Bengaluru, September 22, 2026
Seafood supply-chain company Captain Fresh continued its rapid expansion in FY26, with revenue rising 52% year-on-year to ₹5,169 crore, reflecting the growing scale of its international business.
The latest performance follows a major expansion in FY25, when Captain Fresh reported operating revenue of ₹3,421 crore and moved into profitability. The company’s own website lists FY25 profit after tax at approximately ₹42 crore and EBITDA at ₹124 crore.
The FY26 numbers are particularly significant in the context of Captain Fresh’s strategy of building a global seafood platform through acquisitions, international distribution and a diversified species portfolio.
Revenue Reaches ₹5,169 Crore in FY26
Captain Fresh’s revenue increased by around 52% in FY26 to ₹5,169 crore, compared with ₹3,421 crore in the previous financial year.
The latest growth comes after an even larger jump in FY25. According to Captain Fresh’s published financial highlights, revenue had increased from ₹1,395 crore in FY24 to ₹3,421 crore in FY25.
This means the company has substantially expanded its revenue base over two consecutive financial years.
The distinction between revenue and total income is important when comparing figures. Captain Fresh reports FY25 revenue at ₹3,421 crore while total income stood at ₹3,466 crore.
Captain Fresh Had Turned Profitable in FY25
The revenue growth comes after Captain Fresh reached an important financial milestone in the previous year.
The company reported ₹42 crore in profit after tax in FY25, compared with a ₹229 crore loss in FY24. Its EBITDA improved to ₹124 crore from a negative ₹172 crore in FY24, according to financial information published by the company.
Captain Fresh had also said while discussing its H1 FY26 performance that it had surpassed its previous full-year EBITDA and PAT during the first six months of the fiscal year, describing this as evidence of improving margins and profitable growth.
Revenue growth alone does not establish the extent of profitability improvement in FY26, however. Revenue, EBITDA and net profit measure different aspects of financial performance and should be assessed separately.
International Markets Are Central to Captain Fresh’s Strategy
Captain Fresh has increasingly positioned itself as a global seafood platform rather than a business dependent primarily on the Indian market.
The company says its global demand footprint now extends across 34 countries, with a portfolio covering more than 90 species and a B2B network of over 1,300 customers. Its distribution reach spans around 30 countries.
Its investor-relations disclosures also describe a network of more than 450 suppliers across 12 countries, over 200 processing facilities across 30 countries, more than 1,000 distributors and over 60 modern-trade retailers across key markets.
These figures help explain why international expansion has become central to the company’s growth strategy.
US and Europe Account for a Large Part of Demand
Captain Fresh founder and CEO Utham Gowda previously told Inc42 that approximately 60% of the company’s demand comes from the US, followed by Europe.
At the time, India represented only around 2%-3% of sales, while the Middle East accounted for less than 5%.
That geographic mix makes Captain Fresh different from many Indian consumer-facing food startups: its financial performance is increasingly linked to international seafood sourcing, processing and distribution.
The company describes itself as operating one of the largest US and European distribution infrastructures built by an Indian seafood company.
Acquisitions Have Helped Build Its Global Network
Acquisitions have been an important part of Captain Fresh’s overseas expansion.
The company acquired Poland-based salmon products company Koral in 2024 and had earlier acquired French cooked-shrimp producer and distributor Senecrus. It also acquired Spanish yellowfin tuna producer Frime, strengthening its European processing and distribution presence.
Rather than operating solely as a marketplace connecting seafood suppliers and buyers, Captain Fresh has therefore been building a broader international network spanning procurement, processing, distribution and established seafood brands.
Its investor-relations disclosures say the group now operates more than 15 brands serving distributors and retailers across over 30 countries.
Technology Remains Part of the Supply-Chain Model
Captain Fresh was founded by Utham Gowda and uses technology to address fragmentation in the seafood supply chain.
Its platform has been designed around functions such as matching supply with demand, quality management, traceability and digital procurement. The company has also used tools including e-auctions and predictive systems across parts of its network.
The larger strategic idea is to combine this technology layer with physical seafood processing and international distribution infrastructure.
That combination is increasingly important as Captain Fresh grows beyond its original India-focused supply-chain model.
What the FY26 Growth Means
The 52% rise to ₹5,169 crore shows that Captain Fresh maintained strong topline momentum even after the sharp expansion recorded in FY25.
The more important long-term question, however, will be whether the company can combine that scale with sustained profitability and cash generation.
FY25 marked a major shift on that front: EBITDA moved from a loss of ₹172 crore in FY24 to a positive ₹124 crore, while PAT swung from a ₹229 crore loss to a ₹42 crore profit.
For FY26, revenue growth provides evidence of increasing scale, while profitability, margins, cash flow and the financial contribution of acquired international businesses will provide a fuller picture of the quality of that growth.
IPO Plans Remain an Important Part of the Story
Captain Fresh has also been preparing itself for the public markets, although its IPO journey has evolved over time.
The company previously withdrew confidential IPO papers after filing through the pre-filing route. At that time, it said its improving EBITDA and profitability trajectory supported its preparations for an eventual public-market debut.
Against that backdrop, the FY26 performance will be particularly relevant to investors assessing whether Captain Fresh can translate its acquisition-led global expansion into a durable, profitable seafood platform.
With revenue now crossing ₹5,000 crore, attention is likely to remain on profitability, integration of overseas acquisitions and the company’s next steps toward a potential listing.
