Quick Facts / Company Snapshot
- Full Company Name: Zeal Aqua Limited
- Corporate Identity Number (CIN): L05004GJ2009PLC056270
- Registered Office: Block No. 347, Village: Orma, Taluka: Olpad, Surat-394540, Gujarat, India
- Total Revenue (FY 2024-25): ₹52,100.52 Lakhs
- Gross Income from Operations: ₹51,132.02 Lakhs
- Net Profit After Tax (PAT): ₹1,009.89 Lakhs
- Profit Before Tax (PBT): ₹1,494.39 Lakhs
- Export Revenue: ₹49,141.28 Lakhs
- Domestic Revenue: ₹1,990.74 Lakhs
- Export Percentage of Sales: 96.11%
- Return on Capital Employed (ROCE): 32.917%
- Return on Equity (ROE): 12%
- Inventory Turnover Ratio: 3.319
- Current Ratio: 1.282
- Debt-Equity Ratio: 1.926
- Net Profit Ratio: 1.975%
- Total Assets: ₹25,317.02 Lakhs
- Equity Share Capital: ₹1,260.60 Lakhs
- Total Other Equity: ₹7,143.72 Lakhs
- Managing Director: Pradipkumar Ratilal Navik
Company Overview
Zeal Aqua Limited stands as a premier entity in the global seafood supply landscape, positioning itself as a world-class supplier of high-quality seafood products. The organization operates through a sophisticated “farm-to-fork” model, where aquaculture farms and processing plants are seamlessly integrated into a single, coherent supply chain. This vertical integration allows for stringent quality control at every stage of production, from the initial stages of shrimp farming to the final packaging and export of processed goods.
The company’s core mission revolves around producing and exporting quality seafood that adheres to international standards. By maintaining control over the entire production cycle, the entity ensures that every product reaching the consumer meets rigorous safety and quality benchmarks. This commitment to excellence has established the organization as a trusted name in the international seafood market.
- Vertically integrated supply chain ensuring quality from farm to fork.
- Focus on the production and export of high-grade shrimp and seafood.
- Implementation of the latest technology to enhance production efficiency.
- Dedication to international quality standards in all processing operations.
The operational philosophy of the organization is rooted in the belief that quality is paramount. To achieve this, a team of dedicated professionals monitors aquaculture farms and processing units constantly. These professionals are tasked with staying abreast of technological advancements in the seafood industry, ensuring that the company remains competitive and efficient in a rapidly evolving global market.
By leveraging its integration, the company manages to mitigate risks associated with supply chain disruptions and quality variances. This model not only provides a competitive advantage in terms of cost management but also enhances the traceability of products, a factor that is increasingly important to international buyers and regulatory bodies in the food industry.
Business Segments
Zeal Aqua Limited operates primarily through two major integrated business segments that form the backbone of its “farm-to-fork” strategy. These segments work in tandem to transform raw aquaculture inputs into finished, export-ready seafood products.
Aquaculture and Farming
The Aquaculture segment is the foundational pillar of the business. It involves the large-scale cultivation of shrimp, specifically focusing on the Litopenaeus vannamei (Pacific white shrimp) species. This segment is responsible for managing the biological growth of the seafood, ensuring that the environment—including water quality, feed, and health monitoring—is optimal for growth.
- Segment Revenue: Approximately ₹51,132.02 Lakhs (as part of integrated sales).
- Percentage of Total Revenue: 98.14% (combined with processing sales).
- Operational Scope: Management of aquaculture farms and shrimp cultivation.
The operational scope of the farming segment covers the entire biological cycle of the shrimp. This includes pond preparation, stocking of post-larvae, water quality management using advanced aeration systems, and precision feeding protocols. By maintaining its own farms, the company secures a consistent supply of raw material for its processing facilities, reducing reliance on third-party suppliers and ensuring that the shrimp are raised according to specific quality parameters.
Seafood Processing and Export
The Seafood Processing segment acts as the value-addition arm of the organization. Once the shrimp reach the desired harvest size at the farms, they are transported to state-of-the-art processing plants. Here, the shrimp undergo various processes such as cleaning, grading, freezing, and packaging. This segment is highly regulated and must comply with international food safety standards to qualify for export to premium global markets.
