Earning call Transcript

Date: 04.11.2026 To, To, Department of Corporate Services The Manager Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers Dalal Street ‘Exchange plaza’, C – Block – G Mumbai—400001 Bandrakurla Complex, Bandra (East) Mumbai – 400051 BSE Script Code: - 536974 NSE Symbol: CPL SUB: TRANSCRIPT OF EARNING CALL HELD ON 2ND NOVEMBER,2026 Dear Sir/Madam, With reference to the captioned subject, we would like to inform that Transcript of earning call held on 2nd November,2026 has been attached herewith. Please find attached Transcript of earning call held on 2nd November,2026. This is for your information and record. Kindly take same on your record. Thanking You, For Captain Polyplast Limited, Rameshbhai D. Khichadia Managing Director DIN: 00087859 “Captain Polyplast Limited Q2 and H1 FY27 Results Conference Call” November 02, 2026 MANAGEMENT: MR. RITESH KHICHADIA – WHOLE-TIME DIRECTOR – CAPTAIN POLYPLAST LIMITED MODERATOR: MR. KARAN THAKUR – KIRIN ADVISORS PRIVATE LIMITED Page 1 of 9 Captain Polyplast Limited November 02, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Captain Polyplast Limited Q2 and H1 FY27 Results Conference Call hosted by Kirin Advisors Private Limited. As a reminder, all participant 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 touchtone phone. Please note this conference is being recorded. I now hand the conference over to Mr. Karan Thakur. Thank you and over to you, sir. Karan Thakur: Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Captain Polyplast Limited. From the management team, we have Mr. Ritesh Khichadia, Whole Time Director of the company. With that now, I hand over the call to Mr. Ritesh Khichadia for the opening remarks. Over to you, sir. Ritesh Khichadia: Thank you, Karan. Good afternoon, everyone, and thank you for joining us on the Q2 earnings call of Captain Polyplast Limited. I hope you have had a chance to review our financial results, which are available on the stock exchanges and on our website. I will begin with the industry environment, followed by our business performance during the quarter and financial highlights for Q2 and H1, and then finally conclude the call with our priorities and outlook for the H2 of FY27. Let me begin with the operating environment. Water conservation and efficient irrigation are important priorities for Indian agriculture. Drip and sprinkler irrigation systems are helping farmers optimize water usage, improve irrigation efficiency and support crop productivity, creating a long-term opportunity for the growth of the micro irrigation industry in India. Government initiatives such as Per Drop More Crop continue to support micro-irrigation adoption. Improved affordability, replacement demand and low penetration are providing further growth opportunities to the industry. And the added effect for this year, as all of you know, is the effect of El Nino. Because of that, there has been uneven monsoon across India and there is deficient monsoon in many parts of India. So we are seeing a very high growth in certain pockets because of low water availability. Now if I come to the solar EPC business, especially the solar pumping segment, the PM- KUSUM Scheme is continuing to drive demand in the segment as the timeline for the same has been extended and also the government is proposing a second phase which is soon going to be announced. So we are exploring opportunities in the solar pumps vertical in states beyond Maharashtra as new tenders are expected to emerge in the H2. Page 2 of 9 Captain Polyplast Limited November 02, 2026 Now I will give the business performance update. Quarter 2 was a very encouraging quarter for the company, especially for our solar EPC business. During the quarter, we secured 2 repeat orders from MSEDCL under the PM-KUSUM scheme, amounting to INR23.6 crores for 1,000 pumps in July and INR47 crores for 2,000 pumps in September. The order was the largest ever single solar EPC order win for the company in its history. So if we include all the orders for this financial year, our total order intake has reached INR82.4 crores for a total of 3,500 solar pumps. And if we see, we had got empaneled in Maharashtra last year in August 2025. So since then we have received total orders of 5,000 pumps. So this shows that in a very short time we have executed well in this segment, which is reflecting in our fast order win. So apart from Maharashtra, as I said, we are also exploring opportunities in other states. And also we are continuously expanding our solar rooftop business through our existing dealer networks in the states where we are having strong presence in micro-irrigation. In the micro-irrigation segment, our focus continues to be on increasing the sale -- increasing the share of non-MIS, non-subsidy business, especially from commercial sales, export and also expanding dealer network in untapped markets. In this micro-irrigation business, we are expecting further improvement, especially as our Ahmedabad manufacturing facility ramps up and we progressively get more backward integration with this facility. So this is the update for the quarter. If I talk about the financial performance on the consolidated basis, our Q2 FY27 total income was at INR106.43 crores, which grew year-on-year by 32.89 percentage. The EBITDA for the quarter was INR10.28 crores, which was a growth of 24.75 percentage, while the net profit stood at INR4.48 crores, registering a growth of 5.55 percentage over the last year. The EBITDA margin for the quarter declined year-on-year. This decline was primarily due to the sharp increase in the raw material costs, especially costs for HDPE and LLDPE compared to the last year. We are expecting that in H2 we would be able to pass on the increase of these raw material costs, mainly because we are expecting revision in benchmark costs for micro-irrigation from the central government and state government in coming few months. So that should definitely help the EBITDA margins in H2. Now looking ahead for H2 FY27, our priority remains on timely execution of the solar pump orders which we have already won. Second is ramping up our Ahmedabad manufacturing facility. As we improve the production levels there, we are progressively getting more components manufactured in-house which should aid the margins. And the third priority is to improve the Page 3 of 9 Captain Polyplast Limited November 02, 2026 mix of micro-irrigation business, especially increasing the share of non-subsidy business in this vertical. So what I see is that with a strong solar pump order pipeline and opportunities across renewable energy and irrigation, we remain focused on strengthening our market presence, improving operational efficiencies and delivering sustainable growth and long-term value for our stakeholders. With this, I would like to conclude my remarks and open the floor for questions. Thank you. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Yash from Unique Solutions. Yash: Hello sir, am I audible? Ritesh Khichadia: Yes, you are audible. Yash: Sir, my first question is your FY27 solar pump order intake has reached INR82.40 crores for 3,500 pumps. How is execution progressing and how much revenue do you expect to recognize from these orders by year end? Ritesh Khichadia: So the execution of these orders is already ongoing. We are expecting that these 3,500 pumps, the revenue would be recognized -- majority of that revenue would be recognized before the end of Q3. A lot of it is already recognized in Q1 and Q2. Whatever remaining is there, it would be recognized by Q3. And we are also in process of ano [Showing first 8,000 characters — download PDF for full document]