TPL Plastech Limited (TPLPLASTEH)
₹70.66 +0.68% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TPL Plastech's revenue was ₹124 Cr (+37.6% year on year, +9.0% on the previous quarter), and net profit ₹6.5 Cr (+19.2% year on year); the operating margin was 9.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹124 | +37.6% | +9.0% |
| Operating profit | ₹11.3 | +12.8% | -12.2% |
| Net profit | ₹6.5 | +19.2% | -19.0% |
| EPS (₹) | 0.84 | +20.0% | -18.4% |
| Operating margin | 9.1% | — | — |
TPLPLASTEH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 26.19% of the TPLPLASTEH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 30.08%. That is close to its usual level. Turnover was only ₹84 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 20.4% · 29.4% · 18.7% · 22.0% · 26.2%
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
TPL Plastech Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms that share certificates received for dematerialisation were processed, confirmed or rejected, and cancelled within prescribed timelines. The underlying shares have been listed on the respective stock exchanges. This is a recurring regulatory disclosure with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Confirmation issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Formally submitted to BSE and NSE on October 12, 2026
- Dematerialised securities confirmed to be listed on stock exchanges and certificates duly cancelled
TPL Plastech Limited's Board has approved a scheme of amalgamation for its merger into its parent company, Time Technoplast Limited (TTL), with an appointed date of April 1, 2026. Under the swap ratio, TPL public shareholders will receive 403 equity shares of TTL (FV Re 1) for every 1,000 equity shares of TPL (FV Rs 2). Upon completion, TPL will be dissolved without winding up, and TTL will issue 79,01,516 equity shares to TPL's non-promoter shareholders. The transaction consolidates TPL's Rs 422.66 Cr revenue and Rs 29.07 Cr PAT into TTL's Rs 6,114.40 Cr top-line operations.
- Swap ratio set at 403 equity shares of TTL (FV Re 1) for every 1,000 shares of TPL (FV Rs 2)
- TTL will issue 79,01,516 new equity shares to TPL shareholders other than TTL
- Appointed date fixed as April 1, 2026, subject to NCLT, stock exchange, and shareholder approvals
- Consolidates TPL (turnover Rs 422.66 Cr, net worth Rs 168.90 Cr) into TTL (turnover Rs 6,114.40 Cr, net worth Rs 4,166.21 Cr)
- Parent TTL's stake in TPL currently stands at 74.86% and will be cancelled upon amalgamation
TPL Plastech's Board has approved a scheme of amalgamation for its merger into parent company Time Technoplast Limited (TTL) with an appointed date of April 1, 2026. Under the swap ratio, public shareholders will receive 403 equity shares of TTL (face value Re 1) for every 1,000 equity shares of TPL (face value Rs 2). Time Technoplast currently holds a 74.86% stake in TPL, and approximately 79,01,516 new shares of TTL will be issued to TPL's non-promoter shareholders, after which TPL Plastech will be dissolved without winding up.
- Share swap ratio approved at 403 TTL shares (FV Re 1) for every 1,000 TPL shares (FV Rs 2)
- Merger brings TPL Plastech (FY26 revenue Rs 422.66 cr) into parent Time Technoplast (FY26 revenue Rs 6,114.40 cr)
- TTL to issue 79,01,516 new equity shares to TPL's public shareholders holding 25.14% equity
- Appointed date set as April 1, 2026, subject to NCLT, stock exchange, and shareholder approvals
TPL Plastech Limited has released the voting results and scrutinizer's report for its 33rd Annual General Meeting held on September 22, 2026. Shareholders approved all 6 resolutions with overwhelming majorities (>99.9%), including the adoption of FY26 financial statements and a dividend of Rs 1.30 per share (65% on face value Rs 2). Additionally, shareholders approved material related-party transactions for FY27 and FY28 with parent company Time Technoplast Limited and Avion Exim Private Limited. Total voter turnout stood at 76.80% across 5.99 crore shares polled.
