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Awaiting price reaction for this filing.
Captain Polyplast reported strong Q2 FY26 results with Total Income rising 48% year-on-year to ₹80.09 Cr from ₹54.11 Cr, driven by growth in both micro irrigation and solar EPC segments. EBITDA grew 23% YoY to ₹8.24 Cr, though EBITDA margin dipped to 10.29% from 12.37%. PBT (excluding exceptional gain) more than doubled to ₹5.76 Cr from ₹3.48 Cr. Net Profit came in at ₹4.24 Cr versus ₹16.27 Cr last year, but this comparison is misleading because Q2 FY25 included a one-time exceptional gain of ₹15.61 Cr. The company also won new solar pump orders worth ₹5.97 Cr in Maharashtra under MSEDCL's Magel Tyala Saur Krishi Pump Yojna and secured empanelment in Gujarat under PM-KUSUM. Management cited the GST cut from 12% to 5% on drip irrigation, sprinklers, and solar equipment as a positive demand trigger.
The headline 48% revenue growth and doubled underlying profit signal strong operational momentum, particularly in the new solar EPC vertical, which should be supportive of the stock. However, year-on-year net profit looks weak only due to last year's exceptional item, so investors should focus on PBT growth. Watch for execution of the new solar pump orders and commissioning of the Ahmedabad plant as near-term catalysts.