Overview

Detailed Summary

Captain Polyplast Limited manufactures and exports micro‑irrigation systems and allied products while building a Solar EPC business, operating three manufacturing locations and a distribution network across 16 Indian states with exports to Africa, Latin America and the Middle East.
Q3 FY26 represented a record quarter: consolidated total income rose 40% YoY to INR 127 crore, quarterly EBITDA increased by 35% to INR 16 crore and the company reported its highest-ever quarterly revenue and profit driven by volume growth across micro‑irrigation and solar EPC segments.
The company is aggressively scaling solar pumps and rooftop EPC under government programs (PM‑KUSUM, PM Surya Ghar), reporting ~1,500 solar pump wins with two orders totalling INR 35.86 crore, and sees solar evolving from 10% to a targeted 50% of revenue within three years through execution and empanelment expansion.
Captain Polyplast is executing capacity expansion via a new Ahmedabad factory (70,000 sq. ft.) with ~INR 10 crore capex to internalize high‑margin accessories, target margin improvement and support FY27–FY28 volume ramps; management expects full utilization by FY28 and margin uplift from in‑house production.
Strong policy tailwinds and structural improvement include government subsidy programs, GST reduction from 12% to 5% on drip, sprinklers and solar equipment, improved affordability for farmers, and sustained PM‑KUSUM allocations that materially enhance addressable market and demand visibility for both irrigation and solar pumps.

Sector: Plastic products
Industry: Plastics - Others
Market Cap: 418 Cr
Volatility: Moderate Risk
P/E Ratio: 18.0
Industry P/E: 25.6
PEG Ratio: 0.1
P/B Ratio: 2.4
52W High: 96.00
52W Low: 58.41

Sales CAGR

1Y: -2.54%
3Y: 15.71%
5Y: 9.02%
10Y: 10.26%

Profit CAGR

1Y: 76.15%
3Y: 122.56%
5Y: 19.25%
10Y: 25.80%

ROE

TTM: 11.94%
3Y: 17.38%
5Y: 15.03%
10Y: 16.12%

ROCE

TTM: 14.12%
3Y: 27.08%
5Y: 25.00%
10Y: 29.32%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ARROWGREEN	395.00	600 Cr	11.61	2.83	1.01	24.06	31.50	21.71
CPL	69.56	418 Cr	17.95	2.43	0.00	11.94	14.12	7.32
BAIKAKAJI	183.90	388 Cr	15.77	2.25	0.00	26.53	20.04	0.00
DHABRIYA	328.00	356 Cr	13.06	3.12	0.21	20.47	21.48	13.63
ESFL	141.10	350 Cr	16.88	2.58	0.71	—	—	0.00
COOLCAPS	27.55	318 Cr	5.37	5.81	0.00	20.08	18.63	4.18
KAKA	180.70	247 Cr	25.13	6.05	0.00	36.72	21.05	0.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	70	83	69	65	53	90	78	70	80	126
Expenses	63	74	60	59	47	79	69	62	72	111
Operating Profit	6.99	8.82	8.62	6.05	6.03	11	9.01	7.30	7.89	15
OPM %	9.94	10.68	12.53	9.32	11.32	12.52	11.49	10.47	9.90	12.06
Other Income	0.95	1.20	1.29	1.25	16	0.82	0.81	0.63	0.48	0.97
Interest	2.65	2.84	2.93	2.55	2.59	2.42	2.35	1.83	1.82	2.87
Depreciation	0.59	0.61	0.62	0.59	0.62	0.65	0.65	0.59	0.66	0.68
Profit Before Tax	4.71	6.58	6.36	4.15	19	9.05	6.81	5.51	5.89	13
Tax %	19.53	24.47	21.23	22.65	15.44	25.64	24.82	21.96	27.84	25.20
Net Profit	3.79	4.97	5.02	3.20	16	6.73	5.12	4.30	4.24	9.48
EPS in Rs	0.62	0.78	—	0.53	2.71	1.11	0.86	0.72	0.71	1.58

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	115	125	149	186	178	185	225	294	287	292
Expenses	99	110	131	158	152	170	208	263	255	258
Operating Profit	16	15	18	28	26	15	17	32	32	34
OPM %	13.65	11.81	11.98	15.16	14.38	8.34	7.51	10.80	11.22	11.53
Other Income	0.41	1.59	1.14	3.31	1.08	1.99	3.42	4.56	19	19
Interest	6.36	5.92	7.35	10	10	9.97	9.38	11	9.91	9.19
Depreciation	2.13	1.98	1.80	4.22	4.16	3.66	2.72	2.41	2.50	2.51
Profit Before Tax	7.59	8.39	9.86	17	12	3.81	8.19	23	39	41
Tax %	34.71	34.46	26.98	26.88	27.25	27.70	26.36	22.64	20.19	20.17
Net Profit	4.96	5.50	7.20	13	9.05	2.76	6.03	18	31	32
EPS in Rs	0.81	0.79	1.89	2.10	1.53	0.72	1.00	2.99	5.21	3.88
Dividend Payout %	8.16	7.33	2.80	1.60	2.17	4.60	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	10	10	10	10	11	12
Reserves	14	19	23	31	43	52	56	62	85	138
Borrowings	23	21	33	56	71	86	85	82	103	67
Other Liabilities	49	51	42	81	87	62	60	74	69	62
Total Liabilities	96	101	109	178	211	211	211	228	267	278
Fixed Assets	12	11	11	11	19	18	15	14	15	14
CWIP	0.13	0.00	0.01	7.19	0.00	0.33	0.30	0.00	0.03	3.11
Investments	1.88	4.95	4.69	4.83	4.84	5.20	3.33	4.10	5.02	7.84
Other Assets	82	85	94	155	188	187	193	210	247	253
Total Assets	96	101	109	178	211	211	211	228	267	278

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6.71	9.75	-8.45	-6.29	-0.06	0.13	12	12	-13	8.95
Cash from Investing Activity	-0.45	-3.45	-0.01	-8.18	1.20	-1.01	4.37	-0.57	-2.52	9.28
Cash from Financing Activity	-5.15	-7.65	5.83	15	0.39	0.11	-14	-12	16	-22
Net Cash Flow	1.10	-1.35	-2.63	0.48	1.53	-0.77	2.14	-0.03	0.29	-3.67

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Feb 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	May 2025	Jun 2025	Jul 2025	Sep 2025	Dec 2025	Jan 2026
Promoters	68.08%	69.52%	69.52%	69.52%	69.52%	68.64%	69.37%	69.37%	69.08%	69.08%	69.08%	68.79%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	31.92%	30.48%	30.48%	30.48%	30.48%	31.36%	30.63%	30.63%	30.92%	30.92%	30.92%	31.21%
Total Shareholders	18,756	18,270	17,929	22,031	22,611	22,805	22,819	22,084	22,084	21,393	20,207	19,921

Market Transactions

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Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q4 FY25

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