Captain Polyplast Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Captain Polyplast Ltd filed with BSE on 29 May 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 Q4 FY26 revenue of Rs 142 crore, up nearly 80% year-on-year, with EBITDA up 66% to Rs 14.16 crore and net profit up 91% to Rs 9.76 crore. For the full year, total income was Rs 419 crore, a 44% increase over FY25, with EBITDA margin at 11.03%. Management attributed the quarterly EBITDA margin decline to a sharp rise in raw material prices in March, and described progress in expanding the solar EPC business, improving the micro-irrigation revenue mix, and commissioning the Ahmedabad manufacturing facility.
Numbers mentioned
Revenue: INR142 crores (Q4 FY26)
p. 4
“we reported the highest ever quarterly revenue which was INR142 crores as compared to INR79.1 crores in the previous year”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
EBITDA: INR14.16 crores (Q4 FY26)
p. 4
“The EBITDA for the quarter had increased 66% to INR14.16 crores.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
EBITDA margin: 9.96% (Q4 FY26)
p. 4
“The EBITDA margin came at 9.96% which was a slight decline of 86 basis points year-on-year”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Net profit: INR9.76 Cr (Q4 FY26)
p. 4
“The net profit for the quarter has increased 91 percentage to INR9.76 Cr while the EPS was 1.64.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Total income: INR419 crores (FY26)
p. 4
“For the full year FY26, we delivered total income of INR419 crores which was a growth of 44 percentage over FY25.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
EBITDA margin: 11.03% (FY26)
p. 4
“The EBITDA for the year stood at INR6.32 crores with a margin of 11.03%.”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Total debt: around INR89 crores (as of March)
p. 5
“if you see at the end of March, our total debt was around INR89 crores”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Unutilized banking limits: 30% to 35%
p. 5
“We have quite of quite a bit of unutilized limits from the banks. Almost I think 30% to 35%.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Cash business contribution in micro-irrigation: around 15% (FY26)
p. 6
“Yes, for the micro-irrigation business, the cash business segment, the contribution was around 15% for this year.”
Ritesh Khichadia, page 6 of the filed PDF · View the filing
New solar pump order: 500 solar pumps worth around INR11 crores (Q4 FY26)
p. 3
“And even this quarter, we have received another order of 500 solar pumps which is worth around INR11 crores.”
Ritesh Khichadia, page 3 of the filed PDF · View the filing
Micro-irrigation penetration: 17% to 18%
p. 12
“Now till now in last almost two to three decades, we have only achieved penetration of around 17% to 18%.”
Ritesh Khichadia, page 12 of the filed PDF · View the filing
Dealer network: 750 dealers
p. 7
“So naturally having a network of 750 dealers helps us in terms of fast execution once we go ahead for the business in any of these states.”
Ritesh Khichadia, page 7 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.
Micro-irrigation business growth — 20% to 25% average growth · next three years
stated as an aspiration by Ritesh Khichadia
p. 6
“we are targeting a average growth of 20% to 25% over the next three years”
Ritesh Khichadia, page 6 of the filed PDF · View the filing
Solar EPC contribution vs micro-irrigation — 50% to 50% · next couple of years
stated as an aspiration by Ritesh Khichadia
p. 6
“So we are targeting that the contribution of solar EPC segment should be equal to micro-irrigation business in next two years.”
Ritesh Khichadia, page 6 of the filed PDF · View the filing
Micro-irrigation EBITDA margin improvement from Ahmedabad plant — 1% to 1.5% · this year
stated conditionally by Ritesh Khichadia
p. 6
“we are expecting that micro-irrigation business EBITDA margin should improve by 1% to 1.5% only because of the contribution from this plant”
Ritesh Khichadia, page 6 of the filed PDF · View the filing
Export contribution in micro-irrigation — double digit · next five years
stated as an aspiration by Ritesh Khichadia
p. 7
“we are planning that, you know, as we focus more on this segment, this should at least, you know, move to double digit in next five years”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Micro-irrigation business revenue capacity — INR400 crores without additional capex · next couple of years
stated firmly by Ritesh Khichadia
p. 11
“So, right now based on the current capacity, we can easily achieve INR400 crores without any additional capex for the next couple of years.”
Ritesh Khichadia, page 11 of the filed PDF · View the filing
Solar pump execution run rate — at least 1,000 pumps · this quarter
stated firmly by Ritesh Khichadia
p. 11
“In the previous quarter, as I said, we completed 1,000 pumps and, in this quarter, also we are targeting, yes, at least 1,000 pumps.”
Ritesh Khichadia, page 11 of the filed PDF · View the filing
ROCE — next three to five years
stated as an aspiration by Ritesh Khichadia
p. 10
“So, in such a scenario, as our margins remain constant and we grow significantly in both the segments, our ROCE should improve.”
