Penny Stock Under Rs 60: Automotive Components Company Secures LOA Under PM-KUSUM Scheme; Promoters Raise Stake to 69.52%

Captain Polyplast Limited, a prominent manufacturer and exporter of micro irrigation solutions that has diversified into solar EPC, announced today that it has been awarded a Letter of Acceptance (LOA) by Dakshin Gujarat Vij Company Limited. This LOA signifies CPL's empanelment as a vendor under Component B of the PM-KUSUM scheme in Gujarat. This empanelment permits Captain Polyplast Limited to supply off-grid standalone solar photovoltaic water pumping systems, which reinforces its standing in the agricultural solutions sector driven by renewable energy. Component B of the PM-KUSUM scheme is dedicated to the deployment of standalone solar pumps, aiming to reduce farmers' reliance on grid power and diesel.

Commenting on the development, Mr. Ritesh Khichadia, a Whole Time Director of Captain Polyplast Limited, said, “The empanelment under Component-B of the PM-KUSUM scheme represents a strategic step in our journey to expand into the clean energy space. It reinforces our commitment to delivering sustainable, technology-driven solutions that address the evolving needs of the agricultural sector. This development strengthens our solar EPC business and opens up consistent revenue opportunities through government-led initiatives.

By leveraging our strong manufacturing capabilities and industry expertise, we are well-positioned to execute these projects efficiently and at scale. This move not only supports our diversification strategy beyond micro irrigation but also enhances our credibility in both public and private sector engagements. As we continue to expand our footprint across domestic and international markets, we remain focused on driving long-term growth, improving capacity utilisation, and creating enduring value.”

According to the annual results, the net sales declined by 2.38 per cent to Rs 287 crore, operating profit remained line at Rs 32 crore, and net profit jumped by 72 per cent to Rs 31 crore in FY25 compared to FY24. The company has a market cap of Rs 449 crore and has delivered good profit growth of 90 per cent CAGR over the last 3 years.

The promoters of the company bought 29,00,000 shares and increased their stake to 69.52 per cent in June 2025 compared to June 2023. The stock gave multibagger returns of over 38 per cent from its 52-week low of Rs 53 per share. 

Disclaimer: The article is for informational purposes only and not investment advice.