TCPLPACK - TCPL Packaging
📢 Recent Corporate Announcements
TCPL Packaging Limited has informed the exchanges regarding the transfer of 331 equity shares from the TCPL ESOP Trust to an eligible employee. This transfer follows the exercise of stock options granted under the company's existing employee stock option plan. The volume of shares involved is extremely small and represents a routine administrative action. Such transactions are standard for companies with active incentive schemes and do not impact the overall capital structure significantly.
- TCPL ESOP Trust transferred 331 equity shares to a stock option grantee
- The transfer is pursuant to the exercise of options under the Company’s stock option plan
- The disclosure was filed with both BSE and NSE on March 12, 2026
- The transaction involves a negligible percentage of the company's total equity
TCPL Packaging has signed a Share Purchase Agreement to acquire a 26% equity stake in Clean Max Hana Private Limited, a renewable energy SPV. The investment of Rs 1.09 Crores is intended to facilitate a captive solar power project with a capacity of 3.05 MWp in Uttarakhand. This strategic move aims to optimize the company's energy costs and meet green energy regulatory requirements. The acquisition is a cash deal and does not involve any related party transactions.
- Acquisition of 26% equity stake in Clean Max Hana Private Limited for Rs 1.09 Crores in cash.
- The SPV will set up a captive solar power project with a capacity of approximately 3.05 MWp in Uttarakhand.
- Strategic objective to optimize long-term energy costs and comply with green energy mandates.
- Clean Max Hana is a newly incorporated SPV (June 2025) with no prior turnover history.
- The acquisition was completed immediately upon the execution of the Share Purchase Agreement.
TCPL Packaging delivered a strong operational performance in Q3 FY26, with EBITDA rising 15% YoY to INR 81 crore and margins expanding by 240 basis points to 17.2%. Domestic volumes grew in the low double-digits, helping offset continued softness in international export markets. The company reported a one-time exceptional loss of INR 11.57 crore due to labor code implementation, resulting in a reported PAT of INR 25 crore. Management also announced the commissioning of a new backward integration facility in Silvassa and a leadership transition with Saket Kanoria becoming Chairman and MD.
- Consolidated EBITDA grew 15% YoY to INR 81 crore with margins expanding to 17.2% due to better product mix.
- Domestic business maintained low double-digit volume growth while exports remained under pressure.
- Commissioned a new gravure cylinder manufacturing facility at Silvassa to enhance backward integration and process control.
- Recognized a one-time exceptional loss of INR 11.57 crore related to the implementation of the revised labor code framework.
- Overall capacity utilization stands at 70-75%, with the Chennai plant currently under 50% but expected to scale up shortly.
TCPL Packaging Limited has officially released the audio recording of its conference call with investors and analysts held on February 16, 2026. The call focused on the company's financial performance for the third quarter and nine-month period of FY26. The recording is now available on the company's website for public access. Management confirmed that no unpublished price sensitive information (UPSI) was discussed during the session, ensuring regulatory compliance.
- Audio recording of Q3 & 9M FY26 earnings call made available on February 16, 2026.
- The conference call was conducted at 2:30 PM following the quarterly results announcement.
- Direct access provided via the company's official website link for transparency.
- Company explicitly stated that no unpublished price sensitive information was shared during the call.
TCPL Packaging has announced a leadership transition where Shri Saket Kanoria, the current MD, will take over as Chairman and Managing Director effective February 10, 2026, following the retirement of Shri K K Kanoria. The company's Q3 FY26 standalone financial performance saw a significant 34.7% YoY drop in Profit After Tax to ₹24.95 crore, down from ₹38.21 crore. This decline was partially driven by an exceptional item of ₹11.30 crore related to the implementation of new Labour Codes. Revenue remained relatively stagnant at ₹446.95 crore compared to ₹450.40 crore in the same quarter last year.
- Shri Saket Kanoria redesignated as Chairman and Managing Director; Shri K K Kanoria named Chairman Emeritus.
