Captain Polyplast Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 17 Jul 2026 | Industrial Products | Market Cap: ₹439 Cr
Captain Polyplast targets a 25% growth over the next three years in the micro-irrigation business, outpacing the industry growth of around 15%. Captain Polyplast targets 25% growth in the micro-irrigation business over the next three years, outpacing the industry growth of ~15%. - Solar EPC business is expected to grow aggressively, aiming to increase its contribution from 15% to 50% of total revenue by FY2028. - EBITDA margins for micro-irrigation are expected to improve by 1% to 1.5% with full absorption of the Ahmedabad plant; overall margins may improve by 0.5% to 1% depending on segment mix. - Operating cash flow may see short-term pressure in H1 due to working capital cycles but expected to recover in H2 each year. - EPS grew in Q2 FY2026 to Rs.
From Captain Polyplast Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹66.8
Market Cap
₹439 Cr
P/E Ratio
15.8
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Captain Polyplast Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹141 Cr, net profit ₹10 Cr.
Full financials →📊 Revenue & Sales Performance
- →Captain Polyplast targets a 25% growth over the next three years in the micro-irrigation business, outpacing the industry growth of around 15%.
- →Growth will come from expanding dealer networks and market share gains in existing markets, as the company is already present in most states.
- →Solar EPC business, particularly the solar pumps segment, is expected to grow aggressively, with solar EPC revenues projected to increase from around 15% of total business to 50% by FY2028.
- →The solar pumps market opportunity is significant, with ongoing participation in large tenders (e.g., Maharashtra's 1 lakh pumps).
- →New Ahmedabad plant will increase manufacturing capacity for critical micro-irrigation components, enhancing efficiency but with limited immediate incremental revenue.
- →Government policies like Per Drop More Crop and PM-KUSUM, along with GST reductions, are expected to support demand growth in both micro-irrigation and solar segments.
📈 Profitability & Margins
- →Captain Polyplast targets 25% growth in the micro-irrigation business over the next three years, outpacing the industry growth of ~15%.
- →Solar EPC business is expected to grow aggressively, aiming to increase its contribution from 15% to 50% of total revenue by FY2028.
- →EBITDA margins for micro-irrigation are expected to improve by 1% to 1.5% with full absorption of the Ahmedabad plant; overall margins may improve by 0.5% to 1% depending on segment mix.
- →Operating cash flow may see short-term pressure in H1 due to working capital cycles but expected to recover in H2 each year.
- →EPS grew in Q2 FY2026 to Rs. 0.71; profit before tax excluding one-time gains grew 65% YoY, indicating strong profitability momentum.
- →Reduced GST rates (12% to 5%) on micro-irrigation and solar products are expected to support demand and affordability, potentially boosting earnings.
🏗️ Capital Expenditure Plans
- →Captain Polyplast is undertaking a capex of around Rs. 10 Crores for a new plant in Ahmedabad.
- →The Ahmedabad plant focuses on manufacturing irrigation components like valves, drippers, and nozzles, constituting about 10% of the total system cost.
- →Most of this capex has already been incurred in the current financial year; the balance will be incurred in the second half (H2).
- →Funding for this capex will be partly through internal accruals and partly through debt, though the debt component will be small due to the relatively small capex size.
- →The plant is expected to be operational by the end of December 2025.
- →This new facility aims to improve margins by manufacturing higher-margin components in-house rather than outsourcing.
- →No significant capex plans beyond this have been discussed for the next years, and growth is targeted mainly through market penetration and dealer network expansion in existing markets.
💰 Fundraising & Capital Structure
- →Captain Polyplast Limited has a planned capex of around Rs.10 Crores for the Ahmedabad plant, mostly to be incurred in the current financial year.
- →The funding for this capex will be from a combination of internal accruals and some debt.
- →Given the relatively small size of the capex, the associated debt raising will also be small and not significant.
- →There is no mention of any immediate or planned equity fund raising in the document.
- →The company aims to manage its growth primarily through internal resources and limited debt as needed, especially for small capex projects.
📋 Order Book & Pipeline
- →At the end of H1 FY2026, the solar pumps business had an order book of around Rs.14 Crores.
- →The company has participated in a tender in Maharashtra for 1 lakh solar pumps, with order eligibility results expected in the first week of December 2025.
- →The rooftop solar EPC segment does not have an extensive order book due to execution of routine orders within top customers.
- →The total current orders in the solar EPC segment amount to around Rs.13 Crores, which is small compared to the overall solar pumps market size.
- →Orders in the solar pumps business were largely received towards the end of H1 FY2026, with most revenue from these orders expected in H2 FY2026.
Key Metrics
Frequently Asked Questions
What were Captain Polyplast Ltd Q2 FY26 results?
Captain Polyplast targets a 25% growth over the next three years in the micro-irrigation business, outpacing the industry growth of around 15%. Captain Polyplast targets 25% growth in the micro-irrigation business over the next three years, outpacing the industry growth of ~15%. - Solar EPC business is expected to grow aggressively, aiming to increase its contribution from 15% to 50% of total revenue by FY2028. - EBITDA margins for micro-irrigation are expected to improve by 1% to 1.5% with full absorption of the Ahmedabad plant; overall margins may improve by 0.5% to 1% depending on segment mix. - Operating cash flow may see short-term pressure in H1 due to working capital cycles but expected to recover in H2 each year. - EPS grew in Q2 FY2026 to Rs.
What is Captain Polyplast Ltd share price analysis?
Captain Polyplast Ltd currently shows a neutral. The stock trades at a P/E of 15.8 with a market cap of ₹439 Cr. Investors should review the full earnings analysis for detailed insights.
Is Captain Polyplast Ltd planning capital expenditure?
Captain Polyplast is undertaking a capex of around Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.