Captain Polyplast LimitedUnclassifiedCPL
Q1 FY27 earnings callCaptain Polyplast Limited
The company delivered solid Q1 growth in revenue and EBITDA margin despite geopolitical headwinds, while securing significant solar EPC orders and commissioning a new manufacturing facility for future efficiency gains.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income | Rs. 81.66 crores | 16.3% | |
| EBITDA | Rs. 9.86 crores | 26.7% | |
| EBITDA Margin | 12.07% | 99 basis points | |
| Net Profit | Rs. 4.66 crores | — | |
| Diluted EPS | Rs. 0.78 | — |
TL;DR
- Total income grew 16.3% YoY to Rs. 81.66 crores.
- EBITDA increased 26.7% to Rs. 9.86 crores with a 99 bps margin expansion.
- Won 1500 solar pump orders in the first four months of FY27, with 800 already executed.
- Commissioned a 70,000 sq ft Ahmedabad facility to in-house critical components.
- Targets solar EPC segment to reach 50% of business contribution in 3 years.
Said on the call
“Despite all those headwinds, I am very pleased to say that we have been able to improve on the key financial parameters, both revenue growth and EBITDA margin.”
From the Q&A
| Topic | What management said |
|---|---|
| Order Book & Execution | Out of 1500 solar pump orders won in the first 4 months, 800 are completed and 700 are pending, expected to complete by month end. |
| Raw Material Prices & Pass-through | Key raw material (LLDP, HDPE) prices are up 30-35% vs Jan/Feb; price increases have been passed on in free-pricing markets, with government subsidy price revisions in Gujarat already done and other states expected in Q2. |
| Capacity & Growth Bottlenecks | Existing manufacturing capacity can support micro-irrigation business of ~Rs. 600 crores with no bottleneck; solar EPC growth is constrained by execution, not manufacturing. |
| Solar Business Growth & Contribution | Targets solar EPC segment to contribute 50% of business over the next 3 years; currently focused on Maharashtra but planning to expand to Rajasthan, Jharkhand, Karnataka, Haryana. |
| Ahmedabad Facility Ramp-up & Benefit | New facility to in-house components constituting ~10% of micro-irrigation system value; full ramp-up will take 2-3 years, expected to improve micro-irrigation EBITDA margin by 1-1.5%, with a blended company margin improvement of 10-15 bps per quarter. |
| Working Capital Cycle | Micro-irrigation receivable cycle is 5-6 months (8-10 months in Andhra Pradesh); solar pumps cycle is 3-4 months; working capital intensity is high in H1, with improvement expected in H2 as receivables are recovered. |
| Dealer Network & Market Share | Has ~750 dealers across 16 states for micro-irrigation; focus in strong states is on gaining market share from existing network, while in under-penetrated northern/eastern states, focus is on expanding the dealer network. |
Guidance
- Expect full impact of government price revisions for micro-irrigation to be visible from Q3.
- Expects solar EPC segment to reach 50% contribution over the next 3 years.
- Ahmedabad facility ramp-up to improve micro-irrigation EBITDA margin by 1%-1.5% over 2-3 years, with blended company margin improving 10-15 bps per quarter.
- Working capital intensity to improve in H2 as majority of receivables are recovered.
Source
Summary written from the transcript filed by Captain Polyplast Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 19:44 IST.