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.

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