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TCPL Packaging Q2 FY27 results: net profit up 59.2% to ₹45.09 crore, revenue up 23.3%
TCPL Packaging Limited reported standalone revenue of ₹539.55 crore in Q2 FY27, up 23.3% from Q2 FY26. EBITDA was ₹93.82 crore with a 17.4% margin, while net profit rose to ₹45.09 crore and basic EPS to ₹49.55.
Key points
- Standalone Q2 FY27 revenue was ₹539.55 crore, up 23.3% from ₹437.70 crore in Q2 FY26.
- EBITDA rose to ₹93.82 crore from ₹67 crore, with the margin increasing to 17.4% from 15.3%.
- Net profit increased to ₹45.09 crore from ₹28.33 crore, and basic EPS rose to ₹49.55 from ₹31.13.
- Against Q1 FY27, revenue rose 13.8% to ₹539.55 crore and net profit rose 19.8% to ₹45.09 crore.
- H1 FY27 revenue was ₹1013.51 crore, up 19.6% from H1 FY26, while net profit rose to ₹82.72 crore from ₹51.06 crore.
How did TCPL Packaging perform in Q2 FY27?
TCPL Packaging’s standalone revenue for the September 2026 quarter was ₹539.55 crore, against ₹437.70 crore in Q2 FY26 and ₹473.97 crore in Q1 FY27. The quarter’s total income was ₹544.11 crore, against ₹447.23 crore a year earlier and ₹476.82 crore in the previous quarter. The company also reported consolidated results, with total income of ₹564.6 crore in the presentation.
Standalone EBITDA was ₹93.82 crore in Q2 FY27, up from ₹67 crore in Q2 FY26 and ₹81.15 crore in Q1 FY27. The EBITDA margin was 17.4%, compared with 15.3% a year earlier and 17.1% in the previous quarter. On the presentation’s EBITDA basis, which included other income, the standalone figure was ₹98.4 crore and the consolidated figure was ₹100.1 crore.
Standalone profit before tax rose to ₹61.56 crore from ₹36.81 crore in Q2 FY26 and ₹50.32 crore in Q1 FY27. Tax expense was ₹16.47 crore, compared with ₹8.48 crore a year earlier and ₹12.69 crore in the previous quarter. Net profit was ₹45.09 crore, against ₹28.33 crore in Q2 FY26 and ₹37.63 crore in Q1 FY27, while basic EPS was ₹49.55 compared with ₹31.13 and ₹41.35.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 539.55 | 473.97 | 437.70 | +23.3% | +13.8% |
| Other income | 4.56 | 2.85 | 9.53 | −52.2% | +60.0% |
| Total expenses | 482.55 | 426.50 | 410.42 | +17.6% | +13.1% |
| EBITDA | 93.82 | 81.15 | 67 | +40.0% | +15.6% |
| EBITDA margin | 17.4% | 17.1% | 15.3% | +2.1 pp | +0.3 pp |
| Profit before tax | 61.56 | 50.32 | 36.81 | +67.2% | +22.3% |
| Tax | 16.47 | 12.69 | 8.48 | +94.2% | +29.8% |
| Net profit | 45.09 | 37.63 | 28.33 | +59.2% | +19.8% |
| EPS (₹) | 49.55 | 41.35 | 31.13 | +59.2% | +19.8% |
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 TCPL Packaging's costs and profit?
Total expenses rose to ₹482.55 crore in Q2 FY26 from ₹410.42 crore in Q2 FY26, an increase of ₹72.13 crore or 17.6%. Cost of materials consumed was ₹328.07 crore, up ₹47.74 crore or 17.0%, while employee benefits expense was ₹50.24 crore, up ₹6.76 crore or 15.5%. Other expenses increased to ₹82.47 crore from ₹62.38 crore, a rise of ₹20.09 crore or 32.2%.
Finance costs fell to ₹14.68 crore from ₹19.03 crore, a decrease of ₹4.35 crore or 22.9%, while depreciation and amortisation expense was ₹22.14 crore, up ₹1.45 crore or 7.0%. Other income declined to ₹4.56 crore from ₹9.53 crore, down ₹4.97 crore or 52.2%. There was no exceptional item in either quarter.
Against Q1 FY27, total expenses were higher by ₹56.05 crore, with cost of materials up ₹47.96 crore and other expenses up ₹13.85 crore. Finance costs rose ₹2.95 crore, depreciation rose ₹0.19 crore and employee benefits expense rose ₹2 crore. Other income increased ₹1.71 crore, while tax expense rose ₹3.78 crore. Management attributed margin improvement to pricing actions, operating efficiencies and cost optimisation despite higher raw-material and logistics expenses.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 328.07 | 280.33 | +47.74 | +17.0% |
| Employee cost | 50.24 | 43.48 | +6.76 | +15.5% |
| Finance costs | 14.68 | 19.03 | −4.35 | −22.9% |
| Depreciation | 22.14 | 20.69 | +1.45 | +7.0% |
| Other expenses | 82.47 | 62.38 | +20.09 | +32.2% |
| Total expenses | 482.55 | 410.42 | +72.13 | +17.6% |
| Other income | 4.56 | 9.53 | −4.97 | −52.2% |
| Tax | 16.47 | 8.48 | +7.99 | +94.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, TCPL Packaging reported standalone revenue of ₹1013.51 crore, up from ₹847.16 crore in H1 FY26. Total income was ₹1020.93 crore compared with ₹859.46 crore, while profit before tax increased to ₹111.89 crore from ₹66.09 crore.