- Operational Scope: Cleaning, grading, freezing, and packaging for international markets.
- Market Focus: Primarily international exports to various global regions.
- Infrastructure: Cold storage facilities and high-capacity processing lines.
This segment’s contribution is reflected in the high percentage of export revenue. The processing activities are designed to preserve the freshness and nutritional value of the seafood, utilizing advanced freezing technologies like Individual Quick Freezing (IQF) or block freezing, depending on customer requirements. The integration between the farms and the processing plant ensures that the time between harvest and processing is minimized, which is critical for maintaining the high quality of the final product.
History and Evolution
The journey of Zeal Aqua Limited began with its incorporation in 2009. The organization was established with the vision of professionalizing the aquaculture sector in India, specifically in the coastal regions of Gujarat. Over the years, the company has evolved from a farming-focused entity into a fully integrated seafood powerhouse.
In its early years, the focus was primarily on developing robust aquaculture practices and expanding the footprint of its farming operations. By 2015, the company had reached a significant milestone, achieving a production capacity of 1,500 tons of shrimp. This growth was fueled by a commitment to utilizing modern technology and expanding the network of aquaculture farms under its management.
- Incorporation Year: 2009.
- Key Growth Milestone (2015): Reached 1,500 tons of shrimp production capacity.
- Evolution: Transitioned from standalone farming to a vertically integrated “farm-to-fork” model.
- Expansion: Continuous increase in processing capabilities and export market reach.
The transition to a vertically integrated model was a strategic move to capture more value within the supply chain. By establishing its own processing facilities, the company was able to move beyond selling raw commodities and started offering value-added products directly to international buyers. This evolution has been marked by continuous investment in infrastructure, including cold storage and modern processing machinery.
Today, the company is recognized for its significant scale and its role in the Indian aquaculture export industry. The evolution continues with a focus on enhancing operational efficiencies and exploring new markets, while maintaining the core values of quality and sustainability that have been present since its inception.
Products and Services
The product portfolio of Zeal Aqua Limited is centered on shrimp, specifically tailored for the international and domestic markets. The primary product is the Litopenaeus vannamei shrimp, known for its high demand in global culinary markets.
Frozen Shrimp (Raw and Processed)
The core product line consists of high-quality frozen shrimp. These are offered in various forms and sizes to meet the specific needs of different international cuisines and retail requirements. The products are processed using advanced techniques to ensure they retain their natural flavor, texture, and nutritional profile.
- Product Revenue: ₹51,132.02 Lakhs.
- Percentage of Total Revenue: 98.14%.
- Variants: Raw frozen, head-on, headless, and various size grades.
The processing facility enables the company to offer different packaging options, including bulk packs for industrial and food service customers, as well as retail-ready packaging for global supermarkets. The products are graded meticulously based on size and quality, ensuring consistency in every shipment.
Aquaculture Support and Services
While the primary revenue driver is the sale of shrimp, the company’s integrated nature involves internal services that support the entire aquaculture ecosystem. These include the procurement and distribution of high-quality shrimp feed and the provision of technical expertise for pond management.
- Internal Scope: Feed management and aquaculture technical consultancy.
- Goal: To optimize growth rates and ensure the health of the shrimp population.
These services, while largely consumed internally to support the company’s own farming operations, are a critical component of the business model. They ensure that the biological assets (the shrimp) are healthy and that the production yields are maximized, directly impacting the overall financial performance of the organization.
Brand Portfolio
The company operates in the global seafood market primarily as a high-quality supplier, where the corporate name itself, “Zeal Aqua,” serves as the primary brand identifier in the international B2B (Business-to-Business) space.
Zeal Aqua Corporate Brand
The “Zeal Aqua” brand is synonymous with premium seafood quality and reliability. In the international market, the brand is positioned as a vertically integrated producer that can guarantee traceability and safety. This is a crucial branding element in the food industry, where consumers and regulators demand to know the origin of their food.
