India’s shrimp export revenue seen surging past ₹50,000 crore: Crisil

The growth in export revenue will largely be driven by higher realisations, supported by the sharp depreciation of the rupee against the dollar and the euro | Photo Credit: RAO GN

India’s shrimp exports are expected to exceed ₹50,000 crore this fiscal, marking a 13–15 per cent growth after a stagnation of three years , as exporters mitigate the impact of steep US tariffs by expanding shipments to other global markets, said Crisil Ratings.

The growth in export revenue will largely be driven by higher realisations, supported by the sharp depreciation of the rupee against the dollar and the euro. Overall export volumes are projected to grow about 6–7 per cent during the fiscal, despite some loss of business in the US market due to higher tariffs, the rating agency said.

In the next fiscal, export volumes are expected to increase 3–5 per cent as supply improves. Higher aquaculture production by farmers, anticipating stronger demand — particularly from the US following a likely reduction in tariffs to around 15 per cent, in line with competing nations — is expected to support shipments. Expansion into new markets is also likely to contribute to growth.

Operating margins are projected to remain stable at 7–7.5 per cent in the current and the next fiscal, as benefits from any tariff reductions are likely to be passed on to customers. Although there could be temporary volatility in working capital requirements, the credit profiles of exporters are expected to remain stable, supported by relatively low long-term debt levels.

Free-trade agreements, quick approvals, and improved market access to Russia and the EU, owing to superior product quality and substantial processing capacities, will facilitate diversification of India’s shrimp industry, the rating agency said.

Rahul Guha, Senior Director, Crisil Ratings said, “Shrimp exports beyond the US have grown in double digits in the first 9 months this fiscal. To wit, volume is up 62 per cent to Vietnam, 43 per cent to the EU and in double digits to China. In value terms, growth in exports to these markets has been sharper, with higher tariffs and rupee depreciation translating into better realisations. Next fiscal, export revenue should rise 8-10 per cent, as benefits from announced trade deals with the US and the EU accrue. Geographical diversification and new customers and markets will also support the offtake.”

Himank Sharma, Director, Crisil Ratings said, “The credit profiles of shrimp processors should remain stable as demand from the US is expected to pick up from April 2026, once tariffs are lowered. Interest coverage of companies rated by us is expected at 5-5.5 times this fiscal and the next, vis-à-vis 4.8 times last fiscal, as profits improve marginally. Financial leverage3 is expected to remain healthy at ~0.7 time, similar to last fiscal.”

Published on March 9, 2026