NSE: EPL · BSE: 500135
EPL LIMITED
Makes laminated tubes for consumer packaging, supplied mainly to Beauty & Cosmetics and Oral Care brands across four regions: AMESA (32.4% of segment revenue), AMERICAS (28.2%), EAP (24.4%), and Europe (22.9%). Beauty & Cosmetics grew 30% YoY in Q4 FY26 and now accounts for ~40% of revenue mix, with sustainable tube formats at 38% of total sales. Manufacturing is in-house in each region, with a new greenfield plant in Thailand operational since November 2025 and FY26 capex of ₹480+ crore. Materials account for 42.5% of revenue, the biggest cost line, and over 50% of business is covered by a landed-cost-plus pass-through model after the Middle East crisis. A proposed merger with Indovida (CCI approval received May 2026, expected to close in Q4 FY27) is set to combine two debt-free entities into a ~$1 billion consumer packaging platform. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. AMESA (32%), AMERICAS (28%), EAP (24%), EUROPE (23%). Global packaging manufacturer; asset-heavy with in-house plants in four regions and exposure to FMCG end markets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,433 | 3,694 | 3,916 | 4,213 | 4,763 |
| EBITDA (ex other income) | 576 | 577 | 654 | 832 | 937 |
| margin % | 16.8 | 15.6 | 16.7 | 19.8 | 19.7 |
| Owners' profit | 214 | 227 | 213 | 359 | 389 |
| EPS, as reported (₹) | 6.79 | 7.15 | 6.70 | 11.27 | 12.15 |
| ROE % · ROCE % | 11.9 · 14.1 | 11.6 · 12.7 | 10.0 · 14.0 | 15.4 · 18.7 | 13.7 · 16.8 |
| Debt / equity (x) | 0.35 | 0.39 | 0.38 | 0.29 | 0.25 |
| Cash from operations | 312 | 602 | 587 | 795 | 723 |
| Capex | (276) | (387) | (375) | (363) | (482) |
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 | 1,086 | 1,014 | 1,105 | 1,108 | 2,314 | 1,149 | 1,301 | 1,388 |
| Profit before tax | 120 | 101 | 119 | 117 | 258 | 108 | 116 | 126 |
| Net profit | 88 | 94 | 116 | 101 | 208 | 83 | 103 | 101 |
| EPS (₹) | 2.73 | 2.93 | 3.58 | 3.13 | 6.39 | 2.55 | 3.22 | 3.08 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| AMESA | 1,918 | 32.7 |
| EAP | 1,430 | 24.3 |
| AMERICAS | 1,638 | 27.9 |
| EUROPE | 1,359 | 23.1 |
| Unallocated | 3 | 0.0 |
| Total, before eliminations | 6,347 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.1 | 16.2 | 29 of 64 | 56% |
| P/B | 2.4 | 1.3 | 46 of 61 | 25% |
| ROCE | 13.6 | 6.9 | 16 of 68 | 78% |
| ROE | 13.7 | 6.8 | 15 of 61 | 77% |
| Debt / Equity | 0.3 | 0.4 | 23 of 61 | 63% |
| EBITDA margin | 19.1 | 12.1 | 12 of 62 | 82% |
| Revenue growth | 25.3 | 14.0 | 17 of 61 | 73% |
| Profit growth | (0.8) | 23.4 | 36 of 60 | 41% |
| Market cap | 6871 | 118 | 1 of 73 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · EPL schedules Q2FY27 results conference call for November 4, 2026 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board meeting set for November 4 to approve Q2 FY27 results | results | low | — | — |
| 27 Oct 2026 · EPL fully redeems Rs 60 crore of commercial papers | compliance | minimal | — | — |
| 27 Oct 2026 · EPL raises Rs. 60 crore through commercial papers at 8.05 percent yield | fund raising | medium | — | — |
| 24 Oct 2026 · Bandhan Mutual Fund raises EPL stake to 9.40 percent | ownership changes | high | — | — |
| 23 Oct 2026 · EPL seeks approval to reclassify Epsilon Bidco as public | ownership changes | high | — | — |
| 21 Oct 2026 · EPL approves reclassifying Epsilon Bidco from promoter to public | ownership changes | medium | — | — |
| 20 Oct 2026 · Record date set for maturity of Rs 60 Crore Commercial Papers | credit debt | low | — | — |
| 19 Oct 2026 · EPL gets BSE/NSE nod to merge Indovida India into itself | strategic transactions | high | — | — |
| 16 Oct 2026 · Quarterly compliance certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
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.