Captain Polyplast Ltd (536974)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Captain Polyplast's revenue was ₹81.2 Cr (+16.4% year on year, -42.6% on the previous quarter), and net profit ₹4.7 Cr (+8.4% year on year); the operating margin was 11.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹81.2 | +16.4% | -42.6% |
| Operating profit | ₹9.4 | +28.2% | -30.3% |
| Net profit | ₹4.7 | +8.4% | -52.3% |
| EPS (₹) | 0.77 | +6.9% | -52.5% |
| Operating margin | 11.5% | — | — |
📢 Recent Corporate Announcements
Captain Polyplast held its 29th Annual General Meeting on September 26, 2026, through video conferencing. The meeting transacted three ordinary resolutions, including the adoption of FY26 audited financial statements, the reappointment of retiring director Mr. Ritesh Rameshbhai Khichadia, and the approval of the Cost Auditor's remuneration. Remote e-voting concluded on September 25, 2026, and the final scrutinizer's report will be submitted separately.
- 29th AGM held on September 26, 2026, commencing at 11:00 a.m. and concluding at 11:10 a.m.
- A total of 3 ordinary resolutions were placed before shareholders for consideration
- Adoption of standalone and consolidated financial statements for the fiscal year ended March 31, 2026
- Remote e-voting was open from September 23, 2026 (9:00 AM) to September 25, 2026 (5:00 PM)
Captain Polyplast Ltd has released the notice convening its 29th Annual General Meeting (AGM) on September 26, 2026, via video conferencing. The agenda includes ordinary business such as adopting the FY26 audited standalone and consolidated financial statements and re-appointing Whole-Time Director Mr. Ritesh Khichadia. Additionally, shareholders will vote on ratifying the remuneration of Rs. 40,000 plus GST for the cost auditor for FY27. The cut-off date to determine e-voting eligibility has been set for September 19, 2026.
- 29th Annual General Meeting scheduled for Saturday, September 26, 2026, at 11:00 AM IST via VC/OAVM.
- Cut-off date for remote e-voting eligibility set as Saturday, September 19, 2026.
- Remote e-voting window open from September 23, 2026 (9:00 AM) to September 25, 2026 (5:00 PM).
- Proposed ratification of cost auditor remuneration of Rs. 40000/-+ GST for FY 2026-27.
- Re-appointment of Director Mr. Ritesh R. Khichadia (holding 20,42,740 shares; FY26 remuneration Rs. 79.85 lacs) retiring by rotation.
Captain Polyplast Ltd has released its 29th Annual Report along with the notice for its Annual General Meeting scheduled for September 26, 2026. The book closure for the AGM is scheduled from September 20 to September 26, 2026. Financial disclosures reveal total debt increased to ₹89.15 crore (₹8,915 lakhs) as of March 31, 2026, up from ₹66.49 crore in FY25, with short-term borrowings within one year at ₹77.72 crore. Key AGM agenda items include adopting FY26 audited financial statements and approving cost auditor remuneration of ₹40,000.
- 29th Annual General Meeting to be held on September 26, 2026, via VC/OAVM
- Book closure period set from September 20, 2026, to September 26, 2026
- Total debt stood at ₹89.15 cr (₹8,915 lakhs) at FY26 end vs ₹66.49 cr at FY25 end
- Short-term borrowings due within one year stood at ₹77.72 cr (₹7,772 lakhs)
Captain Polyplast Ltd has announced its 29th Annual General Meeting (AGM) scheduled for September 26, 2026, via Video Conference. The company has fixed September 19, 2026, as the cut-off date to determine eligibility for e-voting. Share transfer books and the Register of Members will remain closed from September 20 to September 26, 2026. Remote e-voting will run from September 23 to September 25, 2026.
