CAPTAIN POLYPLAST LIMITED

Manufactures micro-irrigation systems — driplines, sprinklers, and HDPE pipes — and runs a solar EPC business that supplies off-grid solar water pumping systems to farmers under government schemes like PM-KUSUM. A polymer marketing business is operated through an Indian Oil Corporation partnership. In Q4 FY26, total income reached INR 142 crore, up 80% year-on-year, while full-year FY26 revenue stood at INR 417 crore (+44% YoY). The solar EPC segment has expanded from Gujarat into multiple states, with recent orders including a Rs 23.6 crore order from Maharashtra State Electricity Distribution Co Ltd (MSEDCL) for 1,000 solar water pumping systems (3HP, 5HP, 7.5HP) and a separate Rs 11 crore order for 500 pumps. Management targets solar EPC to reach 50% of total revenue (equal to micro-irrigation) within two years from the current ~15-20%. A 750-dealer network supports execution in both micro-irrigation and solar EPC. A new 70,000 sq. ft. Ahmedabad manufacturing facility on a 330,000 sq. ft. land parcel became operational in May 2026 to support backward integration into micro-irrigation components, and management expects this to lift micro-irrigation EBITDA margins by 1-1.5%. Existing plants operate in Rajkot and Kurnool. Raw materials (polymer) account for 73.5% of revenue, making input cost inflation the key swing factor on margins — Q4 FY26 EBITDA margin contracted 86 bps to 9.96% on sharp raw material price increases in March. FY26 EBITDA margin was 11.10%.