- Brand Revenue: ₹51,132.02 Lakhs (Total Operational Revenue).
- Percentage of Total Revenue: 98.14%.
- Brand Value: Reliability, vertical integration, and “Farm-to-Fork” quality assurance.
The corporate brand is utilized in all export packaging and marketing communications. It represents the company’s commitment to using the latest technology and its dedication to professional aquaculture practices. The brand strength is reflected in the company’s ability to maintain long-term relationships with international buyers and consistently grow its export volumes.
Geographical Presence
Zeal Aqua Limited has a strategic geographical footprint that balances its production base in India with a wide distribution network across international markets.
International Markets (Exports)
The vast majority of the company’s business is conducted in international markets. The organization has established a strong presence in various global regions that have a high demand for premium shrimp products.
- Export Revenue: ₹49,141.28 Lakhs.
- Percentage of Total Sales: 96.11%.
- Market Reach: Global distribution covering multiple continents and premium seafood consumption hubs.
The company’s ability to cater to international markets is supported by its compliance with global food safety standards and certifications. The export focus allows the company to tap into high-value currencies and diverse economic regions, providing a hedge against domestic market fluctuations.
Domestic Market (India)
While primarily an export-oriented unit, the company maintains a presence in the Indian domestic market. This segment caters to local demand for high-quality seafood and provides an alternative channel for products.
- Domestic Revenue: ₹1,990.74 Lakhs.
- Percentage of Total Sales: 3.89%.
- Regional Focus: Major urban centers and hospitality sectors within India.
The domestic operations are primarily focused around the production base in Gujarat and distribution to other states. This segment allows the company to balance its inventory and cater to the growing demand for processed seafood within India.
Manufacturing and Office Footprint
The physical operations of the company are concentrated in the state of Gujarat, India, which is strategically chosen for its favorable coastal conditions and infrastructure.
- Registered Office: Surat, Gujarat.
- Processing Facilities: Orma Village, Surat.
- Farming Operations: Coastal regions of Gujarat, particularly around Surat and Olpad.
The proximity of the farming operations to the processing plant in Surat is a key logistical advantage. It minimizes transport time and costs, ensuring that the shrimp can be processed almost immediately after harvest.
Financial Performance Analysis
The financial performance for the period ending March 31, 2025, shows a period of robust growth and improved operational efficiency. The company successfully increased its scale of operations while maintaining a focus on profitability metrics.
- Total Revenue grew from ₹40,565.11 Lakhs in the previous year to ₹52,100.52 Lakhs, an increase of 28.44%.
- Revenue from Operations increased from ₹39,780.42 Lakhs to ₹51,132.02 Lakhs, representing a growth of 28.54%.
- The company achieved a Net Profit of ₹1,009.89 Lakhs, compared to ₹827.19 Lakhs in the previous year.
The growth in revenue is a testament to the company’s successful expansion of its market reach and its ability to handle larger volumes of seafood. The increase in profit, while slightly lower in percentage terms than the revenue growth, indicates a steady management of costs despite the challenges inherent in the aquaculture sector.
Multi-Year Trend Highlights
- Return on Capital Employed (ROCE) showed a significant improvement, rising to 32.917% from 21.409% in the prior year.
- Inventory Turnover Ratio improved to 3.319 from 2.683, indicating better inventory management and faster sales cycles.
- Return on Equity (ROE) increased to 12% from 11% in the previous year.
The improvement in ROCE is particularly noteworthy as it reflects the company’s increasing efficiency in generating returns from its capital investments. This indicates that the investments made in infrastructure and technology are yielding better results as the scale of operations grows.
Profit and Loss Analysis
The Profit and Loss statement for the fiscal year highlights the income and expenditure dynamics that drove the bottom-line results.
- Gross Total Revenue: ₹52,100.52 Lakhs.
- Other Income: ₹968.51 Lakhs (compared to ₹784.69 Lakhs previously).
- Profit Before Tax (PBT): ₹1,494.39 Lakhs.
Expense Breakdown
A significant portion of the company’s expenses is tied to the cost of raw materials and operational inputs, which is typical for a manufacturing and farming-heavy business.
