Key Financial Highlights - Q4 FY26 Consolidated

Profit & Loss Statement (₹ Crore)

  • Revenue: ₹141.47 (Q4 FY25: ₹78.45)
  • Other Income: ₹0.74 (Q4 FY25: ₹0.65)
  • Total Income: ₹142.22, showing 79.80% YoY growth (Q4 FY25: ₹79.10)
  • Raw Material Costs: ₹104.05 (Q4 FY25: ₹53.98)
  • Employee Costs: ₹4.24 (Q4 FY25: ₹4.14)
  • Other Expenses: ₹19.76 (Q4 FY25: ₹12.42)
  • Total Expenditure: ₹128.05 (Q4 FY25: ₹70.54)
  • EBITDA: ₹14.16, showing 65.52% YoY growth (Q4 FY25: ₹8.56)
  • Finance Costs: ₹0.72 (Q4 FY25: ₹1.26)
  • Depreciation: ₹0.67 (Q4 FY25: ₹0.65)
  • Profit/Loss of Associated and JV's: ₹0.16 (Q4 FY25: ₹0.16)
  • PBT: ₹12.78 (Q4 FY25: ₹6.65)
  • Tax: ₹3.17 (Q4 FY25: ₹1.69)
  • Net Profit: ₹9.61 (Q4 FY25: ₹4.96)
  • Total Comprehensive Income: ₹9.82, showing 84.45% YoY growth (Q4 FY25: ₹5.33)
  • Diluted EPS (₹): ₹1.64 (Q4 FY25: ₹0.90)

Full Year FY26 Consolidated Financial Performance

Profit & Loss Statement (₹ Crore)

  • Revenues: ₹417.27 (FY25: ₹286.84, FY24: ₹294.32)
  • Other Income: ₹2.47 (FY25: ₹2.93, FY24: ₹3.38)
  • Total Income: ₹419.75 (FY25: ₹289.77, FY24: ₹297.70)
  • Raw Material Costs: ₹307.04 (FY25: ₹200.60, FY24: ₹206.97)
  • Employee Costs: ₹16.81 (FY25: ₹14.74, FY24: ₹12.62)
  • Other Expenses: ₹49.57 (FY25: ₹39.32, FY24: 42.94)
  • Total Expenditure: ₹373.43 (FY25: ₹254.66, FY24: ₹262.54)
  • EBITDA: ₹46.32 (FY25: ₹35.11, FY24: ₹35.16)
  • Finance Costs: ₹7.24 (FY25: ₹9.91, FY24: ₹10.94)
  • Depreciation: ₹2.60 (FY25: ₹2.50, FY24: ₹2.41)
  • Profit/Loss of Associated and JV's: ₹0.52 (FY25: ₹0.94, FY24: ₹1.18)
  • PBT: ₹35.96 (FY25: ₹21.76, FY24: ₹22.99)
  • Tax: ₹9.21 (FY25: ₹7.92, FY24: ₹5.20)
  • Net Profit: ₹27.26 (FY25: ₹31.32, FY24: ₹17.78)
  • Total Comprehensive Income: ₹27.87 (FY25: ₹31.34, FY24: ₹17.40)
  • Diluted EPS (₹): ₹4.65 (FY25: ₹5.54, FY24: ₹3.36)

Balance Sheet (₹ Crore)

  • Equity: ₹12.04 (FY25: ₹11.51, FY24: ₹10.58)
  • Reserves: ₹179.40 (FY25: ₹137.85, FY24: ₹84.88)
  • Net Worth: ₹191.43 (FY25: ₹149.36, FY24: ₹95.45)
  • Long Term Borrowing: ₹11.43 (FY25: ₹10.68, FY24: ₹20.01)
  • Total Non-Current Liabilities: ₹11.93 (FY25: ₹11.46, FY24: ₹20.60)
  • Current Borrowings: ₹77.72 (FY25: ₹55.81, FY24: ₹82.06)
  • Trade Payables: ₹49.89 (FY25: ₹46.10, FY24: ₹49.50)
  • Total Current Liabilities: ₹144.31 (FY25: ₹117.41, FY24: ₹150.97)
  • Total Liabilities: ₹347.68 (FY25: ₹278.23, FY24: ₹267.02)
  • Inventories: ₹40.97 (FY25: ₹39.20, FY24: ₹34.60)
  • Trade Receivables: ₹241.05 (FY25: ₹185.92, FY24: ₹176.61)
  • Cash & Bank Balance: ₹0.94 (FY25: ₹1.21, FY24: ₹4.87)
  • Total Current Assets: ₹308.14 (FY25: ₹250.99, FY24: ₹239.82)
  • Total Assets: ₹347.68 (FY25: ₹278.23, FY24: ₹267.02)

Cash Flow Statement (₹ Crore)

  • Cashflow from Operations: -₹22.39 (FY25: ₹7.83, FY24: -₹13.69)
  • Cashflow from Investments: -₹7.23 (FY25: ₹14.05, FY24: -₹1.60)
  • Cashflow from Financing: ₹29.36 (FY25: -₹20.80, FY24: ₹15.58)

Business Overview and Operational Highlights

Company Description

Captain Polyplast Limited is an integrated irrigation and renewable energy solutions provider with manufacturing facilities in Rajkot, Ahmedabad and Kurnool. The company is engaged in manufacturing and exporting micro irrigation solutions with a strong distribution network across 16 states in India and export presence across Africa, Latin America and Middle East.

Business Segments

1. Micro Irrigation Systems

2. Solar EPC Services

3. Polymer Marketing (IOCL)

Key Developments

  • MSEDCL Order: Secured an order from MSEDCL for 300 Off-Grid Solar Water Pumping Systems during Q4 FY26
  • Ahmedabad Facility: Operationalisation expected to support better efficiencies and strengthen long-term growth outlook
  • Manufacturing Capacity: Utilizes combined capacity of 1,100 KW of captive wind turbine and solar roof top power for sustainable operations
  • Technology: Equipped with state-of-the-art machinery and Dripline technology from Israel and the USA
  • Strategic Partnership: Partnership with IOCL for polymer product marketing in Gujarat

Management Commentary

Mr. Ritesh Khichadia, Whole Time Director, commented: "This year marked strong progress for the Company as we strengthened our micro-irrigation business and expanded our solar EPC presence under the PM-KUSUM Scheme. Our focus remained on improving execution efficiency, expanding state empanelments, and enhancing operational capabilities. With a strong distribution network, supportive government policies, and increasing adoption of sustainable irrigation solutions, we remain confident of sustaining growth momentum and creating long-term value for stakeholders."

Growth Strategy

  • Network expansion within and outside the country
  • Increase mix of commercial sales (non-subsidy MI sales, PVC pipes, exports) to reduce working capital
  • Planned expansion into Rajasthan, Madhya Pradesh, and Maharashtra to strengthen Solar EPC presence
  • Expanding integration under PM-KUSUM scheme beyond Himachal Pradesh

Leadership Team

  • Mr. Ramesh Khichadia: Chairman and Managing Director, B. Tech in Agriculture Engineering, over 30 years experience
  • Mr. Gopal Khichadia: Director, over 25 years experience in Pipes and Irrigation industry
  • Mr. Ritesh Khichadia: Whole-Time Director, BTech from IIT Bombay, PGDM from IIM Lucknow