Revenue and Profitability Trends
Over the seven-year period ending March 2025, Captain Polyplas’ net sales exhibited a consistent upward trajectory, rising from ₹149.22 crores in FY19 to ₹286.84 crores in FY25. The company experienced notable growth particularly between FY21 and FY23, where sales surged from ₹178.06 crores to ₹224.60 crores, reflecting expanding market demand and operational scale. However, FY24 saw a slight dip to ₹294.32 crores before a marginal decline in FY25.
Operating profit margins, excluding other income, have fluctuated, peaking at 15.52% in FY20 before contracting to 7.52% in FY23. The margin rebounded to 11.22% in FY25, signalling improved cost management and operational efficiency. Gross profit margins followed a similar pattern, with a low of 4.12% in FY22 improving to 14.23% by FY25.
Profit after tax (PAT) margins have mirrored this volatility, reaching a low of 1.52% in FY22 but recovering strongly to 10.92% in FY25. The consolidated net profit rose substantially from ₹7.20 crores in FY19 to ₹31.32 crores in FY25, underscoring the company’s enhanced profitability in recent years. Earnings per share (EPS) also reflected this growth, increasing from ₹1.43 in FY19 to ₹5.44 in FY25, indicating value creation for shareholders.
Turnaround taking shape! This Small Cap from NBFC sector just hit profitability with strong business fundamentals showing up. Catch it before the major breakout happens!
- - Recently turned profitable
- - Strong business fundamentals
- - Pre-breakout opportunity
Cost Structure and Expenses
The company’s raw material costs have scaled in line with revenue growth, rising from ₹104.53 crores in FY19 to ₹202.45 crores in FY25. Employee costs have also increased steadily, reflecting workforce expansion and inflationary pressures, reaching ₹14.74 crores in FY25. Other expenses, which include manufacturing and selling costs, have shown some variability but generally increased from ₹27.96 crores in FY19 to ₹39.32 crores in FY25.
Interest expenses have remained relatively stable, hovering around ₹9.91 crores in FY25, despite fluctuations in borrowings. Notably, FY25 included exceptional items amounting to ₹15.61 crores, which significantly impacted profit before tax, boosting it to ₹38.31 crores from ₹21.81 crores in FY24.
Balance Sheet and Financial Position
Captain Polyplas’ shareholder funds have strengthened considerably, rising from ₹53.00 crores in FY20 to ₹149.36 crores in FY25. This growth is supported by increasing reserves, which nearly tripled from ₹42.93 crores in FY20 to ₹137.85 crores in FY25, indicating retained earnings accumulation and capital strengthening.
Total liabilities have increased moderately from ₹210.97 crores in FY20 to ₹277.55 crores in FY25, with total debt reducing from ₹102.07 crores in FY24 to ₹66.49 crores in FY25, reflecting deleveraging efforts. Long-term borrowings have decreased significantly, while short-term borrowings remain substantial but have also declined from previous peaks.
On the asset side, net block values have remained relatively stable, around ₹14-15 crores, while current assets have grown from ₹182.50 crores in FY20 to ₹250.99 crores in FY25, driven by increases in sundry debtors and inventories. Net current assets have improved markedly, indicating better liquidity and working capital management.
Why settle for Captain Polyplas? SwitchER evaluates this Plastic Products - Industrial Microcap against peers, other sectors, and market caps to find you superior investment opportunities!
- - Comprehensive evaluation done
- - Superior opportunities identified
- - Smart switching enabled
Cash Flow and Operational Efficiency
Cash flow from operating activities has been inconsistent, with a positive ₹8 crores in FY25 following a negative ₹13 crores in FY24. The company has managed to generate positive cash flow after changes in working capital in most years, though FY24 saw a significant working capital outflow of ₹42 crores. Investing activities have generally been modest, with a ₹9 crores inflow in FY25.
Financing activities reflect active debt management, with a ₹21 crores outflow in FY25 contrasting with inflows in prior years. The net cash position has remained low, with closing cash and cash equivalents at ₹1 crore in FY25, down from ₹4 crores in FY24. Overall, the company’s cash flow profile suggests ongoing efforts to balance growth investment with prudent financial management.
Summary
Captain Polyplas has shown a commendable recovery and growth trajectory over the past several years. Despite some fluctuations in margins and cash flows, the company has expanded its revenue base significantly and improved profitability metrics. Strengthening shareholder equity and reducing debt levels further enhance its financial stability. Investors should note the improving operating efficiencies and the company’s ability to generate higher profits in recent years, which bode well for its future prospects.
Get 2 full years of MojoOne Premium for only Rs. 12,999. Subscribe for 1 year and we'll add another year FREE. Offer valid for a limited time. Start Saving Now →