- Standalone Q3 FY26 PAT fell 34.7% YoY to ₹24.95 crore vs ₹38.21 crore in Q3 FY25.
- Exceptional charge of ₹11.30 crore recognized in Q3 FY26 due to increased employee benefit obligations from new Labour Codes.
- Finance costs for the nine-month period ended Dec 2025 rose to ₹59.77 crore from ₹40.46 crore YoY.
- Standalone Revenue from operations for Q3 FY26 stood at ₹446.95 crore, a marginal decline of 0.77% YoY.
TCPL Packaging's wholly owned subsidiary, Accura Technik Private Limited, has commenced commercial operations at its new manufacturing facility in Silvassa. The state-of-the-art plant has an installed capacity of approximately 12,000 gravure cylinders per annum. This strategic move enables backward integration, reducing the company's reliance on external suppliers for its packaging business. Furthermore, the facility is expected to create a new revenue stream by supplying high-quality cylinders to the broader industry.
- Commencement of commercial production at Silvassa facility by subsidiary Accura Technik Private Limited.
- Installed capacity of approximately 12,000 cylinders per annum adhering to global standards.
- Strategic backward integration to reduce external sourcing dependency and improve supply chain control.
- New revenue stream potential through external supply of cylinders to the domestic and international markets.
TCPL Packaging reported a mixed performance for Q3 FY26, with consolidated revenue remaining nearly flat at ₹471.2 crore as strong domestic growth was offset by subdued exports. Operational efficiency was a highlight, with EBITDA growing 14.7% YoY to ₹81 crore and margins expanding by 247 basis points to 17.2%. However, PAT declined significantly by 33.6% YoY to ₹25 crore, primarily due to an exceptional item of ₹11.6 crore and higher depreciation costs. The company also announced a leadership transition and the commissioning of a new backward integration facility in Silvassa.
- Consolidated EBITDA grew 14.7% YoY to ₹81.0 crore with margins expanding to 17.2% from 14.7%.
- Total Revenue stood at ₹471.2 crore, a marginal decline of 1.8% YoY due to a high base and soft global export markets.
- PAT fell 33.6% YoY to ₹25.0 crore, impacted by a ₹11.6 crore exceptional item and increased finance/depreciation costs.
- Commissioned a new digitally automated Gravure Cylinder manufacturing facility at Silvassa to strengthen backward integration.
- Leadership transition announced with Mr. Saket Kanoria appointed as Chairman and Managing Director effective February 10, 2026.
TCPL Packaging reported a mixed performance for Q3 FY26, with consolidated revenue dipping 2% YoY to ₹471.2 crore due to soft export markets. Operational efficiency was a highlight, as EBITDA grew 14.7% to ₹81 crore, leading to a significant margin expansion of 247 basis points to 17.2%. However, Profit After Tax (PAT) fell sharply by 34% YoY to ₹25 crore, impacted by a high base effect and lower export volumes. The company also announced the commissioning of a new gravure cylinder facility for backward integration and a leadership transition with Mr. Saket Kanoria taking over as Chairman and Managing Director.
- Consolidated EBITDA grew 14.7% YoY to ₹81.0 crore with margins expanding 247 bps to 17.2%.
- Net Profit (PAT) declined 34% YoY to ₹25.0 crore, while Cash Profit fell 16% to ₹56.5 crore.
- Total Revenue for Q3 FY26 stood at ₹471.2 crore, a marginal 2% decrease compared to ₹479.7 crore in Q3 FY25.
- Commissioned a new gravure cylinder manufacturing facility at Silvassa to strengthen backward integration and operational efficiency.
- Leadership transition: Mr. Saket Kanoria appointed as Chairman and Managing Director effective February 10, 2026.
TCPL Packaging reported a weak performance for Q3 FY26, with standalone Net Profit declining 34.7% YoY to ₹24.95 crore. The bottom line was significantly impacted by a one-time exceptional charge of ₹11.30 crore related to the implementation of new Labour Codes. Revenue from operations remained largely flat YoY at ₹446.95 crore, though it showed a 4% sequential growth. In a major leadership transition, Shri Saket Kanoria has been elevated to Chairman and Managing Director following the retirement of Shri K K Kanoria.