- Approved dividend of Rs 1.30 per equity share (65% of Rs 2 face value) with 100% votes in favour
- Approval granted for material related-party transactions with holding firm Time Technoplast for FY27 and FY28 (99.9932% favour)
- Appointment of Mr. Pradip Kumar Das as Independent Director for a 5-year term approved with near 100% support
- Overall voter participation reached 76.8027% (59,908,422 shares voted out of 78,003,000 total shares)
TPL Plastech Limited conducted its 33rd Annual General Meeting on September 22, 2026. Shareholders considered the declaration of a final dividend of Rs 1.30 per equity share (65% on face value of Rs 2) for FY26. The Chairman highlighted the ramp-up at the Dahej greenfield facility and noted the board's prior in-principle approval on August 26, 2026, to merge the company into its parent, Time Technoplast Limited. Additionally, transitions in management were confirmed with Mr. Sunil Vyas taking over as CFO effective October 1, 2026, following Mr. Pawan Agarwal's term completion.
- Declared final dividend of Rs 1.30 per equity share (65% on face value of Rs 2) for FY26
- Highlighted in-principle approval granted on August 26, 2026, for merger into parent Time Technoplast Limited
- New CFO appointment confirmed: Mr. Sunil Vyas effective October 1, 2026, succeeding Mr. Pawan Agarwal
- Operations commenced at a new facility in Bhuj, Gujarat, for Intermediate Bulk Containers and industrial packaging
At its 33rd AGM, TPL Plastech reiterated strong operational performance and highlighted key corporate actions. The Board has granted in-principle approval for a merger into its parent entity, Time Technoplast Limited, with shares to be swapped under Sections 230-232 of the Companies Act. Operationally, the company commenced a new IBC manufacturing facility in Bhuj with a capacity of 1,50,000 units per annum, representing ~₹100 Cr revenue potential (~22% of TTM revenue). Additionally, the Board recommended a final dividend of ₹1.30 per share (65% on face value of ₹2) for FY26.
- In-principle approval granted for merger into holding company Time Technoplast Limited via share swap
- Commenced new facility in Bhuj with capacity of ~1,50,000 IBCs per annum, projecting ~₹100 Cr revenue potential
- Final dividend of ₹1.30 per share recommended for FY26 (35% payout ratio), up from ₹1.00 in FY25
- FY26 revenue up 20.9% to ₹422.7 Cr, PAT up 23.2% to ₹29.1 Cr, and debt reduced by ₹26 Cr
- Investing ~₹5 Cr in solar energy (75% power needs), targeting ~₹4 Cr recurring annual savings with 18-month payback
TPL Plastech Limited has fixed Tuesday, September 15, 2026, as the record date to determine shareholder eligibility for a final dividend of ₹1.30 per equity share (face value ₹2) for FY 2025-2026. The recommended dividend represents a 65% payout on face value and is subject to shareholder approval at the 33rd AGM on September 22, 2026. Relative to FY26 EPS of ₹3.72, the dividend represents a payout ratio of ~34.9% and a dividend yield of ~1.81% at current market prices.
- Final dividend recommended at ₹1.30 per equity share (face value ₹2) for FY26
- Record date determined as Tuesday, September 15, 2026
- 33rd Annual General Meeting scheduled for Tuesday, September 22, 2026
- Physical folios without updated KYC by September 15, 2026 will have dividend withheld until completion
TPL Plastech has issued the notice for its 33rd Annual General Meeting scheduled for September 22, 2026, via video conferencing. The company set September 15, 2026, as the record date and cut-off date for eligibility to vote and receive the recommended dividend of ₹1.30 per equity share (65% on face value of ₹2). Key agenda items include adoption of FY26 financial statements, approval of dividend, appointment of Mr. Pradip Kumar Das as an Independent Director for 5 years, and shareholder approval for material related-party transactions with parent Time Technoplast Limited and Avion Exim Private Limited.
- 33rd AGM scheduled for Tuesday, September 22, 2026, at 12:00 Noon IST via VC/OAVM
- Record date and cut-off date for dividend and e-voting fixed as Tuesday, September 15, 2026
- Dividend declared at ₹1.30 per share (65% on face value of ₹2 each) for FY26
- Remote e-voting window open from September 17, 2026 (09:00 a.m.) to September 21, 2026 (05:00 p.m.)
