investor presentation for Q2 FY26
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Captain Polyplast, a micro-irrigation and solar EPC company, posted strong revenue growth in Q2 FY26 with total income rising 48% year-on-year to ₹80.09 crore, driven by both its core micro-irrigation and solar EPC segments. EBITDA grew 23% YoY to ₹8.24 crore, while net profit came in at ₹4.24 crore compared to ₹16.27 crore last year, though the prior year included a one-time exceptional gain of ₹15.61 crore. For H1 FY26, total income rose 25.5% to ₹150.31 crore with EBITDA up 18.6% to ₹16.02 crore. Management highlighted secured vendor empanelment under the PM-KUSUM solar pump scheme in Maharashtra and Gujarat, along with a ₹5.97 crore solar pump order from MSEDCL. The GST cut from 12% to 5% on drip irrigation and solar equipment was cited as a positive for demand. A new factory near Ahmedabad is expected to be completed in Q3 FY26.
Strong top-line growth and expanding solar EPC order book are positives, but net profit declined sharply due to the absence of last year's exceptional gain. The GST reduction and new capacity coming on stream could support margin improvement going forward.