Captain Polyplast Ltd

AGM timetable and book closure

• AGM scheduled for 26 September 2026 at 11:00 IST via VC/OAVM.
• Cut-off date for voting fixed as 19 September 2026.
• Register of Members and Transfer Books closed 20-26 September 2026.
• Remote e-voting opens 23 September 2026 at 9:00 a.m. and closes 25 September 2026 at 5:00 p.m.
• Members as on cut-off date eligible to vote by remote e-voting.

Financial Performance

• Q1 FY27 total income Rs 81.66 crores; YoY +16.3%.
• EBITDA Rs 9.86 crores; margin 12.07% (up 99 bps).
• Net profit Rs 4.66 crores; diluted EPS Rs 0.78.
• NSE listing completed in July 2026; market visibility improved.

Operations & Capacity

• Micro-irrigation dealer network: 750 dealers across 16 states.
• Ahmedabad facility: 70,000 sq ft; ramp-up to support volumes.
• Target micro-irrigation capacity: around Rs 600 crores; no bottlenecks.
• Replacement demand 10-20% in high-penetration states.

Solar Pumps & EPC Outlook

• Solar EPC orders: 500 pumps from MSEDCL; 1,000 pumps in July; total 1,500 in 4 months.
• Rooftop solar: 60-70% from existing micro-irrigation dealers; rest from dedicated solar pumps dealers.
• PM-KUSUM empanelment: Maharashtra & Gujarat; tenders expected September.
• Margin outlook: volume growth supports margins; Ahmedabad ramp yields 1-1.5% EBITDA uplift; 10-15 bps/quarter blended.

Pricing & Working Capital

• Raw materials LLDP/HDPE: end-Mar up 50%; current level ~30-35% vs Jan/Feb.
• Gujarat price revision implemented; others under process; full effect by Q3; central mechanism by Sep.
• Receivables: micro-irrigation 5-6 months; solar pumps 3-4 months; year-end improvement expected.
• No manufacturing bottlenecks; micro-irrigation capacity guided toward Rs 600 crores.

Capex & Execution

• Ahmedabad facility: in-house component production; valves/connectors ~10% of system value.
• Full substitution of outsourced components to take 2-3 years; gradual product ramp localised.
• Priorities for FY27: ramp Ahmedabad, expand solar EPC, improve revenue mix; disciplined execution.

Q&A Highlights

• Pending solar-pumps order: ~700; 800 completed; 700 to complete by month-end.
• Solar rooftop share: 60-70% via existing dealers; pumps via dedicated dealers.
• Export momentum: low base; growth from new customers/new markets; Africa/Latin America ~5%.
• Ahmedabad ramp: 1-1.5% EBITDA uplift upon full ramp; blended 10-15 bps/quarter.

Transcript Note

• Transcript content not included in this chunk; wrapper-only filing.

Business Overview

• Integrated irrigation and renewable energy solutions provider across micro irrigation, Solar EPC, and IOCL polymer marketing.
• Manufacturing in Rajkot, Ahmedabad, and Kurnool with exports to Africa, Latin America, and Middle East.
• Growth strategy includes expanding Solar EPC and non-subsidy micro-irrigation sales.

Key Operational Highlights

• Q1 FY27 EBITDA ₹9.86 Cr, margin 12.07%; Net Profit ₹4.66 Cr, margin 5.71%.
• MSEDCL order ₹11.8 Cr for 500 solar pumps under PM-KUSUM (May 2026).
• Ahmedabad facility 70,000 sq ft; production started May 2026; fully operational.
• NSE listing effective 23 July 2026; improves market visibility and investor accessibility.
• Credit rating upgraded to BBB / A3+; paid-up capital up to ₹12.04 Cr.
• Maharashtra order wins: 1,000 pumps valued ₹23.60 Cr (Jul 2026).

Financial Performance

• Q1 FY27 total income ₹81.66 Cr; YoY growth 16.29%.
• Consolidated FY26 revenue ₹417.27 Cr; EBITDA ₹46.32 Cr; Net Profit ₹27.26 Cr.
• Net worth ₹191.43 Cr; Total liabilities ₹347.68 Cr.
• Current borrowings ₹77.72 Cr; Cash ₹0.94 Cr.
• Cash flow FY26: -₹22.39 Cr from operations; +₹29.36 Cr from financing.

Capital Structure & Liquidity

• Equity capital up to ₹12.04 Cr; Long-term borrowings ₹11.43 Cr; Current borrowings ₹77.72 Cr.
• NSE listing and BBB/A3+ rating bolster liquidity and credit profile.
• NSE listing date: 23 July 2026.