- Standalone Revenue from operations stood at ₹446.95 crore, a slight decline of 0.77% YoY.
- Net Profit (PAT) dropped sharply to ₹24.95 crore from ₹38.21 crore in the same quarter last year.
- Exceptional item of ₹11.30 crore recognized due to increased employee benefit obligations under new Labour Codes.
- Shri Saket Kanoria appointed as Chairman and Managing Director effective February 10, 2026.
- Standalone EPS for the quarter decreased to ₹27.41 from ₹41.99 in the year-ago period.
TCPL Packaging Limited has scheduled its conference call for investors and analysts on Monday, February 16, 2026, at 2:30 PM IST. The call follows the official declaration of the company's Q3 and 9M FY2026 financial results, which is slated for February 9, 2026. Senior management will lead the discussion, providing insights into the company's performance across its 9 manufacturing facilities. This interaction offers a platform for stakeholders to discuss the company's progress in sustainable packaging solutions.
- Conference call scheduled for February 16, 2026, at 2:30 PM IST following Q3 results.
- Financial results for Q3 and 9M FY2026 to be officially declared on February 9, 2026.
- Management will discuss performance across 9 state-of-the-art manufacturing facilities.
- Dial-in numbers for the call include +91 22 6280 1141 and +91 22 7115 8042.
- The session will include a management discussion followed by an interactive Q&A.
TCPL Packaging Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Registrar MUFG Link Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. It verifies that security certificates were mutilated and cancelled after due verification, and the register of members was updated accordingly. This is a standard administrative filing ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Issued by MUFG Link Intime India Private Limited, the company's Registrar and Transfer Agent
- Confirms that dematerialization requests were accepted or rejected within mandated SEBI timelines
- Ensures that securities comprised in the certificates are listed on the relevant stock exchanges
TCPL Packaging Limited has informed the exchanges that its trading window will be closed starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 FY26 financial results. The window will remain closed until 48 hours after the declaration of the un-audited financial results for the quarter and nine-month period ending December 31, 2025. This is a standard regulatory procedure for listed companies in India.
- Trading window closure to commence from January 1, 2026
- Closure is for the quarter and nine-month period ending December 31, 2025
- Window will reopen 48 hours after the official declaration of financial results
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015
TCPL Packaging Limited has announced the transfer of 548 equity shares to employees following the exercise of stock options. These shares were transferred by the TCPL ESOP Trust as part of the company's employee incentive program. Given the very small quantity of shares involved, there is no material impact on the company's capital structure or shareholding pattern. This is a standard regulatory disclosure for listed companies regarding employee compensation.
- A total of 548 equity shares were transferred to stock option grantees
- The shares were moved from the TCPL ESOP Trust to the respective employees
- The transaction is part of the company's established stock option plan
- Disclosure made to BSE and NSE on December 19, 2025
TCPL Packaging Limited has invested ₹1.00 crore in Creative Offset Printers Private Limited (COPPL) by subscribing to 17606 equity shares and ₹2.49 crores in Accura Technik Private Limited (ATPL) by subscribing to 24,90,000 equity shares, both wholly-owned subsidiaries, through rights issues. COPPL's revenue for FY 2024-25 was ₹48.62 Crores. ATPL, incorporated in October 2023, did not commence operations during the previous year. These investments aim to expand the business of COPPL in mobile phone packaging and support TCPL's internal requirements for rotogravure cylinders through ATPL.
- TCPL Packaging invested ₹1.00 crore in Creative Offset Printers Private Limited (COPPL).
- TCPL Packaging invested ₹2.49 crores in Accura Technik Private Limited (ATPL).
- COPPL achieved a total revenue of ₹48.62 Crores during FY 2024-2025.
- TCPL Packaging allotted 17606 equity shares of COPPL on December 15, 2025.
- TCPL Packaging allotted 24,90,000 equity shares of ATPL on December 15, 2025.
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.