Captain Fresh, a Bengaluru-based B2B seafood brand, posted a 52% revenue increase in FY26 reaching ₹5,169 crore. The company also saw its adjusted EBITDA grow 2.7 times to ₹371 crore while maintaining profitability for the second consecutive year as it plans to scale and pursue a public listing.
- Revenue up 52% to ₹5,169 Cr in FY26
- Adjusted EBITDA nearly triples to ₹371 Cr
- Company plans ₹10,000 Cr revenue target for FY27
What happened
Captain Fresh reported consolidated net revenue of ₹5,169 crore in FY26, marking a 52% increase over the previous fiscal year's ₹3,397 crore. This growth was accompanied by an adjusted EBITDA rise to ₹371 crore, nearly 2.7 times the ₹136 crore recorded in FY25. The company's gross margin expanded from 17% in FY25 to 23.5% in FY26, reflecting improved operational efficiency.
The Bengaluru-based firm confirmed it remained profitable for the second straight year and maintained a PAT-positive status, though it has not yet released audited financial statements for FY26. Captain Fresh also carried higher inventory levels throughout the fiscal year to ensure uninterrupted supply amid ongoing global disruptions, which led to increased working capital requirements.
Why it matters
Captain Fresh is positioning itself as a leading player in the global B2B seafood supply chain. Founded in 2020, the company now operates across Europe and North America through various processing and distribution subsidiaries. Its diverse sourcing base spans over 30 countries, with significant procurement from Ecuador, Indonesia, India, and Vietnam.
What to watch next
Captain Fresh is targeting a doubling of revenue to ₹10,000 crore in FY27 by scaling its existing portfolio and infrastructure investments. The company is also focused on reducing its debt-to-equity ratio from 1.6 to between 1.3 and 1.5, supported by recent ₹290 crore debt raised for manufacturing and global distribution expansion.
Investors should monitor the company’s progress on refiling its IPO documentation after securing all regulatory clearances and the impact of its expanded European footprint on profitability. Additionally, tracking how inventory normalization and ongoing global supply chain conditions influence working capital will provide insights into Captain Fresh’s financial health and operational resilience.