- Cost of Materials Consumed: ₹42,654.43 Lakhs (81.87% of Total Revenue).
- Employee Benefit Expenses: ₹1,365.41 Lakhs.
- Finance Costs: ₹979.31 Lakhs.
- Depreciation and Amortization: ₹339.46 Lakhs.
- Other Expenses: ₹5,177.30 Lakhs.
The increase in cost of materials consumed is directly proportional to the increase in sales volume. However, the company has managed to keep other expenses and employee costs in check relative to the revenue growth. The finance costs represent the interest paid on borrowings used to fund both working capital and long-term infrastructure.
Profitability Ratios
- Net Profit Ratio: 1.975% (previous year: 2.079%).
- Earnings Per Equity Share (Basic and Diluted): ₹0.80.
While the net profit ratio saw a slight contraction, the absolute profit increased significantly. This suggests that while there may have been pressure on margins due to input costs or global pricing, the increased volume more than compensated for it, leading to higher overall earnings for shareholders.
Balance Sheet Analysis
The balance sheet of Zeal Aqua Limited reflects a solid asset base and a capital structure designed to support ongoing operations and future growth.
Assets
- Total Assets: ₹25,317.02 Lakhs.
- Property, Plant, and Equipment: ₹4,103.55 Lakhs.
- Capital Work-in-Progress: ₹473.68 Lakhs.
- Total Current Assets: ₹19,942.36 Lakhs.
- Inventories: ₹12,658.07 Lakhs.
- Trade Receivables: ₹5,190.41 Lakhs.
The large inventory value is characteristic of the seafood industry, where stocks must be maintained for processing and export fulfillment. The current assets dominate the balance sheet, highlighting the working capital-intensive nature of the aquaculture business.
Equity and Liabilities
- Equity Share Capital: ₹1,260.60 Lakhs.
- Other Equity (Reserves & Surplus): ₹7,143.72 Lakhs.
- Non-Current Borrowings: ₹4,705.51 Lakhs.
- Current Borrowings: ₹11,507.03 Lakhs.
- Total Equity and Liabilities: ₹25,317.02 Lakhs.
The company utilizes a mix of long-term and short-term debt to fund its operations. The current borrowings are primarily used for managing the large working capital cycle, including inventory and receivables. The debt-to-equity ratio of 1.926 indicates a leveraged position that is common in capital-intensive industries aiming for rapid scale-up.
Cash Flow Analysis
The cash flow statements provide insight into how the company generates and utilizes its cash across its various activities.
- Net Cash Flow from Operating Activities: ₹1,241.67 Lakhs.
- Net Cash used in Investing Activities: ₹(929.74) Lakhs.
- Net Cash flow from Financing Activities: ₹(174.55) Lakhs.
The positive operating cash flow indicates that the company’s core business is generating sufficient cash to cover its operating expenses and contribute to investments. The cash used in investing activities reflects the company’s ongoing commitment to expanding its physical infrastructure and property, plant, and equipment.
The financing cash flow, being negative, indicates that the company is servicing its debt and paying out finance costs, while also managing its borrowing levels. The net increase in cash and cash equivalents for the year was ₹137.38 Lakhs.
Board of Directors and Leadership Team
The leadership of Zeal Aqua Limited consists of experienced professionals with deep roots in the aquaculture and seafood industry. The board provides strategic direction and oversight to ensure the company achieves its long-term goals while maintaining high standards of corporate governance.
Executive Directors
- Pradipkumar Ratilal Navik (Managing Director): Leads the overall strategic direction of the company. He is a promoter of the company and has been instrumental in its growth since inception.
- Shantilal Ishwarbhai Patel (Whole Time Director): Focuses on the operational aspects and internal management of the farming and processing units.
- Dhavalkumar Shantilal Patel (Whole Time Director): Involved in the day-to-day management and execution of business strategies.
- Rohan Pradipkumar Navik (Whole Time Director): Contributes to the operational leadership and strategic expansion of the company.
Independent and Non-Executive Directors
- Naginbhai Parsottambhai Patel (Independent Director): Provides independent oversight and brings expertise in regional business practices.
