EPL - EPL Ltd
📢 Recent Corporate Announcements
EPL Limited has approved the allotment of 2,500 equity shares of face value Rs. 2 each following the exercise of stock options under the Company's Employee Stock Option Scheme 2020. This allotment results in a marginal increase in the paid-up equity share capital from Rs. 64,04,95,686 to Rs. 64,05,00,686. The new shares will rank pari passu with existing shares. The company has explicitly stated that this allotment is not material in nature to its overall operations.
- Allotment of 2,500 equity shares of face value Rs. 2 each under ESOS 2020
- Total paid-up equity shares increased to 32,02,50,343 from 32,02,47,843
- Paid-up share capital increased by Rs. 5,000 to reach Rs. 64,05,00,686
- Company confirmed the allotment is not material to its financial standing
EPL Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document confirms that all physical share certificates received for dematerialization during the quarter ended March 31, 2026, have been processed. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, verified that these certificates were mutilated and cancelled. This is a standard regulatory procedure to ensure the integrity of electronic shareholding records.
- Compliance certificate submitted for the quarter ended March 31, 2026
- Confirmation of dematerialization processing within the 15-day regulatory timeline
- Physical certificates mutilated and cancelled after due verification by the RTA
- Register of members updated with depository names as the registered owners
EPL Limited has executed a Supplemental Trust Deed to update the trustees of the EPL ESOP Trust, which manages the company's 2025 employee stock option scheme. Ms. Jaya Mohan, Vice President of Human Capital Corporate, has been appointed as a trustee effective March 31, 2026, following the resignation of Mr. Sunny Kumar on March 17, 2026. This administrative update ensures the trust remains in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The trust continues to be managed by a combination of corporate and individual trustees.
- Supplemental Trust Deed executed on April 16, 2026, to modify the ESOP Trust composition.
- Ms. Jaya Mohan appointed as Incoming Trustee, replacing Mr. Sunny Kumar who resigned on March 17, 2026.
- Trustees now include Qapita EquityTech Limited (Corporate Trustee), Ms. Sonal Jain, and Ms. Jaya Mohan.
- The filing is in compliance with Regulation 3(3) of SEBI (SBEB & SE) Regulations, 2021.
- The ESOP Trust was originally established via a deed dated December 19, 2025.
EPL Limited conducted a conference call on March 30, 2026, to discuss the proposed Scheme of Amalgamation of Indovida India Private Limited into EPL Limited. The management provided insights into the strategic rationale and impact of the merger on shareholders. The audio recording of this discussion has been made available on the company's official website for public review. This follows the initial announcement of the merger plan made on March 29, 2026.
- Conference call held on March 30, 2026, specifically regarding the merger with Indovida India Private Limited
- Scheme involves Indovida India Private Limited as the Transferor and EPL Limited as the Transferee
- Audio recording of the management discussion is now accessible on the company's multimedia web portal
- The process is being conducted under Regulation 30 of SEBI (LODR) Regulations, 2015
EPL Limited's Board of Directors has approved a Scheme of Amalgamation to merge Indovida India Private Limited into the company. The approval was granted in a board meeting held on March 29, 2026. To provide further details on the strategic rationale and financial implications, the company has scheduled an investor conference call for March 30, 2026, at 11:00 AM IST. This corporate restructuring marks a significant development for the company's organizational structure.
- Board approved the merger of Indovida India Private Limited with EPL Limited on March 29, 2026.
- Investor conference call scheduled for March 30, 2026, at 11:00 AM IST to discuss the amalgamation.
- Management representation includes MD & Global CEO Hemant Bakshi and CFO Deepak Goyal.
- The conference call is being held at short notice following the board's immediate approval of the scheme.
- Primary dial-in number for the call is +91 22 6280 1297.
EPL Limited has signed a definitive agreement to merge with Indovida, creating a global packaging leader with approximately $1 billion in revenue and a $2 billion valuation. The transaction values EPL at INR 339 per share, representing a substantial 70% premium over its last closing price. Post-merger, Indorama Ventures will become the majority promoter with a 51.8% stake, while Blackstone will hold 16.6%. The deal is expected to be EPS accretive from Day 1 and will significantly improve the company's margin and return profiles.
- Merged entity will have ~$1 billion in revenue and a combined valuation of ~$2 billion.
- EPL valued at INR 339 per share, a 70% premium to the previous closing price.
- Transaction is EPS accretive from Day 1 with EBIT margins expected to rise from 12.4% to 13.6%.
