Captain Polyplast Ltd (NSE: CPL) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Ritesh Khichadia — Whole-Time Director
Analysts:
Unidentified Participant
Sakshi Shinde — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to Q3 and 9M FY26 results conference call of Captain Polyplast Limited. As a reminder, all participants lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Ronak. Thank you. And over to you.
Unidentified Participant
Thank you. On behalf of Klein Advisors, I welcome you all to conference call of Captain Polyplast Limited. From the management team we have Mr. Ritesh Kacharya, full time Director. Over to you sir. Thank you.
Ritesh Khichadia — Whole-Time Director
Thank you. Rorak. Good afternoon everyone and I welcome you all to Captain Polyplast Limited’s earnings call for the Q3 FY26. I’m very pleased to share that we achieved our highest quarterly revenue and operating. Profit in company’s history during this quarter. Let me dive into the financial highlights for this quarter. So the company delivered its best ever performance with total income rising to 127 crores compared to 91 crores in Q3FY25 which is a year on year growth of 40%. This growth was supported by good volume growth in both our MIS business and solar EPC business. The EBITDA during the quarter increased by 35% year on year to rupees 16.13 crores. And the EBITDA margin stood at 12.68 percentage. The net profit for the quarter was rupees 9.47 crores which was growth of 41% year on year with an EPS of rupees 1.59.
Now if we talk about the nine months for FY26 our total income has risen to rupees two hundred and seventy eight crores compared to rupees two hundred eleven crores. In Q3 FY26 which was a year on year growth of 32%. The EBITDA for nine months has increased by 26% to rupees 32.15 crores and. The margin has been 11.58%. The net profit for nine months is rupees eighteen crores with an EPS of 3.02. So this is the financial summary for the quarter and the nine months which. Has just ended on December 2025.
I’ll just share some of the operational highlights for both our solar EPC segment. And the micro irrigation segment. If we look ahead then we can say that right now the company is entering a strong acceleration phase which is underpinned by multiple order wins in the solar EPC segment. If you see during the quarter three our focus has been strongly on enhancing. Execution intensity in solar water pumps while. Driving consistent progress across our core MIS business. During the quarter we have significantly increased our scale in solar pumps business by securing two orders totaling 1300 pumps with an aggregate order value of 35.86 crores. Swift and disciplined execution of these orders remains a key strategic priority and this will position us for repeat wins and sustained order inflows.
We see a substantial Runway for growth in the solar pump segment and are. Aggressively pursuing entirement across additional states apart from Maharashtra and Gujarat where we are already working. So for PM Kusum, if you see this current budget, the government has continued. The allocation of Rupees five thousand crores. And we are very confident that you. Know in the coming quarters we will. Be able to expand our presence for. Solar pumps in other markets as well. Similar to our micro irrigation business parallel. In the solar epc we are also expanding our presence in the rooftop business where we are targeting the business which. Is coming from PM Suryagarh Yojala.
Now let me turn to the MIS business, the micro irrigation business which remains the core of our business and continues to contribute the majority of the revenue. We are firmly positioned among the leading. Micro irrigation players not just in India but globally as well as which is. Driven by our uncompromising focus on product. Quality, system reliability and continuous technology advancement. In the micro irrigation segment as well. The government has continued supporting this initiative. Under Pearl Drop More Crop by continued budgetary support in the current budget as well. So the operating environment for both the businesses is very supportive.
The Government of India continues to drive. Rapid adoption of both micro irrigation and. Solar pumps under its Power Drop More Crop initiative and PM Custom project respectively. Also the government has recently announced the. Reduction in GST from 12 percentage to 5 percentage on both micro irrigation and the solar products. So this further improves the affordability of our products and hence we also see that there will be a demand improvement. In both the segments going forward. So we can say that with strong policy tailwinds and also expansion in our manufacturing capabilities, we are very confident that. Our growth will continue to accelerate from. Here and we will be able to deepen our leadership in micro irrigation segment and solidify our position in the solar EPC business. That is all from my side. I once again thank you all for joining today during this conference call and. Now I’ll be happy to take your questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all the participants that you may press Star and one to ask a question. A reminder to all the participants that you may press Star and one to ask a question.
The first question comes from the line of vidhi Prohit from HNI. Please go ahead. Ms. Vidhi.
