Captain Polyplast Limited (CPL), a leading manufacturer and exporter of micro irrigation solutions, has secured an additional empanelment for 1,000 solar pumps under the PM Kusum B scheme from Maharashtra State Electricity Distribution Company Limited (MSEDCL). The new order, valued at ₹27.69 crores (including GST), brings the company's cumulative empanelment to 1,500 solar pumps in FY26 from MSEDCL.

Latest Order Details

This latest empanelment is in addition to earlier orders for 500 solar pumps from MSEDCL, further strengthening the company's order book in the renewable energy and agri-infrastructure segment. The systems involve design, manufacture, supply, transport, installation, testing and commissioning of Off-Grid DC Solar Photovoltaic Water Pumping Systems at identified farmers' sites across various districts in Maharashtra.

Cumulative Business Impact

*Based on disclosed current and previous order values

The incremental order enhances revenue visibility and supports steady growth in the solar pump segment, contributing to a more diversified business mix. This empanelment reinforces Captain Polyplast's strong presence in government-supported solar irrigation programs and reflects sustained demand for solar pumping solutions driven by policy thrust on clean energy adoption in agriculture.

Management Commentary

Ritesh Khichadia, Whole Time Director of Captain Polyplast Limited, commented on the empanelment: "This additional empanelment under the PM Kusum B scheme further strengthens our order book and improves revenue visibility for the coming periods. Along with the earlier orders for 500 solar pumps, it supports steady growth in our solar pump business and adds to a more balanced revenue mix."

He further added, "Continued demand under government-supported solar irrigation programs reflects our execution capabilities, manufacturing strength, and experience across regions. Looking ahead, we see sustained opportunities from expanding solar irrigation initiatives and expect this segment to contribute meaningfully to our growth while supporting long-term value creation."

Strategic Positioning

The cumulative empanelment highlights Captain Polyplast's execution capabilities, robust manufacturing infrastructure, and multi-regional experience. The company's diversification into the fast-growing solar EPC segment aligns with its long-term strategy of expanding into sustainable solutions, positioning it well to benefit from expanding solar irrigation initiatives and future empanelments.

With operations spanning India and global markets, Captain Polyplast continues to strengthen its presence in the renewable energy sector while maintaining its leadership position in micro irrigation solutions. The company's upcoming Ahmedabad plant, scheduled to commence operations in Q3 FY26, is expected to further enhance manufacturing efficiency and production capacity.

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.