Makes flexible packaging films, pouches and labels primarily for fast-moving consumer goods customers in India, with manufacturing at plants including Khopoli, Taloja and dedicated label plants; roughly 30% of Q2 CY26 sales came from exports. Customers are largely large multinational FMCG companies such as Unilever, Mondelez and Nestle, alongside smaller regional players. The biggest input cost is raw material, mainly polymer-based, and the company passes price changes through to customers; in Q2 CY26, the 23% net sales growth to Rs 723 crore was split roughly one-third each between volume, price and product mix. Margins expanded to a Q2 CY26 EBITDA margin of 10.5% (from 8.3%) and EBIT margin of 8.5%, helped by a shift to higher-value business under a selective customer participation strategy that walks away from low-margin volume. The company sells a circular-economy product line called Blueloop, which still holds below 30% market share even though Blueloop-designated assets run more than 70% on other products. The balance sheet is debt-free, with Rs 270 crore in bank balances, Rs 125 crore in liquid mutual funds and Rs 427 crore of unutilised fund-based limits. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Flexible packaging, Blueloop, Labels, Exports. Asset-intensive flexible packaging manufacturing for FMCG, with margins exposed to raw-material commodity cycles.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 653 | 619 | 610 | 612 | 625 | 623 | 613 | 750 |
| Profit before tax | 16 | 15 | 35 | 33 | 49 | 41 | 35 | 59 |
| Net profit | 12 | 12 | 26 | 25 | 37 | 30 | 26 | 44 |
| EPS (₹) | 1.55 | 1.55 | 3.46 | 3.30 | 4.87 | 4.02 | 3.39 | 5.79 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 7,674 | 15.7 | 2.68 | 8.3 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,943 | 13.7 | 2.05 | 7.5 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,730 | 6.9 | 0.58 | 6.9 | 3.9 | 2.7 | 11.6 | 17.1 |
| POLYPLEX CORPORATION LTD | 3,541 | 22.8 | 0.50 | 9.5 | 0.6 | 0.3 | 7.6 | 14.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Penalty of Rs 17.55 lakh for delayed factory occupancy certificate at Silvassa plant | regulatory legal | low | — | — |
| 1 Sept 2026 · Huhtamaki India to close Baddi PS Labels factory, consolidate ops | capex operations | high | — | — |
| 19 Aug 2026 · Huhtamaki India appoints Ms Akanksha Kandoi as Company Secretary | management changes | medium | — | — |
| 19 Aug 2026 · Huhtamaki India appoints new Company Secretary effective Aug 24, 2026 | management changes | medium | — | — |
| 12 Aug 2026 · CRISIL reaffirms AA-/Stable rating on bank facilities | credit debt | medium | — | — |
| 31 Jul 2026 · Huhtamaki India Q2 CY26 earnings call transcript filed | investor communications | medium | — | — |
| 27 Jul 2026 · Audio recording of Q2 FY26 earnings call shared | investor communications | low | — | — |
| 27 Jul 2026 · Huhtamaki India Q2 FY26: Net sales up 23%, EBITDA jumps 55% | investor communications | medium | — | — |
| 22 Jul 2026 · Newspaper publication of Q2 FY26 unaudited financial results | compliance | minimal | — | — |
| 21 Jul 2026 · Earnings call for Q2 ended June 30 2026 scheduled on July 27 2026 | board shareholder meetings | low | — | — |
| 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 |
| TCPL PACKAGING LIMITED |
| 3,515 |
| 30.4 |
| 4.89 |
| 13.4 |
| 13.6 |
| 13.0 |
| 15.4 |
| 17.8 |
| XPRO INDIA LIMITED | 3,028 | 91.7 | 3.79 | 64.6 | 2.4 | 2.8 | 6.2 | 11.4 |
| JINDAL POLY FILMS LIMITED | 2,936 | 143.6 | 0.72 | 10.0 | 0.6 | 0.8 | 8.5 | 23.0 |
| COSMO FIRST LIMITED | 2,294 | 13.6 | 1.42 | 8.0 | 9.6 | 6.4 | 9.8 | 12.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.1 | 17.6 | 29 of 69 | 59% |
| P/B | 1.4 | 1.4 | 32 of 61 | 48% |
| ROCE | 6.2 | 7.3 | 38 of 71 | 47% |
| ROE | 5.1 | 6.8 | 35 of 66 | 48% |
| Debt / Equity | 0.1 | 0.3 | 17 of 66 | 75% |
| EBITDA margin | 10.2 | 12.1 | 37 of 62 | 41% |
| Revenue growth | 22.5 | 14.0 | 20 of 61 | 68% |
| Profit growth | 75.3 | 23.4 | 20 of 60 | 68% |
| Market cap | 1927 | 131 | 10 of 73 | 88% |
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| 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 |
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.
