result attached herewith
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Captain Pipes Ltd posted Q2 FY26 standalone revenue of Rs 17.28 crore, up about 37% YoY from Rs 12.61 crore in Q2 FY25. Despite the strong topline, standalone profit after tax fell to Rs 70.98 lakh from Rs 85.03 lakh YoY (down ~16%) as finance costs and depreciation more than doubled with the new capex coming on stream. On a consolidated basis, Q2 PAT jumped to Rs 1.32 crore from Rs 85 lakh, helped by Rs 61.33 lakh share of profit from associate Captain Polyplast. For H1 FY26, consolidated PAT grew to Rs 2.81 crore from Rs 2.43 crore, while standalone PAT dropped to Rs 1.58 crore from Rs 2.43 crore. The company has gone through a major capex cycle: property, plant and equipment surged from Rs 10.89 crore to Rs 36.48 crore, funded largely by debt — total borrowings nearly doubled to about Rs 33.34 crore.
Consolidated earnings got a lift from the associate company, but standalone margins are clearly under pressure from higher depreciation and interest costs tied to the new capacity. Shareholders should watch whether the expanded plant translates into better utilisation and margin recovery, since leverage has risen sharply.