Captain Pipes

BSE: CAPPIPES · Plastic Products - Industrial

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Snapshot

Unlock Captain Pipes's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Captain Pipes Limited is an Indian manufacturer and exporter specialising in unplasticized polyvinyl chloride (uPVC) pipes and fittings. The company serves the agricultural, irrigation, and construction sectors through a diverse product range including column, casing, and pressure pipes.

Business Model

The company generates revenue by manufacturing and distributing polymer piping solutions through an extensive network of dealers and distributors. It leverages both domestic market presence and international export channels to drive sales volume.

Management Commentary

Management focuses on maintaining high quality standards and technical innovation to strengthen the company's position in the polymer piping industry. The leadership is committed to expanding production capacity to capitalise on rising infrastructure demand.

Growth Outlook

Growth is driven by the ongoing expansion of production capacity and the broadening of the product portfolio. The company aims to capture increased demand from the infrastructure and agricultural sectors across India and abroad.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of PVC resin, a petroleum-based derivative, can significantly impact manufacturing margins.
  • Competitive Intensity. The plastic piping industry is highly fragmented with numerous unorganised players, leading to intense price competition.
  • Cyclical Demand. The company's performance is closely tied to the cyclical nature of the agricultural and construction sectors.
  • Regulatory and Environmental Compliance. Stricter environmental regulations regarding plastic manufacturing and waste management could increase operational costs.

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Key Metrics

RETURN ON EQUITY

14.1%

TTM · standalone

-3.8 ppYoY

P/E

20.4x

Q4 FY26 · consolidated

20.4 vs 32.1x5Y avg

EV/EBITDA

14.5x

Q4 FY26 · consolidated

14.5 vs 15.8x5Y avg

EBITDA MARGIN

38.4%

TTM · standalone

+26.6 ppYoY

NET PROFIT MARGIN

5.3%

Q3 FY25 · standalone

+0.3 ppYoY

DEBT TO EQUITY

0.5x

Q3 FY25 · standalone

+0.08xYoY

Peers · Plastic Products - Industrial

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Captain PipesCAPPIPES
₹138 Cr19.4615.9438.4%14.1%24.9%-38.1%
Dhabriya Polywood LimitedDHABRIYA
₹598 Cr19.8311.9114.4%21.2%28.1%34.1%+43.8%
Shish IndustriesSHISHIND
₹438 Cr54.6826.8215.6%13.3%6.3%8.8%+37.8%
Captain PolyplasCPL
₹384 Cr13.6810.2045.5%11.1%16.3%24.0%-5.7%
Candour TechtexCANDOUR
₹157 Cr42.5915.74-69.1%18.9%4.5%6.7%-11.9%
Jain Irrigation Systems LimitedJISLDVREQS
₹41 Cr15.164.819.9%12.7%0.1%6.8%-32.0%

As of Q4 FY26

Financials