Unidentified Participant
Yes. Hi. So my question is if you could give, I mean 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 overall business, that would be helpful.
Ritesh Khichadia
Sure. So if we see our business mix. As of FY25, majority of our revenues came from the micro irrigation segment. So for the FY25 90, percentage of our revenue came from the micro irrigation segment and 10% was from the solar EPC segment. So how we are looking at growth for both the segments is in micro. Irrigation segment we already have an existing. Presence and there we are targeting a. Growth of 25% over next three years. So there we already have a Strong. Presence across 17 states. And the growth will primarily come from.
Volume by gaining market share in the existing geographies. In the solar EPC segment we are. Targeting aggressive growth by scaling up our solar pumps business. So we are targeting after three years. The mix of business will be 50 50. Right now the business mix which is at 9010, that mix would come to. 5050 over the next three years. So for that to happen there will be a significantly faster growth trajectory for. The solar EPC segment which will be driven primarily by solar pumps segment.
Unidentified Participant
Okay, and what is the current capacity across different segments and where utilization stands today?
Ritesh Khichadia
So all our manufacturing capacity is only. Targeted for micro irrigation segment. For micro irrigation right now we have two existing plants. One is at Rajkot in Gujarat and other is at Karnod in Andhra Pradesh. So with this existing two plants we. Can comfortably achieve a revenue of 400 crores for the micro irrigation business alone. Also right now we are in process of setting up a new plant at Ahmedabad which should come up which would come online during this quarter. So that plant will have certain capacity. For components which are outsourced right now.
And also there will be capacity for. Further expansion there as per requirement for micro irrigation business for the solar EPC business. Since we are EPC or system integrator, we do not require our own manufacturing. Capacity for all the important components like solar modules and the pump motor sets. We depend on our vendors who have a sizable manufacturing capacity at present.
Unidentified Participant
Thank you, sir.
operator
Thank you. The next question comes from the line of Nivedita Jain from an individual investor. Please go ahead.
Unidentified Participant
Hello. An article.
operator
Yes, you are.
Ritesh Khichadia
Yes.
Unidentified Participant
Like my question is. Is new Ahmedabad unit operational?
Ritesh Khichadia
It is not operational right now. It is almost on the verge of completion of setup. So we are expecting that it would be operational in the next month.
Unidentified Participant
Okay. So what kind of products and margin profile of these? Like additional revenues from this plant and by when can it be ramped up?
Ritesh Khichadia
So for this plant in the first. Phase we are primarily targeting various accessories which are used in micro irrigation. Like valves fittings and other components which form around 5 to 10% of the value of a micro irrigation system. So at present majority of these components are outsourced by us. So we are targeting to add capacity for these products in this new plant. So in first year the incremental revenue. Contribution would not be significant. But since you would be manufacturing these components in house which are usually high margin products, we’ll see an improvement in operating margin for the micro irrigation business. So within one to two years we are expecting a margin improvement of around 1.5 percentage for micro irrigation business. Because of the new product capacity that will be setting up at the Ahmedabad plant.
Unidentified Participant
When can we expect full utilization of capacities for Ahmedabad unit?
Ritesh Khichadia
It would be in FY28. So two years from here we will see. So once the production starts in next month we’ll see first full year in FY27. And we are expecting full utilization to be achieved by FY28.
Unidentified Participant
Okay, so I just have one last question. In this quarter, how many pumps have we executed in comparison to the previous quarter? And in comparison to the previous year, same quarter. Can I have the figure?
Ritesh Khichadia
So if we talk about our solar. Pumps business, we have just started this segment. From September onwards all of our order wins have been from September onwards only. So we do not have a year on year comparison. Because last year there was no solar pumps business. So so far if you see we. Have almost 1500 plus order bills out of which almost as on date 60%. Of the work is executed and the. Balance would be executed in this quarter.
Unidentified Participant
Thank you, sir. Thank you so much.
operator
Thank you. The next question comes from the line of Mahesh State from V Y Capital. Please go ahead. Mr. Mahesh, are you there?
Unidentified Participant
Hello, can you hear me?
operator
Yes sir, we can. Please proceed with your question.
Unidentified Participant
Yeah.
operator
Mr. Mahesh, can you speak loudly?
