NSE: BBTCL · BSE: 543668
B&B TRIPLEWALL CONT LTD
Makes triplewall containers, a heavy-duty form of corrugated packaging used in industrial and shipping applications. It also operates a subsidiary, B&B Colour Cartons Private Limited, which is consolidated into its results and adds to the packaging business. FY26 consolidated revenue was Rs 616.35 crore, with an EBITDA margin of 14.89% and net profit of Rs 19.70 crore. The biggest cost line is raw materials at 60.1% of revenue, followed by other operating expenses at 18.1%, with employees and depreciation each at 6.9% of revenue. Capex ran at 1.3% of revenue. The company is also taking a small 1.30% equity stake in KRV Renewable Energies Private Limited for Rs 32,500 in cash, solely to satisfy Karnataka rules requiring equity ownership before entering into a Power Purchase Agreement for captive solar power, intended to bring down electricity costs relative to grid supply. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Triplewall containers (packaging), Colour cartons (via subsidiary). Asset-light packaging manufacturer with paper/board as its dominant input.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 337 | 375 | 492 | 616 |
| EBITDA (ex other income) | 38 | 39 | 40 | 91 |
| margin % | 11.4 | 10.5 | 8.1 | 14.7 |
| Owners' profit | 18 | 18 | (6) | 21 |
| EPS, as reported (₹) | 8.83 | 8.54 | (2.70) | 10.06 |
| ROE % · ROCE % | 17.3 · 16.2 | 14.2 · 12.3 | (5.5) · 4.0 | 15.1 · 19.4 |
| Debt / equity (x) | 1.25 | 1.58 | 2.05 | 1.77 |
| Cash from operations | (4) | 57 | 23 | 30 |
| Capex | (69) | (108) | (39) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 121 | 123 | 142 | 152 | 146 | 155 | 162 | 180 |
| Profit before tax | 0 | (9) | (3) | 2 | 6 | 7 | 12 | 19 |
| Net profit | 0 | (7) | (2) | 2 | 4 | 5 | 9 | 14 |
| EPS (₹) | 0.45 | (12.89) | (3.57) | 3.79 | 9.10 | 9.64 | 17.72 | 28.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.3 | 16.2 | 5 of 64 | 94% |
| P/B | 3.4 | 1.3 | 53 of 61 | 13% |
| ROCE | 10.4 | 6.9 | 24 of 68 | 66% |
| ROE | 15.1 | 6.8 | 7 of 61 | 90% |
| Debt / Equity | 1.8 | 0.4 | 57 of 61 | 7% |
| EBITDA margin | 18.8 | 12.1 | 13 of 62 | 80% |
| Revenue growth | 18.5 | 14.0 | 25 of 61 | 60% |
| Profit growth | 727.7 | 23.4 | 4 of 60 | 95% |
| Market cap | 441 | 118 | 24 of 73 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · General Manager Sonali M. resigns effective October 28, 2026 | management changes | medium | — | — |
| 28 Oct 2026 · CRISIL upgrades bank loan rating to Crisil A-/Stable | credit debt | medium | — | — |
| 3 Oct 2026 · Quarterly compliance certificate for dematerialisation of shares | compliance | minimal | — | — |
| 2 Oct 2026 · B&B Triplewall AGM: all 4 resolutions passed, Re 1 equity dividend declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 15th AGM of B&B Triplewall Containers held on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Closure of Trading Window | compliance | minimal | — | — |
| 11 Sept 2026 · General Manager Unit-1 resigns citing personal reasons | management changes | medium | — | — |
| 10 Sept 2026 · General Manager resigns due to personal reasons | management changes | medium | — | — |
| 9 Sept 2026 · TDS communication on final dividend of Rs 1 per share for FY 2025-26 | general | low | — | — |
| 7 Sept 2026 · B&B Triplewall to divest 27% stake in Sharvesh Power Projects | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.