- Indorama Ventures to emerge as co-promoter with 51.8% ownership; Blackstone to retain 16.6%.
- Return on Capital Employed (RoCE) projected to increase from 18.7% to 20.9% post-merger.
EPL Limited and Indovida (an Indorama Ventures subsidiary) have signed a definitive merger agreement to create a $1 billion revenue packaging leader. The deal values EPL at INR 339 per share, representing a significant 70% premium over its last closing price. Post-merger, Indorama Ventures will become the majority promoter with a 51.8% stake, while Blackstone will hold 16.6%. The transaction is expected to be EPS accretive from Day 1, with projected EBIT margins improving to 13.6% and RoCE increasing to 20.9%.
- EPL valued at INR 339 per share, representing a 70% premium to the previous closing price.
- Combined entity will have approximately $1 billion in revenue and a $2 billion valuation.
- Indorama Ventures to emerge as the majority promoter with a 51.8% stake in the merged entity.
- Financial metrics expected to improve with EBIT margins rising to 13.6% and RoCE to 20.9%.
- The transaction is expected to close within 12 months and be EPS accretive from the first day.
EPL Limited has approved a scheme of amalgamation to merge Indovida India Private Limited with itself in an all-stock transaction. The merger will significantly scale EPL's operations, as Indovida India reported a turnover of ₹3,809 crore for CY2025 compared to EPL's ₹4,568 crore. Post-merger, the promoter group's shareholding will increase substantially from 25.97% to 68.37%, indicating a major consolidation of control. The deal is expected to drive cost synergies and geographical diversification in the global packaging market.
- Share exchange ratio set at 286 equity shares of EPL (FV ₹2) for every 10,000 shares of Indovida India (FV ₹10).
- Indovida India brings a massive net worth of ₹6,459 crore to the combined entity compared to EPL's ₹1,717 crore.
- Promoter group shareholding to jump from 25.97% to 68.37% post-amalgamation.
- Combined entity turnover based on CY2025 figures would exceed ₹8,300 crore.
- The merger is subject to approvals from NCLT, CCI, SEBI, and respective shareholders/creditors.
EPL Limited has approved a scheme of amalgamation to merge Indovida India Private Limited into itself. The merger will significantly scale EPL's operations, as Indovida India brings a turnover of ₹3,809 crore and a substantial net worth of ₹6,459 crore. Post-merger, the promoter group's shareholding will increase dramatically from 25.97% to 68.37%, while the public shareholding will decrease to 31.63%. The deal is structured via a share swap of 286 EPL shares for every 10,000 shares held in Indovida India.
- Share exchange ratio of 286 equity shares of EPL (FV ₹2) for every 10,000 shares of Indovida India (FV ₹10).
- Indovida India reported a turnover of ₹3,809 crore and net worth of ₹6,459 crore for the 2025 calendar year.
- Promoter and Promoter Group stake to increase from 25.97% to 68.37% post-merger.
- Combined entity to achieve significant scale with EPL's ₹4,568 crore turnover and Indovida's ₹3,809 crore turnover.
- Merger is subject to approvals from NCLT, CCI, SEBI, and stock exchanges.
EPL Limited shareholders have overwhelmingly approved the appointment of Hemant Bakshi as the Managing Director and Global CEO for a five-year term starting January 1, 2026. The resolution received near-unanimous support with 99.97% of votes in favor. Additionally, Anand Kripalu was approved as a Non-Executive Director effective April 1, 2026, with 99.24% support. The high voter turnout of 78.22% reflects strong institutional and promoter confidence in the incoming leadership team.
- Hemant Bakshi appointed as MD & Global CEO for a 5-year term from Jan 2026 to Dec 2030 with 99.97% approval.
- Anand Kripalu approved as Non-Executive Director with 99.24% majority votes.
- Total voter turnout recorded at 78.22% of the 32.02 crore outstanding shares.
- Promoter and Promoter Group voted 100% in favor of all management-related resolutions.
EPL Limited has informed stock exchanges that its trading window for designated persons will be closed starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial results. The closure pertains to the quarter and financial year ending March 31, 2026. The window will reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure effective from April 1, 2026, for all designated persons.
- Closure is related to the audit and announcement of financial results for Q4 and FY ending March 31, 2026.
- Trading restriction will be lifted 48 hours after the board meeting results are made public.
- The specific date for the Board of Directors meeting will be communicated separately.
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
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.
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).
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.
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.