Synopsis: Captain Polyplast Limited has secured an order worth approximately Rs. 23.6 crore from Maharashtra State Electricity Distribution Company Limited for 1,000 off-grid solar water pumping systems. The order, awarded under the PM-KUSUM B scheme, strengthens the company’s solar EPC order book and is expected to support near-term revenue visibility.
Shares of Captain Polyplast Limited are likely to remain in focus after the company received an order from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the installation of 1,000 off-grid DC solar photovoltaic water pumping systems across Maharashtra. The total order value stands at approximately Rs. 23.6 crore, including GST.
Captain Polyplast Limited has a total market capitalization of approximately Rs. 437 crore. The company’s shares were trading at Rs. 72.50 apiece on the stock exchange, up by 2.30 percent. The stock has gained 0.28 percent over the last five trading sessions, while it has gained 2.84 percent over the last month. The stock touched a 52-week high of Rs. 87.75 and a 52-week low of Rs. 52.67.
According to the company’s exchange filing, the order has been awarded by MSEDCL under the PM-KUSUM B Scheme’s “Magel Tyala Saur Krushi Pump” Yojana. The scope of work includes the design, manufacture, supply, transportation, installation, testing and commissioning of 1,000 off-grid DC solar photovoltaic water pumping systems with capacities of 3 HP, 5 HP and 7.5 HP at identified farmers’ sites across districts in Maharashtra.
The project also includes a complete system warranty, repair and maintenance services and a Remote Monitoring System for five years. The installation work is required to be completed within 60 days from the issuance of the Notice to Proceed, work order or JSR approval, making timely execution an important factor for revenue recognition from the project.
The Rs. 23.6 crore order strengthens Captain Polyplast’s solar EPC order book and further expands its presence in the government-backed renewable energy segment. The company has diversified beyond its core micro-irrigation business into solar water pumping systems and rooftop solar solutions, allowing it to participate in India’s growing shift towards renewable energy-based agricultural infrastructure.
The order also provides an opportunity for Captain Polyplast to strengthen its execution credentials with a major state power distribution utility. Successful installation of 1,000 solar pumps across Maharashtra could support the company’s ability to participate in similar government tenders and potentially secure repeat or larger orders as the adoption of solar-powered irrigation systems expands.
India’s PM-KUSUM scheme is aimed at increasing the use of solar energy in the agricultural sector and reducing farmers’ dependence on conventional electricity and diesel-powered irrigation pumps. This creates a growing opportunity for companies involved in solar pump manufacturing and EPC execution, with Captain Polyplast positioned at the intersection of its established agricultural customer base and its expanding renewable energy business.
For investors, the development strengthens Captain Polyplast’s near-term revenue visibility while supporting diversification of its revenue mix beyond micro-irrigation products. The short installation timeline could support project execution in the near term, while the five-year maintenance and remote monitoring requirement adds a longer operational relationship with the installed systems. The order also reinforces the company’s growing presence in the government-led solar EPC market.
In FY26, on a consolidated basis, Captain Polyplast reported total income of Rs. 419.75 crore, EBITDA of Rs. 46.32 crore and net profit of Rs. 27.26 crore. The company has also commenced operations at its approximately 70,000 sq. ft. Ahmedabad facility, which is expected to support in-house production of critical components, improve manufacturing efficiency and enhance capacity utilisation.
Incorporated in 1997, Captain Polyplast Limited is engaged in the manufacturing and export of micro-irrigation equipment for agricultural applications. The company operates manufacturing facilities in Rajkot, Gujarat and Kurnool, Andhra Pradesh, and has a distribution network spanning 16 states in India along with exports to Africa, Latin America and the Middle East. In recent years, it has diversified into the solar EPC segment, with a focus on solar water pumping systems and rooftop solar solutions.
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