrimp processing capacity may result in additional depreciation and, to the extent debt-funded, finance costs before the corresponding increase in revenue and utilisation is achieved. Our margins may therefore vary during the ramp-up period. For further details, see Significant Factors Affecting Our Results of Operations and Financial Condition - Investment in Processing Capacity and Capital Expenditure and Working Capital Requirements and Finance Costs above.
5. Increases in net sales or revenue and Introduction of new services or increased/decreased sales prices.
Revenue from operations increased by 13.68% in Fiscal 2026 and by 6.38% in Fiscal 2025. The increase in Fiscal 2026 was primarily attributable to higher shrimp revenue and domestic sales, partially offset by lower dried chilli exports. Revenue from shrimp increased by 23.58% in Fiscal 2026, while revenue from dried chillies decreased by 33.73%. In Fiscal 2025, revenue growth was primarily attributable to the increase in dried chilli exports to China, partially offset by a marginal decline in shrimp revenue. For further details, see Review of Restated Consolidated Financial Statements above.
6. Status of any publicly announced New Service or Business Segment
Our company has not announced any additional services or business segments during the period.
7. Seasonality of business
We are primarily engaged in two product categories:
I. Shrimp
i. Shrimps are available throughout the year, ensuring a steady supply.
ii. The peak season runs from October to July, during which volumes are highest.
iii. From August to September, availability remains moderate.
II. Chillies
i. Chillies are available throughout the year, ensuring a steady supply.
ii. The peak season runs from January to April, during which volumes are highest.
iii. From May to December, availability remains moderate.
8. Total turnover of each major industry segment in which the issuer operated
Our Company operates in two product segments, namely processed shrimp and dried chillies. The following table sets forth our revenue from products from each of these segments for the periods indicated:
(Amount Rs in Lakhs)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 | |||
| Amount | % of revenue from products | Amount | % of revenue from products | Amount | % of revenue from products | |
| (A) Shrimps | ||||||
| Exports | 12,860.73 | 34.35% | 10,431.33 | 31.69% | 9,740.47 | 31.78% |
| Domestic | 20,822.07 | 55.63% | 16,823.80 | 51.11% | 17,871.49 | 58.31% |
| Sub Total (A) | 33,682.80 | 89.98% | 27,255.13 | 82.80% | 27,611.95 | 90.08% |
| (B) Dried Chillies | ||||||
| Exports | 1,627.55 | 4.35% | 4,948.14 | 15.03% | 2,469.19 | 8.06% |
| Domestic | 2,124.06 | 5.67% | 712.68 | 2.17% | 570.34 | 1.86% |
| Sub Total (B) | 3,751.61 | 10.02% | 5,660.82 | 17.20% | 3,039.53 | 9.92% |
| Total revenue | 37,434.41 | 100.00% | 32,915.95 | 100.00% | 30,651.48 | 100.00% |
from product
(A+B)
Notes:
1. Revenue from products excludes revenue from services, rental income and other operating revenue, and therefore does not aggregate to our revenue from operations as set out in the Restated Consolidated Financial Statements. For a reconciliation, see Financial Information - Note No. 18 Restated Conso l ida t ed Statement of Revenue from opera t ions on page 311.
2. Our Company does not have identifiable reportable segments under Accounting Standard 17 (Segment Reporting), and the above disclosure is presented on a product-wise basis for the information of investors.
Reconciliation of Revenue from Products to Revenue from Operations
(t in lakhs, unless otherwise stated)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from products | 37,434.41 | 32,915.95 | 30,651.48 |
| Revenue from services | 60.36 | 41.74 | 324.11 |
| Rental income | - | - | 44.07 |
| Other operating revenue | 885.62 | 804.52 | 718.99 |
| Revenue from operations | 38,380.39 | 33,762.21 | 31,738.66 |
Note: Other operating revenue comprises sale of export licences, customs duty drawback, scrap sales and, in Fiscal 2024, storage charges.
Revenue from the shrimp segment grew by 23.58% in Fiscal 2026 following a marginal decline of 1.29% in Fiscal 2025, while revenue from the dried chillies segment declined by 33.73% in Fiscal 2026 following growth of 86.24% in Fiscal 2025, in each case principally on account of the movement in exports to China. For further details, see Fiscal 2026 compared with Fiscal 2025 on page 346.
9. Dependence on few customers/ clients.
We derive a portion of our revenue from a limited number of customers. The contribution of our top 3, top 5 and top 10 customers to our revenue from operations for Fiscal 2026, Fiscal 2025, and Fiscal 2024 is set out in the table below. While we have established ongoing relationships with our customers and
365
serve a diversified customer base, there can be no assurance that we will be able to maintain such relationships. Any loss of a significant customer, reduction in orders, adverse changes in commercial terms or inability to renew arrangements with such customers may adversely affect our business, results of operations and financial condition. For further details regarding the number of customers served by us, see Our Business on page 209.
Shrimps:
| Period | Top 3 customers | Top 5 customers | Top 10 customers |
| Fiscal 2026 | 36.77% | 50.99% | 68.54% |
| Fiscal 2025 | 34.05% | 42.27% | 57.66% |
| Fiscal 2024 | 49.98% | 57.04% | 67.56% |
Dried Chillies:
| Period | Top 3 | Top 5 | Top 10 |
| customers | customers | customers | |
| Fiscal 2026 | 6.58% | 7.88% | 9.31% |
| Fiscal 2025 | 5.75% | 8.33% | 11.86% |
| Fiscal 2024 | 3.81% | 4.91% | 6.83% |
10. Competitive conditions
Competitive conditions are as described under the section titled Industry Overview on page 151.
11. Details of material developments after the date of last balance sheet i.e. March 31, 2026
Except as stated below no material developments have taken place after the date of last balance sheet i.e. March 31, 2026, that could materially and adversely affect or are likely to affect, our operations or profitability, or the value of our assets or our ability to pay our material liabilities within the next 12 months:
(i) Pre-IPO Placement:
Subsequent to 31 March 2026, the Company, pursuant to the approval granted by its members at the Annual General Meeting held on 25 August 2026, allotted 6,71,045 equity shares of Rs10 each at a price of Rs77 per share, including a securities premium of Rs67 per share, through a Pre-IPO Placement, aggregating to Rs516.70 lakhs. The proceeds of the placement are intended to be adjusted against the fresh issue of the Companys proposed Initial Public Offering, in accordance with the applicable SEBI ICDR Regulations.
(ii) Availing of Credit Facilities:
During the period subsequent to March 31, 2026, the Company availed credit facilities from Union Bank of India and HDFC Bank. The facilities comprise a term loan of Rs488.00 lakhs from Union Bank of India, a term loan of Rs780.95 lakhs from HDFC Bank, and a vehicle loan of Rs28.00 lakhs from HDFC Bank, aggregating to sanctioned facilities of Rs1,296.95 lakhs (approximately Rs12.97 crore). The loans have been sanctioned primarily for general corporate purposes and acquisition of vehicles.
(iii) Purchase of New Bus:
The Company purchased a new bus for Rs30.95 lakh on 20 May 2026 for transportation of its daily workers. The purchase was partly financed through a vehicle loan of Rs28 lakh availed from HDFC Bank
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
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+91 9892691696
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