Unidentified Participant
Yeah. I wanted to know like what are our current order book in epc and what is the percentage contribution from EPC to total revenue and like currently. Yeah, Hello.
Ritesh Khichadia
Yeah. So for the solar EPC segment there are basically two components. One is solar pumps, solar water pumps, which is the segment which we just started this year. In that as on date, we have a total order wins of 50, 1500 out of which, as I said, already 60 percentage is already executed. Also, there is no further new orders expected in the coming months in that segment. The other component, which is the solar rooftop segment, in that segment there is. A very fast churn. So there is no sizable order book. Per se because it is a retail. Business where execution timeline is less than one week. So we do not have a order. Book for the rooftop segment. It is on accrual basis. Business accrues every month and every quarter and gets executed in a very short time.
Unidentified Participant
Okay. Okay, got it. And like, how do you measure the performance of micro irrigation system? Like is it in terms of minimizing uses of water?
Ritesh Khichadia
So see, when we provide micro irrigation solution to a farmer, it depends on. The need of the farmer, right? We design each and every system as. Per the requirement, based on the crop which they are going to grow, based on the land, which type of soil and type of water source they have. So the requirement of the farmer also varies. In some cases they use the system because they have water scarcity. In some cases they use it because they have limited water, whereas which is not sufficient for covering the entire land.
So in that case they are able to increase their growing area by adopting a micro irrigation system. Also, in many of the crops like cotton, chili, tomato and many other fruits and vegetables, the yield which the farmer gets in a micro irrigation system compared to flood irrigation is much higher. So. And that yield increase will also depend. On the area where the farmer is. So there are multiple benefits and there are multiple studies which have been done to identify what is the advantage for each of those parameters.
Unidentified Participant
Okay, okay, got it. And like, like what are the KPIs in this? And how does it compare to our competitors, like for example, JN Irrigation or any other.
Ritesh Khichadia
So there are no standard KPIs because as I mentioned, the system is designed for each and every farmer’s requirement. And any two neighbor neighboring farmers can also not have a similar kind of setup. There will always be some differences in each and every system. When we Talk about the market perception. You know this is not a simple product sale. This is a product plus service sale. We don’t only provide the product to the farmer, we give an end to end solution. We first visit their field to design a system to take a survey of their field. After we supply the system we also do the installation. And after installation we also provide them post sale services. Technical services are provided to the farmer.
So for any farmer, the perception of our product will depend on both the type of product which we are giving and the service which we are giving. So when we say that our product in comparison to our competitors, whether it is the competitor which you mentioned or even some of the other peers, the quality of product which we are providing, it is actually at par or better than them because the heart of the product is drip lines. For that we have imported the manufacturing technology from Israel which ensures that we are able to provide drip lines which are of one of the best quality in the world.
Apart from that, the other part which is service, we have an extensive network across India to ensure that we are able to provide good service to the farmer. So in combination of both of these. We are able to place ourselves comfortably in in a competitive market.
Unidentified Participant
Okay. Okay, got. Thank you for answering.
operator
Thank you. The next question comes from the line of Shakshinde from Shah Consultancy limited. Please go ahead. Hello, Ms. Sakshi, are you there?
Sakshi Shinde
Am I audible?
operator
Yes, I want you to speak louder. Your voice is very low.
Sakshi Shinde
Okay. So my first question is what is our CAPEX plan for next two years?
Ritesh Khichadia
As I mentioned that we have already undertaken CAPEX for a new plant at Ahmedabad since last two years. The expected capex amount for this plant is 10 crores. So almost 50% of it is already incurred. And the 50 percentage of the melanch, 50% would be incurred in the current quarter. Apart from that going forward there is no sizable CAPEX planned at the moment.
Sakshi Shinde
And what margins can we expect for FY27?
Ritesh Khichadia
So the margin now depends on the mix of two segments. Generally the margin which we are seeing on micro irrigation system and solar water pump, they are almost at the same level. Whereas if we see solar rooftop, the margins are slightly lower because it is a retail business. So we are expecting that, you know, the margins which we have seen. In. The current quarter we will be able to sustain that in the coming quarters as well.
Sakshi Shinde
Okay. And my last question is what is our vision for the company in next five years?
