NSE: TCPLPACK · BSE: 523301
TCPL PACKAGING LIMITED
Manufactures paperboard packaging, flexible packaging, rigid boxes and gravure cylinders across 10 manufacturing facilities, employing 3,714 people. Products are sold in India and exported, with overseas sales accounting for over 30% of turnover supported by a UAE office; subsidiary ATPL commissioned a new gravure cylinder facility in Silvassa. FY26 consolidated revenue stood at ₹1,835.6 crore, up about 3% year-on-year, while net profit fell 32% to ₹97.8 crore, hit by elevated raw material costs and a lag in passing on cost inflation to customers. Raw materials were the largest cost line at 58.1% of revenue, followed by other operating expenses at 15.8% and employee costs at 10.5%. A Chennai Greenfield facility is being ramped up to add capacity, the company sources 26% FSC-certified paperboard, and it has paid dividends for 26 consecutive years. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Paperboard packaging, Flexible packaging, Rigid boxes, Gravure cylinders. Multi-product packaging manufacturer spanning paperboard, flexible, rigid boxes and gravure cylinders
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,065 | 1,442 | 1,513 | 1,770 | 1,810 |
| EBITDA (ex other income) | 135 | 221 | 223 | 293 | 279 |
| margin % | 12.6 | 15.3 | 14.7 | 16.6 | 15.4 |
| Owners' profit | 47 | 111 | 101 | 143 | 98 |
| EPS, as reported (₹) | 51.51 | 121.36 | 111.39 | 157.16 | 107.47 |
| ROE % · ROCE % | 13.7 · 16.7 | 24.9 · 28.2 | 19.3 · 23.2 | 22.2 · 23.0 | 13.6 · 20.3 |
| Debt / equity (x) | 1.31 | 1.10 | 0.93 | 0.92 | 0.80 |
| Cash from operations | 97 | 109 | 234 | 133 | 290 |
| Capex | (189) | (100) | (146) | (159) | (154) |
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 | 455 | 480 | 422 | 418 | 460 | 465 | 454 | 493 |
| Profit before tax | 45 | 48 | 39 | 29 | 37 | 35 | 40 | 53 |
| Net profit | 36 | 38 | 38 | 22 | 29 | 25 | 22 | 40 |
| EPS (₹) | 39.05 | 41.46 | 41.78 | 24.52 | 31.56 | 27.52 | 23.87 | 43.96 |
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) | 32.2 | 16.2 | 49 of 64 | 24% |
| P/B | 5.2 | 1.3 | 59 of 61 | 3% |
| ROCE | 13.0 | 6.9 | 18 of 68 | 75% |
| ROE | 13.6 | 6.8 | 16 of 61 | 75% |
| Debt / Equity | 0.8 | 0.4 | 43 of 61 | 30% |
| EBITDA margin | 17.8 | 12.1 | 15 of 62 | 77% |
| Revenue growth | 17.9 | 14.0 | 26 of 61 | 58% |
| Profit growth | 79.3 | 23.4 | 18 of 60 | 71% |
| Market cap | 3722 | 118 | 4 of 73 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · TCPL Packaging to discuss Q2 and H1 FY2027 results on November 6 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting set for November 5 to approve quarterly results | results | low | — | — |
| 9 Oct 2026 · TCPL Packaging files quarterly demat confirmation certificate for Sep 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closes Oct 1 for Q2 Results | compliance | minimal | — | — |
| 25 Sept 2026 · SAST disclosure by Clarus Capital I and Others in TCPL Packaging | ownership changes | medium | — | — |
| 25 Sept 2026 · Promoter Saket Kanoria sells 1,000 shares via inter-se transfer | ownership changes | high | — | — |
| 25 Sept 2026 · Veer Kanoria acquires 1000 shares in TCPL via inter-se promoter transfer | ownership changes | high | — | — |
| 24 Sept 2026 · TCPL Packaging forms wholly owned subsidiary for lithium-ion battery films | strategic transactions | medium | — | — |
| 1 Sept 2026 · ESOP Trust transfers 219 shares to stock option grantee | general | low | — | — |
| 17 Aug 2026 · TCPL Q1 FY27 Transcript: Record Results; Enters Battery Separator Film | investor communications | 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.