Operates in the packaging and industrial products space, classified by the exchange under Capital Goods / Industrial Products / Packaging. In FY26, revenue was Rs 1.30 crore with materials accounting for 99.3% of revenue, employee cost 14.1%, other operating expenses 51.3% and depreciation 0.4% — indicating a thin-margin operation where raw materials are essentially the entire cost base. Capex was nil and the company carried no debt, with total assets of Rs 14.13 crore. A complete change of control took place in 2026: the existing Goel-family promoter group sold out through a Share Purchase Agreement dated 14 January 2026 and an open offer, with incoming promoters Sandeep Jain, Vikas Garg, Rahul Nagar and Himanshu Arora collectively acquiring 58.15% of voting capital. The entire old board and CFO resigned citing change in management, replaced by a new team led by CEO Mayank Chawla (background at Bharti Airtel, Paytm and Edenred) along with directors from fintech and RBI backgrounds. The board has approved a preferential issue of 8.55 lakh equity shares and 22.2 lakh convertible warrants at Rs 81 each, a proposed name change to a fintech-themed identity, shifting of the registered office from Telangana to Delhi, and alteration of the objects clause to add digital payments, BBPS, payment aggregation and IT services. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Packaging / industrial products. Very small, materials-heavy packaging business undergoing full change of control and a proposed pivot to fintech and digital payments.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 2 | 1 | 1 |
| EBITDA (ex other income) | (1) | (1) | (1) | (1) | (1) |
| margin % | (42.9) | (34.6) | (32.5) | (40.5) | (64.7) |
| Owners' profit | (0) | 0 | (0) | (0) | 2 |
| EPS, as reported (₹) | (0.04) | 0.09 | (0.23) | 0.23 | 3.96 |
| ROE % · ROCE % | (0.2) · 1.4 | 0.4 · 3.0 | (1.2) · 1.0 | (1.2) · 0.6 | 16.8 · 18.9 |
| Debt / equity (x) | 0.30 | 0.25 | 0.22 | 0.17 | 0.00 |
| Cash from operations | (1) | (1) | (0) | 0 | (0) |
| Capex | (0) | (0) | (1) | 0 | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | 2 | 0 | 0 |
| Net profit | (0) | (0) | (0) | (0) | (0) | 2 | 0 | 0 |
| EPS (₹) | (0.10) | (0.11) | (0.01) | 0.02 | 0.31 | 4.60 | 0.04 | 0.17 |
| 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 % |
|---|---|---|---|---|
| 10 Sept 2026 · Newspaper ad for proposed shift of registered office from Telangana to Delhi | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper publication of notice for 34th Annual General Meeting | compliance | minimal | — | — |
| 7 Sept 2026 · 34th AGM on Sep 30, 2026 via video conferencing; e-voting Sep 27-29 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Notice of 34th AGM on September 30, 2026; new Independent Director appointment | board shareholder meetings | low | — | — |
| 7 Sept 2026 · FY26 annual report and AGM notice filed; board and auditor changed | results | high | — | — |
| 7 Sept 2026 · Pankaj Polymers appoints Prashant Kumar Jha as Independent Director | management changes | medium | — | — |
| 25 Aug 2026 · EGM results: 12 resolutions passed including preferential issue and name change | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Shareholders approve preferential issue of equity shares and warrants | fund raising | high | — | — |
| 25 Aug 2026 · Pankaj Polymers to rename as Rupia Fintech, pivot to fintech and payments | general | medium | — | — |
| 25 Aug 2026 · Shareholders approve regularization of six directors | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 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) | 30.0 | 17.6 | 51 of 69 | 27% |
| P/B | 6.5 | 1.4 | 58 of 61 | 5% |
| ROCE | 17.6 | 7.3 | 8 of 71 | 90% |
| ROE | 16.8 | 6.8 | 7 of 66 | 91% |
| Debt / Equity | 0.0 | 0.3 | 6 of 66 | 88% |
| EBITDA margin | 58.2 | 12.1 | 2 of 62 | 98% |
| Revenue growth | (33.8) | 14.0 | 56 of 61 | 8% |
| Profit growth | 1153.8 | 23.4 | 3 of 60 | 97% |
| Market cap | 85 | 131 | 43 of 73 | 42% |
| 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 |
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.
