536974

Captain Polyplas financials

Market cap
₹390 Cr
Sector
Capital Goods
Calls analysed
3
Latest concall · Q4 FY26 · call held 25 May 2026

Captain Polyplast Q4 FY26

Revenue ₹142 cr +80%EBITDA ₹14.16 cr +66%EBITDA Margin 9.96% −1%Net Profit ₹9.76 cr +91%

What went well

  • Q4 FY26 revenue reached a record ₹142 crores, an 80% YoY increase, driven by strong demand in micro-irrigation and solar pumps.
  • Full-year FY26 total income grew 44% YoY to ₹419 crores, demonstrating robust top-line performance.
  • Q4 FY26 EBITDA increased 66% YoY to ₹14.16 crores, with net profit up 91% to ₹9.76 crores.

What to watch

  • Q4 FY26 EBITDA margin slightly declined by 86 basis points to 9.96% YoY, primarily due to a sharp increase in raw material prices in March 2026.
  • The reported full-year FY26 EBITDA of ₹6.32 crores with an 11.03% margin appears to be a significant discrepancy or typo, as it contradicts the reported total income of ₹419 crores and Q4 EBITDA of ₹14.16 crores.
Read the full call →

What Captain Polyplas does

Captain Polyplast manufactures micro-irrigation systems - drip irrigation (emitting pipes, inline/online emitters, lateral pipes) and sprinkler irrigation (sprinkler pipes, mini sprinklers, nozzles) - along with HDPE and PVC pipes, at plants in Shapar-Veraval (near Rajkot), Kurnool and Ahmedabad. It sells through a dealer network spread across 16 Indian states and exports to Africa, Latin America and the Middle East. The company has diversified into Solar EPC services, executing rooftop solar and solar water-pumping installations for residential, commercial and utility-scale customers, largely under government schemes such as PM-KUSUM. It also acts as Indian Oil Corporation's (IOCL) channel partner for marketing polymer products in Gujarat.

Segments

  • Micro Irrigation Systems
  • Solar EPC Services
  • Polymer Marketing (IOCL)
Manufacturing units
3 (Shapar-Veraval/Rajkot, Kurnool, Ahmedabad)
Dripline installed capacity
170 Mn Mtrs
Other products installed capacity
13,000 MT
Dealer network
750
Domestic presence
16 states
Team members
325
Founded 1997Headquarters Rajkot, GujaratEmployees 325 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 9 tracked 2 delivered 1 missed 6 open
  • Ahmedabad plant commercial production start delivered said Q2 FY26 Promised: Operational by the end of December (Q3 FY26) Q4 FY26: Management confirmed the Ahmedabad plant is now operational, meeting the revised Q4 timeline.
  • Ahmedabad Plant Capex went quiet said Q2 FY26 Promised: Rs. 10 Crores in FY26 Q4 FY26: Management did not provide a final confirmation of the total capex spent on the now-operational plant, despite the FY26 period being over.
  • Micro-irrigation revenue growth revised down said Q2 FY26 Promised: 25% growth over the next three years Q4 FY26: Guidance was softened to 'an average growth of 20% to 25% over the next three years', lowering the bottom end of the target.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.4%, net profit up 8.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue53 90 78 70 80 +50%126 +40%141 +80%81 +16%
EBITDA6 11 8 7 8 +35%15 +35%13 +69%9 +28%
Net profit16 7 5 4 4 −74%9 +41%10 +91%5 +8%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −4.7% 1Y

₹60.0₹70.0₹80.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 25 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 25 May 2026

1Y: ₹67.73 on 10 Sept 2025 → ₹64.56. High ₹87.29 (4 May 2026), low ₹54.25 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−0.9%
25 May
Q3 FY26
−1.5%
10 Feb
Q2 FY26
−2.4%
25 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 22.9% a year over 3 years, FY23 to FY26. Operating margin widened to 10.5%.