- Jigneshkumar Paragbhai Patel (Independent Director): Serves as an independent voice on the board, ensuring the interests of all stakeholders are represented.
- Tusharaben Jigneshkumar Patel (Independent Director): Brings diverse perspectives to board discussions and corporate governance.
Key Managerial Personnel
- Jayan Patel (Chief Financial Officer): Manages the financial strategy, reporting, and fiscal health of the organization.
- Hetal Raval (Company Secretary & Compliance Officer): Ensures that the company adheres to all regulatory requirements and maintains high standards of secretarial compliance.
Committee Composition
The board operates through several committees to ensure focused governance:
- Audit Committee: Responsible for financial reporting, internal controls, and overseeing the audit process.
- Nomination and Remuneration Committee: Handles the selection of directors and determines compensation policies.
- Stakeholders Relationship Committee: Focuses on the concerns and interests of the company’s shareholders.
Physical Properties
The company’s operations are supported by a robust network of physical assets located in the prime aquaculture belt of Gujarat.
- Processing Plant: Located at Block No. 347, Village: Orma, Taluka: Olpad, Surat. This facility is equipped with modern machinery for shrimp processing and freezing.
- Cold Storage: Integrated into the processing facility to maintain the cold chain essential for seafood safety.
- Aquaculture Farms: Various farm sites across the coastal regions of Gujarat. These farms are managed directly by the company to ensure quality control of the raw shrimp.
- Registered Office: Situated in Surat, serving as the administrative and strategic hub of the organization.
The total value of Property, Plant, and Equipment is recorded at ₹4,103.55 Lakhs, reflecting the significant investment in the infrastructure required to maintain a vertically integrated seafood business.
Segment-wise Performance
The operational performance is categorized primarily under the “Seafood” and “Aquaculture” activities. Given the integrated nature of the business, these are often analyzed as a unified segment in the financial statements.
- Revenue from Operations: ₹51,132.02 Lakhs (YoY increase from ₹39,780.42 Lakhs).
- Cost Efficiency: The company maintained an inventory turnover of 3.319, which is a significant improvement over the 2.683 of the previous year.
The increase in revenue was driven by both volume growth and the company’s ability to maintain a strong presence in the export market. The operational efficiency, as measured by the ROCE of 32.917%, highlights that the company is effectively utilizing its assets within these segments to generate profit.
Founders
The founders of Zeal Aqua Limited are the primary promoters who envisioned an integrated aquaculture business in Gujarat.
- The Navik and Patel Families: The primary promoter group consists of individuals like Shantilal Patel and Pradipkumar Navik, who have deep expertise in the seafood industry.
- Vision: Their vision was to bridge the gap between traditional shrimp farming and modern, high-standard processing for the global market.
- Leadership: Since the company’s inception in 2009, the founders have remained actively involved in the management, serving as executive directors and guiding the company’s expansion from a farm-based operation to a global seafood supplier.
Shareholding Pattern
The ownership structure of Zeal Aqua Limited is primarily held by the promoter group, demonstrating their long-term commitment and confidence in the company’s business model.
- Promoters and Promoter Group: Hold the majority stake in the company.
- Public Shareholders: Consist of individual investors and other entities.
- Total Equity Shares: 12,60,59,900 shares of ₹1/- each.
The shareholding pattern has remained stable, reflecting a consistent leadership and ownership structure that supports long-term strategic planning.
Investments and Capital Expenditure Plans
Zeal Aqua Limited continues to invest in its future through targeted capital expenditures aimed at enhancing capacity and improving efficiency.
- Capital Expenditure for the Year: Significant investment in Property, Plant, and Equipment, as evidenced by the cash outflow of ₹929.74 Lakhs for investing activities.
- Capital Work-in-Progress: Currently stands at ₹473.68 Lakhs, indicating ongoing projects that will add to the company’s future operational capacity.
- Strategic Priorities: Focus on upgrading processing technology, expanding cold storage capacity, and enhancing the automated monitoring systems at the aquaculture farms.
These investments are designed to maintain the company’s competitive edge in the global market and ensure that it can meet the increasing demand for high-quality, traceable seafood.
