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EPL - EPL Ltd

📊 NSE: EPL 🏢 Packaging 📅 Last Updated: 12/13/2025 21:55

📢 Recent Corporate Announcements

EPL Ltd Seeks Approval to Appoint Hemant Bakshi as MD & Global CEO for 5-Year Term

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 23 Feb 2026, 05:40 PM

EPL Limited has issued a postal ballot notice seeking shareholder approval for significant leadership changes. The primary resolution involves the appointment of Mr. Hemant Bakshi as the Managing Director and Global CEO for a five-year term effective January 1, 2026. Additionally, the company is seeking approval for Mr. Anand Kripalu's appointment as a Non-Executive Director starting April 1, 2026. The e-voting process for these resolutions will conclude on March 26, 2026.

Proposed appointment of Hemant Bakshi as MD & Global CEO for a 5-year term starting Jan 1, 2026
Anand Kripalu proposed as Non-Executive, Non-Independent Director effective April 1, 2026
Remote e-voting period set from February 25, 2026, to 5:00 P.M. on March 26, 2026
Cut-off date for shareholder voting eligibility was February 20, 2026
Results of the postal ballot to be declared within 2 working days of the voting conclusion

💡 Investors should support the leadership transition as it provides long-term clarity at the helm of the company. Monitor the voting results and subsequent strategic commentary from the new CEO.

EPL Q3 FY'26: Revenue Grows 13.3% Driven by 26% Surge in Beauty & Cosmetics

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Feb 2026, 09:42 PM

EPL Limited reported a robust Q3 FY'26 with consolidated revenue growth of 13.3% YoY and EBITDA margins holding steady at 20.1%. The strategic pivot toward the Beauty & Cosmetics segment is yielding results, with that category growing 26% and now contributing significantly to the portfolio. Capital efficiency improved as ROCE expanded by 184 basis points to 18.7%, while the net debt to EBITDA ratio remains low at 0.65. Despite minor operational headwinds in Europe, strong performance in the Americas and EAP regions, coupled with the commercialization of the Thailand plant, supports a positive outlook.

Consolidated revenue increased 13.3% YoY, marking the third consecutive quarter of double-digit growth.
Beauty & Cosmetics segment outperformed with 26% YoY growth, now representing 53% of the total portfolio.
ROCE expanded by 184 basis points YoY to reach 18.7%, reflecting disciplined capital management.
Regional growth was led by Americas at 19% and EAP at 18%, while India standalone grew by 8.7%.
Sustainable tube formats now contribute 38% of total sales, enhancing the company's ESG positioning.

💡 Investors should maintain a positive outlook given the successful shift toward high-margin Beauty & Cosmetics and improving capital efficiency metrics. Monitor the scaling of the new Thailand plant and margin recovery in the European region as key performance indicators for the next fiscal year.

EPL Limited Allots 13,942 Equity Shares Under ESOS 2020

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Feb 2026, 04:38 PM

EPL Limited has approved the allotment of 13,942 equity shares of face value Rs. 2 each following the exercise of stock options by employees. This allotment is part of the company's Employee Stock Option Scheme 2020. Consequently, the paid-up equity share capital has increased from Rs. 64.04 crore to approximately Rs. 64.05 crore. The company has explicitly stated that this allotment is not material in nature to its overall operations.

Allotment of 13,942 equity shares of face value Rs. 2 each.
Paid-up equity share capital increased to Rs. 64,04,95,686.
Total number of equity shares outstanding rose to 32,02,47,843.
New shares rank pari passu with existing fully paid-up equity shares.
Allotment conducted under the Employee Stock Option Scheme 2020 (ESOS 2020).

💡 No action is required from investors as this is a routine administrative allotment with negligible equity dilution. The impact on earnings per share (EPS) will be minimal.

EPL Ltd Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 13 Feb 2026, 10:16 PM

EPL Limited has released the audio recording of its investor conference call held on February 13, 2026. The call focused on the company's unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI LODR Regulations to ensure transparency for all shareholders. Investors can access the recording on the company's website to hear management's detailed commentary on performance and future outlook.

