Captain Polyplast Limited

Industrials — Farm & Heavy Construction Machinery · NSE

₹59.64−₹0.07 (−0.12%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

Company site ↗

The 60-second version of Captain Polyplast Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Captain Polyplast Limited manufactures, sells, exports, and trades in micro irrigation systems and allied products in India.

IndustryFarm & Heavy Construction Machinery

SectorIndustrials

Employees511

Annual revenue₹415 Cr

How does it make money?

Turns over ₹415 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 511 employees supports ₹81.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹81.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are MAHINDRA & MAHINDRA LTD, ASHOK LEYLAND LTD, TATA MOTORS LIMITED, LARSEN & TOUBRO LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 22.0%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 14.5% against a peer median of 24.4% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE24.4%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +87% while net margin moved +147% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+87%

Margin effect+147%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.59 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

70/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

79/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

12.6x

Sector Median

27.6x

median of 4 sector peers

🟢Against its sector it trades 54% below the peer median of 27.6x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

27.6x median of 4 peers · -54%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

8.5x

PEG

0.19

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 9.3% to 12.6% over 3 years.
Return on equity is rising
ROE has improved from 8.3% to 14.5%.
Return on capital is rising
ROCE has improved from 17.5% to 22.0%.
High return on capital employed
ROCE of 22.0% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹31 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 22.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 9.3% to 12.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 54% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 23.1% CAGR
Latest reported year was 16.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 11%✓ 12.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹31 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 19%✓ 22.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹359 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.6x

Cheap

Cheap against the generic band

P/B Ratio

1.85x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹4.72

Profitable

Profitable on a per-share basis

ROE

14.5%

Moderate

Moderate capital efficiency

ROCE

22.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.47x

Low

Conservative leverage

Revenue Growth (YoY)

16.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6.8%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹31 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

10.6%

Average

Average margins

Net Margin

6.6%

Average

Average bottom-line conversion

Current Ratio

2.14

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.59

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

62.0 / 64.6

Bearish alignment (short < long)

RSI (14)

31.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹223 Cr	₹292 Cr	₹285 Cr	₹415 Cr	+23.1%
EBITDA	₹21 Cr	₹41 Cr	₹35 Cr	₹53 Cr	+36.4%
EBITDA Margin	9.3%	14.2%	12.4%	12.6%	—
PAT (Net Profit)	₹6 Cr	₹18 Cr	₹31 Cr	₹28 Cr	+66.4%
EPS	₹1.2	₹3.14	₹5.37	₹4.65	+57.1%
ROE	8.3%	18.6%	21.0%	14.5%	—
ROCE	17.5%	28.6%	30.1%	22.0%	—
Total Debt	₹82 Cr	₹103 Cr	₹67 Cr	₹89 Cr	+3.0%
Free Cash Flow	₹11 Cr	-₹18 Cr	₹3 Cr	-₹31 Cr	—

🟢 Revenue has grown at 23.1% a year over 3 years.

🟢 EBITDA has grown at 36.4% a year over 3 years.

🟢 EBITDA Margin has risen from 9.3% to 12.6% over 3 years (+3.4 pts).

🟢 PAT (Net Profit) has grown at 66.4% a year over 3 years.

🟢 EPS has grown at 57.1% a year over 3 years.

🟢 ROE has risen from 8.3% to 14.5% over 3 years (+6.2 pts).

🟢 ROCE has risen from 17.5% to 22.0% over 3 years (+4.5 pts).

🔴 Total Debt has grown at 3.0% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹11 Cr to -₹31 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹348 Cr

Total Liabilities

₹156 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹22 Cr

Capex

-₹9 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

70.3%

Peer Comparison

Company	P/E	ROE
MAHINDRA & MAHINDRA LTD	17.8x	19.7%
ASHOK LEYLAND LTD	25.2x	24.4%
TATA MOTORS LIMITED	37.1x	32.8%
LARSEN & TOUBRO LTD.	30.1x	15.2%

Recent News

1 positive1 mixed4 general

CPL Stock Price and Chart — NSE:CPL

TradingView, 23 Jul

Captain Polyplast Share Price Rises 8.47% Today

Univest, 08 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Captain Polyplast sets Sep 26 AGM; reappoints director, approves auditor

scanx.trade, 24 Aug

Captain Polyplast secures Rs 24-cr solar pump order from MSEDCL

Business Standard, 14 JulOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Captain Polyplast shares list on NSE from July 23

scanx.trade, 21 Jul

Stocks to Watch, May 19: Adani Group stocks, JSW Cement, Eicher Motors, Vascon Engineers, Captain Polyplast, Natco Pharma

BusinessLine, 19 May

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Valuation

MiddlingProfitability

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