Captain Fresh, a seafood packaging company, achieved a year-on-year revenue growth of 52%, reaching 516.9 billion rupees in the fiscal year 2026. The company has set a goal to double its revenue in the fiscal year 2027.
In its statement, the company also reported that it maintained a positive profit after tax (PAT) for the second consecutive year. Captain Fresh's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year 2026 reached 371 billion rupees, representing a 173% increase compared to the previous year. The gross margin increased by 6.5 percentage points, reaching 23.5% from 17% the year before.
Mathew George, Group CFO and Managing Director of Captain Fresh, noted that the fiscal year 2026 was a test for the industry due to tariffs and an unstable trade environment, but the company emerged from this period stronger. He stated that Return on Capital Employed (ROCE) grew from 9% to 11%, and in the fiscal year 2027, the company plans to achieve a figure above 20%. Regarding debt levels, the debt-to-equity ratio is 1.6, which he believes is a conservative figure for a business that has shown a Compound Annual Growth Rate (CAGR) of 80% over the last three years.
The global company, headquartered in Bengaluru, was founded in 2020 by Utam Gowda and is supported by investors such as Accel, Tiger Global, and Prosus Ventures. Captain Fresh operates through a network of its own seafood brands in Europe and North America.
In Europe, the company utilizes production facilities Frime in Spain, Koral in Poland, Senecrus in France, and CFT in Denmark under a joint venture. The main focus in Europe is on ready-to-eat formats, while in North America, products are distributed through CenSea, Ocean Garden, and Ocean Edge, primarily in ready-to-cook formats through foodservice channels.
Utam Gowda, CEO and Chairman of the Board of Directors of Captain Fresh, emphasized that seafood remains a complex product due to the large number of sources, species, and formats, making the business too convoluted for a single product line and creating inconvenience for consumers.
He continued, explaining that their solution was to create a portfolio of premium brands, each being a leader in its niche and managed by the operators who created them. The Captain Fresh platform acts as a link, providing common procurement infrastructure and commercial support, which increases the value of each brand within the group compared to its standalone value.
Captain Fresh sources raw materials from over 30 countries across three oceans. Gowda added that they serve about 2,500 clients, including more than 50 of the world's largest seafood buyers, some of whom spend between $2 and $3 billion annually on this category, and the company aims to increase its market share by increasing order volumes for each species and format.
He also noted that margin expansion was a priority in the fiscal year 2026, and the shift to ready-to-eat products contributes to this. During the fiscal year 2026, the company generated an EBITDA income of 1 billion rupees daily and is currently approaching 2 billion rupees per day. The company confirmed that it is on track to achieve revenues of 1 trillion rupees ($1.1 billion USD) in the fiscal year 2027, with the main focus for the upcoming period being the scaling of existing assets.