EPACK Durable Limited (EPACK)
₹173.47 -1.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, EPACK Durable's revenue was ₹886 Cr (+33.8% year on year, +49.9% on the previous quarter), and net profit ₹11.8 Cr (-48.4% year on year); the operating margin was 6.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹886 | +33.8% | +49.9% |
| Operating profit | ₹55.0 | +0.7% | +132.4% |
| Net profit | ₹11.8 | -48.4% | — |
| EPS (₹) | 1.23 | -48.5% | — |
| Operating margin | 6.2% | — | — |
EPACK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.22% of the EPACK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.24%. That is close to its usual level.
Delivery in the last 5 sessions: 34.8% · 27.8% · 43.9% · 48.0% · 45.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
EPACK Durable Limited has announced the closure of its trading window for Designated Persons and their immediate relatives starting October 01, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter and half-year ending September 30, 2026. The window will remain shut until 48 hours post the declaration of unaudited standalone and consolidated financial results. The date for the Board Meeting to consider the results will be disclosed separately.
- Trading window closes with effect from October 01, 2026
- Closure will last until 48 hours after financial results become generally available
- Applies to unaudited financial results for the quarter and half-year ending September 30, 2026
- Board meeting date to approve the financial results will be intimated in due course
EPACK Durable Limited has submitted the Scrutinizer's Report and voting results for its 7th Annual General Meeting held on September 18, 2026. A total of 56,239,891 votes were polled across 317 members, representing 58.44% of the total 96,228,477 outstanding shares. All five resolutions were passed with overwhelming majorities (>99% votes in favour), including the adoption of financial statements, the re-appointment of Deloitte Haskins & Sells as Statutory Auditors, and the re-appointment of Ajay DD Singhania as Managing Director.
- Total voter turnout stood at 58.4441% (56,239,891 votes polled on 96,228,477 total shares)
- Resolution 5 (re-appointment of Ajay DD Singhania as MD) passed as a Special Resolution with 99.9912% votes in favour (56,234,929 votes)
- Auditor re-appointment (Deloitte Haskins & Sells) approved with 99.9919% votes in favour (56,235,318 votes)
- Adoption of financial statements approved with 99.3144% votes in favour (55,854,321 votes)
EPACK Durable Limited concluded its 7th Annual General Meeting on September 18, 2026, with 110 members attending virtually. All ordinary and special resolutions were passed with the requisite majority, including the re-appointment of Managing Director Ajay DD Singhania and Statutory Auditors Deloitte Haskins & Sells. Notably, the Company Secretary informed members that both Statutory Auditors and Secretarial Auditors expressed qualified opinions in their respective FY 2025-26 reports. The company reported FY26 revenue of Rs 1,894.46 Cr and net profit of Rs 3.26 Cr.
- 7th AGM concluded on September 18, 2026, with 110 members present via video conferencing
- All resolutions passed, including the re-appointment of Managing Director Mr. Ajay DD Singhania
- Statutory Auditors (Deloitte Haskins & Sells) and Secretarial Auditors (SBYN & Associates, LLP) issued qualified opinions for FY 2025-26
- Re-appointment of Deloitte Haskins & Sells as Statutory Auditors approved by shareholders
EPACK Durable Limited has approved the allotment of 48,218 equity shares of face value Rs 10 each following the exercise of vested options under its ESOP Scheme 2023. Consequently, the paid-up equity capital increased from Rs 96,22,84,770 (9,62,28,477 shares) to Rs 96,27,66,950 (9,62,76,695 shares). The allotment represents an extremely minor equity dilution of approximately 0.05%.
- Nomination and Remuneration Committee approved allotment of 48,218 equity shares on September 08, 2026
- Issued under EPACK Employee Stock Option Scheme 2023
- Paid-up share capital increased from Rs 96,22,84,770 to Rs 96,27,66,950
- Total number of issued shares expanded from 9,62,28,477 to 9,62,76,695
EPACK Durable Limited has dispatched physical letters containing website links to the FY2025-26 Annual Report and Notice of the 7th Annual General Meeting (AGM) to shareholders whose email IDs are not registered as of August 14, 2026. The 7th AGM is scheduled to take place on Friday, September 18, 2026, at 12:00 Noon IST via Video Conferencing / Other Audio-Visual Means. This is a standard compliance dispatch under Regulation 36(1)(b) of SEBI LODR Regulations.