Conference call conducted on February 13, 2026, following the Q3 FY26 results announcement.
Audio recording made available on the company's official website under the multimedia section.
The discussion covered financial performance for the nine-month period ending December 31, 2025.
Compliance maintained with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.

💡 Investors should listen to the recording to understand management's perspective on global demand and margin sustainability. This is a routine administrative filing and does not necessitate any immediate trading action.

EPL Limited Authorizes KMPs for Materiality Disclosures Under SEBI Regulations

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Feb 2026, 04:36 PM

EPL Limited has designated specific Key Managerial Personnel (KMP) to determine the materiality of events for stock exchange disclosures. This action, taken during the Board meeting on February 13, 2026, complies with Regulation 30(5) of the SEBI LODR Regulations. The authorized officials include the Managing Director & Global CEO, the Chief Financial Officer, and the Company Secretary. This is a standard administrative update to ensure transparent and timely communication with investors and regulators.

Board of Directors authorized 3 KMPs to determine event materiality on Feb 13, 2026
Authorized personnel include MD & Global CEO Hemant Bakshi and CFO Deepak Goyal
The update follows Regulation 30(5) of the SEBI (LODR) Regulations, 2015
Contact information for the Compliance Officer was officially shared with BSE and NSE

💡 This is a routine compliance update with no impact on business fundamentals; investors should continue to monitor core financial performance.

EPL Q3FY26 Revenue Up 13.3% to ₹11,488 Mn; B&C Segment Grows 26.2%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:26 PM

EPL Limited reported a strong 13.3% YoY revenue growth in Q3FY26, reaching ₹11,488 million, led by a 26.2% surge in the Beauty & Cosmetics segment. EBITDA grew 11.9% to ₹2,308 million with margins holding steady at 20.1%, despite short-term operational challenges in Europe. While reported PAT fell 12.6% due to one-time labor code adjustments and a China plant closure, normalized PAT grew 11% excluding prior-year tax benefits. The company's financial health remains robust with ROCE improving to 18.7% and Net Debt/EBITDA dropping to 0.65x.

Revenue grew 13.3% YoY to ₹11,488 million, with the Americas and EAP regions leading at 19% and 18% growth respectively.
The Beauty & Cosmetics (B&C) segment delivered 26.2% growth, marking four consecutive quarters of 20%+ growth.
EBITDA margins remained above 20% for the sixth consecutive quarter, though slightly down 24 bps YoY to 20.1%.
Return on Capital Employed (ROCE) saw a significant jump of 182 basis points YoY to reach 18.7%.
Net Debt/EBITDA ratio improved to 0.65x from 0.72x, reflecting disciplined capital management.

💡 Investors should focus on the sustained 20%+ growth in the high-margin Beauty & Cosmetics segment and the company's improving capital efficiency. The stock remains a strong play on the global shift toward sustainable packaging as recyclable volumes now comprise 38% of their portfolio.

EPL Limited Schedules Q3FY26 Earnings Conference Call for February 13, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 06 Feb 2026, 10:11 PM

EPL Limited has announced its earnings conference call scheduled for Friday, February 13, 2026, at 5:30 PM IST. The management will discuss the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. Key leadership, including the MD & Global CEO Hemant Bakshi and CFO Deepak Goyal, will be present to address investor queries. This call provides an opportunity for shareholders to understand the company's performance trajectory and operational updates.

Conference call scheduled for February 13, 2026, at 5:30 PM IST following Q3FY26 results.
Management representation includes MD & Global CEO, COO, CFO, and President of Amesa Region.
Discussion will cover financial performance for the quarter and nine-month period ended December 31, 2025.
International dial-in facilities provided for investors in USA, UK, Singapore, and Hong Kong.

💡 Investors should review the Q3FY26 financial results once released and participate in the call to gain insights into margin sustainability and volume growth outlook.

