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Revenue
₹127 Cr
verified against source
Revenue YoY
40%
reported change
EBITDA
₹16.13 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 25% CAGR growth in micro-irrigation segment over the next three years, driven by market share gains in existing geographies.
- Management aims to shift the business mix from current 90/10 (MIS/solar EPC) to 50/50 within three years, implying aggressive growth in solar EPC.
- In-house manufacturing of accessories (5-10% of system value) at the new plant is expected to improve MIS operating margins by ~1.5 percentage points over 1-2 years.
- Total capex for the new plant is ₹10 crore; ~50% already incurred, balance in current quarter. No other sizable capex planned.
Risks flagged
- Solar rooftop segment is highly competitive with operating margins in high single digits, and management acknowledged margins remain under pressure.
- Analyst raised concern about potential extension/delays in PM-KUSUM targets; management downplayed but did not provide specific mitigation.
- Solar pumps business is heavily reliant on government tenders under PM-KUSUM; any policy change or budget cut could impact growth.
Key quotes
- We achieved our highest quarterly revenue and operating profit in company's history during this quarter.
- We are targeting that after 3 years the mix of business will be 50/50.
- For the rooftop segment the operating margins are in high single digits.
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