### **Overview** Captain Polyplast Limited (CPL), established in 1997, is a leading Indian manufacturer and exporter of **micro irrigation systems** and a growing player in the **solar EPC (Engineering, Procurement, and Construction)** and **polymer marketing** sectors. With over **27 years of industry experience**, CPL has built a strong reputation for product quality, reliability, and durability in both domestic and international markets. The company’s **vision** is to empower sustainable agriculture through water-efficient technologies while expanding its footprint in renewable energy and allied industrial sectors. --- ### **Core Business Segments** As of November 2025, CPL operates across **three primary business verticals**: 1. **Micro Irrigation Systems & Allied Products** - Manufacturing of drip and sprinkler irrigation systems, HDPE/PVC pipes, and related agri-technical solutions. - Supports agronomical services and installation for farmers. - Contributes over 98% of consolidated revenue. 2. **Solar EPC Services** - Provides solar-powered water pumping systems (on-grid and off-grid), rooftop solar installations, and EPC services under national schemes like PM-KUSUM. - Emerged as a key growth driver for revenue diversification. 3. **Polymer Marketing (DCA cum CS with IOCL)** - Appointed as a **Del Credere Agent cum Consignment Stockist (DCA cum CS)** by **Indian Oil Corporation Limited (IOCL)** for marketing polyethylene and other polymer products in Gujarat since February 2017. - Serves over 1,200 plastic processors, acting as a critical channel partner. - Provides stable cash flows and strategic raw material access. --- ### **Manufacturing & Operational Infrastructure** - **Manufacturing Facilities:** - **Rajkot, Gujarat:** Equipped with advanced machinery (from Israel & USA), including drip line technology. - Annual capacity: 158.5 million meters of drip line, 4,000 MT HDPE pipes. - **Kurnool, Andhra Pradesh:** - Annual production: 9,000 MT of drip lines, HDPE, and PVC pipes. - **Ahmedabad, Gujarat (New Plant):** - **70,000 sq. ft. state-of-the-art facility**, scheduled to become operational by **Q3 FY26**. - Focus: Critical micro-irrigation components to enhance efficiency, capacity, and profitability. - **Sustainability Initiatives:** - **Captive power capacity of 1,100 KW** through a combination of: - 1 MW wind turbine (Rajkot). - Rooftop solar panels. - Reflects commitment to clean and sustainable manufacturing. - **Distribution Network:** - 19 sales offices across Western, Northern, and Southern India. - 12–13 stock depots supporting **over 750 dealers**. - Presence in **16 Indian states**, covering ~90% of India’s micro irrigation market. --- ### **Financial Highlights (as of FY23 & Recent Updates)** | Segment | Revenue (FY23) | Pre-Tax Profit (FY23) | |----------------------------------------|--------------------------|-----------------------------| | Micro Irrigation Systems | ₹22,317.43 Lakh (~₹2,232 Cr) | ₹652.54 Lakh | | IOCL Polymer Marketing (DCA cum CS) | ₹430.99 Lakh (~₹43.1 Cr) | ₹113.52 Lakh | | **Total Consolidated Revenue (FY23)** | **₹22,744.12 Lakh (~₹2,274 Cr)** | — | > Revenue trend shows consistent growth, with solar EPC and commercial sales gaining traction. --- ### **Strategic Growth Initiatives (2024–2025)** 1. **Expansion into Solar EPC** - Awarded LOAs under **PM-KUSUM Scheme**: - ₹5.97 crore order for **200 off-grid solar water pumps** in Maharashtra. - LOA from **Dakshin Gujarat Vij Company Ltd (DGVCL)** for solar pump supply in Gujarat. - Empanelled by **MGVCL** for 4.3 MW of rooftop solar projects (estimated revenue: ₹18 crore). - Products: AC Solar Surface Pumps, Submersible & battery-free variants. - Cross-selling leverage via existing farmer relationships. 2. **Geographic Expansion** - Plans to enter underserved agricultural markets in: - Rajasthan - Madhya Pradesh - Maharashtra - International outreach: - Participated in **Agritech Africa 2024 (Nairobi)** and **Agritechnica 2023 (Germany)**. - Exports to **Africa, Latin America, Middle East, and Gulf countries**. 3. **Enhanced Commercial Sales Mix** - Focused shift toward **non-subsidized sales** to reduce working capital pressure, including: - Commercial micro-irrigation systems - PVC pipes - Exports - Targeting higher capacity utilization and improved EBITDA. 4. **Revenue Diversification & Profitability** - Growing the **Solar EPC segment** to balance government subsidy dependence. - Leveraging **IOCL partnership** to secure raw material access and earn recurring commissions. - Future roadmap includes participation in **PM Surya Ghar Yojana** for residential solar projects. --- ### **Leadership & Management** - **Founder & Promoter:** - **Mr. Ramesh Khichadia**, B.Tech (Agricultural Engineering), with over 30 years of experience in irrigation. - **Next-Gen Leadership:** - **Mr. Ritesh Khichadia**, Whole Time Director, IIT Bombay & IIM Lucknow alumnus, former investment banker with expertise in M&A and strategy. - Leadership combines deep sector knowledge with modern corporate governance and strategic finance capabilities. --- ### **Key Differentiators & Market Position** ✅ Proven scale and reach: Strong dealer network across 16 states ✅ Vertical integration: Manufacturing + installation + agronomic support ✅ Dual revenue model: Product sales + service-based (solar EPC & IOCL commission) ✅ Government scheme participation: PM-KUSUM, Surya Gujarat, Magel Tyala Saur Krishi Pump Yojana ✅ Sustainability leader: Wind + solar-powered operations ✅ Diversified export markets with future growth potential