Captain Fresh’s Revenue Jumps 52% To ₹5,169 Cr In FY26

IPO-bound B2B seafood brand Captain Fresh crossed the ₹5,000 Cr revenue mark in FY26, while its adjusted EBITDA nearly tripled as the company continued to remain profitable for the second consecutive year.

The Bengaluru-based company reported a consolidated net revenue of ₹5,169 Cr in FY26, up 52% from ₹3,397 Cr in FY25. Adjusted EBITDA rose 2.7X to ₹371 Cr from ₹136 Cr in the previous fiscal, it said in a statement. 

Captain Fresh’s gross margin also expanded to 23.5% in FY26 from 17% in FY25. While the company did not disclose its FY26 bottom line, it claimed it remained PAT-positive. Captain Fresh is yet to file its audited financial statements for the fiscal year. In FY25, it posted a net profit of ₹42 Cr. 

The company claimed that it is now on track to achieve ₹10,000 Cr in revenue in FY27, with its focus shifting towards scaling its existing portfolio and infrastructure. 

“FY26 stress tested the industry in the form of tariffs and an unsettled trade environment, and we came out stronger than we went in,” group CFO and whole-time director Mathew George said.

Captain Fresh had ₹2,300 Cr debt at the end of FY26, of which ₹440 Cr was long-term debt, while the remainder comprised working capital financing. Its debt-to-equity ratio stood at 1.6 during the year, which it is also targeting to reduce to 1.3-1.5. 

The company said it carried higher inventory during FY26 to ensure uninterrupted customer supply amid global disruptions. This, it said, was the reason behind its higher working capital requirements during the fiscal. 

As operating conditions normalise, Captain Fresh expects this inventory build-up to reverse.
Captain Fresh said its receivables are insured and that none of them were disputed during the period under review. 

Zooming Into Captain Fresh’s Business 

Founded in 2020 by Utham Gowda, Captain Fresh began as a tech-led B2B seafood supply chain platform and has since expanded into a global packaged seafood business. 

It operates a portfolio of seafood brands across Europe and North America. Its European processing footprint includes Frime in Spain, Koral in Poland, Senecrus in France and CFT in Denmark through a joint venture. In North America, it distributes through CenSea, Ocean Garden and Ocean Edge, largely across foodservice channels.  

The company sources seafood from more than 30 countries across three oceans. In FY26, Ecuador accounted for 17% of sourcing, followed by Indonesia at 15%, India at 12%, and Vietnam at 9%. 

Captain Fresh said it serves nearly 2,500 customers, including more than 50 of the world’s largest seafood buyers.

Captain Fresh’s Delayed IPO Plans

The FY26 performance comes as Captain Fresh continues to prepare for a potential public listing. After converting into a public entity in June 2025, it confidentially pre-filed its DRHP with SEBI for a $400 Mn IPO in August 2025, comprising a $200 Mn fresh issue and a $150-200 Mn offer-for-sale component.

However, it withdrew the IPO papers in December 2025, citing delays in obtaining regulatory clearances for a European acquisition. The company said it planned to refile after securing the approvals.

The acquisition in question was completed in March 2026, when Captain Fresh acquired Spanish tuna processor Frime. However, it is yet to refile its IPO papers. 

The company subsequently raised ₹290 Cr in debt from Blue Earth Capital to scale manufacturing, global distribution and hiring. 

Captain Fresh has raised nearly $250 Mn to date from investors including Accel, Tiger Global, Prosus Ventures, Z47, Evolvence Group, and British International Investment.

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