Waterbase Receives ₹3.29 Crore GST Demand From Nellore Over Product Re-Classification

Waterbase Ltd has received a combined tax demand of ₹3.29 crore from the Deputy Commissioner (ST), Nellore, covering fiscal years FY23 and FY24, ScanX reported on October 24, 2026. The notice was issued under Section 73 of the APGST, CGST and IGST Acts. Waterbase is India's first fully integrated aquaculture company, founded in 1987 and headquartered in Chennai, making shrimp feeds, farm care products and SPF shrimp seed and exporting frozen shrimp.

Inside the Nellore GST Demand

The demand arises from the re-classification of certain products by the State Taxes Department, according to the company's regulatory filing. The total liability includes principal tax, interest and penalty amounts spread across two fiscal periods. The notice came to the company's knowledge on October 24, 2026.

Waterbase stated that the orders are currently appealable and confirmed its intention to challenge the assessment before the respective authorities. The company stated there is no material impact on its financial or operational activities resulting from this intimation. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Waterbase's Aquaculture Business at a Glance

According to akta.pro company records, Waterbase reported full year sales of Rs 349.74 crore for FY2026, up 25.94% year-over-year, while its FY2026 net loss narrowed to Rs 14.66 crore from Rs 18.16 crore in the prior year. The quarter ended March 2026 recorded Rs 79.32 crore in sales, 3.85% higher year-over-year. The same records show a February 2026 leadership realignment with new Managing Director and CEO appointments, following management changes in 2024 and 2025.

Earlier Waterbase Developments

In August 2026, D'Art Private Limited reported that it transformed Waterbase's retail experience by combining digital tools, experiential design, product displays and visual storytelling to improve customer engagement, PRLog reported. In August 2026, Waterbase reported June-quarter consolidated revenue from operations of ₹1.21 billion, a slight decrease from the previous year, while net profit improved to ₹176.8 million, AInvest reported. In May 2026, D'Art Private Limited partnered with Waterbase to redesign its retail stores, focusing on shrimp farming education and customer engagement, EIN Presswire reported.

What Comes Next for Waterbase

Waterbase indicated it will file an appeal against the order before the relevant appellate authorities. The company's 39th Annual General Meeting, held on September 30, 2026, passed all three ordinary resolutions, including the redesignation of Ramakanth V Akula as Managing Director, ScanX reported.