Company Overview

Captain Pipes Limited submitted its 17th Annual General Meeting notice and FY25-26 annual report to BSE under SEBI Regulations 30 and 34(1). The company operates in the plastics and polymers manufacturing sector with significant agricultural infrastructure applications.

Financial Performance Highlights

Standalone Results (₹ in Lakhs):

  • Revenue from operations: ₹7,773.11 (up 1.27% YoY from ₹7,674.92)
  • Net profit declined 33.25% to ₹294.40 lakhs (from ₹441.02 lakhs)
  • Operating profit before finance costs: ₹861.76 lakhs (from ₹829.03 lakhs)
  • Finance costs increased 75.5% to ₹253.71 lakhs due to expanded borrowing
  • Depreciation surged 130.7% to ₹210.84 lakhs following capital expansion

Consolidated Results:

  • Net profit: ₹698.46 lakhs (down 20.23% from ₹875.74 lakhs)
  • Share of profit from associate Captain Polyplast Limited: ₹404.06 lakhs

Key Financial Ratios Deterioration

March 31, 2026 vs March 31, 2025:

  • Current Ratio: 1.24 vs 2.30 (↓46.26%)
  • Debt-Equity Ratio: 0.73 vs 0.40 (↑84.30%)
  • Return on Equity: 7.15% vs 13.53% (↓47.15%)
  • Net Profit Ratio: 3.79% vs 5.75% (↓34.09%)
  • Return on Capital Employed: 17.39% vs 26.38% (↓34.06%)

Major Capital Expansion

The company undertook significant capacity expansion with ₹2,745.93 lakhs addition to Property, Plant and Equipment, primarily for a new manufacturing facility at Bhamsara, Ahmedabad. The facility commenced commercial production in May 2025, leading to:

  • Gross Block increased to ₹4,896.40 lakhs (from ₹2,150.47 lakhs)
  • Net Block rose to ₹3,623.95 lakhs (from ₹1,088.86 lakhs)
  • Capital Work-in-Progress reduced to ₹35.41 lakhs (from ₹1,019.27 lakhs)

Financing Structure

Total borrowings increased to ₹3,121.65 lakhs (from ₹1,576.46 lakhs) to fund expansion, comprising:

  • Non-current borrowings: ₹1,674.28 lakhs
  • Current borrowings: ₹1,447.37 lakhs
  • Secured against Plant & Machinery, Inventories, Property, Debtors & Book Debts

Major lenders include HDFC Bank, Kotak Mahindra Bank, Yes Bank, and ICICI Bank with interest rates ranging from Repo rate + 2.76% to 10.27%.

Investment in Associate Company

The company holds 14.82% stake in Captain Polyplast Limited valued at ₹1,713.05 lakhs (89,20,476 equity shares). The investment contributed ₹404.06 lakhs to consolidated profits through share of associate earnings.

Annual General Meeting Details

  • Date: September 30, 2026 (Virtual mode)
  • Record Date: September 23, 2026
  • Agenda: Adopt financial statements and reappoint Managing Director Gopal D. Khichadia
  • No dividend recommended for FY26; entire profit retained

Corporate Governance & Management

  • Board composition: 6 Directors (4 Non-Executive, 3 Independent, 2 Executive)
  • Mr. Gopal D. Khichadia seeks re-appointment as Managing Director with remuneration of ₹43.62 lakhs
  • Company maintains compliance with SEBI Listing Regulations and Companies Act, 2013
  • No material penalties, fraud, or sexual harassment complaints reported

Working Capital & Operations

  • Inventories increased to ₹1,836.70 lakhs (pledged as security)
  • Trade receivables decreased to ₹904.19 lakhs
  • Export earnings: ₹1,005.77 lakhs
  • Employee strength: 61 employees with harmonious industrial relations

The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) and audited by J C Ranpura & Co., Chartered Accountants.