Captain Polyplast Limited (CPL)

Captain Polyplast reported its Q2 FY27 earnings call transcript, highlighting consolidated total income of ₹106.43 crore, up 32.89% YoY, and net profit of ₹4.48 crore, up 5.55% YoY. The company's solar pump order intake reached ₹82.40 crore for 3,500 pumps in FY27, backed by repeat orders from MSEDCL under PM-KUSUM. While solar EPC margins stand strong at 10-11%, micro-irrigation EBITDA margins compressed to 7-8% due to elevated HDPE/LLDPE raw material costs. Management expects a 0.5% margin boost by March-end and 1-1.5% over three years as backward integration ramps up at its Ahmedabad plant.

• Q2 FY27 consolidated revenue grew 32.89% YoY to ₹106.43 crore, with EBITDA at ₹10.28 crore (up 24.75%)
• Net profit for the quarter rose 5.55% YoY to ₹4.48 crore
• FY27 solar pump order intake reached ₹82.40 crore for 3,500 pumps (~19.2% of TTM revenue of ₹429 crore)
• Micro-irrigation margins compressed to 7-8% due to high HDPE/LLDPE costs, compared to 10-11% in solar pumps
• Ahmedabad manufacturing facility is expected to add 0.5% to margins by March end and 1-1.5% over 3 years

Captain Polyplast reported consolidated total income of ₹106.43 Cr for Q2 FY27, up 32.89% YoY compared to ₹80.09 Cr in Q2 FY26. Consolidated net profit rose 5.55% YoY to ₹4.48 Cr, though net profit margin contracted by 109 bps to 4.21% due to higher raw material costs. Operating momentum was driven by Solar EPC wins under the PM-KUSUM Scheme, taking total FY27 order intake to ₹82.40 Cr (~19% of TTM revenue). For H1 FY27, revenue reached ₹188.09 Cr with net profit of ₹9.14 Cr.

• Q2 FY27 total income grew 32.89% YoY to ₹106.43 Cr from ₹80.09 Cr
• EBITDA grew 24.75% YoY to ₹10.28 Cr, while EBITDA margin compressed 63 bps to 9.66%
• Net profit rose 5.55% YoY to ₹4.48 Cr, with diluted EPS at ₹0.75 vs ₹0.71
• Secured two MSEDCL solar pump orders (₹23.60 Cr and ₹47.00 Cr) totaling 3,000 pumps under PM-KUSUM Component-B
• FY27 total order intake reached ₹82.40 Cr for 3,500 solar pumps

Captain Polyplast Limited has secured an order worth approximately ₹47 Crores (inclusive of GST) from Maharashtra State Electricity Distribution Company Limited (MSEDCL). The contract entails the design, supply, installation, testing, and commissioning of 2,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems under the PM Kusum B Scheme. The project is scheduled to be completed within 60 days from the issuance of NTP/Work Order/JSR approval. Relative to Q1 FY27 revenue of ₹81.16 Cr, the order represents a substantial ~58% of a single quarter's top line.

• Order value of approximately ₹47 Crores (including GST) from MSEDCL
• Scope covers 2,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems of 3HP, 5HP & 7.5HP capacity
• Execution timeline requires installation within 60 days from NTP/Work Order/JSR approval
• Includes 5-year warranty, repair & maintenance, and Remote Monitoring System (RMS)
• Represents company's largest single solar EPC order to date

Captain Polyplast reported a 16.3% YoY increase in Q1 FY27 total income to Rs 81.66 crore, while EBITDA grew 26.7% to Rs 9.86 crore with margin expanding 99 bps to 12.07%. Net profit for the quarter stood at Rs 4.66 crore with a diluted EPS of Rs 0.78. In its solar EPC segment, the company secured 1,500 solar pump orders under PM-KUSUM in the first four months of FY27, having executed 800 units with 700 pending. Additionally, the company commenced production at its new 70,000 sq ft manufacturing facility near Ahmedabad to support component manufacturing.

• Q1 FY27 total income grew 16.3% YoY to Rs 81.66 crore.
• EBITDA increased 26.7% YoY to Rs 9.86 crore with EBITDA margin reaching 12.07% (+99 bps).
• Secured orders for 1,500 solar pumps from MSEDCL in 4M FY27; 800 executed and 700 pending.
• Commenced production at a 70,000 sq ft facility near Ahmedabad for micro-irrigation components.
• Maintains an active network of ~750 dealers across 16 states.

Captain Polyplast (CPL) reported Q1 FY27 revenue of ₹81.16 Cr with an EBITDA margin of 12.07%. The company recently completed its transition to the NSE Main Board on July 23, 2026. Growth is being driven by diversification into Solar EPC, highlighted by a recent ₹41.83 Cr order from MSEDCL for 1,500 solar pumps. While profitability is stable with a Q1 PAT of ₹4.66 Cr, the balance sheet shows high trade receivables of ₹241.05 Cr as of FY26.

• Reported Q1 FY27 Revenue of ₹81.16 Cr and Net Profit of ₹4.66 Cr.
• Secured a significant order worth ₹41.83 Cr from MSEDCL for 1,500 off-grid solar pumps.
• Successfully listed on the NSE Main Board effective July 23, 2026.
• Maintains a total dripline installed capacity of 170 million meters across 3 units.
• Debt-to-Equity ratio improved significantly to 0.47x in FY26 from 1.07x in FY24.

Captain Polyplast (CPL) reported a 16.3% YoY increase in total income to ₹81.66 Cr for Q1 FY27, driven by its micro-irrigation and solar EPC segments. EBITDA grew significantly by 26.7% YoY to ₹9.86 Cr, with margins expanding 99 bps to 12.07% due to cost optimization. A key operational milestone was the commencement of production at a new 70,000 sq. ft. facility near Ahmedabad, aimed at enhancing backward integration. Additionally, the company secured a ₹11.8 Cr solar pump order from MSEDCL, representing approximately 2.8% of its FY26 consolidated revenue.

• Total income increased 16.3% YoY to ₹81.66 Cr in Q1 FY27
• EBITDA grew 26.7% YoY to ₹9.86 Cr with margins expanding to 12.07%
• Commenced production at a new 70,000 sq. ft. manufacturing facility near Ahmedabad, Gujarat
• Secured a ₹11.8 Cr order for 500 solar pumps under the PM-KUSUM Scheme
• Listed on the National Stock Exchange (NSE) effective July 23, 2026

Captain Polyplast Limited (CPL) reported a 16.4% YoY increase in standalone revenue to ₹8,116.49 Lakhs for the quarter ended June 30, 2026. Standalone Net Profit grew 12.2% YoY to ₹465.32 Lakhs, while Consolidated Net Profit reached ₹466.32 Lakhs. The results show a typical seasonal decline compared to the preceding quarter (Q4 FY26), where revenue was ₹14,147.18 Lakhs. The core Micro Irrigation segment remains the dominant revenue contributor, accounting for over 99% of total segment revenue.

• Revenue from operations grew 16.4% YoY to ₹8,116.49 Lakhs from ₹6,974.20 Lakhs.
• Standalone Profit After Tax (PAT) increased 12.2% YoY to ₹465.32 Lakhs.
• Micro Irrigation segment revenue stood at ₹8,124.75 Lakhs, while the Polymer business contributed only ₹41.41 Lakhs.
• Finance costs rose 19% YoY to ₹217.79 Lakhs from ₹183.05 Lakhs.
• Total standalone assets increased to ₹36,060.03 Lakhs as of June 30, 2026, compared to ₹29,309.51 Lakhs in the previous year's June quarter.