- 29th AGM scheduled for September 26, 2026, at 11:00 AM via VC/OAVM
- Cut-off date for e-voting fixed as September 19, 2026
- Book closure from September 20, 2026, to September 26, 2026 (both days inclusive)
- Remote e-voting window opens September 23, 2026 (9:00 AM) and closes September 25, 2026 (5:00 PM)
Captain Polyplast reported a 16.3% YoY increase in total income to ₹81.66 crore for Q1 FY27, with EBITDA rising 26.7% YoY to ₹9.86 crore and net profit reaching ₹4.66 crore. Operating margins expanded by 99 bps YoY to 12.07%, supported by operational efficiencies. In the Solar EPC segment, the company secured orders for 1,500 solar pumps under the PM-KUSUM scheme from MSEDCL, of which 800 have been executed and the remaining 700 are targeted for completion by August-end. Additionally, commercial production commenced at its new 70,000 sq. ft. facility near Ahmedabad to strengthen micro-irrigation component manufacturing.
- Total income grew 16.3% YoY to ₹81.66 crore in Q1 FY27, while PAT stood at ₹4.66 crore (EPS ₹0.78)
- EBITDA increased 26.7% YoY to ₹9.86 crore, expanding EBITDA margins by 99 bps to 12.07%
- Secured orders for 1,500 solar pumps from MSEDCL in 4MFY27, with 800 units executed and 700 pending execution
- Commenced production at the new 70,000 sq. ft. manufacturing facility near Ahmedabad for irrigation components
- Completed listing on the National Stock Exchange (NSE) in July 2026 to enhance market liquidity
Captain Polyplast has released the official transcript for its earnings call held on August 11, 2026. The company recently reported TTM revenue of ₹417 Cr and a PAT of ₹28 Cr, reflecting a P/E of 15.1. Management is currently focused on expanding its Solar EPC vertical to reach 50% of revenue by FY28 and operationalizing a new 70,000 sq. ft. Ahmedabad facility by Q3 FY26. The transcript provides detailed management commentary on these growth drivers and the projected 100-150 bps margin improvement from in-house manufacturing.
- Earnings call transcript published following the session held on August 11, 2026
- Company targeting 25% growth rate driven by Solar EPC and micro-irrigation expansion
- New Ahmedabad facility of 70,000 sq. ft. expected to improve operational efficiency by Q3 FY26
- Solar EPC vertical aimed to contribute 50% of total revenue by FY28
- Current TTM revenue stands at ₹417 Cr with an operating profit margin of 10.5%
Captain Polyplast reported Q1 FY27 revenue of ₹81.16 Cr with an EBITDA margin of 12.07%. A major milestone was achieved with the commencement of production at the new 70,000 sq. ft. Ahmedabad facility, which is expected to improve margins by 100-150 bps through backward integration. The company also successfully transitioned to an NSE listing on July 23, 2026. Management is aggressively targeting the Solar EPC segment, aiming for it to contribute 50% of total revenue by FY28, supported by a recent ₹41.83 Cr order win.
- Q1 FY27 consolidated revenue stood at ₹81.16 Cr with a Net Profit of ₹4.66 Cr.
- Operationalized new 70,000 sq. ft. Ahmedabad facility to meet rising demand and improve efficiency.
- Secured a significant ₹41.83 Cr order from MSEDCL for the supply of 1,500 off-grid solar pumps.
- Total dripline installed capacity reached 170 Million Meters across three manufacturing units.
- NSE listing became effective on July 23, 2026, enhancing stock liquidity and visibility.
Captain Polyplast reported a 16.3% YoY increase in total income to ₹81.66 Cr for Q1 FY27, with EBITDA growing 26.7% to ₹9.86 Cr. The company successfully commenced production at its new 70,000 sq. ft. Ahmedabad facility, which is expected to drive backward integration and margin improvement. Additionally, it secured a ₹11.8 Cr solar pump order from MSEDCL, representing approximately 2.8% of its TTM revenue. The quarter also marked the company's listing on the National Stock Exchange (NSE) on July 23, 2026, enhancing market visibility.
