EPL Limited (EPL)
₹232.07 -1.81% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, EPL's revenue was ₹1,300 Cr (+17.6% year on year, +13.2% on the previous quarter), and net profit ₹103 Cr (-10.7% year on year); the operating margin was 19.7%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,300 | +17.6% | +13.2% |
| Operating profit | ₹256 | +12.5% | +11.5% |
| Net profit | ₹103 | -10.7% | -18.3% |
| EPS (₹) | 3.22 | -10.1% | -18.5% |
| Operating margin | 19.7% | — | — |
EPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.71% of the EPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.85%. That is lower than usual for this stock. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 50.4% · 53.4% · 59.5% · 60.4% · 46.7%
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
EPL Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, confirmed by its RTA Bigshare Services Private Limited, verifies that securities received for dematerialisation during the quarter were duly processed, listed on stock exchanges, and physical certificates mutilated. This is a recurring regulatory compliance filing with no impact on business operations or financials.
- Regulation 74(5) compliance confirmed for quarter ended September 30, 2026
- Dematerialisation certificates verified, mutilated, and cancelled by RTA Bigshare Services Private Limited
- Filing submitted to BSE and NSE on October 16, 2026
EPL Limited received a formal request from promoter entity Epsilon Bidco Pte. Ltd. to reclassify from 'promoter' to 'public' category under Regulation 31A of SEBI LODR. Epsilon Bidco disclosed that it sold its entire holding of 84,479,781 equity shares (representing 26.37% of paid-up share capital) via on-market trades on September 1, 2026, and currently holds nil shares. The reclassification request will be placed before the Board of Directors for review and subsequently submitted for stock exchange approvals.
- Epsilon Bidco Pte. Ltd. sold entire stake of 84,479,781 shares (26.37%) on September 1, 2026
- Current shareholding of Epsilon Bidco in EPL stands at nil (0.00%)
- Outgoing promoter requested reclassification to public category under SEBI LODR Regulation 31A
- Company to place request before Board in the ensuing Board Meeting
EPL Limited announced the resignation of three Non-Executive, Non-Independent Directors—Mr. Amit Dixit, Mr. Dhaval Jitendra Buch, and Mr. Animesh Agrawal—effective close of business on October 9, 2026. All three outgoing directors cited other professional commitments as the reason for their departure. The resignations trigger vacancies across key board committees, including the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee. The departures represent board-level governance reconstitutions without direct operational or financial disruption to the packaging company (TTM revenue ₹3,992 Cr).
- 3 Non-Executive, Non-Independent Directors resigned effective October 9, 2026
- Outgoing directors: Amit Dixit (DIN: 01798942), Dhaval Jitendra Buch (DIN: 00106813), and Animesh Agrawal (DIN: 08538625)
- Resignations impact multiple committees, including the chairmanship of Risk Management and Stakeholders Relationship Committees
- All departures cited other professional commitments with no operational or financial disputes disclosed
EPL Limited announced the resignation of three Non-Executive, Non-Independent Directors—Mr. Amit Dixit, Mr. Dhaval Jitendra Buch, and Mr. Animesh Agrawal—effective close of business on October 9, 2026. All three outgoing directors cited other professional commitments as the reason for their departure. The resignations trigger vacancies across key board committees, including the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee. The departures represent board-level governance reconstitutions without direct operational or financial disruption to the packaging company (TTM revenue ₹3,992 Cr).
- 3 Non-Executive, Non-Independent Directors resigned effective October 9, 2026
- Outgoing directors: Amit Dixit (DIN: 01798942), Dhaval Jitendra Buch (DIN: 00106813), and Animesh Agrawal (DIN: 08538625)
- Resignations impact multiple committees, including the chairmanship of Risk Management and Stakeholders Relationship Committees
- All departures cited other professional commitments with no operational or financial disputes disclosed
CARE Ratings Limited has reviewed EPL Limited's bank facilities as of October 6, 2026. The agency reaffirmed the short-term rating at CARE A1+ and removed it from Rating Watch with Developing Implications. Meanwhile, the long-term bank facilities rating of CARE AA+ continues to remain on Rating Watch with Developing Implications (RWD). The rating applies to bank facilities supporting EPL's balance sheet, which carried total debt of Rs 523 Cr as of recent financials.
