TCPL Packaging Limited (TCPLPACK)
₹4,316.80 -3.75% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TCPL Packaging's revenue was ₹493 Cr (+16.1% year on year, +8.6% on the previous quarter), and net profit ₹40.0 Cr (+79.3% year on year); the operating margin was 17.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹493 | +16.1% | +8.6% |
| Operating profit | ₹85.9 | +18.4% | +24.6% |
| Net profit | ₹40.0 | +79.3% | +81.9% |
| EPS (₹) | 43.96 | +79.3% | +84.2% |
| Operating margin | 17.4% | — | — |
TCPLPACK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.84% of the TCPLPACK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.38%. That is close to its usual level.
Delivery in the last 5 sessions: 19.8% · 29.9% · 42.9% · 25.3% · 41.8%
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
TCPL Packaging Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by the company's Registrar and Transfer Agent, MUFG Intime India Private Limited, for the quarter ended September 30, 2026. It confirms that share certificates received for dematerialisation during the period were verified, mutilated, cancelled, and the depository names substituted within prescribed timelines. This is a standard quarterly administrative compliance filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 3, 2026
- Confirms dematerialisation requests were processed and cancelled per regulatory timelines
TCPL Packaging has incorporated a wholly owned subsidiary named TCPL Energy Materials Limited (TEML) on September 24, 2026. The new subsidiary has an authorized share capital of ₹10 crore and marks TCPL's diversification outside its core packaging line into the manufacturing of lithium-ion battery separator films. These films are critical components for Advanced Chemistry Cell (ACC) batteries used in electric vehicles and grid-scale energy storage. The subsidiary is 100% owned via cash subscription and is yet to commence commercial operations.
- Incorporated wholly owned subsidiary TCPL Energy Materials Limited on September 24, 2026
- TEML has an authorized share capital of ₹10,00,00,000 (₹10 crore)
- Entry into manufacturing of lithium-ion battery separator films for EV and grid-scale storage ACC batteries
- Company holds 100% shareholding via cash consideration
TCPL Packaging Limited announced that options for 219 equity shares have been exercised under its employee stock option plan. Following the exercise, the TCPL ESOP Trust transferred the 219 shares to the option grantee. Given the company's market capitalization of approximately Rs 3,601 crore, this administrative transaction has negligible financial or dilution impact.
- 219 equity shares exercised under the company's stock option plan
- Shares transferred directly by TCPL ESOP Trust to the grantee
- Intimation filed on September 1, 2026
In its Q1 FY27 earnings call transcript, TCPL Packaging reported a 79% YoY jump in PAT to ₹40 crore on total income of ₹495 crore (up 16% YoY) with EBITDA margins reaching 18%. The company announced a strategic diversification into lithium-ion battery separator films with a ₹125 crore phase-1 capex (70 million sq meters/year capacity) targeting commercial production by Q4 FY28. Additionally, it is expanding its flexible packaging capacity by 30% with an investment of ₹50-60 crore to address full utilization. Total planned capex across both projects (~₹175-185 crore) accounts for nearly 25% of net worth (₹720 crore).
- Q1 FY27 consolidated revenue rose 16% YoY to ₹495 crore, EBITDA grew 17% to ₹88 crore (18% margin), and PAT surged 79% to ₹40 crore.
- Announced ₹125 crore capex over 18 months to enter Li-ion battery separator films with an initial 70 million sq meters/year capacity (supporting 6-8 GWh cells).
- Long-term battery separator roadmap targets scaling up to 500 million sq meters/year (~50 GWh equivalent).
- Initiated a 30% capacity expansion in Flexible Packaging with a ₹50-60 crore capex due to optimal utilization of existing lines.
TCPL Packaging has disclosed the audio recording of its Q1 FY27 investor conference call held on August 12, 2026. This follows a fiscal year (FY26) where the company reported revenues of Rs 1,810.38 Cr and a PAT of Rs 98.08 Cr. The call likely addressed the scaling of the new Chennai facility and the integration of the Accura Technik acquisition. Investors can access the recording via the company's website to gauge management's outlook on the 15% expected growth rate and FMCG volume recovery.