- Total income rose 16.3% YoY to ₹81.66 Cr in Q1 FY27 compared to ₹70.22 Cr in Q1 FY26
- EBITDA margins expanded by 99 bps to 12.07% driven by cost optimization
- Commenced production at a new 70,000 sq. ft. manufacturing facility near Ahmedabad, Gujarat
- Secured a ₹11.8 Cr order for 500 solar pumps from MSEDCL under the PM-KUSUM scheme
- Net profit increased 8.5% YoY to ₹4.66 Cr with a diluted EPS of ₹0.78
Captain Polyplast reported a 16.4% YoY increase in consolidated revenue to ₹81.16 Cr for Q1 FY27. Consolidated Net Profit grew 8.4% YoY to ₹4.66 Cr, while EPS improved slightly to ₹0.78 from ₹0.72. Sequentially, performance declined significantly from Q4 FY26 (Revenue ₹141.47 Cr), which is typical for the irrigation sector due to seasonality. The Micro Irrigation segment continues to dominate, contributing over 99% of total revenue.
- Consolidated Revenue grew 16.4% YoY to ₹81.16 Cr from ₹69.74 Cr in the previous year's quarter
- Consolidated Net Profit increased 8.4% YoY to ₹4.66 Cr compared to ₹4.30 Cr in Q1 FY26
- Micro Irrigation segment revenue stood at ₹81.25 Cr (Standalone), representing the core business driver
- Finance costs rose 19% YoY to ₹2.18 Cr, reflecting higher working capital or debt servicing needs
- Earnings Per Share (EPS) for the quarter was ₹0.78, up from ₹0.72 in the same period last year
Captain Polyplast reported a consolidated revenue of Rs 81.16 Cr for Q1 FY27, marking a 16.4% increase from Rs 69.74 Cr in the same quarter last year. Consolidated Profit After Tax (PAT) grew by 8.4% YoY to Rs 4.66 Cr, while EPS improved to Rs 0.78 from Rs 0.73. The core Micro Irrigation segment remains the primary revenue driver at Rs 81.25 Cr, while the Polymer business segment reported a marginal loss. Finance costs saw a notable increase of 19.1% YoY to Rs 2.18 Cr, slightly tempering the bottom-line growth.
- Consolidated Revenue from Operations grew 16.4% YoY to Rs 81.16 Cr.
- Consolidated Net Profit increased to Rs 4.66 Cr from Rs 4.30 Cr in Q1 FY26.
- Micro Irrigation segment revenue stood at Rs 81.25 Cr, contributing nearly all of the total income.
- Finance costs rose to Rs 2.18 Cr compared to Rs 1.83 Cr in the previous year's corresponding quarter.
- Basic and Diluted EPS for the quarter improved to Rs 0.78 from Rs 0.73 YoY.
Captain Polyplast Ltd has intimated an ear nings conference call for the first quarter of FY26-27, sched uled for Aug ust 11, 2026, at 4:00 PM IST. The call, hosted by Kirin Advisors, will feature Whole Time Director Mr. Ritesh Khichadia. This follows a fiscal year (FY26) where the company reported revenue of ₹417 cr and PAT of ₹28 cr. Investors will likely seek updates on the new Ahmedabad facility and the Solar EPC vertical growth strategy.
- Ear nings conference call sched uled for Aug ust 11, 2026, at 4:00 PM IST
- Managemen t interaction to be led by Whole Time Director Mr. Ritesh Khichadia
- Company reported TTM revenue of ₹417 cr and TTM PAT of ₹28 cr prior to this call
- Focus will be on Q1 FY26-27 financial performance and forward-looking statements
Captain Polyplast Ltd has scheduled a board meeting for August 8, 2026, to approve its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The company enters this quarter following a strong FY26, which saw TTM revenue reach ₹417 Cr and PAT at ₹28 Cr. Investors will be monitoring if the company can maintain its 25% growth target, especially given the seasonal nature of its micro-irrigation business. The trading window for insiders has been closed since July 1, 2026, and will reopen 48 hours after the results are declared.
- Board meeting scheduled for August 8, 2026, to approve Q1 FY27 financial results.
- Trading window for designated persons closed from July 1, 2026, until 48 hours post-announcement.
- Company reported a TTM revenue of ₹417 Cr and TTM PAT of ₹28 Cr as of the previous fiscal year.
