538817
Captain Pipes financials
- Market cap
- ₹129 Cr
- Sector
- Capital Goods
What Captain Pipes does
Captain Pipes Limited manufactures PVC pipes and fittings under the "Captain" brand for agriculture, plumbing and drainage applications. Its agriculture range covers pressure pipes, column pipes and agri fittings, while its plumbing range covers UPVC, CPVC and SWR pipes and fittings. Products are made at its Shapar (Veraval), Rajkot plant using German extrusion and Japanese injection-moulding machinery, and sold through distributors and hardware retailers across multiple Indian states as well as exported to several countries.
Segments
- Agriculture Solutions
- Plumbing Solutions
- Installed manufacturing capacity
- 18,000 MT/yr (existing Shapar/Veraval, Rajkot plant)
- Upcoming greenfield plant capacity
- 20,000 MT/yr (Ahmedabad, first phase)
- Manufacturing plants
- Shapar (Veraval), Rajkot, Gujarat; greenfield plant under construction in Ahmedabad
- Extrusion lines
- 10 (German technology)
- Injection moulding machines
- 6 (Japanese technology)
- Product SKUs
- 1,500+
Quarterly results
Q1 FY27: revenue up 13.1%, net profit down 93.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 21 | 23 | 21 | 17 +37% | 20 −3% | 19 −15% | 24 +13% |
| EBITDA | 2 | 2 | 2 | 2 | 2 +20% | 2 −6% | 2 +47% | 1 −31% |
| Net profit | 1 | 1 | 1 | 1 | 1 −16% | 0 −56% | 1 +0% | 0 −93% |
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 −40.9% 1Y
1Y: ₹14.17 on 10 Sept 2025 → ₹8.38. High ₹14.24 (12 Sept 2025), low ₹7.12 (30 Mar 2026).
Financials, as filed
Revenue grew 0.9% a year over 2 years, FY24 to FY26. Operating margin widened to 10.8%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹76 Cr | ₹77 Cr | ₹78 Cr |
| Operating profit | ₹8 Cr | ₹8 Cr | ₹8 Cr |
| Operating margin | 10.1% | 10.5% | 10.8% |
| Interest | ₹1 Cr | ₹1 Cr | ₹3 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹2 Cr |
| Net profit | ₹4 Cr | ₹4 Cr | ₹3 Cr |
| Net margin | 5.2% | 5.7% | 3.8% |
| Cash from operations | — | ₹-2 Cr | ₹10 Cr |
| Free cash flow | — | ₹-13 Cr | ₹-7 Cr |
| ROCE | 25.0% | 17.0% | 10.1% |
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 ending | FY25 | FY26 |
|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr |
| Reserves | ₹31 Cr | ₹27 Cr |
| Borrowings | ₹33 Cr | ₹31 Cr |
| Other liabilities | ₹9 Cr | ₹11 Cr |
| Total liabilities | ₹89 Cr | ₹85 Cr |
| Fixed assets | ₹36 Cr | ₹36 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr |
| Investments | ₹23 Cr | ₹17 Cr |
| Other assets | ₹30 Cr | ₹31 Cr |
| Total assets | ₹89 Cr | ₹85 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 Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 9% to 56,007.
- Promoters
- 64.4%
- FIIs
- 0.1%
- Public
- 35.5%
Since Jun 2025
- FIIs +0.07 pp
- Public −0.07 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window promoters fell from 73.8% to 64.4% — −9.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.8%, Public 26.2%.Dec '23: Promoters 73.8%, Public 26.2%.Mar '24: Promoters 73.8%, Public 26.2%.Jun '24: Promoters 73.8%, Public 26.2%.Sep '24: Promoters 67.0%, Public 33.0%.Dec '24: Promoters 67.0%, FIIs 0.1%, Public 32.9%.Mar '25: Promoters 64.4%, FIIs 0.1%, Public 35.5%.Jun '25: Promoters 64.4%, FIIs 0.1%, Public 35.5%.Sep '25: Promoters 64.4%, FIIs 0.1%, Public 35.5%.Dec '25: Promoters 64.4%, FIIs 0.1%, Public 35.5%.Mar '26: Promoters 64.4%, FIIs 0.1%, Public 35.5%.Jun '26: Promoters 64.4%, FIIs 0.1%, Public 35.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Captain Pipes above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Captain Polyplast Limited | 17.50% | unchanged |
| Rameshbhai Devrajbhai Khichadia | 12.16% | unchanged |
| Gopal Devrajbhai Khichadia | 6.79% | unchanged |
| Khichadia Rameshbhai Devrajbhai Huf | 4.59% | unchanged |
| Captain Plastic Private Limited | 4.20% | unchanged |
| Pansuriya Dharmesh | 3.24% | unchanged |
| Ritesh R. Khichadia | 3.09% | unchanged |
| Pansuria Kanji Mohanbhai | 2.73% | unchanged |
| Sangeetaben Rameshbhai Khichadia | 2.56% | unchanged |
| Pansuriya Rakesh J | 2.46% | unchanged |
| Kantilal Manilal Gediya | 1.94% | unchanged |
| Gopalbhai Devrajbhai Khichadia | 1.64% | 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
Growth trapTo justify its price of ₹8, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~-14%. At that growth it is worth ₹1 — downside of 93%.
- Growth the price implies
- 35.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -14.0% a year
- net profit, FY24–FY26 · EPS -13.9%
- The gap
- 0.5 pp
- -93% downside if it only repeats history
Learn to analyse Captain Pipes
Guides on how to read this kind of business and the numbers that matter.