- Conference call with investors and analysts conducted on August 12, 2026, at 2:30 p.m.
- TTM Revenue for the period ending March 2026 stood at Rs 1,810.38 Cr.
- Company maintains a debt-to-equity ratio of 0.83 with a total debt of Rs 599 Cr.
- Operating profit margins (OPM) were recorded at 16.1% for the TTM period.
- Promoter holding remains stable at 55.74% as of the latest reporting cycle.
TCPL Packaging concluded its 38th AGM on August 11, 2026, where shareholders approved a dividend of ₹25 per share for FY26. A significant strategic pivot was announced regarding the company's entry into the battery materials business, specifically manufacturing lithium-ion battery separator films through a new subsidiary. Shareholders also passed special resolutions to increase borrowing and mortgage limits, signaling potential upcoming capital expenditure. All nine resolutions were passed with the requisite majority, including the re-appointment of key executive directors.
- Approved a final dividend of ₹25.00 per equity share for the financial year ended March 31, 2026.
- Announced strategic entry into the battery materials sector to manufacture lithium-ion battery separator films.
- Passed special resolutions to increase the company's borrowing and mortgage limits to support future growth.
- Re-appointment of Mr. Vidur Kanoria as Executive Director approved with 89.30% of valid votes in favor.
- Confirmed that the Chennai plant is now fully operational, supporting the company's FY26 revenue of ₹1810 Cr.
TCPL Packaging has announced a strategic foray into the lithium-ion battery value chain with a proposed investment of Rs 125 crore over the next 18 months. The company will manufacture battery separator films through a new subsidiary, targeting an initial capacity of 70 million square meters per annum (supporting 6-8 GWh of cell production). Commercial production is slated for Q4 FY2028, funded by a mix of debt and internal accruals. This diversification leverages TCPL's existing polymer processing expertise to target the high-growth EV and energy storage markets.
- Planned investment of Rs 125 crore represents approximately 17.4% of the company's current Net Worth (Rs 720 Cr)
- Initial manufacturing capacity of 70 million square meters per annum, equivalent to 6-8 GWh of battery cell production
- Long-term vision to scale capacity to 500 million square meters (50 GWh) over a 5-7 year horizon
- Commercial production targeted to commence in Q4 FY2028
- Entry into the Advanced Chemistry Cell (ACC) supply chain to reduce India's import dependence
TCPL Packaging has announced a strategic diversification into the lithium-ion battery value chain with a proposed Rs 125 crore investment over the next 18 months. The company will manufacture battery separator films through a new subsidiary, targeting an initial capacity of 70 million square meters per annum by Q4 FY2028. This investment represents approximately 6.9% of its TTM revenue and 17.4% of its current net worth. The venture aims to leverage TCPL's existing polymer processing expertise to serve the growing EV and energy storage markets.
- Proposed investment of Rs 125 crore to be deployed over the next 18 months
- Initial manufacturing capacity of 70 million square metres per annum, supporting 6-8 GWh of cell production
- Commercial production targeted for Q4 FY2028, funded via internal accruals and debt
- Long-term vision to scale capacity to 500 million square metres per annum over 5-7 years
- Entry into the Advanced Chemistry Cell (ACC) battery materials supply chain
TCPL Packaging has announced a strategic foray into the lithium-ion battery value chain by manufacturing separator films through a new subsidiary. The company plans to invest approximately ₹125 crore over the next 18 months, which represents about 17.4% of its current net worth (₹720 Cr). The project aims for an initial capacity of 70 million square meters per annum, targeting commercial production by Q4 FY2028. This diversification leverages TCPL's existing expertise in polymer processing and specialized films to enter the high-growth Advanced Chemistry Cell (ACC) supply chain.
