Captain Polyplast has secured a confirmed work order valued at ₹47.0 crore from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply and installation of 2,000 off-grid solar water pumping systems under the PM Kusum B scheme.

ORDER IN FINANCIAL CONTEXT

The ₹47.0 crore order represents approximately 43.5% of the company's average quarterly revenue of ₹107.90 crore. This win significantly boosts the immediate order book. The total disclosed order book now sums to ₹82.40 crore across the three orders disclosed in the last three fiscal quarters. This provides an order book coverage of approximately 0.76 quarters of average quarterly revenue.

COMPANY ORDER TRACK RECORD

Order inflow has accelerated sharply in the current quarter compared to the prior two quarters. The ₹47.0 crore order is notably larger than the typical per-order size seen in recent history. All recent orders have been awarded by MSEDCL, indicating deep client concentration in state utility projects.

Note: The Q2FY27 inflow includes the newly disclosed ₹47.0 crore order plus the previously reported ₹23.60 crore order for that quarter.

EXECUTION AND REVENUE QUALITY

Revenue recognition has shown variability over the last three quarters. Q1FY27 revenue was ₹81.70 crore with an OPM of 11.52%, lower than Q4FY26's ₹142.40 crore but maintaining healthy margins. The company continues to generate positive net profits, though at a reduced rate in the most recent quarter.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Captain Polyplast has sustained order wins, particularly in the solar infrastructure segment, its annual revenue has grown from ₹289.80 crore in FY25 to ₹419.70 crore in FY26, representing a YoY growth of +44.8% based on the latest annual data. This historical growth trajectory supports the capacity to execute larger contracts like the current one.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet remains robust with a current ratio of 2.14x, indicating strong liquidity to fund working capital needs for this execution-intensive project. Total Liabilities/Equity stands at 0.82x, reflecting a conservative capital structure. However, operating cashflow was negative at -₹22.40 crore in FY26, suggesting that while profitable on paper, cash conversion cycles may be stretched due to receivables or inventory buildup typical in large infrastructure projects.

Captain Polyplast has scheduled its 29th annual general meeting for September 26, 2026, at 11:00 am via video conference. The company filed the notice with stock exchanges on August 24, 2026, outlining key governance resolutions for shareholder approval.

The meeting agenda includes ordinary business such as adopting the audited financial statements for FY26 and reappointing Mr. Ritesh Rameshbhai Khichadia as a whole-time director. He retires by rotation but is eligible for reappointment. Additionally, shareholders will ratify the appointment of M/s M. C. Bambhroliya & Associates as cost auditor for FY27.

Key Resolutions and Appointments

The board seeks approval for the following special and ordinary business items:

• Director Reappointment: Reappointment of Mr. Ritesh R. Khichadia (DIN: 07617630) as a whole-time director liable to retire by rotation.
• Cost Auditor Appointment: Approval of remuneration for M/s M. C. Bambhroliya & Associates (FRN: 101692) to audit cost records for FY27.
• Financial Statements: Adoption of standalone and consolidated audited financial statements for the financial year ended March 31, 2026.

Cost Auditor Remuneration Details

The board recommends appointing M/s M. C. Bambhroliya & Associates as the cost auditor for the financial year commencing April 1, 2026, and ending March 31, 2027. The approved remuneration is ₹40,000 plus GST and reimbursement of out-of-pocket expenses. This appointment requires ratification by members at the AGM.

Director Profile: Ritesh R. Khichadia

Mr. Ritesh R. Khichadia, son of managing director Rameshbhai D. Khichadia, holds a B.Tech in Mechanical Engineering and a PGDM. He was appointed on July 13, 2020, and attended all 16 board meetings in FY25-26. His remuneration for FY25-26 was ₹79.85 lakh. As of March 31, 2026, he holds 2,042,740 shares in the company.

Voting and Book Closure Schedule

The register of members and share transfer books will remain closed from September 20, 2026, to September 26, 2026, inclusive. This closure ensures the finalization of the shareholder list for the meeting.

Remote e-voting will commence on September 23, 2026, at 9:00 am and conclude on September 25, 2026, at 5:00 pm. Only members holding shares as on the cut-off date of September 19, 2026, are eligible to cast their votes during this window. The facility is provided by National Securities Depository Limited (NSDL).

Corporate Governance Details

Rameshbhai D. Khichadia, managing director of Captain Polyplast, signed the communication addressed to the listing departments of BSE Limited and National Stock Exchange of India Limited. The company’s registered office is located in Rajkot, Gujarat.