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    Captain Polyplas

    536974
    Capital Goods·10 Feb 2026
    Management Summary

    Captain Polyplast Limited reported its highest-ever quarterly revenue and operating profit in Q3 FY26, driven by strong growth in both its Micro-Irrigation Systems (MIS) and Solar EPC businesses. The company achieved a 40% YoY increase in total income to INR127 crores and a 41% YoY rise in net profit to INR9.47 crores. Strategic initiatives include aggressive expansion in solar pumps, a new manufacturing plant in Ahmedabad for high-margin MIS components, and a long-term goal to balance its business mix between MIS and Solar EPC.

    Highlights

    8

    • Total income for Q3 FY26 rose to INR127 crores, a 40% YoY growth.

    • EBITDA for Q3 FY26 increased by 35% YoY to INR16.13 crores, with a margin of 12.68%.

    • Net profit for Q3 FY26 was INR9.47 crores, up 41% YoY, resulting in an EPS of INR1.59.

    • For 9M FY26, total income grew 32% YoY to INR278 crores.

    • 9M FY26 EBITDA increased by 26% to INR32.15 crores, with a margin of 11.58%.

    • Secured two solar pump orders totaling 1,300 pumps with an aggregate value of INR35.86 crores during Q3 FY26.

    • Targeting a business mix of 50% Micro-Irrigation and 50% Solar EPC within the next 3 years, from 90-10 in FY25.

    • New Ahmedabad plant, focusing on high-margin micro-irrigation components, is expected to be operational next month.

    Key financials

    Metrics

    12

    Periods

    4

    Q3 FY25

    1
    • Total Income
      ₹91 Cr

    Q3 FY26

    5
    • Total Income
      ₹127 Cr
      YoY+40%
    • EBITDA
      ₹16.13 Cr
      YoY+35%
    • EBITDA Margin
      12.7%
    • Net Profit
      ₹9.47 Cr
      YoY+41%
    • EPS
      ₹1.59

    9M FY25

    1
    • Total Income
      ₹211 Cr

    9M FY26

    5
    • Total Income
      ₹278 Cr
      YoY+32%
    • EBITDA
      ₹32.15 Cr
      YoY+26%
    • EBITDA Margin
      11.6%
    • Net Profit
      ₹18 Cr
    • EPS
      ₹3.02

    Segment breakdown

    Micro-Irrigation Segment
    90% Revenue Contribution (FY25)₹400 Cr Revenue Capacity (Existing Plants)
    Solar EPC Segment
    10% Revenue Contribution (FY25)
    List

    Order Book

    high confidence

    Total Value

    ₹ 41.37 crores

    as of 2025-12-31

    quantified

    Inflow this qtr

    ₹ 35.86 crores

    Execution

    60% of 1,500+ solar pump orders executed, balance to be executed in current quarter (Q4 FY26)

    Composition

    Solar Pumps(product)
    ₹ 41.37 crores100.0%

    "The solar pump segment has seen significant order wins since September, with a substantial portion already executed. The solar rooftop segment is a fast-churn business with no traditional order book."

    Source:
    Prepared remarks

    Capital allocation

    1
    high confidence
    CategoryHeadline
    Capex

    ₹5 crores this quarter · ₹10 crores (FY26) planned

    Guidance & targets

    6
    CategoryTargetPriority
    Revenue Growth
    Micro-Irrigation Segment Growth
    25%
    		High
    Business Mix
    MIS vs Solar EPC Revenue Mix
    50-50
    		High
    Capacity Utilization
    Ahmedabad Plant Full Utilization
    Full Utilization
    		High
    Margin Improvement
    Micro-Irrigation Business Operating Margin
    1.5 percentage points improvement
    		High
    Margin Outlook
    Overall Margins
    Sustain current quarter margins (12.68%)
    		Medium
    Growth Outlook
    Solar EPC Segment Growth
    Aggressive growth
    		Medium

    Ahmedabad Plant Operational Status

    next month (Q4 FY26)
    CurrentAlmost complete, not yet operational
    TargetOperational

    Why it matters

    Commissioning of this plant is key for in-house production of high-margin MIS components and future margin improvement.

