Q-4 RESULT PRESENTATION
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Captain Polyplast reported strong Q4 FY26 performance with total income of ₹142.22 Cr, up 79.8% YoY from ₹79.10 Cr. Full year FY26 revenue stood at ₹417.27 Cr with EBITDA of ₹46.32 Cr and net profit of ₹27.26 Cr. The company operates in micro irrigation systems, solar EPC services, and polymer marketing through an IOCL partnership. Management highlighted securing an MSEDCL order for 300 off-grid solar water pumping systems and announced the Ahmedabad facility becoming fully operational in May 2026, which is expected to improve capacity utilization and reduce supply chain dependency. Key financial ratios improved: debt-to-equity reduced from 1.07 (FY24) to 0.47, and interest coverage increased to 6.04x. The company aims to grow its commercial sales mix and expand geographically into Rajasthan, MP, and Maharashtra.
Strong revenue growth of 80% YoY in Q4 demonstrates operational momentum, though EBITDA margin at ~10% remains modest. The new Ahmedabad facility operationalization and improving debt metrics are positive signals for long-term profitability. Investors should monitor working capital intensity as trade receivables stand at ₹241 Cr.