Captain Pipes Ltd (538817)
Q2 FY27 results
📅 Next results: 31 Oct 2026 (board meeting)Captain Pipes Ltd's board meets on 31 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Captain Pipes' revenue was ₹23.7 Cr (+13.1% year on year, +22.1% on the previous quarter), and net profit ₹0.8 Cr (-49.7% year on year); the operating margin was 5.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹23.7 | +13.1% | +22.1% |
| Operating profit | ₹1.3 | -30.6% | -45.5% |
| Net profit | ₹0.8 | -49.7% | -67.4% |
| EPS (₹) | 0.05 | -50.0% | -66.7% |
| Operating margin | 5.7% | — | — |
📢 Recent Corporate Announcements
Captain Pipes Ltd has scheduled its Board of Directors meeting on Saturday, October 31, 2026, to consider and approve standalone and consolidated unaudited financial results for the quarter and half-year ended September 30, 2026. The company reported TTM revenue of ₹80 Cr and PAT of ₹6 Cr. Additionally, the insider trading window closed on October 1, 2026, and will remain closed until 48 hours post-declaration of results.
- Board meeting scheduled for October 31, 2026
- Agenda includes approval of standalone and consolidated results for the period ended September 30, 2026
- Trading window closure commenced on October 1, 2026 and ends 48 hours post announcement
- Results will include the limited review report of Auditors
Captain Pipes Ltd concluded its 17th Annual General Meeting on September 30, 2026, passing all proposed ordinary resolutions. Shareholders adopted the audited financial statements for FY26 (FY26 revenue of Rs 77.73 Cr and net profit of Rs 6.99 Cr) with 99.9998% votes in favour. Additionally, the re-appointment of Managing Director Gopal D. Khichadia, who retired by rotation, was approved with 99.9742% votes in favour among non-promoter voters. The meeting saw minimal live participation, with 44 shareholders attending via video conferencing.
- Adoption of FY26 financial statements approved with 63,299,261 votes (99.9998%) in favour
- Re-appointment of MD Gopal D. Khichadia approved with 1,470,181 votes (99.9742%) in favour
- Total shareholder count on record date (23-09-2026) was 54,787
- 44 shareholders attended the virtual AGM (6 promoter group, 38 public)
- Overall voting turnout was 41.1985% for the adoption of financials
Captain Pipes Limited concluded its 17th Annual General Meeting (AGM) held on September 30, 2026, via video conferencing. Shareholders considered and approved two ordinary resolutions, including the adoption of audited financial statements for FY26 and the reappointment of retiring director Mr. Gopal D. Khichadia. The meeting commenced at 11:00 AM and concluded at 11:09 AM, with all items passed by requisite majority. Consolidated voting results and the scrutinizer's report will be submitted separately to the exchange.
- 17th AGM held on September 30, 2026, via video conferencing
- Meeting commenced at 11:00 AM and concluded within 9 minutes at 11:09 AM
- Total of 2 ordinary resolutions placed and approved with requisite majority
- Re-appointment of Director Mr. Gopal D. Khichadia approved
- Remote e-voting was conducted from September 27 to September 29, 2026
Captain Pipes Limited has issued a dispatch intimation for its 17th Annual General Meeting (AGM) scheduled for Wednesday, September 30, 2026, at 11:00 AM IST via video conferencing. The company has circulated the web-link to access the Integrated Annual Report and AGM Notice for FY2025-26 to members whose emails are not registered with depositories. This is a standard statutory compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations.
- 17th Annual General Meeting scheduled for September 30, 2026, at 11:00 AM IST
- Meeting to be conducted via Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Web-link provided for Integrated Annual Report and Notice for FY 2025-26
Captain Pipes' Board of Directors approved the standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, in a meeting held on August 8, 2026. The meeting was relatively brief, lasting 55 minutes from 12:30 p.m. to 1:25 p.m. While the specific revenue and profit figures were not detailed in the cover letter, the company is operating against a TTM revenue base of Rs 78 Cr and a market cap of Rs 134 Cr. Investors should monitor the detailed results for progress on the company's 20% volume CAGR target and the operational ramp-up of the new Ahmedabad facility.
- Board meeting held on August 8, 2026, to approve Q1 FY27 financial results.
- Meeting commenced at 12:30 p.m. and concluded at 01:25 p.m., lasting 55 minutes.
- Approval of both Standalone and Consolidated unaudited financial results for the quarter ended June 30, 2026.
- Company maintains a TTM revenue of Rs 78 Cr and a TTM PAT of Rs 3 Cr as per recent context.
Captain Pipes Ltd has scheduled a board meeting for August 8, 2026, to consider and approve its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The company reported a TTM revenue of Rs 78 Cr and a PAT of Rs 3 Cr as of the previous fiscal year. The trading window for insiders has been closed since July 1, 2026, and will remain so until 48 hours after the results are published. Investors will be monitoring for volume growth following the company's recent expansion into the Ahmedabad region.
