NSE: TPLPLASTEH · BSE: 526582
TPL PLASTECH LIMITED
Makes industrial packaging products, with its operations tracked under two segment names — Composite Products and Polymer Products — and its consolidated business classified as a single Industrial Packaging segment. Products are sold to chemicals, specialty chemicals and pharmaceutical customers. Key production is concentrated at the Dahej Greenfield facility in Gujarat, whose ramp-up during FY26 supported volume growth. FY26 revenue from operations was Rs 422.55 cr (up 21% YoY) and net profit was Rs 29.07 cr (up about 23%), with EBITDA margin of 11.45%. Materials — polymers and composites — are the dominant cost at 80.5% of revenue, with employees at 2.5%, other operating expenses at 5.9%, depreciation at 1.4% and capex at 2.2% of revenue. Outstanding borrowing was Rs 4.87 cr as of March 2026 with a CRISIL A+/Stable rating, and the Board recommended a final dividend of Rs 1.30 per equity share for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Composite Products, Polymer Products. Single-segment industrial packaging manufacturer
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 216 | 170 | 313 | 349 | 423 |
| EBITDA (ex other income) | 24 | 20 | 36 | 41 | 48 |
| margin % | 11.3 | 11.9 | 11.5 | 11.6 | 11.4 |
| Owners' profit | 11 | 8 | 0 | 0 | 0 |
| EPS, as reported (₹) | 13.78 | 10.26 | 2.54 | 3.02 | 3.73 |
| ROE % · ROCE % | 12.4 · 20.2 | 8.7 · 15.7 | 15.2 · 20.0 | 16.0 · 21.5 | 17.2 · 23.5 |
| Debt / equity (x) | 0.42 | 0.25 | 0.19 | 0.30 | 0.10 |
| Cash from operations | — | 21 | 29 | 16 | 46 |
| Capex | — | (4) | (16) | (24) | (9) |
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 | 89 | 91 | 92 | 90 | 107 | 111 | 114 | 124 |
| Profit before tax | 7 | 8 | 9 | 7 | 9 | 11 | 10 | 9 |
| Net profit | 5 | 7 | 7 | 5 | 7 | 9 | 8 | 7 |
| EPS (₹) | 0.69 | 0.89 | 0.88 | 0.70 | 0.88 | 1.11 | 1.03 | 0.84 |
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 | 7,122 | 14.6 | 2.48 | 7.8 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,672 | 12.9 | 1.94 | 7.1 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,177 | 6.1 | 0.51 | 6.6 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,700 | 32.0 | 5.15 | 14.0 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,999 | 146.7 | 0.74 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,900 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,359 | 71.4 | 2.95 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,940 | 11.5 | 1.20 | 7.3 | 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) | 16.4 | 16.6 | 32 of 64 | 51% |
| P/B | 2.9 | 1.3 | 49 of 61 | 20% |
| ROCE | 20.7 | 6.9 | 4 of 68 | 96% |
| ROE | 17.2 | 6.8 | 5 of 61 | 93% |
| Debt / Equity | 0.1 | 0.4 | 17 of 61 | 73% |
| EBITDA margin | 9.1 | 12.1 | 42 of 62 | 33% |
| Revenue growth | 37.6 | 14.0 | 9 of 61 | 87% |
| Profit growth | 19.2 | 23.4 | 33 of 60 | 46% |
| Market cap | 492 | 113 | 23 of 73 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · TPL Plastech files quarterly demat confirmation certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure for Q2 FY26 results period | compliance | minimal | — | — |
| 29 Sept 2026 · TPL Plastech board approves merger with Time Technoplast; ratio 403:1000 | strategic transactions | high | — | — |
| 29 Sept 2026 · TPL Plastech board approves merger with Time Technoplast; share swap ratio set | strategic transactions | high | — | — |
| 23 Sept 2026 · AGM results: dividend of Rs 1.30/share approved, all 6 resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · TPL Plastech 33rd AGM: Rs 1.30 dividend, merger with Time Technoplast approved | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · TPL Plastech Chairman speech: FY26 PAT up 23%, merger with Time Technoplast approved | investor communications | low | — | — |
| 4 Sept 2026 · TPL Plastech fixes Sep 15 as record date for FY26 final dividend | corporate actions | medium | — | — |
| 31 Aug 2026 · Notice of 33rd AGM and dispatch of Annual Report | compliance | minimal | — | — |
| 29 Aug 2026 · Annual Report and 33rd AGM Notice for FY 2025-26 | compliance | 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.