EPL Limited Submits Quarterly Share Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 02:43 PM

EPL Limited has filed its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The company confirmed that all physical share certificates received for dematerialization were processed, cancelled, and the records updated with depositories. This process was completed within the required 15-day timeline as verified by the Registrar, Bigshare Services Private Limited. Such filings are mandatory and indicate smooth administrative functioning regarding share registry management.

Quarterly compliance for the period ending December 31, 2025, successfully completed.
Dematerialization requests were processed and confirmed to depositories within 15 days of receipt.
Physical certificates were mutilated and cancelled after due verification by the Registrar and Share Transfer Agent.
The filing ensures that the company's shareholding records are accurately reflected in electronic form with NSDL and CDSL.

💡 This is a standard administrative update with no impact on business fundamentals; no specific investor action is needed.

EPL Limited Allots 14,996 Equity Shares Under ESOS 2020

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 05:35 PM

EPL Limited has approved the allotment of 14,996 equity shares of face value Rs. 2 each following the exercise of stock options by employees under the ESOS 2020 scheme. This move has marginally increased the company's paid-up equity share capital from Rs. 64,04,37,810 to Rs. 64,04,67,802. The total number of shares outstanding now stands at 32,02,33,901. The company has clarified that this allotment is routine and not material to its overall operations.

Allotment of 14,996 equity shares of face value Rs. 2 each under ESOS 2020
Paid-up equity capital increased to Rs. 64,04,67,802 from Rs. 64,04,37,810
Total number of equity shares increased to 32,02,33,901
New shares rank pari passu with existing fully paid-up equity shares

💡 No action is required from investors as the equity dilution is negligible and part of a routine employee compensation scheme.

EPL Appoints Hemant Bakshi as MD & Global CEO for 5-Year Term

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Jan 2026, 04:56 PM

EPL Limited has officially appointed Mr. Hemant Bakshi as the Managing Director and Global Chief Executive Officer for a five-year term starting January 1, 2026. This leadership change follows the company's previous intimation in October 2025 regarding a planned succession. To facilitate a smooth transition, the outgoing leader, Mr. Anand Kripalu, will remain on the board as an Executive Director until March 31, 2026. The appointment of Mr. Bakshi is subject to the necessary approval from the company's shareholders.

Mr. Hemant Bakshi appointed as Managing Director & Global CEO effective January 1, 2026
The tenure for the new MD & Global CEO is set for a period of 5 years
Mr. Anand Kripalu to continue as Executive Director for a transition period until March 31, 2026
Mr. Bakshi joins the Board as an Additional Director and Key Managerial Personnel

💡 Investors should monitor the new CEO's strategic roadmap for global growth and operational efficiency. No immediate action is required as this is a planned leadership transition.

EPL Limited Announces Resignation of Non-Executive Director Ayshwarya Vikram

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Dec 2025, 05:05 PM

EPL Limited has informed the exchanges that Ms. Ayshwarya Vikram has resigned from her position as a Non-Executive, Non-Independent Director effective December 31, 2025. The resignation is attributed to her pre-occupations and other professional commitments. Consequently, she will also vacate her seats on the Stakeholders Relationship, Risk Management, and Security Committees. The Board of Directors took note of this change during their meeting on December 30, 2025.

Ms. Ayshwarya Vikram (DIN: 08153649) resigned as Non-Executive, Non-Independent Director.
Resignation is effective from the close of business hours on December 31, 2025.
Vacates memberships in three key committees: Stakeholders Relationship, Risk Management, and Security.
The Board of Directors formally recorded the resignation on December 30, 2025.

💡 This is a routine board-level change involving a non-executive director and is unlikely to impact the company's operational performance. No immediate action is required from investors.

EPL Limited Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 04:38 PM

EPL Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting January 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations ahead of the declaration of financial results. The restriction applies to designated persons and their immediate relatives for the quarter and nine months ending December 31, 2025. The window will reopen 48 hours after the financial results are officially announced to the public.