Ritesh Khichadia
As I already mentioned, you know, we are targeting aggressive growth for both the segments for the micro irrigation business. We are targeting a growth of 25% for the next three years. 25% CAGR growth. And we are targeting to change the business mix towards solar pumps solar EPC segment. So we are expecting that our business mix will be 50% from micro irrigation and 50% from solar EPC in after three years. So that is the target which we have set right now.
Sakshi Shinde
Thank you.
operator
Thank you. The next question comes from the line of Pooja Mishra from JK Capital. Please go ahead.
Unidentified Participant
Hello.
operator
Yes ma’, am. You are audible.
Unidentified Participant
Hello sir, my first question is is there any margin pressure or competitive pressure in solar PC? Hello.
Ritesh Khichadia
So yes, in solar EPC there as I said that we are operating in two segments. In solar pumps the margins depend on the prices which are discovered in the tender. So there are multiple tenders which we participate. And in each tender the margins vary based on the prices which are discovered. But generally because it is a tender driven business, the margins are comparatively higher in the solar pumps business. Whereas the other segment which we have which is solar rooftop where we are installing systems on the houses of consumers. Systems which range from 3 kilowatt to 10 kilowatt.
This market is a highly competitive market. And there because there are multiple vendors in each of the geographies, the margins are relatively lower. Generally for the rooftop segment the operating margins are in high single digits. So if you compare both the segments, solar water pumps, the margins are higher. Whereas in the solar rooftop the market is competitive. And obviously because of that the margins remain under pressure.
Unidentified Participant
Okay. As a large number of players are expanding in the segment, what are the demand supply dynamics in solar?
Ritesh Khichadia
So there are multiple segments, we are not. There is large utility scale projects as well. So right now we are not present in that segment. So I will not be able to comment on that. The segments where we are operating, one is solar pump. So this segment, it is being promoted by the government of India under PM Kusum project. So because of the strong thrust from the government, there is increasing demand. And we are expecting that it will continue in the next year as well. The budget for PM Kusum has been kept at the similar level.
And also for the rooftop business there is continued support under PM Suryagar project as well. So for these two segments where we are operating, we see that the demand will continue to increase in the next year as well.
Unidentified Participant
Okay, that is from my side. Thank you.
operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. The next question comes from the line of Arvind Singh from Auckland Capital. Please Go ahead.
Unidentified Participant
Yeah. Thank you for the opportunity, sir. So sir, I have a question regarding Kusum. So I’m reading some reports where there is some indication that Kusum itself might get extended because they are running behind their targets for both PNC components. So sir, in that if it’s. If that’s the scenario, if they get extended next year, gets further delayed, so what. What becomes the growth outlook for the subsequent years?
Ritesh Khichadia
So see, the project is going to continue. If you see the budget for this year as well, the government has continued allocation for this project. If we talk about the timeline, the timeline for the budget which was announced for this year, it will get completed on March 31. But for the next financial year there. Is already committed budget and hence the project will continue. So now it is not a question. Of PM custom one and PM custom two. This will be. This is in a sense a continuous ongoing project.
Unidentified Participant
Okay, and answer. What are our current order book in EPC and what is the percentage contribution from EPC to total revenues?
Ritesh Khichadia
As I mentioned that for the solar pumps we have total win of 1500 pumps. We already executed some of them and balance, we are expecting that it will be executed during this quarter. So right now the. That is the order which we have. On the rooftop segment. As I mentioned, that is a fast churn business. So we do not keep a track of order book per se for that segment. The last year entire solar EPC vertical was 10 percentage of our total revenue. Once this year completes, we’ll again update the number for FY26. Okay.
Unidentified Participant
Okay, sir, thank you so much. I’ll just join back in the queue.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star and one to ask a question. A reminder to all the participants that you may press star N1 to ask a question. A reminder to all the participants that you may press star and one to ask a question.
Unidentified Participant
Ma’, Am, if there are no further questions, I think we can conclude the call.
operator
Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. Ronak for closing remarks.
Unidentified Participant
Thank you for attending the call of Captain Polyclass Limited. So do you have any queries? You can email us@researchkirin advisors.com thank you. Ritesh. Sir. Thank you all.
Ritesh Khichadia
Thank you.
operator
On behalf of Kirin Advisors Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.