- Seeking approval for material related-party transactions with holding firm Time Technoplast and Avion Exim
TPL Plastech's Board has approved an in-principle proposal to merge the company into its listed parent entity, Time Technoplast Limited, which holds a 74.86% stake. The appointed date for the proposed scheme is April 01, 2026, with the share exchange (swap) ratio yet to be determined based on independent valuation. Concurrently, CFO Pawan Agarwal resigned effective September 30, 2026, and internal veteran Sunil Vyas was appointed as CFO effective October 01, 2026.
- In-principle approval granted for the amalgamation of TPL Plastech into parent company Time Technoplast Limited.
- Parent Time Technoplast currently holds a 74.86% equity stake in TPL Plastech.
- Appointed date for the proposed scheme of amalgamation is set as April 01, 2026.
- Share swap ratio and final scheme remain subject to valuation reports and subsequent Board/shareholder/regulatory approvals.
- CFO Pawan Agarwal resigns effective September 30, 2026; Sunil Vyas appointed CFO effective October 01, 2026.
TPL Plastech's Board has granted in-principle approval for the merger of the company into its promoter parent, Time Technoplast Limited (which holds a 74.86% stake), with an Appointed Date of April 01, 2026. The merger aims to consolidate group operations, integrate manufacturing lines, and achieve operational and cost synergies. The share swap ratio and detailed scheme of amalgamation are yet to be finalized following independent valuation. Concurrently, CFO Pawan Agarwal has resigned effective September 30, 2026, and Sunil Vyas has been appointed as the new CFO effective October 1, 2026.
- In-principle approval granted for amalgamation into parent company Time Technoplast Limited (74.86% stake)
- Proposed Appointed Date for the merger is fixed as April 01, 2026
- Share exchange swap ratio is yet to be determined following independent registered valuation
- CFO Pawan Agarwal resigns effective September 30, 2026; 16-year veteran Sunil Vyas appointed CFO from October 1, 2026
TPL Plastech's Board has granted in-principle approval for the merger of the company into its promoter/holding entity, Time Technoplast Limited (which holds a 74.86% stake), with an Appointed Date of April 01, 2026. The proposed scheme aims to consolidate manufacturing lines, streamline corporate structure, and pool financial and operational resources. The swap ratio and scheme details will be determined after independent valuation. Concurrently, Mr. Sunil Vyas has been appointed as CFO effective October 01, 2026, following the resignation of Mr. Pawan Agarwal effective September 30, 2026.
- Board approved in-principle merger of TPL Plastech with parent company Time Technoplast Limited
- Time Technoplast currently holds a 74.86% equity stake in TPL Plastech
- Appointed Date for the proposed amalgamation is set as April 01, 2026
- Share exchange/swap ratio to be finalized following valuation and fairness reports
- Sunil Vyas appointed as CFO effective October 01, 2026, succeeding Pawan Agarwal
TPL Plastech's Board has granted in-principle approval for the merger of the company into its holding parent entity, Time Technoplast Limited (which holds a 74.86% stake), with an Appointed Date of April 01, 2026. The swap ratio and detailed scheme of amalgamation are pending determination by an independent registered valuer and merchant banker. Additionally, CFO Pawan Agarwal has resigned effective September 30, 2026, and Sunil Vyas has been appointed as CFO effective October 1, 2026.
- Board approved in-principle merger into parent company Time Technoplast Limited.
- Parent Time Technoplast currently holds a 74.86% equity stake in TPL Plastech.
- Amalgamation proposed with an Appointed Date of April 01, 2026.
- Swap ratio and detailed scheme to be finalized after registered valuer report and fairness opinion.
- Sunil Vyas appointed CFO effective October 1, 2026, following resignation of Pawan Agarwal effective September 30, 2026.
