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Captain Pipes Q2 FY27 results: net profit down 14.4% to ₹1.13 crore, revenue up 7.2%
Captain Pipes Ltd reported consolidated revenue of ₹18.52 crore for Q2 FY27, up 7.2% from ₹17.28 crore a year earlier, but net profit fell 14.4% to ₹1.13 crore. EBITDA was ₹1.54 crore with an 8.3% margin, against ₹2.12 crore and 12.3% in Q2 FY26. Against the previous quarter, revenue fell 21.8% while net profit rose 50.7%.
Key points
- Consolidated revenue was ₹18.52 crore in Q2 FY27, up 7.2% from ₹17.28 crore in Q2 FY26 but down 21.8% from ₹23.68 crore in Q1 FY27.
- EBITDA was ₹1.54 crore with an 8.3% margin, down from ₹2.12 crore and 12.3% a year earlier.
- Net profit was ₹1.13 crore, down 14.4% year on year and up 50.7% from ₹0.75 crore in the previous quarter.
- Basic EPS was ₹0.07, against ₹0.09 in Q2 FY26 and ₹0.05 in Q1 FY27.
- For H1 FY27, revenue rose 10.4% to ₹42.2 crore while profit after tax fell 33.1% to ₹1.88 crore.
How did Captain Pipes perform in Q2 FY27?
Captain Pipes reported consolidated revenue of ₹18.52 crore for the July–September 2026 quarter, up 7.2% from ₹17.28 crore in Q2 FY26. Total income was ₹18.85 crore, up 8.9%. EBITDA was ₹1.54 crore, down 27.4%, and the EBITDA margin fell 4.0 percentage points to 8.3% from 12.3%.
Profit before tax was ₹0.58 crore, down 38.9% from ₹0.95 crore, and net profit was ₹1.13 crore, down 14.4% from ₹1.32 crore. Basic EPS was ₹0.07 against ₹0.09 in the year-ago quarter. On a standalone basis, revenue was ₹18.52 crore, up 7.2%, and net profit was ₹1.13 crore against a profit before tax of ₹0.72 crore. The board approved both standalone and consolidated unaudited results on 31 October 2026.
Against Q1 FY27, revenue fell 21.8% from ₹23.68 crore and total income fell 20.9% from ₹23.82 crore. EBITDA rose 14.9% to ₹1.54 crore from ₹1.34 crore, and the margin improved 2.6 percentage points to 8.3% from 5.7%. Profit before tax rose 205.3% to ₹0.58 crore from ₹0.19 crore, while net profit rose 50.7% to ₹1.13 crore from ₹0.75 crore and basic EPS rose to ₹0.07 from ₹0.05.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 18.52 | 23.68 | 17.28 | +7.2% | −21.8% |
| Other income | 0.34 | 0.14 | 0.03 | +1033.3% | +142.9% |
| Total expenses | 18.27 | 23.63 | 16.36 | +11.7% | −22.7% |
| EBITDA | 1.54 | 1.34 | 2.12 | −27.4% | +14.9% |
| EBITDA margin | 8.3% | 5.7% | 12.3% | −4.0 pp | +2.6 pp |
| Profit before tax | 0.58 | 0.19 | 0.95 | −38.9% | +205.3% |
| Tax | 0.10 | 0.13 | 0.24 | −58.3% | −23.1% |
| Net profit | 1.13 | 0.75 | 1.32 | −14.4% | +50.7% |
| EPS (₹) | 0.07 | 0.05 | 0.09 | −22.2% | +40.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Captain Pipes' costs and profit?
Total expenses for Q2 FY27 were ₹18.27 crore, up 11.7% from ₹16.36 crore in the year-ago quarter. Cost of materials consumed was ₹11.46 crore, up ₹4.10 crore or 55.7%. Other expenses were ₹1.85 crore, up ₹0.24 crore or 14.9%, employee cost was ₹0.67 crore, up ₹0.11 crore or 19.6%, depreciation was ₹0.61 crore, up ₹0.08 crore or 15.1%, and finance costs were ₹0.69 crore, up ₹0.02 crore or 3.0%.
Other income was ₹0.34 crore, up ₹0.31 crore from ₹0.03 crore a year earlier. There was no exceptional item in either quarter. Tax expense was ₹0.10 crore, down ₹0.14 crore or 58.3% from ₹0.24 crore. The filing does not state the reasons for the change in cost of materials or other income, so the figures show the direction of each movement without explanation.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 11.46 | 7.36 | +4.10 | +55.7% |
| Employee cost | 0.67 | 0.56 | +0.11 | +19.6% |
| Finance costs | 0.69 | 0.67 | +0.02 | +3.0% |
| Depreciation | 0.61 | 0.53 | +0.08 | +15.1% |
| Other expenses | 1.85 | 1.61 | +0.24 | +14.9% |
| Total expenses | 18.27 | 16.36 | +1.91 | +11.7% |
| Other income | 0.34 | 0.03 | +0.31 | +1033.3% |
| Tax | 0.10 | 0.24 | −0.14 | −58.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹42.2 crore, up 10.4% from ₹38.22 crore in H1 FY26. Total income rose 11.5% to ₹42.67 crore from ₹38.28 crore, while profit before tax fell 63.5% to ₹0.77 crore from ₹2.11 crore.