- Short-term bank facilities rating reaffirmed at CARE A1+ and removed from Rating Watch with Developing Implications.
- Long-term bank facilities rating retained at CARE AA+ (RWD), continuing on Rating Watch with Developing Implications.
- Action was undertaken by CARE Ratings Limited on October 6, 2026.
- Company currently operates with a low debt load of Rs 523 Cr against a net worth of Rs 1,181 Cr (D/E of 0.44).
EPL Limited held its 43rd Annual General Meeting on September 16, 2026, via video conference. All agenda items—including the adoption of FY26 standalone and consolidated financial statements, the reappointment of retiring director Mr. Animesh Agrawal, and the ratification of cost auditor remuneration—were approved with the requisite majority. The meeting commenced at 11:00 AM IST and concluded at 12:40 PM IST.
- 43rd Annual General Meeting held and concluded on September 16, 2026
- AGM commenced at 11:00 AM IST and concluded at 12:40 PM IST
- Adoption of Audited Standalone and Consolidated Financial Statements for FY26 approved
- All resolutions passed with requisite majority via remote e-voting and AGM e-voting
EPL Limited held its 43rd Annual General Meeting on September 16, 2026, via video conferencing. The shareholders approved the standalone and consolidated audited financial statements for FY25-26, where the company recorded FY26 revenue of Rs 3,991.82 crore and net profit of Rs 367.4 crore. Additionally, resolutions regarding the re-appointment of Director Mr. Animesh Agrawal and ratification of cost auditor remuneration were passed with the requisite majority. The proceedings were conducted routinely without any adverse auditor qualifications.
- 43rd Annual General Meeting conducted and concluded on September 16, 2026
- Adoption of audited financial statements for the financial year ended March 31, 2026 approved
- All ordinary and special business resolutions passed with requisite majority via remote and meeting e-voting
- Meeting commenced at 11:00 AM IST and concluded at 12:40 PM IST
India Ratings and Research (Ind-Ra) has revised the status of EPL Limited's Issuer Rating of 'IND AA+' by placing it on 'Rating Watch with Developing Implications' as of September 10, 2026. Concurrently, the rating agency affirmed the short-term rating of 'IND A1+' for the company's Commercial Paper program. The company carries total debt of Rs 523 Cr against net worth of Rs 1181 Cr (D/E ratio of 0.44), with TTM revenues at Rs 3992 Cr. A rating watch with developing implications signals potential upward or downward rating actions pending clarity on specific events.
- Issuer Rating 'IND AA+' placed on Rating Watch with Developing Implications by Ind-Ra on September 10, 2026
- Commercial Paper rating affirmed at 'IND A1+'
- Debt-to-equity stands at 0.44 based on debt of Rs 523 Cr against net worth of Rs 1181 Cr
- Company posted TTM revenue of Rs 3992 Cr and TTM PAT of Rs 367 Cr
EPL Limited released the transcript for its Q1 FY27 earnings conference call held on August 11, 2026. The company reported a 25.3% revenue growth (20% underlying growth) with reported EBITDA growth of 15.2% and EBITDA margin of 18.8% (19.6% underlying). Management raised full-year forward revenue growth guidance from low double digits to high teens while aiming to sustain a ~20% underlying EBITDA margin. Additionally, the company confirmed receipt of CCI approval for its proposed merger with Indovida.
- Q1 FY27 revenue grew 25.3% YoY (20% underlying growth) with EBITDA increasing 15.2% YoY.
- Management raised upcoming revenue guidance to high teens with an underlying EBITDA margin target of ~20%.
- Broad-based double-digit regional growth led by East Asia Pacific (34.3%), Americas (29.4%), Europe (20.2%), and AMESA (17.0%).