- Previous year's corresponding quarter (June 2025) revenue stood at ₹69.74 Cr with a PAT of ₹4.3 Cr.
- The meeting will also consider other routine business matters as approved by the Board.
Captain Polyplast Limited has received approval to list its 6,01,78,790 equity shares on the Main Board of the National Stock Exchange (NSE) effective July 23, 2026. The shares will trade under the symbol 'CPL' with a face value of ₹2 each. This move expands the company's presence from its existing BSE listing, potentially enhancing liquidity and visibility among a broader investor base. Approximately 5.2% of the total equity remains under lock-in for various periods until January 2027.
- Total of 6,01,78,790 equity shares to be listed on the NSE Main Board
- Trading to commence on July 23, 2026, under the designated symbol 'CPL'
- 31,50,000 shares (approx. 5.2% of total equity) are subject to lock-in periods ending between Sept 2026 and Jan 2027
- Listing follows the company's existing presence on the BSE (Scrip Code: 536974)
Captain Polyplast Ltd has secured a domestic order worth ₹23.6 crore (including GST) from Maharashtra State Electricity Distribution Company Limited (MSEDCL). The contract involves the design, supply, and installation of 1,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems under the PM Kusum B Scheme. This order represents approximately 5.6% of the company's FY26 consolidated total income of ₹419.75 crore. The project features a rapid execution timeline of 60 days and includes a 5-year maintenance commitment.
- Order value of ₹23.6 Cr for 1,000 solar pumping systems of 3HP, 5HP, and 7.5HP capacities.
- Installation to be completed within a tight window of 60 days from approval.
- Includes a 5-year comprehensive warranty and Remote Monitoring System (RMS) support.
- Order size is ~5.6% of the company's reported FY26 total income of ₹419.75 Cr.
- Project falls under the 'Magel Tyala Saur Krushi Pump' Yojana (PM Kusum B Scheme).
Financial Performance
Revenue Growth by Segment
The company reported a total income of INR 289.77 Cr in FY25, a slight decrease of 1.02% from INR 297.70 Cr in FY24. However, Q2 FY26 saw a 48% YoY revenue growth driven by both micro-irrigation and solar EPC. The solar EPC segment's contribution increased from <10% in Q2 FY25 to 15% in Q2 FY26, with a long-term target for solar to reach 50% of total revenue by FY28.
Geographic Revenue Split
Operations are currently 100% concentrated in India. The company is strategically expanding its footprint from its base in Gujarat into Rajasthan, Madhya Pradesh, and Maharashtra to tap into underserved agricultural markets.
Profitability Margins
Profit After Tax (PAT) increased by 82.96% YoY to INR 30.38 Cr in FY25 from INR 16.60 Cr in FY24. Net profit margins improved significantly from 5.58% in FY24 to 10.48% in FY25. Return on Equity (ROE) improved by 24.44% to reach 25.40%.
EBITDA Margin
EBITDA for FY25 stood at INR 35 Cr with a 12% margin. In Q2 FY26, EBITDA grew 23% YoY with a margin of 12.4%. Margins in the solar EPC rooftop segment are currently lower than micro-irrigation, which caused some compression as the mix shifted, but the new Ahmedabad plant is expected to boost micro-irrigation EBITDA margins by 1% to 1.5%.
Capital Expenditure
The company is constructing a new 70,000 sq. ft. factory near Ahmedabad on a 3,30,000 sq. ft. land parcel. Construction commenced on March 31, 2024, with expected completion in Q3 FY26. The capex is funded through a mix of internal accruals and non-meaningful debt due to the small scale of the investment.
Credit Rating & Borrowing
The Debt-Equity ratio improved significantly by 58.97%, dropping from 1.10 in FY24 to 0.45 in FY25. Debt Service Coverage Ratio (DSCR) stands at 2.07, up 3% YoY, indicating strong ability to service obligations.
Operational Drivers
Raw Materials
Polymers (Polyethylene/Polypropylene) used for manufacturing pipes and irrigation components. The company acts as a channel partner for Indian Oil Corporation Ltd (IOCL) for polymer products.
