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Captain Polyplast Ltd

CPL

BSE

₹59.00-1.34%19 Oct 2026

Reports

Plastics Pipes and Fittings

Captain Polyplast Ltd

CPL

BSE

₹59.00

-1.34%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Plastics Pipes and Fittings

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Captain Polyplast Ltd is fundamentally a company that helps farmers grow more with less - less water and less grid power - by making the pipes and pumps that deliver both precisely where crops need them. It started in 1997 when an agriculture engineer began building micro-irrigation systems in Gujarat, and it has since expanded into installing government-backed solar pumps and rooftop panels, using the same farmer relationships and state-level distribution network. The recurring approach is to build a manufacturing and project-execution engine for subsidised agricultural equipment, then replicate it across India’s states as government schemes open up new markets.

Business segments

Two engines of roughly equal weight, built on the same farmer network - a micro-irrigation manufacturing business that is the company’s backbone, and a solar EPC business that is its growth accelerator, both riding government subsidy programmes.

1. Micro-irrigation systems: the backbone that built the farmer network

A manufacturer of drip and sprinkler systems sold predominantly through a government-subsidy model, with a 16-state dealer network that reaches roughly 90% of India’s micro-irrigation market.

Made with Israeli and American production technology - the company began making round drip lines in 2011 on US machinery and flat drip lines in 2012 on Israeli equipment, giving it early access to advanced manufacturing for a product where precision matters (water must exit emitters at exactly the right rate).
Three factories, with the newest one built to cut out middlemen - the original Rajkot plant and a Kurnool, Andhra Pradesh plant are now joined by a 70,000 sq. ft. Ahmedabad facility that started production in May 2026, designed to bring previously outsourced components in-house so the company controls quality, speeds up turnaround, and lowers costs versus competitors.
The subsidy model is the bulk of revenue, and it dictates the rhythm of the business - a farmer applies, the company surveys the field with GPS and designs the system, a government agency verifies the plan, a work order is released, the farmer pays their share, the system is installed, and only after a trial run and government inspection does payment arrive; this ties revenue timing to state disbursement cycles and makes the business inherently seasonal, concentrated in about six months of the year.
A 750-dealer network that doubles as an agronomy service - the company reaches farmers through more than 750 dealers and 19 sales offices across 16 states, and its teams provide direct agronomical advice, which builds the trust needed for a product a farmer will use for years.
Raw material advantage through a strategic tie-up - the main input is polyethylene, and the company sources 98% of its raw materials domestically; its Del Credere Associate and Consignment Stockiest partnership with Indian Oil Corporation as a polymer marketing agent gives it a marginal cost edge on that key material.

2. Solar EPC: the growth engine that flattens the seasons

An end-to-end installer of rooftop solar systems and solar water pumps, acting as a government-empanelled system integrator that designs, procures, installs and commissions projects under India’s national solar schemes.

A system integrator, not a manufacturer - the company does not make solar panels or pump motors; it buys them from vendors and stitches them together into working systems, taking responsibility for the entire project from design through commissioning, which means it can enter new states quickly without building factories.
Empanelled with state electricity distributors, which is the entry ticket - the company is registered as an approved vendor with multiple Gujarat DISCOMs and with Maharashtra’s state distribution company, a status that lets it bid for and win orders under the PM Surya Ghar (rooftop) and PM-KUSUM (solar pump) schemes.
Solar pumps are scaling fast through repeat state-level orders - in Maharashtra alone, the company won an empanelment for 200 off-grid solar pumps and subsequent orders for 300 and 1,000 pumps in FY26, each covering design, supply, installation, commissioning and five-year maintenance, with margins that management says are almost identical to the micro-irrigation business.
Rooftop solar smooths out the irrigation calendar - because micro-irrigation installation is concentrated in six months, the rooftop solar EPC business, which operates on a different project cycle under the PM Surya Ghar Yojana, helps flatline revenue across the year.
The expansion playbook is to follow the schemes into new states - the solar EPC business was mainly Gujarat-focused at the start of FY26; by year-end it had added multiple states for rooftop, with plans to enter Rajasthan, Madhya Pradesh, and Maharashtra next.