- 7th Annual General Meeting scheduled for Friday, September 18, 2026 at 12:00 Noon IST
- Record date for shareholder list identification was Friday, August 14, 2026
- Physical intimation sent pursuant to SEBI Listing Regulation 36(1)(b) for unregistered email holders
- AGM to be conducted via Video Conferencing / Other Audio-Visual Means (VC/OAVM)
EPACK Durable Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34(2)(f) of SEBI LODR Regulations. The filing details operational footprints across 5 manufacturing plants across 3 sites, with RAC & components accounting for 75% of entity turnover and domestic appliances contributing 25%. Total workforce includes 479 permanent employees and 3,773 workers (3,257 non-permanent). This is a routine statutory disclosure with no immediate financial impact.
- RAC & Components contributed 75% of total turnover in FY26
- Large & Small Domestic Appliances and others contributed 25% of turnover
- Company operates 5 manufacturing plants across 3 locations (Dehradun, Bhiwadi, Sri City)
- Total workforce comprised 479 permanent employees and 3,773 workers (86% contractual)
- Exports contributed 1.6% to the entity's total turnover
EPACK Durable Limited has issued the notice for its 7th Annual General Meeting (AGM), scheduled to take place virtually on September 18, 2026. The cut-off date for determining shareholder eligibility for remote e-voting is September 11, 2026, with the voting window open from September 14 to September 17, 2026. The company also released its Annual Report for FY2025-26, highlighting total annual revenue of ₹18,945 Mn across 5 manufacturing facilities and 72+ customers. This is a standard statutory disclosure with no new operational or financial surprises.
- 7th AGM scheduled for Friday, September 18, 2026 at 12:00 Noon IST via VC/OAVM
- Shareholder cut-off date for e-voting set for Friday, September 11, 2026
- E-voting window opens September 14, 2026 (09:00 AM) and closes September 17, 2026 (05:00 PM)
- Annual report highlights FY26 total revenue of ₹18,945 Mn across 5 manufacturing facilities
EPACK Durable Limited has terminated the employment and removed Mr. Maneesh Bahuguna, Senior Vice President (R&D & Sourcing) and Senior Management Personnel, effective August 21, 2026. The Board approved the removal following internal findings of non-compliance with data handling and confidentiality protocols. The company disclosed that immediate remedial measures have been initiated, including securing the affected data. For an ODM player generating ₹2,118 Cr in TTM revenue, R&D and sourcing integrity is critical to client designs and OEM contracts.
- Board approved removal of Mr. Maneesh Bahuguna, Senior VP (R&D & Sourcing), effective closing hours of August 21, 2026.
- Termination triggered by internal findings of non-compliance with data handling and confidentiality protocols.
- Company confirmed immediate remedial measures have been executed, including securing affected proprietary data.
- Action taken under provisions of Companies Act, 2013, and SEBI Listing Regulations on NRC recommendation.
EPACK Durable released its Q1 FY27 earnings call transcript, highlighting a 34% YoY revenue surge to ₹886 crore and a net profit of ₹11.8 crore. The company reaffirmed its 5-year cumulative revenue roadmap of ₹8,000 crore from the Hisense partnership, having supplied ~60,000 ACs (₹65 crore revenue in Q1). Management also detailed a ₹1,085 crore multi-year capex commitment in Andhra Pradesh across 35 acres, eligible for an estimated 50% state investment subsidy over 10 years. With FY27 marking the final year of Central PLI benefits, EPACK is actively negotiating with clients to roll back PLI discounts to protect margins.
- Q1 FY27 revenue rose 34% YoY to ₹886 crore, with EBITDA at ₹55 crore (margin at 6.21% vs 8.24% reported in Q1 FY26 due to lack of ₹13.31 crore PLI accrual).
- Targets ₹8,000 crore cumulative revenue from the Hisense partnership over 5 years; generated ₹65 crore in Q1 FY27 on 60,000 AC units delivered.
- Committed ₹1,085 crore capex in Andhra Pradesh with 35 acres allotted, expecting ~50% subsidy over a 10-year period.
- Near-term capex of ₹450-₹470 crore underway, including ₹60 crore in CWIP to be capitalized over the next two quarters.
- Customer base broadened to over 72 clients across 19 product categories spanning RAC, SDA, LDA, and components.
