Overview

• Crisil Ratings forecasts a 2–3% uptick in revenues for fiscal 2025-26 driven by higher export prices and currency gains.
• April’s US decision to pause planned 26% reciprocal tariffs for 90 days maintains base duties at 10% but intensifies competition from South American suppliers.
• Export volumes are expected to remain stagnant as sluggish demand in major markets and ongoing tariff uncertainty weigh on shipments.
• Operating margins are projected to contract by up to 60 basis points to around 6.5–6.7% due to partial tariff pass-through and extended working capital cycles.
• India controls roughly a fifth of the global shrimp market and aims to grow its value-added export share from about 10% to 15–17% over the next two to three years.