Captain Polyplast Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Captain Polyplast Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Captain Polyplast reported Q1 FY'27 total income of Rs. 81.66 crores, up 16.3% year-on-year, with EBITDA growing 26.7% to Rs. 9.86 crores and EBITDA margin improving to 12.07%. Management cited two new solar pump orders from MSEDCL totalling 1,500 pumps in the first four months of the year and the commencement of a new 70,000 square foot manufacturing facility near Ahmedabad. The company also noted raw material price increases due to geopolitical factors and steps taken to pass these costs on to customers.
Numbers mentioned
Total income: Rs. 81.66 crores (Q1 FY'27)
p. 4
“For the Q1 FY '27, our total income was Rs. 81.66 crores which is a growth of 16.3% Y-o-Y.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
EBITDA: Rs. 9.86 crores (Q1 FY'27)
p. 4
“The EBITDA for the quarter increased 26.7% to Rs. 9.86 crores and our EBITDA margin also improved by 99 basis points to 12.07%.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
EBITDA margin: 12.07% (Q1 FY'27)
p. 4
“our EBITDA margin also improved by 99 basis points to 12.07%”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Net profit: Rs. 4.66 crores (Q1 FY'27)
p. 4
“The net profit was Rs. 4.66 crores while the diluted EPS came in at Rs. 0.78.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Diluted EPS: Rs. 0.78 (Q1 FY'27)
p. 4
“The net profit was Rs. 4.66 crores while the diluted EPS came in at Rs. 0.78.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Solar pump orders won: 1500 pumps (first 4 months of FY'27)
p. 4
“So all in all, for the first 4 months, we have a total order of 1500 pumps.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Solar pump order execution completed: 800 pumps completed, 700 pending (as of call date)
p. 5
“As on date, our pending order book would be around 700 pumps, as of today. So out of the 1500 which we have won in the first 4 months, already 800 is completed and 700 is pending, which we are expecting to complete by this month end.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Dealer network: around 750 dealers
p. 5
“in these states, we have a dealer network of around 750 dealers.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Raw material price increase (LLDPE and HDPE): up 50% at peak, currently 30%-35% above January/February levels
p. 7
“So just at the end of March, because of the geopolitical situation, the prices of key raw materials, which is LLDP and HDPE, that increased by 50%.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Micro-irrigation manufacturing capacity target: around Rs. 600 crores
p. 7
“we can comfortably target micro-irrigation business of around Rs. 600 crores.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Micro-irrigation receivable payment cycle: 5-6 months
p. 10
“So for the micro-irrigation business, the typical payment cycle across states, it is between 5-6 months.”
Ritesh Khichadia, page 10 of the filed PDF · View the filing
Solar pumps receivable cycle: 3-4 months
p. 10
“For the solar pumps business, right now the receivable cycle is around 3-4 months.”
Ritesh Khichadia, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Solar EPC contribution to overall business — 50% · next 3 years
stated as an aspiration by Ritesh Khichadia
p. 8
“we are expecting that the overall contribution for solar EPC segment would reach 50% over next 3 years.”
Ritesh Khichadia, page 8 of the filed PDF · View the filing
Price revision impact on margins — Q3
stated conditionally by Ritesh Khichadia
p. 7
“So definitely from Q3, we can see the full impact of that price revision.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
State price revision (Tamil Nadu, Andhra, other Southern states) — Q2
stated conditionally by Ritesh Khichadia
p. 7
“Other states like Tamil Nadu, Andhra and other Southern states, they are under process. So that we are expecting in Q2.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Central government price revision mechanism — end of September
stated conditionally by Ritesh Khichadia
p. 7
“the central government has also constituted price revision mechanism. So that also we are expecting by end of September.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
EBITDA margin improvement from Ahmedabad facility — 1%-1.5% for micro-irrigation business · next 2-3 years
stated conditionally by Ritesh Khichadia
p. 10
“we are expecting that there will be improvement in EBITDA margin of 1%-1.5% for the micro-irrigation business.”
Ritesh Khichadia, page 10 of the filed PDF · View the filing
Blended overall margin improvement — 10-15 basis points every quarter · quarterly, over next 2-3 years
stated conditionally by Ritesh Khichadia
p. 11
“So I think on a blended overall margin for the company, there should be 10- 15 basis point improvement every quarter as we ramp up Ahmedabad facility.”
Ritesh Khichadia, page 11 of the filed PDF · View the filing
Full replacement of outsourced components at Ahmedabad facility — 2-3 years
stated as an aspiration by Ritesh Khichadia
p. 9
“For the full replacement of the outsourced components, it will take at least 2-3 years.”
