Captain Polyplas Q1 FY27 Results (NSE: CPL)
Signal: Margin expansion
The read
The trajectory has shifted from the recent Q4FY26 contraction to Q1FY27 revenue growth of 16.4% YoY, but profitability is not keeping pace: PAT grew only 8.5% as raw-material cost rose to 77.7% of revenue from 74.2% and finance cost increased 19.0%; the micro-irrigation franchise is improving, while polymer distribution has turned loss-making.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹81.16 Cr | +16.4% | -42.6% |
| EBIT | ₹9.33 Cr | +71.9% | |
| Net profit | ₹4.66 Cr | +8.5% | |
| EPS | ₹0.78 | +6.8% | |
| EBIT margin | 11.5% |
P&L walk
Revenue increased to 8116.49 lakh, +16.4% YoY, but PAT grew only to 466.32 lakh, +8.5%, as raw-material cost rose 21.9% and finance cost rose 19.0%; the operating business improved, but the polymer segment remained loss-making.
Segments
The micro-irrigation segment drove the quarter with revenue of 8124.75 lakh, +16.8% YoY, and result of 934.81 lakh, +39.5%; the IOCL polymer segment slipped to a 24.09 lakh loss from a 64.03 lakh profit, but its small revenue base limits the consolidated drag.
Key positives
- Consolidated revenue reached 8116.49 lakh, +16.4% YoY, reversing the weaker recent growth trend.
- Micro-irrigation segment result increased 39.5% YoY to 934.81 lakh, materially faster than segment revenue growth of 16.8%.
- Consolidated PAT increased 8.5% YoY to 466.32 lakh and EPS rose 6.8% to ₹0.78, with the PAT-to-EPS cross-check clean.
- Segment assets increased to 36060.03 lakh while depreciation rose to 71.83 lakh, providing a clean depreciation-to-capex signal.
Key concerns
- Raw-material cost increased 21.9% YoY to 6304.76 lakh versus revenue growth of 16.4%, lifting raw-material intensity to 77.7% from 74.2%; the filing does not disclose the driver.
- Finance costs rose 19.0% YoY to 217.79 lakh and were sharply above the 71.43 lakh reported in Q4FY26, limiting conversion of operating growth into PAT.
- The IOCL polymer segment moved from a 64.03 lakh profit to a 24.09 lakh loss, indicating deterioration despite its small scale.
- Qoq revenue fell 42.6% and PAT fell 52.2% from Q4FY26, so the current recovery has not yet established a stronger sequential run-rate.
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