Group structure and partners

A listed holding company with a web of related entities in adjacent manufacturing, plus strategic partnerships that supply raw materials and distribute its products.

The company is listed on the BSE and has board approval to also list on the NSE, with promoters holding roughly 69%.
It has a wholly owned subsidiary, X2 Irrigation Private Limited, incorporated in October 2024 to do the same things - irrigation manufacturing, solar EPC, PVC pipes and trading - suggesting a vehicle for future expansion or segregation.
It holds a significant minority stake in Captain Pipes Ltd (around 25% as of FY24) and a 17.4% stake in Captain Engineering Pvt Ltd, which makes submersible pumps - a product that fits directly into the solar water-pumping systems the company installs.
The Indian Oil Corporation partnership, running since 2017, makes the company a Del Credere Associate and Consignment Stockist for IOCL’s entire polymer portfolio in Gujarat, earning commission income while also securing a marginal raw-material cost advantage for its own pipe manufacturing.
Multiple other Captain-group entities - Capital Polyplast, Capital Polymers, Captain Plastic, Captain Technocast - are related parties with which the company has purchase and sale transactions, forming a broader industrial ecosystem around the same promoter group.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹355Cr

Close Price

₹59.00

Industry

Plastics Pipes and Fittings

Price To Earnings

12.50

Price To Sales

0.83

Revenue

₹429Cr

Rev Gr TTM

Revenue Growth TTM

46.96%

PAT Gr TTM

PAT Growth TTM

-13.20%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	70	83	69	65	53	90	78	70	80	126	141	81
Growth YoY Revenue Growth YoY%	97.7	15.3	-10.4	-10.6	-24.3	9.3	14.1	7.5	49.7	40.0	80.3	16.4
Expenses ExpensesCr	63	74	60	59	47	79	71	62	72	111	128	72
Operating Profit Operating ProfitCr	7	9	9	6	6	11	8	7	8	15	13	9
OPM OPM%	9.9	10.7	12.5	9.3	11.0	12.5	10.1	10.5	9.9	12.1	9.5	11.5
Other Income Other IncomeCr	1	1	1	1	17	1	1	1	0	1	1	1
Interest Expense Interest ExpenseCr	3	3	3	3	3	2	1	2	2	3	1	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	5	7	6	4	19	9	7	6	6	13	13	7
Tax TaxCr	1	2	1	1	3	2	2	1	2	3	3	2
PAT PATCr	4	5	5	3	16	7	5	4	4	9	10	5
Growth YoY PAT Growth YoY%	4,111.1	95.7	73.1	-20.2	329.3	35.4	2.0	34.4	-73.9	40.9	90.6	8.4
NPM NPM%	5.4	6.0	7.3	4.9	30.6	7.5	6.5	6.2	5.3	7.5	6.9	5.7
EPS EPS₹	0.7	1.0	1.0	0.6	2.9	1.2	0.9	0.7	0.7	1.6	1.6	0.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	70	83	69	65	53	90	78	70	80	126	141	81
Growth YoY Revenue Growth YoY%	97.7	15.3	-10.4	-10.6	-24.3	9.3	14.1	7.5	49.7	40.0	80.3	16.4
Expenses ExpensesCr	63	74	60	59	47	79	71	62	72	111	128	72
Operating Profit Operating ProfitCr	7	9	9	6	6	11	8	7	8	15	13	9
OPM OPM%	9.9	10.7	12.5	9.3	11.0	12.5	10.1	10.5	9.9	12.1	9.5	11.5
