Notice & Annual Report of 39th Annual General Meeting of the Company to be held on September 30, 2026

September 08, 2026 The Manager Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 Ref: Scrip Code: 523660 / WATERBASE Dear Madam / Sir, Sub: Notice of the 39th Annual General Meeting and Annual Report for the Financial Year 2025 -26 We wish to inform you that the 39th Annual General Meeting ("AGM") of the Company will be held on Wednesday, September 30, 2026 at 11.30 AM (IST) through Video Conference / Other Audio-Visual Means. Pursuant to Regulation 34(1) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we submit herewith a copy of Annual Report of the Company along with the Notice of AGM. The copies of annual report and AGM notice have been sent today to all the shareholders whose email IDs have been shared by the Depositories as per the details registered with their Depository Participants / Cameo Corporate Services Limited, the Registrar and Share Transfer Agent of the Company. The documents are also uploaded on the website of the Company, www.waterbaseindia.com. You are requested to take the information on record. Thanking you For The Waterbase Limited R Sureshkumar Company Secretary Encl:a/a In Remembrance A visionary who transformed possibility into purpose Mr. Vikramaditya Mohan Thapar Founder and Chairman Emeritus - The Waterbase Limited (26th October, 1947 – 25th December, 2025) Mr. Vikramaditya Mohan Thapar, fondly known as VMT, will always be remembered as a visionary whose foresight laid the foundation of The Waterbase Limited and contributed meaningfully to the development of India’s aquaculture sector. VMT believed that enterprise must serve a purpose larger than profit. He recognised the potential of aquaculture to transform salt-ingressed and otherwise unproductive coastal land into a source of opportunity, dignity and livelihood. Under his guidance, Waterbase developed an integrated presence across farms, hatcheries, feed manufacturing and shrimp processing. More importantly, it became an ecosystem through which farmers received knowledge, quality inputs, technical support and access to wider markets. His contribution extended far beyond the Company. At a time when Indian aquaculture was still building its capabilities and global standing, he helped strengthen the sector’s credibility, resilience and long-term potential. His steadfast commitment empowered aquaculturists, created livelihoods across coastal communities and supported India’s emergence as one of the world’s leading shrimp-exporting nations. VMT was also a guiding force within the KCT Group. His humane leadership, integrity and ability to look beyond immediate outcomes shaped institutions and inspired generations of professionals. The values he upheld continue to guide Waterbase in its commitment to responsible growth, farmer empowerment, sustainable aquaculture and nation-building. The Waterbase family remains committed to carrying forward his enduring legacy of compassion, resilience, responsibility and purpose. His vision will continue to inspire our journey and remain deeply embedded in everything we do. His legacy lives on. Between the covers 3-27 28-74 Corporate Overview Statutory Reports 3 Corporate Information 28 Management Discussion Analysis 4 From Movement to Momentum 38 Director’s Report 6 Where aquaculture creates wider possibilities 48 Annexure 1 – NOMINATION AND 10 When every link makes the next one stronger REMUNERATION POLICY AND REMUNERATION DETAILS 12 Steady purpose in an unsettled world 53 Annexure 2 – CONSERVATION OF ENERGY, 14 Building resilience where it matters most TECHNOLOGY ABSORPTION AND FOREIGN 16 Turning effort into momentum EXCHANGE EARNINGS / OUTGO The financial journey from movement to 18 54 Annexure 3 – FORM NO. AOC-1 momentum 55 Annexure 4 – REPORT ON CORPORATE 22 Moving relationships from trust to momentum GOVERNANCE 26 Moving people from capability to momentum 67 Annexure 5 – DECLARATION OF ADHERENCE TO CODE OF CONDUCT AND BUSINESS ETHICS 68 Annexure 6 – CEO/CFO CERTIFICATION TO https://www.waterbaseindia.com THE BOARD 69 Annexure 7 – FORM NO. MR-3 73 Annexure 8 – CORPORATE GOVERNANCE CERTIFICATE 74 Annexure - 9 - CERTIFICATE OF NON- Scan the QR DISQUALIFICATION OF DIRECTORS code for other information 75-216 Financial Section Standalone Financials 75 Independent Auditor’s Report 88 Balance Sheet 89 Statement of Profit and Loss 90 Cash Flow Statement 93 Statement of Changes in Equity 94 Notes to the Financial Statements Consolidated Financials 142 Independent Auditor’s Report 152 Balance Sheet 153 Statement of Profit and Loss 154 Cash Flow Statement 157 Statement of Changes in Equity 158 Notes to the Financial Statements 207 Notice Corporate information Board of Directors Stock Exchange Mr. Varun Aditya Thapar BSE Limited Chairman & Non-Executive Director Phiroze Jheejeebhoy Towers Ms. Nitasha Thapar Dalal Street, Mumbai - 400001 Non-Executive Director Website: www.bseindia.com Mr. Rahul C Mehta Statutory Auditor Independent Director M/s Deloitte Haskins & Sells LLP, Mr. Rahul Kapur Chartered Accountants Independent Director Chennai Ms. Shashikala Venkatraman Internal Auditors Independent Director M/s Ernst & Young LLP Mr. Ramakanth V Akula Chennai Managing Director Secretarial Auditor M Francis & Associates, Chief Executive Officer Practicing Company Secretaries Mr. Chola Varma Alluri Chennai Chief Financial Officer, Company Bankers Secretary & Compliance Officer State Bank of India Mr. R Sureshkumar YES Bank Registered Office Axis Bank Ananthapuram Village, ICICI Bank Nellore Andhra Pradesh – 524344 Registrars & Share Transfer Agent Corporate Office Cameo Corporate Services Limited Thapar House, 37, Subramaniam Building, Montieth Road Egmore, No. 1 Club House Road, Chennai - 600 008 Chennai - 600 002 Phone: 044-45661700 Phone: 044-28460390 / 391/ 392 / 393 / 394 E-mail: info@waterbaseindia.com Fax: 044-28460129 investor@waterbaseindia.com Email: investor@cameoindia.com Website: www.waterbaseindia.com Website: www.cameoindia.com Corporate Identification No. (CIN) L05005AP1987PLC018436 From Movement to Momentum 4 Annual Report 2025-26 Last year, Waterbase remained on the move despite persistent industry headwinds. In FY2025-26, that movement began translating into more purposeful momentum. Encouraging recovery in feed operations, sustained export traction, deeper farmer engagement and improving trade visibility strengthened the Company’s ability to advance with greater confidence across the aquaculture value chain. Movement that Momentum that Moving forward with strengthened the became visible greater purpose foundation The outcome was not a complete For Waterbase, momentum is not recovery across every part of the defined by speed alone. It reflects Waterbase entered the year with a business. It was something more stronger alignment between clear understanding that recovery fundamental: clearer evidence that strategy and execution. It is the would need to be built from within. the actions taken over successive ability to respond faster, work The external environment remained periods were beginning to work across functions, remain financially demanding. Disease incidence together. disciplined and use the integrated affected farm cycles, shrimp prices model more effectively. influenced farmer sentiment, raw Feed operations showed material costs remained volatile encouraging recovery during the The journey ahead will require and uncertainty around major fourth quarter. The processing and continued patience and rigour. export markets required constant export business achieved stronger The Company will remain focused recalibration. The Company utilisation and wider market traction. on rebuilding its feed franchise, therefore stayed focused on the Farmer and dealer engagement expanding animal health care, factors it could control. improved. The Company responded improving processing economics, to trade disruption b [Showing first 8,000 characters — download PDF for full document]