- Planned investment of ₹125 crore to be deployed over the next 18 months using debt and internal accruals.
- Initial manufacturing capacity of 70 million square meters per annum, supporting 6-8 GWh of battery cell production.
- Long-term vision to scale capacity to 500 million square meters per annum (supporting 50 GWh) over 5-7 years.
- Commercial production is targeted to commence in Q4 FY2028.
- Strategic entry into the EV and energy storage system (ESS) materials ecosystem.
TCPL Packaging is diversifying into the Advanced Chemistry Cell (ACC) battery materials supply chain by manufacturing lithium-ion battery separator films. The company plans to invest ₹125 crore over the next 18 months, representing approximately 17.4% of its current Net Worth. Commercial production is targeted for Q4 FY2028 with an initial capacity of 70 million square meters per annum. This strategic move leverages TCPL's existing expertise in polymer processing and specialized films to target the growing EV and energy storage markets.
- Planned investment of ₹125 crore to be deployed over the next 18 months via a new subsidiary.
- Initial manufacturing capacity of 70 million square meters per annum, supporting 6-8 GWh of battery production.
- Long-term vision to scale capacity to 500 million square meters per annum within 5-7 years.
- Commercial production is scheduled to commence in Q4 FY2028.
- Targeting a domestic battery storage market projected to reach 200 GWh+ by 2032.
TCPL Packaging delivered a strong Q1 FY27 performance with consolidated revenue growing 16.1% YoY to ₹492.97 Cr and PAT surging 79.2% YoY to ₹40.01 Cr. The bottom line was significantly bolstered by a 53.5% reduction in finance costs to ₹12.28 Cr. Strategically, the company announced a diversification into manufacturing lithium-ion battery separator films with an initial investment of ₹125 Cr over 18 months. This new segment targets an initial capacity of 70 million square meters, aiming for commercial production by Q4 FY2028.
- Consolidated Net Profit surged 79.2% YoY to ₹40.01 Cr in Q1 FY27 compared to ₹22.32 Cr in Q1 FY26.
- Finance costs decreased by 53.5% to ₹12.28 Cr from ₹26.44 Cr in the year-ago period.
- Announced ₹125 Cr investment in a new subsidiary for lithium-ion battery separator films, representing ~17% of current Net Worth.
- Initial separator film capacity of 70 million sq meters per annum, equivalent to supporting 6-8 GWh of battery production.
- Long-term vision to scale production to 500 million sq meters per annum over a 5-7 year horizon.
TCPL Packaging has scheduled its Q1 FY2027 results declaration for August 11, 2026, followed by an investor conference call on August 12, 2026, at 2:30 PM IST. The management will discuss the company's performance for the quarter, following a fiscal year (FY26) where revenue stood at ₹1,810 Cr with a PAT of ₹98 Cr. This call is a standard procedure for the company to interact with analysts and the general public regarding its financial health and growth strategies.
- Q1 FY2027 financial results to be declared on August 11, 2026
- Investor conference call scheduled for August 12, 2026, at 2:30 PM IST
- Management to discuss performance across its 10 manufacturing facilities
- Company reported TTM revenue of ₹1,810 Cr and TTM EPS of ₹107.47
TCPL Packaging has announced its 38th Annual General Meeting (AGM) to be held on August 11, 2026, via video conferencing. The company has released its Integrated Annual Report for FY 2025-26, providing shareholders with detailed financial and operational performance data. The cut-off date for e-voting eligibility is August 4, 2026, with the remote voting window open from August 8 to August 10. This is a standard procedural filing following the conclusion of the fiscal year.