EPACK Durable Limited has recommended the re-appointment of M/s Deloitte Haskins & Sells as its Statutory Auditors for a second consecutive five-year term. The appointment will be effective from the conclusion of the upcoming 7th Annual General Meeting (AGM) until the 12th AGM in 2031. This recommendation was finalized by the Board on August 1, 2026, and is now subject to shareholder approval. The company clarified that this is a continuation of the existing auditor, ensuring continuity in financial oversight for the Rs 2,032 Cr market cap company.
- Re-appointment of Deloitte Haskins & Sells for a second consecutive 5-year term.
- The term extends from the 7th AGM until the conclusion of the 12th AGM in 2031.
- Board recommendation was officially made during the meeting held on August 1, 2026.
- Company maintains a TTM revenue of Rs 1,894 Cr and a thin OPM of 5.7%.
EPACK Durable Limited has released the audio recording of its investor conference call held on August 12, 2026, regarding the financial results for the quarter ended June 30, 2026. The company, which operates with a TTM revenue of ₹1,894 Cr and a thin operating margin of 5.7%, is currently focusing on diversifying into Small Domestic Appliances (SDA). Investors can access the recording to hear management's commentary on the execution of the Hisense agreement and the ramp-up of the Sri City facility. The filing is a standard regulatory requirement following the earnings announcement.
- Audio recording for the quarter ended June 30, 2026, is now publicly available via the company website.
- The conference call was conducted on August 12, 2026, following the Q1 FY27 results.
- Company maintains a TTM revenue of ₹1,894 Cr with a very low TTM PAT of ₹3 Cr.
- Management is targeting a 25-30% growth rate by expanding into SDA and LDA segments.
- The company is the 2nd largest Room Air Conditioner (RAC) ODM in India with a 3 million unit capacity.
EPACK Durable reported its highest-ever quarterly revenue of ₹886 Cr for Q1 FY27, marking a 33.8% YoY growth driven by strong demand in Room Air Conditioners (RAC) and Small Domestic Appliances (SDA). However, Profit After Tax (PAT) declined sharply by 48.5% YoY to ₹11.8 Cr as EBITDA margins contracted by 203 bps to 6.21%. The bottom line was further impacted by a 30.7% rise in depreciation and a 27% increase in finance costs following aggressive capacity expansion. The company is currently executing a ₹470 Cr strategic capex program to diversify its product mix and deepen backward integration.
- Revenue reached a record ₹886 Cr in Q1 FY27, up 33.8% YoY, with RAC segment growing 43.8% YoY.
- PAT fell 48.5% YoY to ₹11.8 Cr due to margin contraction and higher fixed costs (depreciation and interest).
- EBITDA margin dropped to 6.21% from 8.24% YoY, reflecting sector-wide input cost and product mix pressures.
- Strategic capex of ₹470 Cr is underway through Q2 FY27, with ₹10.2 Cr spent in the current quarter.
- Top 2 customer concentration significantly reduced to 38% in Q1 FY27 from 72% in FY23, de-risking the revenue base.
EPACK Durable reported a 33.7% YoY increase in Q1 FY27 revenue to ₹886.02 Cr, driven by the Room Air Conditioner segment. However, Net Profit (PAT) fell 48.4% YoY to ₹11.82 Cr, impacted by a 27.5% rise in finance costs and the absence of PLI income. A significant concern is the statutory auditor's qualified opinion regarding ₹19.61 Cr in disputed trade receivables from a single customer, which the auditor could not verify for recoverability. Additionally, the company failed to meet PLI thresholds in the previous year, resulting in a ₹32.42 Cr income reversal that continues to weigh on year-on-year comparisons.
- Revenue from operations increased 33.7% YoY to ₹886.02 Cr in Q1 FY27.
- Net Profit (PAT) declined 48.4% YoY to ₹11.82 Cr from ₹22.89 Cr in Q1 FY26.
- Statutory auditor Deloitte issued a qualified conclusion on ₹19.61 Cr of disputed trade receivables.
- Finance costs rose to ₹20.22 Cr in Q1 FY27 compared to ₹15.85 Cr in the same period last year.
- Zero PLI income recognized in Q1 FY27 following a total reversal of ₹32.42 Cr in FY26 due to missed sales targets.
