NSE: CPL · BSE: 536974
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Micro-irrigation systems, Solar EPC, Polymer marketing. Plastic products maker serving agriculture-linked demand; materials-heavy cost structure with rising solar EPC mix
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 185 | 225 | 294 | 287 | 417 |
| EBITDA (ex other income) | 15 | 17 | 32 | 48 | 44 |
| margin % | 8.3 | 7.5 | 10.8 | 16.7 | 10.5 |
| Owners' profit | 0 | 0 | 0 | 31 | 28 |
| EPS, as reported (₹) | 0.87 | 1.18 | 3.43 | 5.65 | 4.65 |
| ROE % · ROCE % | 4.2 · 14.8 | 7.8 · 18.0 | 18.6 · 28.2 | 21.0 · 30.0 | 14.5 · 21.5 |
| Debt / equity (x) | 1.26 | 1.13 | 1.07 | 0.45 | 0.47 |
| Cash from operations | 13 | 11 | (15) | 9 | (22) |
| Capex | (1) | (1) | (4) | (5) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53 | 90 | 78 | 70 | 80 | 126 | 141 | 81 |
| Profit before tax | 19 | 9 | 7 | 5 | 6 | 13 | 13 | 7 |
| Net profit | 16 | 7 | 5 | 4 | 4 | 9 | 10 | 5 |
| EPS (₹) | 2.94 | 1.21 | 0.92 | 0.73 | 0.71 | 1.59 | 1.64 | 0.78 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Segment 1 | 141 | 33.7 |
| Segment 2 | 1 | 0.2 |
| SEGMENT 1 | 275 | 65.6 |
| SEGMENT 2 | 1 | 0.2 |
| SEGMENT -2 | 1 | 0.3 |
| Total, before eliminations | 420 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.1 | 14.4 | 18 of 46 | 62% |
| P/B | 1.8 | 1.6 | 23 of 42 | 46% |
| ROCE | 17.9 | 7.0 | 8 of 56 | 87% |
| ROE | 14.5 | 7.6 | 6 of 45 | 89% |
| Debt / Equity | 0.5 | 0.2 | 31 of 45 | 32% |
| EBITDA margin | 12.1 | 11.6 | 20 of 43 | 55% |
| Revenue growth | 16.4 | 10.6 | 21 of 49 | 58% |
| Profit growth | 8.5 | 20.7 | 30 of 47 | 37% |
| Market cap | 343 | 126 | 16 of 55 | 72% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Captain Polyplast invites investors to Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 15 Oct 2026 · Routine compliance certificate under Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed for Q2 FY26 results | compliance | minimal | — | — |
| 26 Sept 2026 · Captain Polyplast 29th AGM: All 3 resolutions passed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 29th AGM: All 3 resolutions passed with near-unanimous shareholder approval | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Captain Polyplast 29th AGM Proceedings - 3 Ordinary Resolutions Tabled | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Captain Polyplast 29th AGM held on Sept 26, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Participation in Arihant Bharat Connect Investor Conference | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Wins Rs. 47 Cr solar pump order from MSEDCL | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.