- Personal Care & Beyond expanded to 54% of the portfolio, while sustainable tubes reached 44% of product mix.
- Received Competition Commission of India (CCI) approval for the proposed Indovida merger.
EPL Limited has dispatched communications containing the weblink and QR code for its Integrated Annual Report for FY 2025-26 and the Notice of the 43rd Annual General Meeting (AGM) to shareholders without registered email addresses. The 43rd AGM is scheduled to be held virtually via Video Conferencing on Wednesday, September 16, 2026, at 11:00 AM IST. This filing represents a routine administrative disclosure in compliance with SEBI LODR Regulations.
- 43rd Annual General Meeting scheduled for Wednesday, September 16, 2026, at 11:00 AM IST via Video Conferencing
- Communication dispatched on August 25, 2026, to members whose email IDs are not registered with RTA/DPs
- Contains exact web-link and QR code access for the Integrated Annual Report for FY 2025-26 and 43rd AGM Notice
EPL Limited has issued the notice for its 43rd Annual General Meeting (AGM) scheduled to take place on September 16, 2026, via Video Conferencing. The meeting's agenda covers standard ordinary business, including the adoption of the audited standalone and consolidated financial statements for FY26 (revenue of ₹3,991.82 Cr, PAT of ₹367.4 Cr). Shareholders will also vote on the re-appointment of Non-Executive Director Mr. Animesh Agrawal, who retires by rotation, and the ratification of ₹1,62,850 remuneration for cost auditors M/s. Jitendrakumar & Associates.
- 43rd AGM scheduled for Wednesday, September 16, 2026, at 11:00 AM IST via Video Conferencing.
- Adoption of Audited Standalone and Consolidated Financial Statements for FY26.
- Proposed re-appointment of Non-Executive Director Mr. Animesh Agrawal, who attended 7 out of 8 Board meetings in FY26.
- Ratification of ₹1,62,850 plus expenses as remuneration for Cost Auditors for FY27.
EPL Limited has announced that its 43rd Annual General Meeting (AGM) will be held virtually on Wednesday, September 16, 2026, at 11:00 AM IST. The cut-off date to determine shareholder eligibility for voting is Wednesday, September 9, 2026. Remote e-voting will run from September 13, 2026 (9:00 AM IST) to September 15, 2026 (5:00 PM IST). The filing also contains copies of statutory newspaper advertisements published across Business Standard, The Free Press Journal, and Navshakti.
- 43rd Annual General Meeting scheduled for Wednesday, September 16, 2026, at 11:00 AM IST via Video Conferencing.
- Cut-off date for remote e-voting and AGM voting eligibility established as Wednesday, September 9, 2026.
- Remote e-voting window opens on September 13, 2026 (9:00 AM IST) and concludes on September 15, 2026 (5:00 PM IST).
- Newspaper publication notices released on August 22, 2026, in Business Standard, The Free Press Journal, and Navshakti.
EPL Limited has published the audio recording of its investor conference call held on August 11, 2026. The call focused on the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This disclosure is a standard regulatory requirement under SEBI LODR Regulations. Investors can access the recording on the company's website to gain insights into management's commentary on the company's TTM revenue of ₹3,992 Cr and its 20.1% operating margins.
- Conference call held on August 11, 2026, to discuss Q1 FY27 financial performance
- Recording covers the financial results for the quarter ended June 30, 2026
- Company maintains a significant global footprint with over 9 billion tubes produced annually
- Management discussed strategies to maintain the 11% expected growth rate
- Focus remains on the Beauty & Cosmetics segment which saw 28.1% growth in the Americas in FY25
EPL Limited reported its highest-ever quarterly revenue growth of 25.3% YoY, reaching ₹1,387.9 Cr in Q1 FY27. While EBITDA grew 15.2% to ₹261.2 Cr, PAT saw a marginal 1.4% decline due to tax rate normalization, though PBT rose 10% YoY. Management has raised its revenue growth guidance to the 'high-teens' for the upcoming quarters, citing broad-based double-digit growth across all geographies. The company also confirmed that its merger with Indovida, aimed at creating a $1 billion revenue entity, has received CCI approval and is on track.
