Captain Polyplast

The major concerns I have is:-

1. The micro irrigation industry has many unlisted players as well and the pricing is very competitive.
2. There is potential of demand increase but at the grassroot level the farmers don’t adopt this because they don’t have much spending power and it is also very difficult to persuade them to change their farming methodologies.
3. The price run up is majorly due to captain pipes buying shares and this is a related entity. We may make the case that the promoters see substantial upside.

Positives:-

1. Management seems good.
2. Undergoing capacity expansion.