    It is not operational right now. It is almost on the verge of completion of setup. So, we are expecting that it would be operational in the next month.

    How to verify

    capital_allocation.capex.purposes[description='New plant at Ahmedabad for micro-irrigation components (valves, fittings, accessories)']

    Risks & concerns

    2
    RiskSeverity

    Competitive pressure in Solar Rooftop segment

    The solar rooftop market is highly competitive with multiple vendors, leading to lower operating margins (high single digits) compared to solar pumps. — Analyst acknowledged

    medium

    Potential delays in PM KUSUM project targets

    Analyst raised concerns about KUSUM targets running behind, but management clarified that it's a continuous project with committed budget allocation for the next financial year, implying sustained demand. — Analyst downplayed

    low

    Q&A highlights

    8

    “So, in micro-irrigation segment, we already have an existing presence and there we are targeting a growth of 25% over next 3 years. ... Right now, the business mix which is at 90-10, that mix would come to 50-50 over the next 3 years.”

    Analyst sought clarity on long-term growth strategy and capacity, which management addressed with specific targets for segment growth and business mix.

    asked by Vidhi Purohit

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Q3 FY26 Financial Performance

    Captain Polyplast delivered its best-ever quarterly performance, with total income rising 40% YoY to INR127 crores in Q3 FY26, compared to INR91 crores in Q3 FY25. This growth was supported by robust volume increases in both Micro-Irrigation Systems (MIS) and Solar EPC segments. EBITDA for the quarter increased 35% YoY to INR16.13 crores, achieving a margin of 12.68%. Net profit also saw a significant 41% YoY growth, reaching INR9.47 crores, with an EPS of INR1.59.

    02

    Operational Acceleration in Solar EPC

    The company is entering a strong acceleration phase in its solar EPC segment, marked by multiple order wins. During Q3 FY26, Captain Polyplast secured two orders for 1,300 solar pumps, valued at INR35.86 crores. Since September, the company has won orders for over 1,500 solar pumps, with 60% already executed and the remainder expected to be completed in the current quarter. The company is aggressively pursuing empanelment in additional states beyond Maharashtra and Gujarat to expand its solar pump presence.

    03

    Micro-Irrigation Business and Government Support

    The micro-irrigation business remains the core of Captain Polyplast, contributing the majority of its revenue. The government continues to support this segment through initiatives like 'Per Drop More Crop' and sustained budgetary allocations. The recent reduction in GST from 12% to 5% on both micro-irrigation and solar products is expected to improve affordability and boost demand in both segments. The company aims for a 25% growth in the MIS segment over the next three years.

    04

    New Ahmedabad Plant and Capacity Expansion

    Captain Polyplast is establishing a new plant in Ahmedabad, which is expected to become operational next month. This plant, with an estimated capex of INR10 crores (50% already incurred, balance in Q4 FY26), will primarily produce high-margin accessories for micro-irrigation systems, such as valves and fittings, which are currently outsourced. This strategic move is anticipated to improve the operating margin of the micro-irrigation business by approximately 1.5 percentage points within 1-2 years, with full utilization targeted by FY28.

    05

    Strategic Business Mix Transformation

    The company is targeting a significant shift in its business mix over the next three years. From an FY25 composition of 90% micro-irrigation and 10% solar EPC, Captain Polyplast aims to achieve a 50-50 split. This transformation will be driven by a significantly faster growth trajectory in the solar EPC segment, particularly in solar pumps. The company's existing micro-irrigation plants have a revenue capacity of INR400 crores, providing a strong base for continued growth.

    06

    Margin Outlook and Competitive Landscape

    Management expects to sustain the current quarter's EBITDA margin of 12.68% in the coming quarters. While margins in the solar pump business are generally higher due to its tender-driven nature, the solar rooftop segment is highly competitive, resulting in high single-digit operating margins. The company's focus on high-quality products, supported by imported Israeli technology for drip lines, and an extensive service network positions it competitively in the micro-irrigation market.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.