Other Income Other IncomeCr	1	1	1	1	17	1	1	1	0	1	1	1
Interest Expense Interest ExpenseCr	3	3	3	3	3	2	1	2	2	3	1	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	5	7	6	4	19	9	7	6	6	13	13	7
Tax TaxCr	1	2	1	1	3	2	2	1	2	3	3	2
PAT PATCr	4	5	5	3	16	7	5	4	4	9	10	5
Growth YoY PAT Growth YoY%	4,111.1	95.7	73.1	-20.2	329.3	35.4	2.0	34.4	-73.9	40.9	90.6	8.4
NPM NPM%	5.4	6.0	7.3	4.9	30.6	7.5	6.5	6.2	5.3	7.5	6.9	5.7
EPS EPS₹	0.7	1.0	1.0	0.6	2.9	1.2	0.9	0.7	0.7	1.6	1.6	0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	135	115	125	149	186	178	185	225	294	287	417	429
Growth Revenue Growth%	36.1	-15.0	8.5	19.8	24.8	-4.4	4.0	21.3	31.0	-2.5	45.5	47.0
Expenses ExpensesCr	119	99	110	131	158	152	170	208	263	255	373	383
Operating Profit Operating ProfitCr	16	16	15	18	28	26	15	17	32	32	44	46
OPM OPM%	11.5	13.7	11.8	12.0	15.2	14.4	8.3	7.5	10.8	11.2	10.5	10.7
Other Income Other IncomeCr	1	0	2	1	3	1	2	3	5	19	3	3
Interest Expense Interest ExpenseCr	7	6	6	7	10	10	10	9	11	10	7	8
Depreciation DepreciationCr	3	2	2	2	4	4	4	3	2	3	3	3
PBT PBTCr	6	8	8	10	17	12	4	8	23	39	37	38
Tax TaxCr	2	3	3	3	5	3	1	2	5	8	9	10
PAT PATCr	4	5	6	7	13	9	3	6	18	31	28	28
Growth PAT Growth%	60.8	31.7	11.0	30.9	75.0	-28.2	-69.5	118.9	194.8	76.1	-11.3	-13.2
NPM NPM%	2.8	4.3	4.4	4.8	6.8	5.1	1.5	2.7	6.0	10.9	6.7	6.6
EPS EPS₹	0.8	1.0	0.9	1.4	2.5	1.8	0.9	1.2	3.4	5.7	4.7	4.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	135	115	125	149	186	178	185	225	294	287	417	429
Growth Revenue Growth%	36.1	-15.0	8.5	19.8	24.8	-4.4	4.0	21.3	31.0	-2.5	45.5	47.0
Expenses ExpensesCr	119	99	110	131	158	152	170	208	263	255	373	383
Operating Profit Operating ProfitCr	16	16	15	18	28	26	15	17	32	32	44	46
OPM OPM%	11.5	13.7	11.8	12.0	15.2	14.4	8.3	7.5	10.8	11.2	10.5	10.7
Other Income Other IncomeCr	1	0	2	1	3	1	2	3	5	19	3	3
Interest Expense Interest ExpenseCr	7	6	6	7	10	10	10	9	11	10	7	8
Depreciation DepreciationCr	3	2	2	2	4	4	4	3	2	3	3	3
PBT PBTCr	6	8	8	10	17	12	4	8	23	39	37	38
Tax TaxCr	2	3	3	3	5	3	1	2	5	8	9	10
PAT PATCr	4	5	6	7	13	9	3	6	18	31	28	28
Growth PAT Growth%	60.8	31.7	11.0	30.9	75.0	-28.2	-69.5	118.9	194.8	76.1	-11.3	-13.2
NPM NPM%	2.8	4.3	4.4	4.8	6.8	5.1	1.5	2.7	6.0	10.9	6.7	6.6
EPS EPS₹	0.8	1.0	0.9	1.4	2.5	1.8	0.9	1.2	3.4	5.7	4.7	4.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	11	12	12
Reserves ReservesCr	14	19	23	31	43	52	56	62	84	133	179
Current Liabilities Current LiabilitiesCr	66	68	73	130	147	127	118	133	151	117	144
Non Current Liabilities Non Current LiabilitiesCr	6	4	3	7	11	21	27	23	21	11	12
Total Liabilities Total LiabilitiesCr	96	101	109	178	211	211	211	228	267	278	348
Current Assets Current AssetsCr	81	82	89	150	183	182	187	204	240	251	308
Non Current Assets Non Current AssetsCr	16	19	20	28	29	28	24	24	27	27	40
Total Assets Total AssetsCr	96	101	109	178	211	211	211	228	267	278	348