Strategic Priorities & Outlook

• Solar EPC growth to diversify revenue base.
• Improved capacity utilization from Ahmedabad plant; higher operating leverage.
• Geographic expansion into Rajasthan, Madhya Pradesh, Maharashtra; international markets.
• Increase non-subsidy MI sales, PVC pipes, and exports.
• PM-KUSUM expansion beyond Himachal Pradesh; ramping capacity utilization.

Risks & Mitigation

• Forward-looking statements subject to risks including economy and policy changes.
• Reliance on government schemes like PM-KUSUM; diversification to mitigate.

Governance & Leadership

• Ramesh Khichadia (Chairman & MD) and Ritesh Khichadia (Whole-Time Director).
• NSE listing as a governance milestone; enhances market visibility.
• Strategic IOCL partnership for polymer marketing.

Financial highlights

• Total Income 81.66 Cr in Q1 FY27, up 16.3% YoY.
• EBITDA 9.86 Cr, margin 12.07% in Q1 FY27 vs 11.08% prior.
• Net Profit 4.66 Cr; net profit margin 5.71% vs 6.12%.
• Diluted EPS 0.78; YoY 6.9%.

Operational & strategic developments

• New 70,000 sq ft facility commenced production near Ahmedabad.
• Order worth ₹11.8 Cr from MSEDCL for 500 solar pumps under PM-KUSUM.
• NSE listing effective 23 July 2026; dual listing on BSE & NSE.

Outlook & management commentary

• Ramp up new facility, expand Solar EPC presence; leverage micro-irrigation and renewable energy growth.
• Focus on driving sustainable growth and long-term stakeholder value.

FY26 consolidated snapshot

• FY26 consolidated: Total Income ₹419.75 Cr, EBITDA ₹46.32 Cr, Net Profit ₹27.78 Cr.

Standalone financials

• Total income ₹8,166.16 lakh; revenue from operations ₹8,116.49 lakh.
• Total expenses ₹7,474.24 lakh; PBT ₹591.92 lakh.
• Tax expense ₹225.60 lakh; current ₹75.00 lakh; deferred ₹151.60 lakh.
• PAT ₹465.32 lakh; basic and diluted EPS ₹0.78.
• Year ended 31 Mar 2026: total income ₹41,974.53 lakh; PAT ₹2,726.47; EPS ₹4.57.
• Auditors: Limited review reports; results approved by Board.

Consolidated financials

• Total income ₹8,166.16 lakh for quarter ended 30 Jun 2026.
• PAT after tax ₹466.32 lakh; total comprehensive income ₹468.30 lakh.
• EPS (basic/diluted) ₹0.78.
• Results reviewed by Audit Committee; statutory auditors carried out Limited Review.

Segment information

• Two reportable segments: Segment 1 Manufacturing of micro irrigation systems; Segment 2 IOCL polymer business.
• Segment information provided in notes; segmental disclosures accompany results.

Board approvals & notes

• Board approved standalone and consolidated unaudited results for quarter ended 30 Jun 2026.
• Limited Review Reports circulated by M/s J C Ranpura & Co.; results posted on BSE and company website.
• Notes also cover segment definitions and investor complaints status.

Business model & segments

• Captain Polyplast manufactures micro irrigation systems and IOCL polymer-related products.
• Two segments reflect manufacturing of irrigation products and IOCL polymer collaboration.

Order details

• Awarding entity: MSEDCL, a domestic utility in Maharashtra.
• Scope: design, manufacture, supply, transport, installation, testing and commissioning of 1,000 off-grid solar water pumps.
• Contract value: ₹23.6 crore inclusive of GST.
• Timeline: installation completed within 60 days from NTP/WO/JSR approval.
• Nature: domestic order under PM Kusum B Scheme Magel Tyala Saur Krushi Pump.
• Related party: promoter interest not present; no related-party transactions.
• Includes warranty, repair and maintenance, plus Remote Monitoring System for 5 years.
• Impact: strengthens CPL's solar EPC order book and revenue visibility.

Dematerialisation status

• No dematerialisation or rematerialisation requests were received during the reporting quarter.
• No securities were dematerialised or rematerialised; consequently, no certificates were mutilated or cancelled.
• There was no substitution of the depository in the register due to absence of dematerialisation.
• Registrar/Transfer Agent confirmed no dematerialisation activity occurred.
• No exceptions, delays, or non-compliance reported.

Captain Polyplast Ltd: Trading window closed from 1 July 2026 till the end of 48 hours after declaration of financial results for the quarter ended June 30, 2026.