Trading window closure effective from January 1, 2026, for all designated persons.
Closure is in relation to the financial results for the quarter and nine months ending December 31, 2025.
The window will remain closed until 48 hours after the results are declared.
The specific date for the Board of Directors meeting to approve results will be announced separately.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to track the upcoming Q3 FY26 performance.

EPL Limited Establishes 'EPL ESOP Trust' to Administer ESOS 2025

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 21 Dec 2025, 11:18 AM

EPL Limited has formally executed a Trust Deed to establish the 'EPL ESOP Trust' for the implementation of its Employees Stock Option Scheme 2025 (ESOS 2025). This follows the Board's approval on November 11, 2025, and subsequent shareholder approval via postal ballot on December 14, 2025. The trust has been settled with an initial corpus of INR 10,000 and will be managed by three trustees, including Qapita EquityTech Limited. This is a standard regulatory step to facilitate the administration of employee stock options in compliance with SEBI regulations.

Formal adoption of 'Employees Stock Option Scheme 2025' (ESOS 2025) following shareholder approval on Dec 14, 2025.
Execution of an irrevocable Trust Deed on Dec 19, 2025, to settle the 'EPL ESOP Trust'.
Initial settlement amount for the trust corpus is fixed at INR 10,000.
Appointment of Qapita EquityTech Limited as a corporate trustee alongside two internal company executives.
Compliance filing under Regulation 3(3) of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

💡 No immediate action is required as this is a routine administrative filing for employee incentives. Investors should monitor future disclosures regarding the quantum of options granted to evaluate potential equity dilution.

EPL Limited: Postal Ballot Results - Employee Stock Option Scheme Approved

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 15 Dec 2025, 08:03 PM

EPL Limited announced the results of its postal ballot, where members approved the 'Employee Stock Option Scheme - 2025' and the grant of Employee Stock Options to subsidiary employees. The remote e-voting commenced on November 15, 2025, and concluded on December 14, 2025. For the first resolution, promoters voted 100% in favor with 8,44,79,781 shares, while public institutions showed 38% support with 2,59,98,558 votes in favor and 4,24,21,965 votes against. Non-institution public investors voted 99.94% in favor with 9,89,23,623 votes.

Promoters voted 8,44,79,781 shares in favor of the Employee Stock Option Scheme.
Public institutions cast 2,59,98,558 votes in favor and 4,24,21,965 votes against the scheme.
Non-institution public investors cast 9,89,23,623 votes in favor of the scheme.
Remote e-Voting concluded on December 14, 2025 at 5.00 P.M. (1ST).

💡 Investors should review the detailed voting results on EPL's website to understand institutional investor sentiment regarding the Employee Stock Option Scheme. Monitor future announcements regarding the implementation of the scheme and its potential impact on equity dilution.

EPL Ltd Invests Rs 148.32 Million in Thailand Subsidiary for Expansion

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Dec 2025, 10:49 PM

EPL Limited has invested an additional 51.5 million Thai Baht (approximately Rs 148.32 million) in its wholly-owned subsidiary, EPL Packaging (Thailand) Co. Ltd. This investment is intended to support the subsidiary's manufacturing and trading operations of laminated tubes in Thailand. The Thai entity was incorporated in February 2025 and recently commenced business operations in October 2025. This move reinforces EPL's commitment to expanding its global footprint and capturing growth opportunities in the Southeast Asian market.

Further investment of 51.5 million Thai Baht (~Rs 148.32 million) in EPL Packaging (Thailand) Co. Ltd.
Subscription of 5,14,800 additional shares at a face value of 100 Thai Baht each.
Subsidiary maintains 100% ownership status through EPL Limited (99%) and Lamitube Technologies (1%).
The Thai unit commenced operations in October 2025, focusing on the laminated tubes industry.
Formalities for this specific investment round are expected to be completed by January 15, 2026.

💡 Investors should monitor the revenue contribution from the Thailand operations in the coming quarters as the unit ramps up production. This expansion is a positive indicator of the company's focus on geographical diversification and market share growth in Southeast Asia.

View All EPL Announcements on Live Market Tracking →

💰 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.