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	11	12	12
Reserves ReservesCr	14	19	23	31	43	52	56	62	84	133	179
Current Liabilities Current LiabilitiesCr	66	68	73	130	147	127	118	133	151	117	144
Non Current Liabilities Non Current LiabilitiesCr	6	4	3	7	11	21	27	23	21	11	12
Total Liabilities Total LiabilitiesCr	96	101	109	178	211	211	211	228	267	278	348
Current Assets Current AssetsCr	81	82	89	150	183	182	187	204	240	251	308
Non Current Assets Non Current AssetsCr	16	19	20	28	29	28	24	24	27	27	40
Total Assets Total AssetsCr	96	101	109	178	211	211	211	228	267	278	348

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	7	10	-8	-6	0	0	12	12	-13	8	-22
Investing Cash Flow Investing Cash FlowCr	0	-3	0	-8	1	-1	4	-1	-3	14	-7
Financing Cash Flow Financing Cash FlowCr	-5	-8	6	15	0	0	-14	-12	16	-21	29
Net Cash Flow Net Cash FlowCr	1	-1	-3	0	2	-1	2	0	0	1	0
Free Cash Flow Free Cash FlowCr	7	10	-8	-6	0	-2	11	11	-17	3	-31
CFO To PAT CFO To PAT%	178.2	196.8	-153.6	-87.4	-0.4	1.4	420.2	204.4	-73.3	25.0	-80.6
CFO To EBITDA CFO To EBITDA%	43.2	62.3	-57.4	-35.2	-0.2	0.5	75.0	73.1	-41.0	24.3	-51.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	7	10	-8	-6	0	0	12	12	-13	8	-22
Investing Cash Flow Investing Cash FlowCr	0	-3	0	-8	1	-1	4	-1	-3	14	-7
Financing Cash Flow Financing Cash FlowCr	-5	-8	6	15	0	0	-14	-12	16	-21	29
Net Cash Flow Net Cash FlowCr	1	-1	-3	0	2	-1	2	0	0	1	0
Free Cash Flow Free Cash FlowCr	7	10	-8	-6	0	-2	11	11	-17	3	-31
CFO To PAT CFO To PAT%	178.2	196.8	-153.6	-87.4	-0.4	1.4	420.2	204.4	-73.3	25.0	-80.6
CFO To EBITDA CFO To EBITDA%	43.2	62.3	-57.4	-35.2	-0.2	0.5	75.0	73.1	-41.0	24.3	-51.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	64	140	151	132	126	210	91	89	285	458	326	355
Price To Earnings Price To Earnings	17.3	28.5	27.5	18.3	10.0	23.1	32.8	14.7	16.1	14.6	11.7	12.5
Price To Sales Price To Sales	0.5	1.2	1.2	0.9	0.7	1.2	0.5	0.4	0.9	1.6	0.8	0.8
Price To Book Price To Book	2.6	4.8	4.5	3.2	2.4	3.4	1.4	1.2	3.0	3.2	1.7	1.9
EV To EBITDA EV To EBITDA	5.2	10.1	12.5	10.4	6.9	11.5	11.1	9.8	12.1	16.3	9.5	9.8
Profitability Ratios Profitability Ratios
GPM GPM%	30.7	35.1	33.8	34.1	37.1	32.9	23.6	23.1	27.3	27.9	20.4	20.4
OPM OPM%	11.5	13.7	11.8	12.0	15.2	14.4	8.3	7.5	10.8	11.2	10.5	10.7
