Captain Polyplast Q4 FY26: Income up 80%, PAT up 91%

Overview of the Q4 and FY26 update

Captain Polyplast Limited (CPL), a micro-irrigation and solar EPC player, reported a sharp year-on-year improvement in its March quarter performance. For Q4 FY26, the company’s total income rose 80% to ₹142.22 crore on a consolidated basis. Net profit for the quarter increased 91% year-on-year to ₹9.76 crore. The company also released audited full-year numbers for FY26, showing a 45% rise in total income to ₹419.75 crore. While quarterly growth looked strong, the company flagged that year-on-year net profit comparisons for the full year are affected by exceptional items in FY25. The results were disclosed to the BSE.

Board approval and audit status

According to the company’s filing, the board of directors approved the audited financial results for the quarter and year ended March 31, 2026. The approval came at the board meeting held on May 23, 2026. The release covers both quarterly performance (Q4 FY26) and the annual snapshot for FY26. The audited status is important because it replaces earlier provisional numbers and becomes the base for annual comparisons. The company’s disclosures also include both “total income” and “revenue from operations” figures, which can differ due to other income lines.

FY26 performance: growth in income, mixed profit comparison

For FY26, Captain Polyplast reported total income of ₹419.75 crore, up 45% year-on-year. Revenue from operations for the year was ₹417.27 crore, compared with ₹286.84 crore in the prior year. EBITDA for FY26 was reported at ₹46.32 crore. Net profit for FY26 was reported at ₹27.78 crore, while another disclosed figure for net profit after tax for the period was ₹27.26 crore and consolidated net profit was ₹27.78 crore. The company stated that FY25 included an exceptional gain, which means a direct net profit comparison may not be appropriate. In the prior year, the company had reported net profit figures that included exceptional items of ₹15.61 crore (in crore terms, ₹1,560.81 lakh).

Q4 FY26: record topline and strong year-on-year expansion

In Q4 FY26, the topline expansion was pronounced across the data shared. Total income for the quarter rose 80% year-on-year to ₹142.22 crore. Revenue from operations stood at ₹141.47 crore, up from ₹78.45 crore in Q4 FY25. Net profit for the quarter was disclosed at ₹9.76 crore (consolidated), compared to ₹5.12 crore in the year-ago quarter. The company also reported EBITDA of ₹14.16 crore for Q4 FY26, a 66% increase year-on-year. Management commentary in the shared material described this as the highest quarterly revenue in the company’s recent history.

Sequential trend: Q4 vs Q3 indicates continued momentum

Beyond year-on-year growth, the quarter also showed sequential improvement. Net sales rose to ₹141.47 crore in Q4 FY26 from ₹126.33 crore in Q3 FY26, a sequential increase of 11.98%. The dataset also highlighted QoQ growth of about 11.99% for revenue, and a QoQ change of 2.24% for net profit (as presented in the “last earnings date” snapshot). These sequential numbers matter because they show the March quarter strength was not only a low-base effect from last year but also higher than the immediately preceding quarter. The company’s recent quarterly disclosures elsewhere in the provided text also referenced Q3 FY26 revenue from operations of ₹126.33 crore.

What supported performance: micro-irrigation execution and solar EPC orders

The company attributed the quarter’s performance to execution in the micro-irrigation segment and new orders in the solar EPC business. One specific order mentioned was a ₹8.17 crore order from MSEDCL. The commentary indicated that strong demand for micro-irrigation products and market penetration efforts helped lift the topline. The combination of product-led demand (micro-irrigation systems) and project-driven revenue (solar EPC) explains why both volume and execution can influence quarterly revenue. However, the disclosure does not quantify segment-level revenue split, so the contribution remains qualitative in this update.

Profitability: EBITDA rise, OPM data points, and exception-related caveat

Profitability improved sharply in Q4 FY26 on a year-on-year basis as EBITDA climbed to ₹14.16 crore. In the tabular disclosure, operating profit margin (OPM) was shown at 9.49% for Q4 FY26 versus 10.08% in Q4 FY25, and 10.51% for FY26 versus 10.84% in FY25. Other profit lines in the same table showed PBDT of ₹13.60 crore for Q4 FY26 versus ₹7.46 crore in Q4 FY25, and PBT of ₹12.93 crore versus ₹6.81 crore. For the full year, PBDT was ₹39.60 crore versus ₹26.14 crore, and PBT was ₹36.99 crore versus ₹23.64 crore. Despite operating improvements, the company reiterated that FY25 had exceptional gains, limiting straight net profit comparisons.

Key numbers table (₹ crore)

Market impact: what the numbers change for investors to track

The headline market takeaway is the contrast between strong quarterly acceleration and the full-year profit comparison. Q4 FY26 shows a clear improvement in income and profit, with total income at ₹142.22 crore and net profit at ₹9.76 crore. For the full year, revenue expansion to ₹417.27 crore (operations) and total income of ₹419.75 crore signals that demand and execution were materially higher versus FY25. But the FY26 net profit of ₹27.78 crore is lower than FY25’s ₹31.32 crore as presented in the summary, and the company’s clarification about exceptional gains in FY25 is central to interpreting that gap. Investors typically reconcile this by focusing on operating metrics like EBITDA and PBT lines, which were also disclosed and moved higher year-on-year. The update also highlights that order wins in solar EPC, such as the ₹8.17 crore MSEDCL order, are part of the company’s current growth drivers.

Why this result matters in the micro-irrigation and solar EPC context

Micro-irrigation businesses often see demand linked to agricultural capex cycles and distribution reach, while solar EPC revenue can be influenced by project awards and execution schedules. The provided disclosures point to both levers working in Q4 FY26: higher sales and a large year-on-year expansion in total income. The sequential growth from Q3 to Q4 supports the view that momentum continued into the March quarter rather than relying only on the prior-year base. At the same time, the company’s own note about exceptional items in FY25 indicates that profit comparison requires care, especially when headlines focus only on year-on-year PAT for one quarter versus an entire year.

Conclusion: strong Q4, clearer context needed for FY comparisons

Captain Polyplast’s audited results approved on May 23, 2026 show a strong March quarter, with Q4 FY26 total income up 80% to ₹142.22 crore and net profit up 91% to ₹9.76 crore. For FY26, total income climbed 45% to ₹419.75 crore and revenue from operations reached ₹417.27 crore. The company’s clarification on FY25 exceptional gains remains key for interpreting the full-year net profit comparison. The next reference points for investors will be subsequent quarterly updates and any additional disclosures on order execution in the solar EPC business.