- Board meeting scheduled for August 8, 2026, to approve Q1 FY27 results
- Trading window closed from July 1, 2026, until 48 hours post-meeting
- Company reported TTM revenue of Rs 78 Cr and OPM of 10.8% in the preceding period
- Promoter holding remains stable at 64.39% as of June 2026
Financial Performance
Revenue Growth by Segment
The company reported a total revenue of INR 76.75 Cr (7674.92 Lakhs) for FY25, representing a 0.5% increase from INR 76.35 Cr in FY24. Q1FY25 revenue stood at INR 20.77 Cr. Business segments include Agriculture Solutions (Agri fittings, Pressure pipes, Column pipes) and Plumbing Solutions (SWR, uPVC, CPVC pipes and fittings).
Geographic Revenue Split
The company maintains a marketing and distribution network across multiple states in India and also serves the international market. Specific percentage splits per region are not disclosed.
Profitability Margins
Net profit ratio improved to 5.75% in FY25 from 5.22% in FY24. For Q1FY25, the PAT margin was 7.59%, a significant improvement from 5.32% in Q1FY24. Profit After Tax (PAT) grew 10.8% YoY to INR 4.41 Cr in FY25.
EBITDA Margin
EBITDA margin for Q1FY25 was 12.54%, with an absolute EBITDA of INR 2.60 Cr. The company aims to raise margins to double digits through product mix expansion.
Capital Expenditure
The company availed long-term debt to fund the setting up of a new manufacturing plant at Ahmedabad. Property, Plant & Equipment stood at INR 11.15 Cr as of March 31, 2024, up from INR 8.26 Cr in the previous year.
Credit Rating & Borrowing
Total borrowings as of March 31, 2024, were INR 5.81 Cr, consisting of INR 2.58 Cr in non-current borrowings and INR 3.23 Cr in current borrowings. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
PVC Resin is the primary raw material, representing the most significant portion of input costs.
Import Sources
Not specifically disclosed, though the company operates in the organized sector which is better positioned to handle global price fluctuations.
Capacity Expansion
The company has established a modern plant at Shapar (Veraval) near Rajkot, Gujarat, and has recently expanded with a new manufacturing facility in Ahmedabad to meet growing market demand.
Raw Material Costs
Raw material costs are subject to fluctuations in PVC resin prices. Organized players are noted to be better placed to handle these fluctuations and have gained market share as a result.
Manufacturing Efficiency
The plant uses extrusion and injection moulding machines with German and Japanese technology to ensure quality production and meet exact client specifications.
Logistics & Distribution
The company utilizes a strong distribution network across multiple Indian states to deliver its range of plumbing and agriculture pipes.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by a 3-year volume CAGR target of 20%, product mix expansion to raise margins to double digits, and leveraging PVC price stabilization for consistent growth. The new Ahmedabad plant and increased branding (TV ads and cricket branding) are key components.
Products & Services
uPVC Column pipes & fittings, Rigid uPVC pipes & fittings, CPVC plumbing systems, SWR pipes & fittings, and uPVC plumbing systems.
Brand Portfolio
CAPTAIN
New Products/Services
Recent focus on Captain CPVC pipes supported by a TV advertising campaign to increase brand awareness and educate consumers on product benefits.
Market Expansion
Expansion into the Ahmedabad region with a new manufacturing unit and strengthening the multi-state distribution network.
Market Share & Ranking
The company is a leading brand in the PVC pipes industry. Organized players account for approximately 67% of the INR 40,000 Cr (400bn) market.
External Factors
Industry Trends
The plastic pipe sector is expected to deliver healthy long-term growth. The CPVC segment is the fastest-growing at a 15-17% CAGR, while uPVC grows at 8-9%. The total market is valued at INR 40,000 Cr.
Competitive Landscape
The industry is shifting toward organized players (67% share) who can better manage raw material volatility and provide consistent quality compared to unorganized competitors.
Competitive Moat
Moat is built on brand trust, a strong distribution network, and a modern manufacturing facility using advanced international technology. These are sustainable due to the high capital requirements and quality standards of the organized sector.
Macro Economic Sensitivity
Highly sensitive to real estate growth and government infrastructure spending, particularly the Jal Jeevan Mission which facilitates rural community water access.
Consumer Behavior
Increasing demand for home building materials like pipes and fittings is directly correlated to the growth of the residential and commercial real estate markets.
Regulatory & Governance
Industry Regulations
Complies with the Companies Act 2013, SEBI Listing Regulations, and Secretarial Standards. Operations are subject to government policies regarding building materials and agriculture.
Environmental Compliance
The company has a CSR policy and implementation framework monitored by the Board, though specific ESG costs are not disclosed.
Taxation Policy Impact
The effective tax rate for Q1FY25 was approximately 25.1% (INR 0.53 Cr tax on INR 2.11 Cr PBT).
Legal Contingencies
A certificate from a Practicing Company Secretary confirms that none of the Directors are debarred or disqualified by SEBI or the Ministry of Corporate Affairs.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of PVC resin prices, which can impact margins. Government policy changes regarding the Jal Jeevan Mission or real estate also pose risks.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Shapar and Ahmedabad), while distribution is spread across multiple Indian states.
Third Party Dependencies
Dependency on suppliers for PVC resin, the main raw material.
Technology Obsolescence Risk
The company mitigates technology risk by using modern German and Japanese extrusion and injection moulding machinery.
Credit & Counterparty Risk
Trade receivables turnover ratio of 7.15 indicates healthy collection efficiency. Total trade receivables were INR 11.85 Cr as of March 31, 2024.