Ritesh Khichadia, page 10 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 margin decline was due to raw material cost increases, not business mix, and that solar pump margins are similar to micro-irrigation margins.
Answered by Ritesh Khichadia
Asked by Rupen Mehta: Is the fast-scaling solar business structurally lower margin, diluting core micro-irrigation profit?
p. 5
“If I talk about the margins from solar EPC business, then the margin from pumps business is actually almost similar to what we are getting in the micro-irrigation business.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Management declined to disclose the exact figure but described overall debt levels and unutilized bank limits.
Answered by Ritesh Khichadia
Asked by Rupen Mehta: How much of the SBI INR50 crore credit line has been drawn for subsidy payment delays?
p. 5
“No, I'll not disclose the exact figures, but if you see at the end of March, our total debt was around INR89 crores.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
Management expressed confidence in continued government policy support and outlined growth targets for both segments.
Answered by Ritesh Khichadia
Asked by Mahesh Seth: How should analysts assess the sustainability of growth given the project-based and policy-linked nature of the businesses?
p. 6
“So we don't, you know, foresee a situation where there would be any change in policy support from the government side.”
Ritesh Khichadia, page 6 of the filed PDF · View the filing
Management said growth would primarily come from market share gains.
Answered by Ritesh Khichadia
Asked by Mahesh Seth: Will future micro-irrigation growth come from market share gains or deeper penetration in existing markets?
p. 7
“It will primarily come from market share gains.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Management said Africa and Latin America are the primary target markets and export contribution is currently around 5% of micro-irrigation revenue.
Answered by Ritesh Khichadia
Asked by Nidhi Purohit: Which export markets are performing well and how much can exports contribute going forward?
p. 7
“At present, the export contribution in micro-irrigation business is around 5% of the total revenues.”
Ritesh Khichadia, page 7 of the filed PDF · View the filing
Management said yes, citing business mix changes aimed at improving working capital intensity.
Answered by Ritesh Khichadia
Asked by Vinod Shah: Will increasing solar EPC and non-subsidy business contribution structurally improve capital efficiency?
p. 9
“Our main reason for increasing mix of solar EPC business is also, to improve our working capital intensity.”
Ritesh Khichadia, page 9 of the filed PDF · View the filing
Management quantified the unexecuted order as the recent 500 pump order worth about INR11 crore.
Answered by Ritesh Khichadia
Asked by Rupen Mehta: What is the absolute value of the unexecuted solar order book?
p. 11
“So, the unexecuted part is the new order which we got recently, which is for 500 solar pumps. So, that value is around INR11 crores.”
Ritesh Khichadia, page 11 of the filed PDF · View the filing
Management cited government estimates of 70 million hectares of potential land versus current penetration of 17-18%.
Answered by Ritesh Khichadia
Asked by Riya Jain: How much headroom exists in domestic micro-irrigation penetration?
p. 12
“So, still there is an under-penetration of more than 80% for micro-irrigation.”
Ritesh Khichadia, page 12 of the filed PDF · View the filing
Management said they only accept orders when confident of execution within the required timeline and have not faced execution delays.
Answered by Ritesh Khichadia
Asked by Riya Jain: How vulnerable is the business to delays in government approvals or subsidy disbursements, especially in solar pumps?
p. 12
“till now we have not faced any situation where we have not been able to execute with the timelines”
Ritesh Khichadia, page 12 of the filed PDF · View the filing
Risks flagged
Sharp increase in raw material prices due to geopolitical events pressured margins
p. 4
“that was primarily on account of the sharp increase in raw material prices during the month of March due to unforeseen geopolitical events”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Subsidy-driven business is linked to state government disbursement cycles and timing variability
p. 4
“the subsidy-driven business continues to be the bulk of our micro-irrigation business, which is naturally linked to state government disbursement cycles and timing variability”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Higher working capital intensity from aggressive growth in both segments
p. 5
“So because of the high growth, definitely this year the working capital intensity has increased.”
Ritesh Khichadia, page 5 of the filed PDF · View the filing
External variables including subsidy timelines, competitive intensity, and macroeconomic conditions remain a concern for FY27
p. 4
“we also remain mindful of external variables including subsidy timelines, competitive intensity in both the businesses and of course the broader macroeconomic conditions”
Ritesh Khichadia, page 4 of the filed PDF · View the filing
Solar order book currently concentrated in one state
p. 9
“the entire order book that we have is majorly coming from one state at the moment, which is from Maharashtra”
Ritesh Khichadia, page 9 of the filed PDF · View the filing
Micro-irrigation business is cyclical with minimal activity during part of the year
p. 10
“during remaining six months, during monsoon and other months, there is very minimal micro-irrigation business”
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.