Captain Fresh FY26 Revenue Rises 52% To ₹5,169 Cr; Targets ₹10,000 Cr In FY27
Bengaluru-based seafood supply-chain company Captain Fresh reported FY26 adjusted EBITDA of ₹371 crore, up from ₹136 crore, as gross margin expanded to 23.5%. The IPO-bound firm is also managing ₹2,300 crore in debt, largely tied to inventory-led working capital.
What happened
Bengaluru-based seafood supply-chain company Captain Fresh reported 52% FY26 revenue growth to ₹5,169 Cr and nearly tripled adjusted EBITDA. The IPO-bound
Key facts
- FY26 revenue ₹5,169 Cr, up 52% from ₹3,397 Cr in FY25
- Adjusted EBITDA ₹371 Cr, up from ₹136 Cr in FY25
- Gross margin 23.5% in FY26 versus 17% in FY25
- FY26 debt ₹2,300 Cr, including ₹440 Cr long-term debt
- FY27 revenue target ₹10,000 Cr
What changed
Bengaluru-based seafood supply-chain company Captain Fresh reported 52% FY26 revenue growth to ₹5,169 Cr and nearly tripled adjusted EBITDA. The IPO-bound company remains profitable, targets ₹10,000 Cr FY27 revenue, and is managing elevated inventory-led working-capital debt.
Why this matters
Captain Fresh’s 52% revenue growth and stronger 23.5% gross margin validate its supply-chain model, but managing ₹2,300 crore of inventory-linked debt will be critical as it scales toward ₹10,000 crore in FY27.
What to watch
- FY27 quarterly revenue run-rate required to approach ₹2,500 crore per quarter for the ₹10,000 crore goal.
- Operating cash flow, inventory days, receivable days and net-debt-to-EBITDA trend.
- Whether gross margin holds near or above 23.5% as scale increases.
- Interest expense and refinancing terms on the ₹2,300 crore debt burden.
- IPO filing timing, use-of-proceeds disclosures, auditor adjustments and investor response.
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