Captain Polyplast , a manufacturer and exporter of micro irrigation solutions and solar EPC player, has reported mixed financial results for the second quarter of the current fiscal year. The company saw a significant decline in net profit despite an increase in revenue.

Financial Performance

It's important to note that the previous year's profit included an exceptional income of ₹16.00 crore, which significantly impacts the year-over-year comparison.

Segment Performance

The company reported steady growth in both its micro irrigation and solar EPC segments, contributing to the overall revenue increase and EBITDA growth.

New Orders and Empanelment

Captain Polyplast has secured new business opportunities:

• Received orders worth ₹6.00 crore from MSEDCL for 200 off-grid solar water pumps
• Obtained empanelment from Dakshin Gujarat Vij Company under the PM-KUSUM Scheme

Government Support and Market Outlook

The company anticipates continued government support to drive demand in its sectors. A notable development is the reduction of GST from 12% to 5% on irrigation and solar equipment, which is expected to improve affordability for customers.

Stock Performance

Following the announcement of these results, Captain Polyplast's shares experienced a decline of 7%, closing at ₹77.00.

While the company faces challenges in maintaining profit levels compared to the previous year, the growth in revenue and EBITDA, along with new order acquisitions, suggests ongoing business development efforts. Investors and market watchers may want to keep an eye on how Captain Polyplast leverages government initiatives and manages its growth strategy in the coming quarters.

Captain Polyplast Limited , a manufacturer of micro irrigation systems and allied products, has reported a significant increase in revenue for the second quarter of fiscal year 2026, despite a decline in profitability.

Financial Highlights

For the quarter ended September 30, 2025, Captain Polyplast Limited reported the following key financial metrics:

Revenue Growth

The company's revenue from operations saw a substantial increase of 49.7% year-over-year, rising from Rs 5,325.75 lakhs in Q2 FY2025 to Rs 7,972.67 lakhs in Q2 FY2026.

Profitability

Despite the strong revenue growth, Captain Polyplast experienced a significant decline in profitability. Profit after tax for Q2 FY2026 stood at Rs 411.81 lakhs, a 74.5% decrease from Rs 1,612.19 lakhs in the same quarter of the previous fiscal year.

Half-Yearly Performance

For the half-year period ended September 30, 2025:

• Revenue from operations increased to Rs 14,946.87 lakhs from Rs 11,814.54 lakhs in the corresponding period of the previous year, marking a 26.5% growth.
• Profit after tax for the half-year reached Rs 826.53 lakhs, compared to Rs 1,985.96 lakhs in the same period last year, representing a 58.4% decrease.

Segment Performance

Captain Polyplast operates in two segments:

1. Manufacturing of micro irrigation systems and allied products
2. Distributor for Indian Oil Corporation's polymer business

The micro irrigation systems segment contributed significantly to the company's revenue, while the polymer distribution segment showed lower contribution.

Balance Sheet Position

As of September 30, 2025, Captain Polyplast reported:

• Total assets of Rs 31,322.11 lakhs
• Total liabilities of Rs 14,537.25 lakhs
• Shareholders' equity of Rs 16,784.86 lakhs

Board Approval

The board of directors approved these unaudited financial results in their meeting held on November 8, 2025.

Conclusion

While Captain Polyplast Limited has demonstrated strong revenue growth in Q2 FY2026, the significant decline in profitability is notable. The company's financial performance in upcoming quarters will be important to monitor.