TPL Plastech's Board has granted in-principle approval for the merger of the company into its holding company, Time Technoplast Limited (which holds a 74.86% equity stake), with an Appointed Date of April 01, 2026. The merger aims to consolidate the group structure, integrate manufacturing operations, and optimize resource utilization. Independent valuers and merchant bankers will be appointed to determine the fair share swap ratio. Separately, CFO Pawan Agarwal has resigned effective September 30, 2026, and Sunil Vyas has been appointed as the new CFO effective October 1, 2026.
- Board approved in-principle merger with holding company Time Technoplast Limited, which holds a 74.86% stake
- Appointed date of the proposed merger set as April 01, 2026
- Independent registered valuer and merchant banker being appointed to determine the share swap ratio and fairness opinion
- CFO transition: Pawan Agarwal resigns effective September 30, 2026; Sunil Vyas appointed CFO effective October 1, 2026
TPL Plastech's Board has granted in-principle approval for the merger of the company into its listed parent entity, Time Technoplast Limited, which currently holds a 74.86% stake. The appointed date for the proposed amalgamation is set as April 01, 2026, with the share exchange (swap) ratio to be finalized following valuation reports. Additionally, CFO Pawan Agarwal has resigned effective September 30, 2026, and Sunil Vyas has been appointed as the new CFO effective October 1, 2026.
- In-principle approval granted for merger into parent Time Technoplast Limited (holds 74.86% stake)
- Proposed merger Appointed Date fixed as April 01, 2026
- Swap ratio and draft scheme of amalgamation to be determined by independent valuer and merchant banker
- CFO Pawan Agarwal resigned effective September 30, 2026; Sunil Vyas appointed CFO effective October 1, 2026
TPL Plastech Limited has commenced commercial operations for manufacturing Intermediate Bulk Containers (IBCs) at its Bhuj, Gujarat facility through a wholly owned subsidiary. The newly operational unit has an installed capacity of approximately 1,50,000 IBCs per annum. Management projects additional revenue of approximately ₹100 Crores from this facility, which represents ~21.9% of its TTM revenue of ₹457 Crores. In addition to IBCs, the unit manufactures industrial plastic drums of 200 litres and above capacity to serve the chemical and industrial clusters in Kutch and Gujarat.
- Commenced commercial operations for IBC manufacturing at Bhuj, Gujarat via a wholly owned subsidiary
- Installed capacity of approximately 1,50,000 IBC units per annum
- Projected additional annual revenue generation of approximately ₹100 Crores (~21.9% of TTM revenue)
- Facility also produces industrial plastic drums of 200 litre and above capacity
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, Industrial Packaging, which reported revenue of INR 197.3 Cr for H1 FY26, representing a growth of 18.8% YoY. Q2 FY26 revenue stood at INR 106.9 Cr, up 20.1% YoY.
Geographic Revenue Split
Revenue is generated across 5 manufacturing locations in India: Silvassa, Ratlam, Bhuj, Vizag, and Dahej. Specific percentage split per region is not disclosed, but the Dahej facility is a primary growth driver.
Profitability Margins
PAT margin improved to 6.24% in H1 FY26 from 5.92% in H1 FY25. For FY24, the PAT margin was 6.3% compared to 5.9% in FY23, showing a steady upward trend in bottom-line efficiency.
EBITDA Margin
EBITDA margin for H1 FY26 was 11.11%, a slight increase from 11.02% in H1 FY25. EBITDA for H1 FY26 reached INR 21.9 Cr, growing 19.6% YoY.
Capital Expenditure
The company has planned a capital expenditure of INR 15 Cr for automation and re-engineering of moulds. Additionally, FY26 capex is projected at INR 10 Cr (internal accruals) and FY27 capex at INR 20 Cr (INR 15 Cr debt-funded).
Credit Rating & Borrowing
CRISIL reaffirmed 'CRISIL A+/Stable' for long-term and 'CRISIL A1' for short-term facilities. Interest coverage ratio was healthy at 6.72x in FY24, with adjusted debt/networth at 0.19x.
Operational Drivers
Raw Materials
The primary raw materials are polymers, specifically High-Density Polyethylene (HDPE), which constitute the bulk of the manufacturing cost for plastic drums and containers.