- Record revenue growth of 25.3% YoY to ₹1,387.9 Cr, marking the 5th consecutive quarter of double-digit growth.
- EBITDA increased 15.2% to ₹261.2 Cr, representing the 15th consecutive quarter of double-digit EBITDA growth.
- Beauty & Cosmetics and Oral Care segments both delivered strong growth of 23.6% and 23.9% respectively.
- Sustainable tube formats now contribute 44% of total sales, supported by an EcoVadis Platinum rating.
- Management raised revenue guidance to 'high-teens' for the next few quarters while targeting 20% underlying EBITDA margins.
EPL Limited reported a strong 25.3% YoY revenue growth to ₹1,387.9 Cr for Q1 FY27, significantly exceeding its historical 11% growth rate. Growth was broad-based across regions, led by EAP (+34.3%) and Americas (+29.4%), with the high-margin 'Personal Care & Beyond' segment now contributing 54% of total revenue. While EBITDA grew 15.2% to ₹261.2 Cr, reported PAT saw a marginal 1.4% decline to ₹98.6 Cr due to a higher effective tax rate compared to the previous year's low base. Net debt increased to ₹580.6 Cr following 'ahead of the curve' capex investments in new technologies and capacity.
- Revenue grew 25.3% YoY to ₹1,387.9 Cr, with underlying growth at 20% excluding commodity pass-through pricing.
- Personal Care & Beyond segment reached 54% of total tube revenue, up from 43% in FY19, reflecting a successful strategic pivot.
- EAP region delivered the highest geographic growth at 34.3% YoY, followed by Americas at 29.4%.
- Underlying EBITDA margin stood at 19.6%, though reported margin was 18.8% due to inflation-led pricing pass-throughs.
- Net Debt/LTM EBITDA increased to 0.58x from 0.45x YoY, driven by ₹108.3 Cr capex in Q1.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, regional revenue growth was led by the Americas at 27.4% YoY, followed by EAP at 10.6% and Europe at 2.8%, while AMESA saw a slight decline of 0.7% YoY.
Geographic Revenue Split
Based on Q2 FY26 regional performance, AMESA contributed 29.9% (INR 3,904 Mn), Americas 26.9% (INR 3,512 Mn), EAP 22.6% (INR 2,951 Mn), and Europe 20.6% (INR 2,690 Mn) to regional totals.
Profitability Margins
Consolidated EBITDA margin for Q2 FY26 stood at 20.9%, up 91 bps YoY. EBIT margin improved to 13.0% from 12.1% YoY, and PAT margin was approximately 8.6% (INR 1,043 Mn on INR 12,059 Mn revenue).
EBITDA Margin
EBITDA margin reached 20.9% in Q2 FY26, marking the 11th consecutive quarter of margin expansion, driven by operational efficiencies and a shift toward higher-margin Beauty & Cosmetics products.
Capital Expenditure
EPL maintains a capital expenditure control system to authorize investments. While specific future INR Cr values are not disclosed, the company prioritizes capex efficiency to drive ROCE, which rose to 18.7% in Q2 FY26.
Credit Rating & Borrowing
EPL holds a 'Stable' outlook from CareEdge Ratings, reflecting a strong financial risk profile. Borrowing costs are supported by a low Net Debt/EBITDA ratio of 0.51x as of Q2 FY26.
Operational Drivers
Raw Materials
Key raw materials include polymers (derived from crude oil) and aluminum foil. Raw material costs form a significant portion of total expenses for tube production.
Import Sources
Sourced globally; polymer prices are influenced by international crude oil indices and global supply-demand factors in markets like the Middle East and Asia.
Key Suppliers
EPL maintains strong relationships with established global suppliers to ensure supply stability, though specific company names are not disclosed in available documents.
Capacity Expansion
EPL produces over 9 billion tubes annually. Expansion includes the stabilization of the Brazil facility and the incorporation of EPTL in Thailand to pursue manufacturing opportunities.