- 38th Annual General Meeting scheduled for August 11, 2026, at 4:30 PM IST
- Cut-off date for e-voting eligibility set for August 4, 2026
- Remote e-voting period active from August 8 (9:00 AM) to August 10 (5:00 PM), 2026
- Integrated Annual Report for FY 2025-26 now accessible to all members via web-link
- Speaker registration for the AGM must be completed at least 48 hours in advance
TCPL Packaging has scheduled its 38th Annual General Meeting for August 11, 2026, and released its Integrated Annual Report for FY 2025-26. The company reported consolidated revenue of ₹1,835.59 crore for the fiscal year, maintaining stability relative to its TTM revenue of ₹1,810 crore. Key strategic highlights include the full operationalization of the Chennai plant and a ₹52.98 crore investment in Creative Offset Printers (COPPL). The company is actively targeting the USA export market and has committed to carbon neutrality for Scope 1 and 2 emissions by 2040.
- Consolidated revenue from operations for FY 2025-26 stood at ₹1,835.59 crore
- Total investment in subsidiary Creative Offset Printers Private Limited (COPPL) reached ₹52.98 crore
- The company operates 10 manufacturing facilities across India with a workforce of 3,714 employees
- Targeting carbon neutrality for Scope 1 and Scope 2 emissions by the year 2040
- Tobacco segment sales and specialized flexible packaging from the Innofilms division are key growth drivers
TCPL Packaging Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed by the Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited. The RTA confirmed that physical certificates were mutilated and cancelled, and the names of the depositories were substituted in the register of members. This is a standard administrative procedure for listed companies to ensure the integrity of electronic shareholding records.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime)
- Verification and cancellation of physical share certificates completed within prescribed timelines
- Securities comprised in the certificates are listed on the relevant stock exchanges
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 15% YoY in FY2025 to INR 1,772.5 Cr, primarily driven by robust export sales in the tobacco segment and healthy demand in FMCG. However, Q2 FY2026 revenue was flat at INR 460.5 Cr compared to INR 462.6 Cr in Q2 FY2025 due to muted domestic volume growth of 3-5% in end-user sectors.
Geographic Revenue Split
While specific regional percentages are not disclosed, the company expanded its geographical footprint with a new plant in Chennai and commenced initial export supplies to the USA market during FY2025 to diversify beyond its domestic base.
Profitability Margins
Operating margins improved to 17.2% in FY2025 from 16.7% in FY2024 due to a higher proportion of value-added products and backward integration. Net profit margin stood at 8.1% in FY2025 (INR 143 Cr PAT) but moderated to 6.2% in Q2 FY2026 (INR 28.7 Cr PAT) due to higher finance and raw material costs.
EBITDA Margin
EBITDA margin was 17.2% in FY2025 but declined by 155 bps to 15.1% in Q2 FY2026. EBITDA for Q2 FY2026 stood at INR 69.4 Cr, a 9.7% decrease from INR 76.9 Cr in Q2 FY2025, reflecting margin pressure from a time lag in passing through raw material costs.
Capital Expenditure
Planned capex for FY2026 is estimated between INR 120-130 Cr, primarily for capacity enhancement and efficiency improvements. This follows regular historical capex that supported the setup of the Chennai plant within 9 months and the acquisition of Accura Technik for engraved cylinders.
Credit Rating & Borrowing
The company maintains an [ICRA]A (Stable) rating. Interest coverage improved to 5.3 times in FY2025 from 4.6 times in FY2024. Finance costs increased 42.1% YoY in Q2 FY2026 to INR 19.7 Cr, reflecting higher debt levels for expansion.
Operational Drivers
Raw Materials
Key raw materials include paperboard, polymers, LME-indexed aluminum, and specialized chemicals. Raw material expenses accounted for INR 271.2 Cr in Q2 FY2026, representing approximately 59% of total revenue.
Import Sources
Not specifically disclosed, though the company notes exposure to global price volatility in LME-indexed aluminum and polymers, suggesting international price sensitivity.
Key Suppliers
Not disclosed in available documents; however, the company maintains long-standing relationships with a diversified supplier base to mitigate procurement risks.