Import Sources
Not specifically disclosed, but the company leverages the bulk procurement capabilities of its parent, Time Technoplast Ltd, which operates globally.
Key Suppliers
Not disclosed in available documents; however, procurement is centralized through the parent company, Time Technoplast Ltd (TTL).
Capacity Expansion
Current total capacity is 36,250 TPA across 5 facilities. Recent growth was driven by the ramp-up of the Dahej Greenfield facility, which contributed to a 23% volume growth in Q2 FY26.
Raw Material Costs
Raw material costs are highly susceptible to fluctuations in global polymer prices. The company manages this through bulk purchasing terms enabled by its parent company's market position.
Manufacturing Efficiency
ROCE improved by 70 bps from 20.3% in FY25 to 21.0% in H1 FY26. The company targets an annual ROCE increase of 1.5% to 2.0%.
Logistics & Distribution
The company maintains facilities at 5 strategic locations (Silvassa, Ratlam, Bhuj, Vizag, Dahej) to optimize distribution to chemical and pharma hubs.
Strategic Growth
Expected Growth Rate
18.80%
Growth Strategy
Growth is driven by the ramp-up of the Dahej Greenfield facility and rising market demand in end-user industries. The company is investing INR 15 Cr in automation to enhance capacity and productivity while maintaining a strict dividend payout of at least 30% of PAT.
Products & Services
Technology-based industrial packaging products including HDPE drums (20-250 litre capacity), Jerry Cans, Intermediate Bulk Containers (IBCs), and small packaging (30ml to 10 litre).
Brand Portfolio
TPL Plastech (subsidiary of Time Technoplast Ltd).
New Products/Services
Focus on Intermediate Bulk Containers (IBCs) and technology-based polymer products for the chemical and FMCG sectors.
Market Expansion
Expansion is focused on the Dahej region to capture demand from the growing chemical and petrochemical belt in Gujarat.
Market Share & Ranking
Established market position in the rigid industrial packaging segment in India, supported by the parent company's leadership.
Strategic Alliances
75% of the company is owned by Time Technoplast Ltd (TTL), providing significant managerial, financial, and operational synergies.
External Factors
Industry Trends
The industry is shifting toward more durable and technology-based polymer packaging like IBCs to replace traditional metal packaging in the chemical sector.
Competitive Landscape
Operates in a competitive landscape with other rigid plastic packaging manufacturers, but benefits from a multi-location manufacturing footprint.
Competitive Moat
The primary moat is the 75% ownership by Time Technoplast, providing a 'parent notch-up' in credit ratings and access to superior procurement terms and technical expertise.
Macro Economic Sensitivity
Highly sensitive to the growth of the Indian chemical and pharmaceutical industries, which are the primary consumers of rigid packaging.
Consumer Behavior
Industrial consumers are increasingly demanding higher productivity and better supply capability, which TPL is addressing through its Dahej facility.
Regulatory & Governance
Industry Regulations
Complies with Indian Accounting Standards (IND AS 108) for segment reporting and SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Taxation Policy Impact
The company follows standard Indian corporate tax rates; H1 FY26 results show a tax expense of INR 4.14 Cr on a PBT of INR 16.47 Cr (~25%).
Legal Contingencies
The company disclaims liability for consequences arising from decisions based on forward-looking statements; no specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Volatility in polymer prices (raw material) and potential downward rating actions on the parent company (TTL) which would affect TPL's credit standing.
Geographic Concentration Risk
Manufacturing is concentrated in India across 5 states/UTs, with a significant recent reliance on the Dahej facility for growth.
Third Party Dependencies
High dependency on Time Technoplast Ltd for managerial oversight, financial support, and raw material procurement synergies.
Technology Obsolescence Risk
Mitigated by a planned INR 15 Cr investment in automation and modernizing moulds and machinery.
Credit & Counterparty Risk
Receivables quality is generally stable given the established nature of clients in the chemical and pharma sectors, but working capital requirements remain high.
