Captain Pipes is a manufacturer that turns PVC resin into the pipes and fittings that carry water to farms and through buildings - a single-product company built on the founder’s three decades in irrigation. Incorporated in 2010 and part of Gujarat’s Captain Group, it graduated from the BSE’s small-company platform to its main board in mid-2023, signalling a business that had outgrown its regional roots. The recurring approach is simple: make a complete range of pipes and fittings under one roof, sell them through a wide network of hardware shops, and steadily expand factory capacity to capture more of a market driven by government water schemes and construction. # Business segments A single engine - PVC pipes and fittings for agriculture and plumbing - sold through one distribution network to two end markets. ## 1. PVC pipes and fittings: the group’s core manufacturing engine **One factory complex makes over 1,500 different pipe and fitting products, sold to farmers and plumbers through more than 1,500 hardware retailers across India and export markets.** - **Two end-markets, one product family** - the business serves agriculture with pressure pipes, column pipes and agri fittings, and plumbing with uPVC, CPVC and SWR (soil, waste and rain) pipes and fittings, all made from the same PVC resin feedstock. - **Made on German and Japanese machines** - the Rajkot plant runs extrusion lines of German technology for pipes and Japanese injection-moulding machines for fittings, giving it the precision to custom-design products to client specifications without relying on outside technology. - **A second plant doubles the base** - in May 2025 the company started commercial production at a greenfield Ahmedabad plant with 20,000 tonnes of annual capacity, built on land more than six times the size of the original Rajkot site, so total installed capacity now spans two locations on the Rajkot-Ahmedabad highway. - **Revenue at the point of delivery** - the company books a sale when goods reach the customer, typically on 30-to-90-day credit, with pricing that moves in step with metal indices and foreign-exchange rates because PVC resin costs swing with both. - **Pushing towards higher-margin plumbing** - a stated aim is to grow the share of column pipes, fittings and plumbing products in the sales mix, which carry better margins than basic agricultural pressure pipes. # Group structure and partners **Captain Pipes sits inside a family-controlled group of listed and unlisted companies that share management and trade with one another, anchored by a significant stake in an associate that makes irrigation and solar equipment.** - **An associate that is also a customer and supplier** - the company holds a 14.82% stake in Captain Polyplast Limited, a listed firm in irrigation, solar and PVC pipes, and both buys from and sells goods to it under common management control. - **Promoter stake diluted to fund growth** - the founding group’s holding fell from roughly 72% to about 41% between March 2023 and March 2025 after a preferential share issue to outside investors, bringing in capital without losing control.