NPM NPM%	2.8	4.3	4.4	4.8	6.8	5.1	1.5	2.7	6.0	10.9	6.7	6.6
ROCE ROCE%	27.8	27.6	21.4	17.8	22.0	15.2	9.1	11.4	17.2	23.3	15.8	15.8
ROE ROE%	15.4	17.1	16.4	17.7	23.8	14.6	4.2	8.3	18.9	21.7	14.5	14.5
ROA ROA%	3.9	4.9	5.0	4.0	6.0	4.3	1.3	2.6	6.7	11.3	8.0	8.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	64	140	151	132	126	210	91	89	285	458	326	355
Price To Earnings Price To Earnings	17.3	28.5	27.5	18.3	10.0	23.1	32.8	14.7	16.1	14.6	11.7	12.5
Price To Sales Price To Sales	0.5	1.2	1.2	0.9	0.7	1.2	0.5	0.4	0.9	1.6	0.8	0.8
Price To Book Price To Book	2.6	4.8	4.5	3.2	2.4	3.4	1.4	1.2	3.0	3.2	1.7	1.9
EV To EBITDA EV To EBITDA	5.2	10.1	12.5	10.4	6.9	11.5	11.1	9.8	12.1	16.3	9.5	9.8
Profitability Ratios Profitability Ratios
GPM GPM%	30.7	35.1	33.8	34.1	37.1	32.9	23.6	23.1	27.3	27.9	20.4	20.4
OPM OPM%	11.5	13.7	11.8	12.0	15.2	14.4	8.3	7.5	10.8	11.2	10.5	10.7
NPM NPM%	2.8	4.3	4.4	4.8	6.8	5.1	1.5	2.7	6.0	10.9	6.7	6.6
ROCE ROCE%	27.8	27.6	21.4	17.8	22.0	15.2	9.1	11.4	17.2	23.3	15.8	15.8
ROE ROE%	15.4	17.1	16.4	17.7	23.8	14.6	4.2	8.3	18.9	21.7	14.5	14.5
ROA ROA%	3.9	4.9	5.0	4.0	6.0	4.3	1.3	2.6	6.7	11.3	8.0	8.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PPL	CPL	KRITI	KISAN
Market CapitalizationMkt CapCr	542	355	290	243
Close PriceClose₹	226.80	59.00	54.99	20.30
IndustryIndustry	Plastics Pipes and Fittings	Plastics Pipes and Fittings	Plastics Pipes and Fittings	Plastics Pipes and Fittings
Price To EarningsPE	10.98	12.50
Price To SalesPS	0.66	0.83	0.54	0.96
RevenueRevenueCr	827	429	536	254
Revenue Growth TTMRev Gr TTM%	6.1%	47.0%	-22.1%	-4.8%
PAT Growth TTMPAT Gr TTM%	-27.4%	-13.2%	23.0%	-3,182.6%

	PPL	CPL	KRITI	KISAN
Market CapitalizationMkt CapCr	542	355	290	243
Close PriceClose₹	226.80	59.00	54.99	20.30
IndustryIndustry	Plastics Pipes and Fittings	Plastics Pipes and Fittings	Plastics Pipes and Fittings	Plastics Pipes and Fittings
Price To EarningsPE	10.98	12.50
Price To SalesPS	0.66	0.83	0.54	0.96
RevenueRevenueCr	827	429	536	254
Revenue Growth TTMRev Gr TTM%	6.1%	47.0%	-22.1%	-4.8%
PAT Growth TTMPAT Gr TTM%	-27.4%	-13.2%	23.0%	-3,182.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT Transcript Summary

Mar 26

Result PPT Transcript Summary

Dec 25

Result PPT Transcript Summary

Sep 25