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-irrigatio...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered1Evaded / deflected10Questions auditedContradictedNumbers vs filing
Answered
High priority
Growth outlook over next 2-3 years
Asked by Vidi Prohit, HNI
Management provided specific growth targets and business mix goals.
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Question
if you could also give us some color on how you are thinking about growth over the next two or three years in terms of broad number of overall business
Ronuk (management)
in microgation segment we already have a existing presence and there we are targeting a growth of 25 percentage over next 3 years... in the solar APC segment we are targeting aggressive growth... after 3 years the mix of business will be 50/50
Partial answer
Medium priority
Current capacity and utilization across segments
Asked by Vidi Prohit, HNI
Management gave capacity revenue potential but not actual utilization rate.
no utilization percentage given
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Question
what is the current capacity across different segments and where utilization stands today?
Ronuk (management)
all our manufacturing capacity is only targeted for micro irrigation segment... with existing two plants we can comfortably achieve a revenue of 400 crores for the microligation business alone
Answered
Medium priority
Is the new Ahmedabad unit operational?
Asked by Nidita Jane, individual investor
Management clearly stated the unit is not yet operational and gave timeline.
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Question
is new Ahmedabad unit operational?
Ronuk (management)
it is not operational right now... it would be operational in the next month.
Answered
High priority
Products and margin profile of new plant revenue
Asked by Nidita Jane, individual investor
Management specified products, margin improvement, and timeline.
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Question
what kind of products and margin profile of the like additional revenue from this plant and by when can it be ramped up?
Ronuk (management)
in the first phase we are primarily targeting various accessories... which form around 5 to 10% of the value... we'll see an improvement in operating margin... expecting a margin improvement of around 1.5 percentage for microligation business
Answered
Medium priority
Full utilization timeline for Ahmedabad unit
Asked by Nidita Jane, individual investor
Management gave a specific fiscal year for full utilization.
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Question
when can we expect full utilization of capacities for Amedabad unit?
Ronuk (management)
It would be in FI28... first full year in FI27 and we are expecting full utilization to be achieved by FI28.
Partial answer
Medium priority
Number of solar pumps executed this quarter vs prior
Asked by Nidita Jane, individual investor
Management gave order wins and execution percentage but not exact executed count.
no exact executed number givenno prior quarter comparison
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Question
In this quarter, how many pumps have we executed and in comparison to the previous quarter and in comparison to the previous year same quarter?
Ronuk (management)
we have just started this segment from September onwards... we do not have a year-on-year comparison... we have almost 1,500 plus orders... 60% of the work is executed
Partial answer
High priority
Current order book in EPC and contribution to revenue
Asked by Mahay state, Vy Capital
Management gave order wins but not current revenue contribution percentage.
no current percentage contribution given
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Question
what are our current order book in EPC and what is the percentage contribution from APC to total revenue
Ronuk (management)
for the solar pumps... total order wins of 1,500... 60%age is already executed... solar rooftop... no sizable order book... last year entire solar EPC vertical was 10%age of our total revenue
Evasive
Low priority
How to measure micro irrigation performance
Asked by Mahay state, Vy Capital
Management did not provide a clear performance metric, only general benefits.
no specific metric givengeneric answer
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Question
how will you measure the performance of micro irrigation system like is it in terms of minimizing uses of water?
Ronuk (management)
it depends on the need of the farmer... we design each and every system as per their requirement... there are multiple benefits and multiple studies
Evasive
Low priority
KPIs and comparison to competitors like Jain Irrigation
Asked by Mahay state, Vy Capital
Management avoided giving KPIs and did not quantify comparison.
no KPIs providedno direct competitor comparison
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Question
what are the KPIs in this and how does it compare to our competitors like for example J irrigation or any other company?
Ronuk (management)
there are no standard KPIs... the quality of product... is at par or better... we have imported manufacturing technology from Israel
Answered
High priority
Capex plan for next two years
Asked by Shakshi Sindi, Sha Consultancy Limited
Management gave specific capex amount and timeline.
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Question
what is our capex plan for next two years.
Ronuk (management)
expected capex amount for this plant is 10 crores... 50%age already incurred... balance 50% would be incurred in the current quarter... no sizable capex planned at the moment
Evasive
High priority
Expected margins for FY27
Asked by Shakshi Sindi, Sha Consultancy Limited
Management did not provide a numeric margin target, only said sustain current.
no specific margin number givendeferred to current quarter
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Question
what margins can we expect for FY27?
Ronuk (management)
the margins which we have seen in the current quarter we will be able to sustain that in the coming quarters as well.
Answered
High priority
Margin pressure or competitive pressure in solar EPC
Asked by Puja Mishra, JK Capital
Management differentiated segments and gave margin range for rooftop.
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Question
is there any margin pressure or competitive pressure in solar DPC?
Ronuk (management)
in solar pumps... margins are comparatively higher... solar rooftop... margins are relatively lower... operating margins are in high single digits
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Micro irrigation growth target 25% CAGR over 3 years | 25% | 40% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.