EPACK Durable reported its highest-ever quarterly revenue of ₹886 Cr for Q1 FY27, a 33.8% YoY increase driven by strong demand in the Room Air Conditioner (RAC) segment (+43.8% YoY). However, Profit After Tax (PAT) nearly halved to ₹11.8 Cr from ₹22.9 Cr in the previous year, as EBITDA margins compressed by 203 bps to 6.21%. The bottom line was further weighed down by a 27% increase in finance costs and a 30.7% rise in depreciation, reflecting the company's ongoing ₹470 Cr capital expenditure cycle.
- Record quarterly revenue of ₹886 Cr achieved, outperforming several industry peers in topline growth.
- SDA & LDA segment grew 68.9% YoY to ₹131.4 Cr, reflecting successful diversification into small appliances.
- Top 2 customer concentration reduced significantly to 38% in Q1 FY27 from 72% in FY23.
- Finance costs increased to ₹20.2 Cr (+27% YoY) due to debt-funded expansions at Sri City and Bhiwadi.
- Planned strategic capital investment of ₹470 Cr is underway, with ₹297.1 Cr already spent through FY26.
EPACK Durable reported a strong top-line growth of 33.7% YoY, with revenue reaching ₹886.02 Cr in Q1 FY27. However, Net Profit fell sharply by 48.4% YoY to ₹11.82 Cr, primarily due to a 27.5% increase in finance costs and a 57.4% surge in other expenses. A significant concern is the auditor's qualified opinion regarding a disputed trade receivable of ₹19.61 Cr. Furthermore, the company recognized zero PLI income this quarter, compared to ₹13.31 Cr accrued in the same period last year, after failing to meet incremental sales targets in FY26.
- Revenue from operations increased 33.7% YoY to ₹886.02 Cr from ₹662.39 Cr.
- Net Profit declined 48.4% YoY to ₹11.82 Cr, down from ₹22.89 Cr in Q1 FY26.
- Finance costs rose to ₹20.22 Cr, accounting for 2.3% of total revenue.
- Auditor issued a qualified opinion on a disputed trade receivable of ₹1,961 lakhs (₹19.61 Cr).
- Zero PLI income recognized in Q1 FY27 vs ₹13.31 Cr accrued in the year-ago quarter.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 52.9% YoY to INR 2,170.9 Cr in FY25. Segment contributions are RAC (56%), Small Domestic Appliances (19%), Components (16%), and Large Domestic Appliances (2%). However, H1 FY26 saw a 23.9% YoY decline to INR 875.7 Cr, with the RAC segment contracting 76% QoQ in Q2 FY26 due to unseasonal rains and GST implementation delays.
Geographic Revenue Split
Manufacturing is concentrated in Dehradun, Bhiwadi, and Sri City. The company recently incorporated EPACK Durable Global Sales LLC-FZ in the UAE to target the Middle East and Africa (MEA) export markets, though specific regional percentage splits are not disclosed.
Profitability Margins
Net Profit Margin improved slightly from 2.49% in FY24 to 2.54% in FY25. However, H1 FY26 PAT margin collapsed to 0.07% from 1.29% YoY, with a net loss of INR 22.2 Cr in Q2 FY26 due to high fixed costs and seasonal revenue decline.
EBITDA Margin
EBITDA margin was 7.26% in FY25, a decrease of 93 bps from 8.19% in FY24. H1 FY26 EBITDA margin stood at 6.44%, up 110 bps YoY despite lower volumes, aided by better product mix and cost efficiencies.
Capital Expenditure
Planned strategic capital expenditure of INR 450 Cr to INR 500 Cr to be completed by Q1 FY27. In Q2 FY26 alone, the company incurred INR 129 Cr primarily for capacity expansion and equipment installation at new facilities.
Credit Rating & Borrowing
ICRA maintains a credit rating that factors in moderate operating margins and seasonality. Interest costs rose 38.5% YoY to INR 53.9 Cr in FY25, reflecting increased borrowing for capacity expansion.
Operational Drivers
Raw Materials
Key materials include Copper Parts, PCBs (Printed Circuit Boards), Plastic Molding Components, and Cross Flow Fans (CFFs). Raw material costs represent approximately 92.7% of total expenses based on FY25 figures.
Import Sources
The company is actively pursuing backward integration to reduce reliance on imports, particularly from China and Thailand, which are now restricted by BIS certifications.
