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EPL Q2 FY27 results: net profit down 46.6% to ₹110.90 crore, revenue down 32.3%
EPL Limited reported consolidated revenue of ₹1,567.4 crore in Q2 FY27, up 12.9% from Q1 FY27 but down 32.3% from Q2 FY26. EBITDA was ₹288 crore at an 18.4% margin, while net profit was ₹110.9 crore and basic EPS was ₹3.44.
Key points
- Consolidated revenue was ₹1,567.4 crore, up 12.9% from Q1 FY27 and down 32.3% from Q2 FY26.
- EBITDA was ₹288 crore, up 10.3% from Q1 FY27 but down 39.8% from Q2 FY26; the margin was 18.4%.
- Net profit was ₹110.9 crore, up 10.2% from Q1 FY27 and down 46.6% from Q2 FY26.
- Basic EPS was ₹3.44, compared with ₹3.08 in Q1 FY27 and ₹6.39 in Q2 FY26.
- Management expects high-teens revenue growth in the next few quarters and said PAT growth should recover.
How did EPL perform in Q2 FY27?
EPL Limited reported consolidated revenue of ₹1,567.4 crore for Q2 FY27, the July–September 2026 quarter. Revenue was up 12.9% from ₹1,387.9 crore in Q1 FY27 but down 32.3% from ₹2,313.8 crore in Q2 FY26. EBITDA was ₹288 crore, up 10.3% sequentially and down 39.8% year on year, while the EBITDA margin fell to 18.4% from 18.8% and 20.7%.
Net profit was ₹110.9 crore, against ₹100.6 crore in Q1 FY27 and ₹207.5 crore in Q2 FY26. Basic EPS was ₹3.44, compared with ₹3.08 in Q1 FY27 and ₹6.39 in Q2 FY26. On the standalone basis, revenue was ₹455.5 crore and PAT was ₹35.5 crore, compared with standalone revenue of ₹1,257 crore and PAT of ₹125.7 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,567 | 1,388 | 2,314 | −32.3% | +12.9% |
| Other income | 10 | 3.60 | 19.90 | −49.7% | +177.8% |
| Total expenses | 1,426 | 1,265 | 2,076 | −31.3% | +12.7% |
| EBITDA | 288 | 261.20 | 478.40 | −39.8% | +10.3% |
| EBITDA margin | 18.4% | 18.8% | 20.7% | −2.3 pp | −0.4 pp |
| Profit before tax | 151.80 | 126.30 | 257.70 | −41.1% | +20.2% |
| Tax | 41.10 | 28.30 | 50.70 | −18.9% | +45.2% |
| Net profit | 110.90 | 100.60 | 207.50 | −46.6% | +10.2% |
| EPS (₹) | 3.44 | 3.08 | 6.39 | −46.2% | +11.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in EPL's costs and profit?
Total expenses were ₹1,425.6 crore, down ₹650.40 crore, or 31.3%, from Q2 FY26. Cost of materials fell ₹270.80 crore to ₹703.80 crore, employee cost fell ₹165.80 crore to ₹292.80 crore, finance costs fell ₹23.80 crore to ₹32.80 crore, depreciation fell ₹70.60 crore to ₹113.40 crore, and other expenses fell ₹140.20 crore to ₹308.30 crore.
Other income fell ₹9.90 crore to ₹10 crore, while tax expense fell ₹9.60 crore to ₹41.10 crore. There was no exceptional item in Q2 FY27. Profit before tax was ₹151.8 crore, down ₹105.90 crore from Q2 FY26, and PAT margin fell to 7.1% from 9.0%.
Management said PAT growth was affected by higher depreciation from ahead-of-the-curve investments, a higher effective tax rate due to lower profit in Europe, and FX losses. It also said commodity inflation and the related pricing pass-through reduced the reported EBITDA margin, while underlying margin was 20.4%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 703.80 | 974.60 | −270.80 | −27.8% |
| Employee cost | 292.80 | 458.60 | −165.80 | −36.2% |
| Finance costs | 32.80 | 56.60 | −23.80 | −42.0% |
| Depreciation | 113.40 | 184 | −70.60 | −38.4% |
| Other expenses | 308.30 | 448.50 | −140.20 | −31.3% |
| Total expenses | 1,426 | 2,076 | −650.40 | −31.3% |
| Other income | 10 | 19.90 | −9.90 | −49.7% |
| Tax | 41.10 | 50.70 | −9.60 | −18.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹5,585 crore, up from ₹4,899.8 crore at 31 March 2026. Total equity rose to ₹3,151.4 crore from ₹2,866.4 crore, borrowings increased to ₹838.2 crore from ₹709 crore, and cash declined to ₹176 crore from ₹197.3 crore. Inventories were ₹1,185.8 crore, trade receivables ₹1,086.4 crore, and trade payables ₹969.6 crore.
For the first half of FY27, operating cash flow was ₹247.7 crore, compared with ₹296.5 crore in H1 FY26. Investing cash flow was negative ₹308.8 crore, compared with negative ₹148.8 crore, and financing cash flow was ₹40.1 crore, compared with negative ₹135.9 crore. Capital expenditure was ₹315 crore in H1 FY27 against ₹168.1 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,585 | 4,900 |
| Total equity | 3,151 | 2,866 |
| Borrowings | 838.20 | 709 |
| Cash and equivalents | 176 | 197.30 |
| Inventories | 1,186 | 926.80 |
| Trade receivables | 1,086 | 871 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 247.70 | 296.50 |
| Cash from investing | −308.80 | −148.80 |
| Cash from financing | 40.10 | −135.90 |
| Capital expenditure | 315 | 168.10 |
Source: Company's results filing (XBRL).
