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Solar rooftop margin pressure
View Risks →Captain Polyplast Ltd — Q3 FY26
Captain Polyplast reported its best-ever quarterly performance in Q3 FY26, with total income rising 40% YoY to ₹127 crore, driven by strong volume growth in both micro-irrigation and solar EPC segments.
bullish
high
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Captain Polyplast reported its best-ever quarterly performance in Q3 FY26, with total income rising 40% YoY to ₹127 crore, driven by strong volume growth in both micro-irrigation and solar EPC segments. EBITDA grew 35% YoY to ₹16.13 crore with a margin of 12.68%, while PAT increased 41% to ₹9.47 crore. The solar pumps business gained traction with orders for 1,500 pumps worth ₹35.86 crore, and management targets a 50/50 revenue mix between MIS and solar EPC over three years. A new Ahmedabad plant is expected to improve MIS margins by ~150bps. Risks include competitive pressure in solar rooftop and potential delays in PM-KUSUM scheme execution.
कैप्टन पॉलीप्लास्ट ने वित्त वर्ष 2026 की तीसरी तिमाही में अब तक का सबसे अच्छा प्रदर्शन किया। कुल आय 40% बढ़कर ₹127 करोड़ हो गई, जिसका कारण माइक्रो-इरिगेशन (बूंद-बूंद सिंचाई) और सोलर ईपीसी (सौर ऊर्जा परियोजनाओं) दोनों में मजबूत बिक्री है। कंपनी की कमाई (EBITDA) 35% बढ़कर ₹16.13 करोड़ और मुनाफा (PAT) 41% बढ़कर ₹9.47 करोड़ हुआ। सोलर पंपों के 1,500 ऑर्डर मिले हैं, जिनकी कीमत ₹35.86 करोड़ है। कंपनी अगले तीन साल में दोनों कारोबारों से बराबर कमाई चाहती है। अहमदाबाद में नया प्लांट लगाने से मुनाफा और बढ़ेगा। जोखिम: सोलर रूफटॉप में प्रतिस्पर्धा और सरकारी योजना में देरी।
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Read Transcript →Quarter Snapshot
Solar pump orders
1,500 pumps
New segment, no YoY comparison
Total order wins since starting solar pumps in September 2025; 60% executed as of call date.
Solar pump order value
₹35.86 crore
New segment, no YoY comparison
Aggregate value of two orders secured during Q3 for 1,300 pumps.
MIS revenue share (FY25)
90%
Targeting 50% in 3 years
Current business mix; management aims for 50/50 MIS/solar EPC by FY28.
MIS capacity utilization
₹400 crore revenue potential
Existing plants can support this level
Two existing plants (Rajkot and Karnod) can comfortably achieve ₹400 crore revenue for MIS alone.
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Guidance and risk preview
Management targets 25% CAGR growth in micro-irrigation segment over the next three years, driven by market share gains in existing geographies.
Solar rooftop segment is highly competitive with operating margins in high single digits, and management acknowledged margins remain under pressure.
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