Captain Polyplast Limited delivered impressive financial performance in Q3FY26, demonstrating strong operational efficiency and market demand for its irrigation solutions. The Gujarat-based manufacturer of micro irrigation systems reported substantial growth across key financial metrics for the quarter ended December 31, 2025.

Board Approval and Regulatory Compliance

The financial results were approved by the Board of Directors at their meeting held on February 7, 2026, from 12:00 P.M. to 2:00 P.M. at the company's corporate office. Managing Director Ramesh D. Khichadia (DIN: 00087859) announced the results pursuant to Regulation 33 of SEBI LODR 2015. The results have undergone limited review by statutory auditors J C Ranpura & Co., Chartered Accountants, ensuring compliance with regulatory requirements.

Strong Quarterly Performance

The company's standalone financial results showcase robust growth momentum with revenue from operations reaching ₹12,632.95 lakhs in Q3FY26, representing a remarkable 40.0% year-on-year increase from ₹9,024.75 lakhs in Q3FY25. This growth trajectory reflects the company's strong market position in the irrigation sector.

Profitability and Margins

The company demonstrated strong profitability with net profit after tax increasing 43.2% to ₹939.13 lakhs compared to ₹655.95 lakhs in Q3FY25. Profit before tax stood at ₹1,257.91 lakhs, up from ₹887.95 lakhs in the corresponding quarter. Basic earnings per share improved to ₹1.58 from ₹1.18, reflecting enhanced shareholder value creation.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, revenue from operations grew 32.3% to ₹27,579.95 lakhs from ₹20,839.29 lakhs in the corresponding period of FY25. However, net profit after tax declined 30.5% to ₹1,765.66 lakhs from ₹2,541.91 lakhs, primarily due to exceptional items recorded in the previous year.

Segment Performance

Captain Polyplast operates through two distinct business segments. Segment 1, focusing on manufacturing of micro irrigation systems and allied products, generated revenue of ₹12,637.51 lakhs in Q3FY26. Segment 2, comprising DCA cum CS of Indian Oil Corporation Ltd (IOCL) polymer business, contributed ₹84.82 lakhs to total revenue.

Consolidated Results

The consolidated financial results, which include the company's associate Captain Pipes Limited, showed revenue from operations of ₹12,632.95 lakhs in Q3FY26. Consolidated net profit after tax reached ₹947.52 lakhs, with the share of profit from associates contributing ₹8.39 lakhs during the quarter. The consolidated basic EPS stood at ₹1.59 compared to ₹1.21 in Q3FY25.

Captain polyplast Limited has successfully completed the allotment of 2,50,000 equity shares on January 31, 2026, following the conversion of warrants issued under a preferential allotment scheme. The board of directors approved this allotment during their meeting held from 12:30 PM to 1:30 PM on the same day.

Warrant Conversion Details

The allotment involved the conversion of 2,50,000 warrants into an equivalent number of equity shares on a 1:1 ratio. The warrants were converted after the company received the balance 75% payment against each warrant, completing the full subscription amount required for conversion.

Allottee Information

The entire allotment of 2,50,000 equity shares was made to a single investor, Harish Yashvant Kariya, who belongs to the non-promoter group. The allotment was executed on a preferential basis as per the original warrant issuance terms.

Impact on Share Capital

The warrant conversion has resulted in an increase in the company's paid-up equity share capital. The company confirmed that it received the warrant exercise consideration within the prescribed 18-month period from the date of original warrant allotment, as mandated under SEBI (ICDR) Regulations, 2018.

Regulatory Compliance

The allotment was conducted in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided all necessary disclosures as required under SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, covering the conversion of warrants and allotment of equity shares. The original warrants were issued through preferential allotment, and the conversion maintains the same preferential nature for the resulting equity shares.