Import Sources
The company sources polymers domestically through its partnership with IOCL in Gujarat, while specialized micro-irrigation technology is imported from Israel.
Key Suppliers
Indian Oil Corporation Ltd (IOCL) is a primary strategic partner for polymer procurement and marketing.
Capacity Expansion
Current micro-irrigation capacity has a revenue potential of INR 400 Crores. The new Ahmedabad facility (70,000 sq. ft.) will enhance production capacity and operational efficiency by Q3 FY26 to meet rising demand.
Raw Material Costs
Raw material price fluctuations and Rupee volatility are cited as major risks. Fluctuations in polymer prices directly impact the cost of manufacturing drip and sprinkler systems, which can squeeze margins if not passed on to customers.
Manufacturing Efficiency
The upcoming Ahmedabad plant is designed to improve operational efficiency and profitability by absorbing in-house demand currently met through outsourcing, leading to a projected 100-150 bps margin improvement.
Logistics & Distribution
The company maintains a robust marketing and distribution infrastructure with a focus on direct touch with farmers to provide quality services and knowledge.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be achieved by expanding the Solar EPC vertical to 50% of revenue by FY28, leveraging PM-KUSUM empanelments in Maharashtra and Gujarat. Additionally, the company is targeting 25% growth in micro-irrigation through the new Ahmedabad plant and geographic expansion into Rajasthan and Madhya Pradesh.
Products & Services
Drip irrigation systems, sprinkler irrigation systems, solar pumps, solar rooftop EPC services, PVC pipes, and polymer marketing services.
Brand Portfolio
Captain Polyplast, Captain Group.
New Products/Services
Expansion into solar pumps under the PM-KUSUM scheme and high-margin components from the new Ahmedabad plant are expected to be primary revenue drivers.
Market Expansion
Planned expansion into Rajasthan, Madhya Pradesh, and Maharashtra to tap into large, underserved agricultural markets for both irrigation and solar segments.
Strategic Alliances
Channel partner for Indian Oil Corporation Ltd (IOCL) for polymer products in Gujarat; technology collaboration with Israeli companies for micro-irrigation products.
External Factors
Industry Trends
The industry is benefiting from a GST reduction from 12% to 5% on drip irrigation and solar equipment, improving affordability. There is a strong shift toward solar-powered agricultural solutions (PM-KUSUM) and water-efficient farming.
Competitive Landscape
Competes with global leaders like Netafim, national players like Mahindra EPC, and various regional players across different states.
Competitive Moat
The moat is built on a 28-year track record, Israeli technology integration, and a dual-service model (product + service). Sustainability is driven by the essential nature of water conservation and renewable energy in Indian agriculture.
Macro Economic Sensitivity
Highly sensitive to agricultural output and government fiscal policy regarding farm subsidies and renewable energy incentives.
Consumer Behavior
Farmers are increasingly adopting micro-irrigation and solar pumps due to government incentives and the need for improved productivity and lower operational costs.
Geopolitical Risks
Dependency on Israeli technology partners for product differentiation could be impacted by regional geopolitical stability.
Regulatory & Governance
Industry Regulations
Operations are governed by the PM-KUSUM scheme guidelines for solar pumps and the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for irrigation. GST rates on core products were recently reduced to 5%.
Taxation Policy Impact
The company's Profit Before Tax was INR 38.30 Cr and Profit After Tax was INR 30.38 Cr in FY25, implying an effective tax rate of approximately 20.7%.
Legal Contingencies
No specific pending court cases or labor disputes with material values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the working capital cycle in the micro-irrigation business, which is heavily dependent on government subsidy timelines, potentially impacting operating cash flows.
Geographic Concentration Risk
Currently heavily concentrated in Gujarat (100% India revenue), though expansion to three other states is underway.
Third Party Dependencies
Significant dependency on government policy and subsidy disbursements for the micro-irrigation and solar pump segments.
Technology Obsolescence Risk
The company manages technology risk by importing advanced solutions from Israel to stay ahead of regional competitors.
Credit & Counterparty Risk
Credit risk is primarily linked to government agencies for subsidies and a fragmented base of retail farmers.