Future Strategy
The management’s stated focus for the future revolves around sustainable growth, market diversification, and technological integration.
- Market Focus: Increasing penetration into premium international markets and exploring new geographies that have a growing demand for shrimp products.
- Sustainability: Strengthening the “Farm-to-Fork” model to ensure even greater traceability and environmental sustainability in aquaculture practices.
- Operational Excellence: Continuous improvement in ROCE and inventory turnover through better supply chain management and process automation.
- Product Diversification: Exploring additional value-added seafood products that can leverage the existing processing and distribution infrastructure.
By focusing on these strategic areas, the company aims to build on its recent financial success and solidify its position as a global leader in the aquaculture sector.
Key Strengths
Zeal Aqua Limited possesses several core strengths that provide a competitive advantage in the seafood industry.
- Vertical Integration: The integrated “farm-to-fork” model allows for complete control over quality, traceability, and supply chain efficiency.
- Strong Financial Growth: A 28.44% growth in total revenue and a significant jump in ROCE to 32.917% demonstrate financial health and operational effectiveness.
- Export Dominance: With 96.11% of sales coming from exports, the company is a major player in the international seafood trade.
- Technological Adoption: The use of modern aquaculture and processing technology ensures high-quality output and compliance with global standards.
- Experienced Management: The founders and directors have decades of experience in the aquaculture sector, providing stable and insightful leadership.
Key Challenges and Risks
The company operates in a complex global environment with several inherent risks that are monitored by the management.
- Biological Risks: Aquaculture is susceptible to disease outbreaks among the shrimp population, which can significantly impact production volumes.
- Regulatory Compliance: As an export-oriented business, the company must adhere to stringent and evolving food safety regulations in multiple international jurisdictions.
- Market Price Volatility: Global shrimp prices are subject to fluctuations based on supply-demand dynamics in other major producing nations like Ecuador and Vietnam.
- Financial Risks: Exposure to interest rate fluctuations and credit risks associated with trade receivables.
- Environmental Factors: Changes in water quality, climate conditions, and environmental regulations can affect the viability of farming operations.
Conclusion and Strategic Outlook
Zeal Aqua Limited has demonstrated remarkable resilience and growth in the 2024-25 fiscal year. With total revenue crossing the ₹52,000 Lakhs mark and a substantial improvement in operational efficiency ratios, the company is well-positioned for continued success. The “farm-to-fork” model remains the cornerstone of its operations, providing the quality assurance required to compete on the world stage.
Looking ahead, the strategic focus on technology and market expansion, backed by a strong asset base and experienced leadership, suggests a positive outlook. While challenges such as biological risks and global price volatility remain, the company’s integrated structure provides a robust framework to manage these uncertainties and capitalize on the growing global demand for premium seafood.
Official Site: https://www.zealaqua.com/
Percentage of Content Taken from Sources
- Annual Report (2024-25): 92%
- Official Website: 8%
SEO Requirements
Meta Description:
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FAQ Section:
- What is the core business of Zeal Aqua Limited? Zeal Aqua Limited is a vertically integrated aquaculture and seafood processing company specializing in the production and export of high-quality shrimp.
- Where is Zeal Aqua Limited located? The company is headquartered and has its primary operations in Surat, Gujarat, India.
- What was Zeal Aqua’s total revenue for FY 2024-25? The company reported a total revenue of ₹52,100.52 Lakhs for the fiscal year 2024-25.
- What percentage of Zeal Aqua’s revenue comes from exports? Exports account for 96.11% of the company’s total sales, amounting to ₹49,141.28 Lakhs.
- What is the “farm-to-fork” model used by the company? It is a vertically integrated supply chain where the company manages everything from shrimp farming in its own ponds to processing and packaging in its own plants to ensure maximum quality and traceability.
- Who is the Managing Director of Zeal Aqua Limited? Pradipkumar Ratilal Navik serves as the Managing Director of the company.
- What is the company’s ROCE? For the fiscal year 2024-25, the company achieved a Return on Capital Employed (ROCE) of 32.917%.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