Ritesh Khichadia, page 9 of the filed PDF · View the filing
Margin trend — coming quarters
stated conditionally by Ritesh Khichadia
p. 9
“For the coming quarters, as the volume growth also continues, we see that margins should improve from this current level as well.”
Ritesh Khichadia, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the existing 750-dealer network across 16 states is strong and focus is on improving revenue from existing dealers rather than expanding further, while also cross-selling solar EPC through the same dealers.
Answered by Ritesh Khichadia
Asked by Aditi Jain: Update on dealer network and expansion scope in under-penetrated markets.
p. 5
“In these states, we believe that already we have a very strong network, so there is no need for penetrating further with more dealers.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Management said 800 pumps have been completed and 700 remain pending, expected to be completed by month end.
Answered by Ritesh Khichadia
Asked by Aditi Jain: Status of the pending 1500 solar pump order execution.
p. 5
“As on date, our pending order book would be around 700 pumps, as of today.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Management said prices had risen sharply then stabilized, and increases have largely been passed on in free-pricing markets, with subsidy price revisions in progress in various states.
Answered by Ritesh Khichadia
Asked by Rupal Mehta: How raw material price increases are being passed on to customers.
p. 7
“So right now, they would be up around 30%-35% compared to what it was in January or February period.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Management said there is no capacity constraint for micro-irrigation manufacturing, and solar EPC growth is constrained by execution rather than manufacturing since the company does not manufacture solar products.
Answered by Ritesh Khichadia
Asked by Rupal Mehta: Utilization levels and capacity to support growth across manufacturing facilities.
p. 7
“On the manufacturing side, definitely, we don't see any bottleneck right now.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Management said the segment would expand into new states and expects it to become the major growth driver with contribution reaching 50% of solar EPC segment over three years.
Answered by Ritesh Khichadia
Asked by Sejal Deshmukh: How is solar pumps expected to evolve as a share of overall business long term.
p. 8
“So definitely, it will be an important part of our growth and we are expecting that the overall contribution for solar EPC segment would reach 50% over next 3 years.”
Ritesh Khichadia, page 8 of the filed PDF · View the filing
Management said components sourced from vendors constitute around 10% of micro-irrigation system value, and full replacement through in-house manufacturing would take 2-3 years.
Answered by Ritesh Khichadia
Asked by Sakshi Shinde: Progress and timeline on the Ahmedabad facility's in-house component manufacturing.
p. 9
“So these components constitute around 10% of the value of our micro-irrigation system.”
Ritesh Khichadia, page 9 of the filed PDF · View the filing
Management explained that receivables in micro-irrigation take 5-6 months (up to 8-10 months in Andhra Pradesh) while solar pumps take 3-4 months, with working capital intensity elevated in Q1/Q2 and expected to improve in H2.
Answered by Ritesh Khichadia
Asked by Sejal Deshmukh: Working capital trends and receivables cycle differences between businesses.
p. 10
“This is for the micro-irrigation business. For the solar pumps business, right now the receivable cycle is around 3-4 months.”
Ritesh Khichadia, page 10 of the filed PDF · View the filing
Management said export growth is currently at a low base and meaningful growth would require addition of new customers, though existing customers would continue.
Answered by Ritesh Khichadia
Asked by Aditi Jain: What is driving export growth and is it from existing or new customers.
p. 12
“So the growth which would come, it would largely come from new customers.”
Ritesh Khichadia, page 12 of the filed PDF · View the filing
Risks flagged
Geopolitical situation drove sharp increases in key raw material prices
p. 7
“So just at the end of March, because of the geopolitical situation, the prices of key raw materials, which is LLDP and HDPE, that increased by 50%.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Quarter impacted by challenges primarily due to geopolitical situation
p. 4
“So I would like to note here that the quarter 1 was particularly impacted by several challenges primarily due to the geopolitical situation.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Competitive pricing pressure in the solar pumps market
p. 8
“as the market is becoming more competitive, we have also worked towards our procurement costing as well so that we are able to cushion our margins in front of the competitive pressures which are there on the pricing side.”
Ritesh Khichadia, page 8 of the filed PDF · View the filing
New state markets for solar pumps awaiting tender releases, limiting near-term order opportunities
p. 9
“So we are awaiting tender release from these states and majority of states are indicating that they would be floating in September.”
Ritesh Khichadia, page 9 of the filed PDF · View the filing
Elevated working capital intensity from growth in micro-irrigation and solar pumps businesses
p. 10
“during this period, generally the working capital intensity increases for micro-irrigation business and also for the solar pumps business, as we are in the growth phase, there also there is increase in the working capital intensity as of Q1 or even at present during Q2.”
Ritesh Khichadia, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.