Standalone net profit for H1 FY27 was ₹82.72 crore, against ₹51.06 crore in H1 FY26, and basic EPS was ₹90.90 compared with ₹56.12. The presentation reported standalone cash profit of ₹156 crore for H1 FY27 and ₹105.7 crore for H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,014 | 847.16 | +19.6% |
| Profit before tax | 111.89 | 66.09 | +69.3% |
| Net profit | 82.72 | 51.06 | +62.0% |
| EPS (₹) | 90.90 | 56.12 | +62.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, standalone total assets were ₹1753.39 crore, compared with ₹1656.97 crore at 31 March 2026. Total equity was ₹781.02 crore against ₹720.07 crore, while borrowings were ₹575.26 crore compared with ₹557.28 crore. Cash and cash equivalents stood at ₹1.70 crore against ₹8.91 crore.
Inventories increased to ₹285.55 crore from ₹234.57 crore at the previous balance sheet date. Trade receivables were ₹474.45 crore compared with ₹422.66 crore, and trade payables were ₹214.30 crore against ₹208.89 crore.
H1 FY27 operating cash flow was ₹51.11 crore, compared with ₹88.21 crore in H1 FY26. Investing cash flow was negative ₹24.15 crore against negative ₹61.29 crore, while financing cash flow was negative ₹34.17 crore compared with negative ₹32.02 crore. Capital expenditure was ₹26.29 crore against ₹62.60 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,753 | 1,657 |
| Total equity | 781.02 | 720.07 |
| Borrowings | 575.26 | 557.28 |
| Cash and equivalents | 1.70 | 8.91 |
| Inventories | 285.55 | 234.57 |
| Trade receivables | 474.45 | 422.66 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 51.11 | 88.21 |
| Cash from investing | −24.15 | −61.29 |
| Cash from financing | −34.17 | −32.02 |
| Capital expenditure | 26.29 | 62.60 |
Source: Company's results filing (XBRL).
How has TCPL Packaging done over the last 8 quarters?
Revenue increased in each of the last three quarters on a year-on-year basis. It rose from ₹437.70 crore in Q2 FY26 to ₹539.55 crore in Q2 FY27, the highest quarterly revenue in the series, while the earlier low was ₹403.34 crore in Q1 FY26.
Net profit moved from a low of ₹21.17 crore in Q4 FY26 to ₹45.09 crore in Q2 FY27, the highest level in the reported series. It rose on a year-on-year basis in each of the last two quarters. EBITDA margin increased from 15.3% in Q2 FY26 to 17.4% in Q2 FY27, above the 16.2% recorded in Q1 FY26.
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, along with an unmodified review report from the statutory auditors. The results were filed with the BSE on 5 November 2026.
The same-day filings and presentation did not announce a dividend, fund raise or new appointment. They disclosed that TCPL Energy Materials Limited was incorporated on 24 September 2026 as a wholly owned subsidiary to manufacture lithium-ion battery separator films, with ₹10 crore initial authorised share capital.
What did TCPL Packaging's management say?
Management said demand remained healthy across paperboard and flexible packaging, supported by customer relationships and an expanded product portfolio. It said pricing actions, operational efficiencies and cost optimisation improved margins despite higher raw-material and logistics expenses, while also describing the operating environment as challenging.
Management said its initiatives were aimed at “sustaining our historical revenue growth trajectory while supporting profitable growth and long-term value creation.” It also set a target of “Carbon neutrality for Scope 1 & Scope 2 emissions by 2040,” anchored to the FY 2023-24 baseline. The presentation did not provide a project capex, manufacturing-capacity target or commissioning timeline for the battery-separator venture.
Management said the battery-separator initiative was in its initial stages, with a focus on establishing manufacturing infrastructure and building the required capabilities. It also said TCPL would strengthen its market position, enhance its product portfolio and execute strategic investments. No analysts’ questions were included in the provided presentation excerpt.
How did other Packaging companies do?
TCPL Packaging was compared with 31 Packaging companies that had filed for the quarter. Their median revenue growth was 19.1%. Nineteen peers grew more slowly than TCPL Packaging, while 12 grew faster. The peer comparison covers revenue growth for all 31 companies.
| TCPL Packaging revenue growth (YoY) | +23.3% |
|---|---|
| Median of 31 other Packaging companies | +19.1% |
| Companies with slower revenue growth than TCPL Packaging | 19 of 31 |
| Companies with faster revenue growth than TCPL Packaging | 12 of 31 |
| Companies whose net profit rose | 18 of 31 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was TCPL Packaging's revenue in Q2 FY27?
Revenue from operations was ₹539.55 crore, up 23.3% from ₹437.70 crore in Q2 FY26 (standalone).
Did TCPL Packaging make a profit in Q2 FY27?
Yes. Net profit was ₹45.09 crore, against a net profit of ₹28.33 crore in Q2 FY26.
What was TCPL Packaging's EPS in Q2 FY27?
Basic earnings per share were ₹49.55, against ₹31.13 in Q2 FY26.
When did TCPL Packaging announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Financial Results (BSE, 23 October 2026) · PDF
- Results (BSE, 5 November 2026) · PDF
- The investor presentation (5 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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