B2B Seafood

1 audited teardown. Data first, narratives last.

Captain Fresh

Captain Fresh's P&L Inflected. The Cash Hasn't Caught Up.

Captain Fresh reported its first consolidated profit (+₹42 Cr) on revenue that more than doubled to ₹3,421 Cr. The headline numbers are real, and underneath them, working-capital efficiency improved sharply: receivable days fell from 144 to 60, inventory days from 226 to 110, and operating cash flow improved by ₹208 Cr. The P&L inflection is here. The cash conversion follows, but hasn't fully caught up yet.

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