How has EPL done over the last 8 quarters?
The recent direction was upward for revenue, which rose from ₹1,148.8 crore in Q3 FY26 to ₹1,300.5 crore in Q4 FY26, ₹1,387.9 crore in Q1 FY27 and ₹1,567.4 crore in Q2 FY27. PAT moved from ₹83.1 crore to ₹103.3 crore and then ₹100.6 crore before rising to ₹110.9 crore, while margin declined from 20.1% to 19.7%, 18.8% and 18.4%.
Which businesses drove the quarter?
AMESA reported revenue of ₹499.7 crore, down 34.6% from ₹764.3 crore in the year-ago quarter, and EBIT of ₹59.7 crore against ₹86.7 crore. Its EBIT margin was 11.9%. EAP reported revenue of ₹413.8 crore, down 26.5% from ₹563.3 crore, and EBIT of ₹64.8 crore against ₹93 crore, with a 15.7% margin.
AMERICAS reported revenue of ₹440 crore, down 31.7% from ₹644.2 crore, and EBIT of ₹53.5 crore against ₹77.6 crore. Its EBIT margin was 12.2%. EUROPE reported revenue of ₹350.7 crore, down 34.6% from ₹536.4 crore, and EBIT of ₹9.1 crore against ₹43.5 crore, with a 2.6% margin.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| AMESA | 499.70 | −34.6% | 59.70 | 11.9% |
| EAP | 413.80 | −26.5% | 64.80 | 15.7% |
| AMERICAS | 440 | −31.7% | 53.50 | 12.2% |
| EUROPE | 350.70 | −34.6% | 9.10 | 2.6% |
| Unallocated | 0.90 | +0.0% | −0.10 | -11.1% |
| Inter segmental elimination | −137.70 | −4.40 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The company also filed the Q2 FY27 investor presentation and the limited review reports dated 4 November 2026. The same-day filings did not announce a dividend, fund raise or appointment.
What did EPL's management say?
Management said it was confident of delivering high-teens revenue growth in the next few quarters and expected PAT growth to recover in coming quarters. It said Europe’s margins were expected to recover progressively over the next 3–4 quarters, while the Indovida merger had an indicative completion timeline of Q4 FY27, subject to requisite approvals and fulfilment of conditions.
Management said full pass-through of commodity cost inflation was expected during the Middle East crisis while seeking to protect absolute EBITDA growth. It also referred to consistent margin improvement, ahead-of-the-curve capital expenditure on extrusion lines, printing lines and new tooling, expansion in Brazil and Thailand, and the need to manage Europe’s operational challenges and working-capital pressure.
How did EPL shares react?
After the filing appeared after market hours, EPL’s shares were up 2.4% after 5 minutes, 2.6% after 15 minutes and 1.9% after 30 minutes. The stock closed 2.9% above its pre-results close on the reaction day, against a 1.2% median move for the other Packaging stocks, a 1.7 percentage-point excess move.
Earlier reaction-day moves were mixed: EPL was up 2.5% on 11 August 2026, down 5.7% on 14 May 2026, down 1.7% on 13 February 2026 and down 0.5% on 11 November 2025. The shares were up 2.1% on 5 August 2025, 5.2% on 8 May 2025, 2.7% on 11 February 2025 and 4.1% on 11 November 2024.
| After the filing | Stock | Packaging median |
|---|---|---|
| 5 minutes | +2.4% | |
| 15 minutes | +2.6% | |
| 30 minutes | +1.9% | |
| Reaction day | +2.9% | +1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | +2.5% |
| 14 May 2026 | −5.7% |
| 13 February 2026 | −1.7% |
| 11 November 2025 | −0.5% |
| 5 August 2025 | +2.1% |
| 8 May 2025 | +5.2% |
| 11 February 2025 | +2.7% |
| 11 November 2024 | +4.1% |
Source: MarketPing price-reaction measurement.
How did other Packaging companies do?
Among 32 Packaging companies that had filed for the quarter as of 6 November 2026, the median revenue growth was 21.6%. Of these peers, 31 grew faster than EPL and one grew slower. Twenty of the 32 peers reported higher profit.
| EPL revenue growth (YoY) | −32.3% |
|---|---|
| Median of 32 other Packaging companies | +21.6% |
| Companies with slower revenue growth than EPL | 1 of 32 |
| Companies with faster revenue growth than EPL | 31 of 32 |
| Companies whose net profit rose | 20 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was EPL's revenue in Q2 FY27?
Revenue from operations was ₹1,567 crore, down 32.3% from ₹2,314 crore in Q2 FY26 (consolidated).
Did EPL make a profit in Q2 FY27?
Yes. Net profit was ₹110.90 crore, against a net profit of ₹207.50 crore in Q2 FY26.
What was EPL's EPS in Q2 FY27?
Basic earnings per share were ₹3.44, against ₹6.39 in Q2 FY26.
How did EPL shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.9% from the previous close; the median Packaging stock moved +1.2%.
When did EPL announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended On September 30, 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended On September 30, 2026 (BSE, 4 November 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On September 30, 2026 (BSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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