Raw Material Costs
Raw material costs are a major expense. While polymer prices have stabilized recently, they remain above pre-Covid levels. Pass-through clauses in long-term contracts help mitigate cost volatility.
Manufacturing Efficiency
EPL focuses on automated operations and greater traceability. Margin expansion over 11 quarters reflects improved productivity and disciplined execution of cost-saving initiatives.
Logistics & Distribution
Freight costs increased in Q2 FY26 due to customer mix expansion and inflation in the Western part of the world, impacting regional margins in Europe.
Strategic Growth
Expected Growth Rate
11%
Growth Strategy
Growth will be achieved through capacity expansion in Brazil, entering the Thailand market via EPTL, and aggressively pursuing market share in the high-margin Beauty & Cosmetics segment (which grew 28.1% in the Americas in FY25).
Products & Services
Laminated plastic tubes, extruded plastic tubes, and caps and closures for oral care, beauty, cosmetics, pharmaceuticals, and home care sectors.
Brand Portfolio
EPL (formerly known as Essel Propack Limited).
New Products/Services
Sustainable packaging solutions, including recyclable tubes and EcoVadis Platinum-rated products, intended to capture ESG-focused brand owners.
Market Expansion
Targeting high-growth regions like Brazil (stabilizing new facility) and Thailand (incorporating EPTL) to diversify geographic revenue and reduce regional concentration.
Market Share & Ranking
EPL holds a significant global market share in the oral care segment, producing over 9 billion tubes annually.
Strategic Alliances
EPL is backed by Blackstone, one of the world's leading investment firms, which provides financial flexibility and supports global operational integration.
External Factors
Industry Trends
The industry is evolving toward sustainability-led packaging. EPL is positioning itself as a leader through SBTi Net Zero targets and achieving an EcoVadis Platinum rating.
Competitive Landscape
Intense competition from unorganized players with low entry barriers and large established global players in the laminated tube market.
Competitive Moat
Durable advantages include global scale (9bn+ tubes), Blackstone's backing, and sustainability leadership (top 1% globally by EcoVadis), which are highly valued by global FMCG brands.
Macro Economic Sensitivity
Global growth is projected at 2.8% for FY26. Recessionary trends or prolonged inflation in key geographies could impact demand for packaged consumer goods.
Consumer Behavior
Growing consumer preference for sustainable and recyclable packaging is driving brand owners to shift toward EPL's innovative tube solutions.
Geopolitical Risks
Trade restrictions, political instability (e.g., Egypt), and regulatory shifts in operating countries could disrupt supply chains or affect customer sentiment.
Regulatory & Governance
Industry Regulations
Operations are subject to increasing focus on sustainability regulations regarding material usage, carbon emissions, and recyclability in various global jurisdictions.
Environmental Compliance
EPL is the first Indian packaging company with SBTi Net Zero targets approved and holds an EcoVadis Platinum rating, placing it in the top 1% of companies globally.
Taxation Policy Impact
Not disclosed in available documents; the company follows Indian Accounting Standards (Ind AS) for financial preparation.
Legal Contingencies
Not disclosed in available documents; the company maintains robust internal control systems and risk audits to ensure compliance with global statutes.
Risk Analysis
Key Uncertainties
Macroeconomic volatility and raw material price fluctuations (polymers/aluminum) are key risks that could impact margins by up to several percentage points if not managed.
Geographic Concentration Risk
AMESA is the largest regional contributor (29.9% of regional revenue), making the company sensitive to economic and political shifts in India and Egypt.
Third Party Dependencies
High dependency on top-tier global customers for a significant portion of revenue, making regional performance sensitive to their order volumes.
Technology Obsolescence Risk
EPL faces cybersecurity risks as it scales digital infrastructure; a data breach or system downtime could impact operations and reputation.
Credit & Counterparty Risk
Not disclosed in available documents; the company uses structured internal audit processes to ensure the integrity of financial and operational controls.