Year endingFY23FY24FY25FY26
Revenue₹225 Cr₹294 Cr₹287 Cr₹417 Cr
Operating profit₹17 Cr₹32 Cr₹31 Cr₹44 Cr
Operating margin7.5%10.8%10.8%10.5%
Interest₹9 Cr₹11 Cr₹9 Cr₹7 Cr
Depreciation₹3 Cr₹2 Cr₹3 Cr₹3 Cr
Net profit₹6 Cr₹18 Cr₹31 Cr₹28 Cr
Net margin2.6%6.0%10.9%6.7%
Cash from operations₹12 Cr₹-13 Cr₹8 Cr₹-22 Cr
Free cash flow₹11 Cr₹-17 Cr₹3 Cr₹-31 Cr
ROCE12.0%19.0%16.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹10 Cr₹10 Cr₹11 Cr₹12 Cr₹12 Cr
Reserves₹52 Cr₹56 Cr₹62 Cr₹85 Cr₹159 Cr₹179 Cr
Borrowings₹86 Cr₹85 Cr₹82 Cr₹103 Cr₹82 Cr₹89 Cr
Other liabilities₹62 Cr₹60 Cr₹74 Cr₹69 Cr₹63 Cr₹67 Cr
Total liabilities₹211 Cr₹211 Cr₹228 Cr₹267 Cr₹316 Cr₹348 Cr
Fixed assets₹18 Cr₹15 Cr₹14 Cr₹15 Cr₹18 Cr₹20 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹2 Cr₹4 Cr
Investments₹5 Cr₹3 Cr₹4 Cr₹5 Cr₹3 Cr₹4 Cr
Other assets₹187 Cr₹193 Cr₹210 Cr₹247 Cr₹293 Cr₹321 Cr
Total assets₹211 Cr₹211 Cr₹228 Cr₹267 Cr₹316 Cr₹348 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jul 2026

Since Jun 2025, the public added +0.59 pp while promoters trimmed −0.58 pp. The shareholder count shrank 13% to 19,247.

Promoters
68.8%
Public
31.2%

Since Jun 2025

  • Public +0.59 pp
  • Promoters −0.58 pp

How it drifted, 12 quarters

Over this window promoters went from 66.5% to 68.8% — +2.3 pp.

Dec '23Mar '25Jul '26

Ownership split by quarter, oldest first. Dec '23: Promoters 66.5%, Public 33.5%.Mar '24: Promoters 68.1%, Public 31.9%.Jun '24: Promoters 69.5%, Public 30.5%.Sep '24: Promoters 69.5%, Public 30.5%.Dec '24: Promoters 69.5%, Public 30.5%.Mar '25: Promoters 68.6%, Public 31.4%.Jun '25: Promoters 69.4%, Public 30.6%.Sep '25: Promoters 69.1%, Public 30.9%.Dec '25: Promoters 69.1%, Public 30.9%.Mar '26: Promoters 68.8%, Public 31.2%.Jun '26: Promoters 68.8%, Public 31.2%.Jul '26: Promoters 68.8%, Public 31.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jul 2026 filing

Every holder of Captain Polyplas above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
Rameshbhai Devrajbhai Khichadia 15.42%unchanged
Captain Pipes Limited 14.82%unchanged
Gopal Devrajbhai Khichadia 12.84%unchanged
Sangeetaben Rameshbhai Khichadia 5.06%unchanged
Pansuria Kanji Mohanbhai 4.20%unchanged
Ritesh R. Khichadia 3.39%unchanged
Kantilal Manilal Gediya 2.65%unchanged
Captain Technocast Ltd 2.49%unchanged
Ramesh D Khichadia 2.32%unchanged
Polymer Impex Private Ltd 1.55%unchanged
Ratilal M Pansuriya 0.86%unchanged
Lilavantiben K. Gediya 0.84%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹65, this stock must grow earnings at 6% every year for 7 years. Our analysis caps realistic growth at ~93%. At that growth it is worth ₹3032 — upside of 4597%.

Growth the price implies
6.0% a year
for 7 years, fading to 4%
It has actually compounded at
92.6% a year
net profit, FY23–FY26
The gap
-0.9 pp
4597% downside if it only repeats history
Price today ₹64.56 Value at the reference growth ₹3,032.45

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Captain Polyplas

Guides on how to read this kind of business and the numbers that matter.