Key Suppliers
Not specifically named in the documents, but the company manages a 'diverse pool of suppliers' and enters into long-term sourcing arrangements to mitigate price volatility.
Capacity Expansion
Current RAC capacity is 3 million units. Planned expansion includes the Sri City facility for Hisense and ramping up SDA/LDA lines to cater to market demand for FY27 and onwards.
Raw Material Costs
Raw material and component costs increased in line with the 53% revenue growth in FY25. The company uses pass-through clauses with key clients to mitigate commodity price hikes, though lags in price revisions can impact short-term profits.
Manufacturing Efficiency
The company is the 2nd largest ODM for Room Air Conditioners in India. Efficiency is driven by high backward integration, producing key components in-house to maintain a cost advantage over competitors.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be driven by diversifying into Small Domestic Appliances (SDA) and Large Domestic Appliances (LDA), adding 15 new customers in the SDA segment, and executing a 'Strategic Cooperation Agreement' with Hisense through the new EMTPL subsidiary. The INR 500 Cr capex will double down on component manufacturing for external sale.
Products & Services
Room Air Conditioners (RAC), Air Fryers, Mixer Grinders, Nutri Blenders, Infrared Cooktops, Vacuum Cleaners, Coffee Makers, and Washing Machines.
Brand Portfolio
EPACK Durable (ODM/OEM), Epavo (JV for motors), Bumjin (Audio products JV).
New Products/Services
Launched Air Fryers, Vacuum Cleaners, and Coffee Makers in Q2 FY26. New product lines in the SDA segment are expected to be a major growth lever for FY27.
Market Expansion
Expanding into the MEA (Middle East & Africa) market via a new UAE entity and increasing domestic footprint through the Sri City facility.
Market Share & Ranking
Ranked as the 2nd largest Room Air Conditioner ODM in India.
Strategic Alliances
50:50 JV with Ram Ratna Group (Epavo Electricals) for induction motors; Strategic Cooperation Agreement with Hisense; JV with Bumjin for audio products.
External Factors
Industry Trends
The industry is shifting toward domestic value addition fueled by the PLI scheme and BIS certifications. The RAC market is evolving from seasonal to year-round demand, though weather remains a primary driver.
Competitive Landscape
Stiff competition from other OEMs/ODMs; however, EPACK's scale as the #2 player provides volume-based cost efficiencies.
Competitive Moat
Moat is built on 'Advanced Vertically Integrated Manufacturing' and long-standing relationships with top-tier brands. This is sustainable because high capital requirements and technical certifications (BIS) create high entry barriers.
Macro Economic Sensitivity
Highly sensitive to consumer spending power and interest rates which affect big-ticket purchases like RACs and Washing Machines.
Consumer Behavior
Shift toward premium and smart appliances; growing demand for Small Domestic Appliances (SDA) like Air Fryers and Nutri Blenders.
Geopolitical Risks
Trade barriers on imports from China and Thailand due to BIS norms provide a competitive advantage to EPACK as a domestic manufacturer.
Regulatory & Governance
Industry Regulations
Mandatory BIS (Bureau of Indian Standards) certification for RACs, SDAs, and LDAs. Participation in the Production Linked Incentive (PLI) scheme for RACs and components requires meeting specific investment and incremental sale targets.
Environmental Compliance
Not specifically disclosed in INR, but the company must comply with manufacturing standards for consumer durables.
Taxation Policy Impact
Effective tax rate was approximately 25.9% in FY25 (INR 19.3 Cr tax on INR 74.4 Cr PBT).
Risk Analysis
Key Uncertainties
Seasonality of the RAC business (80-85% revenue exposure) and volatility in commodity prices (Copper/Aluminum) which can impact margins by 1-2% if not passed through immediately.
Geographic Concentration Risk
Manufacturing is concentrated in three Indian states; however, the client base is pan-India and global.
Third Party Dependencies
Dependency on marquee brands like Voltas and Haier for order volumes; loss of a single major client could impact revenue by over 10%.
Technology Obsolescence Risk
Risk is mitigated by continuous R&D and design optimization for new energy-efficient RAC models and smart appliances.
Credit & Counterparty Risk
Debtors Turnover Ratio improved significantly to 8.23x in FY25 from 3.95x in FY24, indicating improved receivables management.
