Captain Polyplast Q2 FY27 results: net profit up 5.7% to ₹4.48 crore, revenue up 32.9%

How did Captain Polyplast perform in Q2 FY27?

Captain Polyplast reported consolidated revenue of ₹105.94 crore in Q2 FY27, up ₹26.21 crore or 32.9% from Q2 FY26 and ₹24.78 crore or 30.5% from Q1 FY27. Total income was ₹106.43 crore, up 32.9% year on year. EBITDA rose 24.1% to ₹9.79 crore, while its margin fell 0.7 percentage points to 9.2% from Q2 FY26 and 2.3 percentage points from Q1 FY27.

Profit before tax was ₹6.51 crore, up 13.0% from Q2 FY26 but down 5.9% from Q1 FY27. Net profit rose 5.7% year on year to ₹4.48 crore, while it fell 3.9% from the previous quarter. Basic EPS was ₹0.75, compared with ₹0.71 a year ago and ₹0.78 in Q1 FY27. On a standalone basis, revenue was ₹105.94 crore and net profit was ₹4.40 crore.

What changed in Captain Polyplast's costs and profit?

Total expenses rose ₹25.60 crore or 34.4% from Q2 FY26 to ₹99.92 crore, faster than the 32.9% increase in revenue. Cost of materials fell ₹17.63 crore or 19.2% to ₹74.22 crore, while employee cost rose ₹0.55 crore or 13.2% to ₹4.73 crore, finance costs rose ₹0.95 crore or 52.2% to ₹2.77 crore, and depreciation rose ₹0.34 crore or 51.5% to ₹1 crore.

Other expenses increased ₹5.43 crore or 61.6% from Q2 FY26 to ₹14.25 crore, while other income rose ₹0.13 crore or 36.1% to ₹0.49 crore. There was no exceptional item. Tax expense rose ₹0.48 crore or 29.3% to ₹2.12 crore. Management said the year-on-year decline in EBITDA margin was primarily due to higher HDPE and LLDPE raw-material costs.

Against Q1 FY27, total expenses rose ₹25.18 crore or 33.7%, including higher cost of materials, finance costs, depreciation and other expenses. Other income was broadly stable, while tax expense fell ₹0.15 crore or 6.6%. These figures show that operating costs and finance costs rose as revenue increased.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue rose 25.2% to ₹187.1 crore from ₹149.47 crore in H1 FY26. Total income increased 25.1% to ₹188.09 crore from ₹150.31 crore. Profit before tax rose 20.8% to ₹13.43 crore from ₹11.12 crore.

Net profit for the first half increased 7.0% to ₹9.14 crore from ₹8.54 crore. Basic EPS rose 7.7% to ₹1.53 from ₹1.42. The board approved the consolidated unaudited results for the quarter and half year ended 30 September 2026.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹389.2 crore, compared with ₹347.68 crore at 31 March 2026. Total equity rose to ₹200.63 crore from ₹191.43 crore, while borrowings increased to ₹116.39 crore from ₹89.15 crore. Cash and cash equivalents declined to ₹0.13 crore from ₹0.94 crore.

Trade receivables rose to ₹258.68 crore from ₹241.05 crore, inventories increased to ₹48.29 crore from ₹40.97 crore, and trade payables fell to ₹42.29 crore from ₹49.89 crore. In H1 FY27, operating cash flow was negative ₹18.11 crore, compared with negative ₹22.19 crore in H1 FY26; investing cash flow was negative ₹4.99 crore versus negative ₹3.18 crore, and financing cash flow was positive ₹22.29 crore versus positive ₹24.47 crore.

Capital expenditure in H1 FY27 was ₹5.16 crore, up from ₹3.76 crore in H1 FY26. No closing cash figure was provided for either cash-flow period. The operating cash outflow narrowed, while the investing cash outflow and capital expenditure increased.

How has Captain Polyplast done over the last 8 quarters?

Revenue reached ₹141.47 crore in Q4 FY26 before falling to ₹81.16 crore in Q1 FY27 and recovering to ₹105.94 crore in Q2 FY27. Net profit had reached ₹9.76 crore in Q4 FY26, compared with ₹4.66 crore in Q1 FY27 and ₹4.48 crore in Q2 FY27.

The EBITDA margin was 9.5% in Q4 FY26 and 11.5% in Q1 FY27 before declining to 9.2% in Q2 FY27. Revenue rose year on year in each of the last eight quarters, while profit rose year on year in each of the last four quarters. The current direction shows higher revenue from the previous quarter, but lower profit and margin.

Which businesses drove the quarter?

Segment 1 reported revenue of ₹105.82 crore in Q2 FY27, up 33.1% from ₹79.48 crore in the year-ago quarter. EBIT was ₹7.3 crore, compared with ₹7.93 crore a year ago, and the segment’s EBIT margin was 6.9%. Segment 2 reported revenue of ₹0.6 crore and an EBIT loss of ₹0.1 crore; its year-ago revenue and EBIT were not provided.

What did Captain Polyplast's management say?

Management expects at least a 1 percentage-point EBITDA-margin improvement in H2 FY27 following likely government benchmark-cost revisions, plus a 0.5 percentage-point benefit from the Ahmedabad facility by March FY27. It expects the full Ahmedabad benefit of 1%-1.5% percentage points over three years as production is phased. Management maintained this guidance.

Management said the consolidated working-capital cycle is expected to shorten to 5-6 months by March FY27, from 8 months in micro-irrigation, while solar pumps operate at 3-4 months. Non-subsidy sales are around 10% of micro-irrigation, and management said commercial, repeat-order and export sales are priorities. It also said the PM-KUSUM 2 timeline will determine expansion beyond Maharashtra, Gujarat and other states.

Management identified HDPE and LLDPE inflation, the timing of government benchmark revisions, PM-KUSUM 2 tenders, subsidy dependence and working-capital needs as risks. It said almost 90% of the market is subsidy-driven, making it difficult to remove dependence on subsidy completely. No analyst questions were recorded in the supplied call material.

How did Captain Polyplast shares react?

By the next day's close, the stock was up 1.9% from its pre-results close. The sector was up 0.9%, giving the stock an excess-sector move of 1.0 percentage point. Earlier reaction-day moves were negative 2.6% on 8 August 2026 and negative 1.0% on 23 May 2026.

How did other Plastic Products - Industrial companies do?

Sixteen other Plastic Products - Industrial companies had filed results for the quarter. Their median revenue growth was 16.1%, while 6 peers grew faster than Captain Polyplast and 10 grew more slowly. Of the 20 peers for which profit was compared, 11 reported higher profit.