Capacity Expansion
Current operations span Silvassa, Haridwar, Ponda (Goa), Chennai, and Guwahati. The Chennai plant is now fully operational. The acquisition of Accura Technik Private Limited in May 2025 provides in-house manufacturing of engraved cylinders, reducing third-party dependency.
Raw Material Costs
Raw material costs rose 3.3% YoY in Q2 FY2026 to INR 271.2 Cr. The company utilizes partial cost pass-through mechanisms, but a time lag in these adjustments often leads to temporary margin compression.
Manufacturing Efficiency
Efficiency is driven by technological advancements and the integration of Innofilms for specialized R&D in flexible packaging, enhancing the value-added product mix.
Logistics & Distribution
Logistics costs are noted as erratic; the company uses its multi-location strategy to optimize distribution to FMCG and tobacco clients across India.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through targeting new export markets (specifically the USA), scaling the new Chennai facility, and leveraging the acquisition of Accura Technik for internal cylinder requirements. The company is also focusing on high-margin specialized products developed via the Innofilms R&D team.
Products & Services
Paperboard packaging, folding cartons, flexible packaging solutions, sustainable packaging materials, and engraved gravure cylinders.
Brand Portfolio
TCPL Packaging, TCPL Innofilms, Creative Offset Printers (COPPL), and Accura Technik (ATPL).
New Products/Services
Specialized flexible packaging products from the Innofilms division and in-house engraved cylinders from ATPL are expected to contribute to margin expansion.
Market Expansion
Active targeting of the USA export market and expansion of the tobacco segment sales which grew significantly in FY2025.
Market Share & Ranking
One of India's largest paperboard packaging companies in the organized sector with FY2025 revenues of INR 1,772 Cr.
Strategic Alliances
Acquired 100% stake in Accura Technik Private Limited (ATPL) in May 2025; merged TCPL Innofilms Private Limited into the parent company in June 2024.
External Factors
Industry Trends
The packaging industry is growing due to e-commerce expansion and a shift toward sustainable solutions. TCPL is positioning itself as a leader in sustainable packaging to capture this shift.
Competitive Landscape
Highly fragmented industry with intense competition from both large organized players and small, price-sensitive unorganized local manufacturers.
Competitive Moat
Moat is built on 30+ years of promoter experience, deep relationships with top-tier FMCG clients, and a multi-plant pan-India manufacturing footprint that is difficult for smaller players to replicate.
Macro Economic Sensitivity
Highly sensitive to domestic consumption patterns in FMCG and F&B sectors; a rebound to pre-COVID growth rates of 8-12% in these sectors would significantly benefit revenue.
Consumer Behavior
Shift toward sustainable and eco-friendly packaging is driving demand for TCPL's R&D-led specialized paperboard and flexible solutions.
Geopolitical Risks
Benefits from the 'China Plus One' strategy as global manufacturers shift sourcing to India, opening new export avenues in the USA.
Regulatory & Governance
Industry Regulations
Subject to government regulations on packaging materials, statutory compliances, and environmental norms regarding plastic and paper waste.
Environmental Compliance
Focus on sustainable packaging solutions to meet evolving environmental regulations and consumer preferences.
Taxation Policy Impact
Effective tax rate was approximately 22.7% in Q2 FY2026 (INR 8.5 Cr tax on INR 37.2 Cr PBT).
Risk Analysis
Key Uncertainties
Volatility in raw material prices (polymers/aluminum) and the ability to scale up and garner returns from debt-funded capex (INR 120-130 Cr) are primary risks.
Geographic Concentration Risk
Diversified across India with plants in North, West, South, and North-East; increasing focus on international markets to reduce domestic concentration.
Third Party Dependencies
Historically dependent on third parties for gravure cylinders, now mitigated by the ATPL acquisition.
Technology Obsolescence Risk
Mitigated by continuous investment in advanced machinery and R&D for specialized flexible packaging.
Credit & Counterparty Risk
Working capital utilization is high at 89%, indicating tight liquidity management requirements; however, a reputed client base minimizes bad debt risks.