Net profit for H1 FY27 was ₹1.88 crore, down 33.1% from ₹2.81 crore, and basic EPS was ₹0.12 against ₹0.18. The half-year figures show higher revenue alongside lower profit than a year earlier.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 42.20 | 38.22 | +10.4% |
| Profit before tax | 0.77 | 2.11 | −63.5% |
| Net profit | 1.88 | 2.81 | −33.1% |
| EPS (₹) | 0.12 | 0.18 | −33.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, consolidated total assets were ₹97.61 crore against ₹93.17 crore at 31 March 2026, and total equity was ₹52.95 crore against ₹51.07 crore. Borrowings rose to ₹33.8 crore from ₹31.22 crore, while cash was ₹0.14 crore, unchanged from the previous balance sheet date. Inventories fell to ₹16.65 crore from ₹18.37 crore, trade receivables rose to ₹12.41 crore from ₹9.04 crore, and trade payables were ₹8.02 crore against ₹7.91 crore.
For the first half of FY27, operating cash flow was negative ₹0.76 crore, against ₹5.47 crore in H1 FY26. Investing cash flow was negative ₹0.44 crore compared with negative ₹21.94 crore, financing cash flow was ₹1.21 crore against ₹16.48 crore, and capital expenditure was ₹0.46 crore against ₹16.58 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 97.61 | 93.17 |
| Total equity | 52.95 | 51.07 |
| Borrowings | 33.80 | 31.22 |
| Cash and equivalents | 0.14 | 0.14 |
| Inventories | 16.65 | 18.37 |
| Trade receivables | 12.41 | 9.04 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −0.76 | 5.47 |
| Cash from investing | −0.44 | −21.94 |
| Cash from financing | 1.21 | 16.48 |
| Capital expenditure | 0.46 | 16.58 |
Source: Company's results filing (XBRL).
How has Captain Pipes done over the last 7 quarters?
Revenue over the last seven quarters ranged from a low of ₹17.28 crore in Q2 FY26 to a high of ₹23.68 crore in Q1 FY27, and the latest quarter came in at ₹18.52 crore. Revenue rose year on year in each of the last two quarters, according to the available data. The latest reading was lower than both the ₹20.12 crore of Q3 FY26 and the ₹19.39 crore of Q4 FY26.
Net profit peaked at ₹5.24 crore in Q4 FY25 and bottomed at ₹0.75 crore in Q1 FY27, before recovering to ₹1.13 crore in Q2 FY27. The EBITDA margin was highest at 12.7% in Q4 FY26 and lowest at 5.7% in Q1 FY27, and has since moved up to 8.3% in the latest quarter.
How did Captain Pipes shares react?
The filing appeared after market hours, and the stock was down 0.1% after 5 minutes, 2.7% after 15 minutes and 2.2% after 30 minutes from the price when the results appeared. On the reaction day, the stock closed 1.2% below the previous close of ₹7.76, and by the next day's close it was 2.1% below that pre-results close. The Plastic Products - Industrial sector rose 0.7% on the reaction day and 1.4% by the next close, so Captain Pipes underperformed the industry by 1.9 percentage points on the day and 3.5 percentage points by the next close.
Earlier results days were mixed. The reaction-day move was 4.2% on 7 February 2026, negative 1.1% on 8 August 2026 and negative 1.3% on 23 May 2026, while the moves on 26 July 2024 and 13 May 2024 were positive 6.4% and positive 5.1%.
| After the filing | Stock | Plastic Products - Industrial median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | −2.7% | |
| 30 minutes | −2.2% | |
| Reaction day | −1.2% | +0.7% |
| Next day | −2.1% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 August 2026 | −1.1% |
| 23 May 2026 | −1.3% |
| 7 February 2026 | +4.2% |
| 8 November 2025 | −0.8% |
| 8 August 2025 | −0.5% |
| 10 May 2025 | +3.1% |
| 26 July 2024 | +6.4% |
| 13 May 2024 | +5.1% |
Source: MarketPing price-reaction measurement.
How did other Plastic Products - Industrial companies do?
Sixteen Plastic Products - Industrial companies filed for the quarter, with a median revenue growth of 24.8%. Of the peers compared, 5 grew slower than Captain Pipes and 11 grew faster than the company. Among the 20 peers for which profit was compared, 12 reported higher profit.
| Captain Pipes revenue growth (YoY) | +7.2% |
|---|---|
| Median of 16 other Plastic Products - Industrial companies | +24.8% |
| Companies with slower revenue growth than Captain Pipes | 5 of 16 |
| Companies with faster revenue growth than Captain Pipes | 11 of 16 |
| Companies whose net profit rose | 12 of 20 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Captain Pipes' revenue in Q2 FY27?
Revenue from operations was ₹18.52 crore, up 7.2% from ₹17.28 crore in Q2 FY26 (consolidated).
Did Captain Pipes make a profit in Q2 FY27?
Yes. Net profit was ₹1.13 crore, against a net profit of ₹1.32 crore in Q2 FY26.
What was Captain Pipes' EPS in Q2 FY27?
Basic earnings per share were ₹0.07, against ₹0.09 in Q2 FY26.
How did Captain Pipes shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.2% from the previous close; the median Plastic Products - Industrial stock moved +0.7%.
When did Captain Pipes announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Financial Results For The Quarter Ended On 30.09.2026 (BSE, 22 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended On 30Th September,2026 (BSE, 31 October 2026) · PDF
- Board Meeting Outcome for Financial Results For The Quarter And Half Year Ended On 30.09.2026 (BSE, 31 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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