TCPL Packaging Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,005 Cr
- P/E
- 33.16
- ROE
- 15.47%
- PEG
- 54.33
- Price to sales
- 2.22
- Debt to equity
- 0.83
- 52W high / low
- ₹4,485 / ₹2,214
- Sales growth (5Y)
- 13.95%
- EBITDA margin
- 16.30%
- Net profit margin
- 6.10%
- Promoter holding
- 55.74%
- Sales (last year)
- ₹1,801 Cr
Incorporated in 1987, TCPL Packaging Ltd manufactures paperboard-based packaging materials and flexible packaging products[1]
Guidance scorecard · Q1 FY27 call
What TCPL Packaging Ltd's management guided
and where it ranks in Industrial Products
RevenueQ1 FY27 call
10–20%- FY27 commenced strongly with 16% YoY increase in consolidated total income to INR 495 crore.
- Broad-based volume and value growth, especially in the domestic market.
- Flexible Packaging business growing faster than other segments; capacity expanding by ~30%.
- Folding Carton business utilization at ~70%, with room for expansion.
- Export business recovering but remains cautiously viewed due to global uncertainties.
- Future revenue growth expected to mirror historical trends; packaging business will remain main revenue driver for next 4-5 years.
- Lithium-ion battery separator film business is a long-term growth avenue with potential to scale substantially over next years.
2 more points from TCPL Packaging Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what TCPL Packaging Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Flexible Packaging Expansion: Adding ~30% capacity with a capex of INR 50-60 crore; new line expected operational by Jan-Feb next year.
- Non-separator capex (FY27): Around INR 100 crore, excluding separator project.
- FY27-FY28 total capex expected between INR 100-150 crore, including separator-related investments.
- Continued investments in packaging capacity, technology, automation, and product innovation to maintain competitive position.
FundraisingQ1 FY27 call
PlannedSee what TCPL Packaging Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Flexible Packaging facility is operating at almost full utilization, prompting a 30% capacity expansion (INR 50-60 crore capex) with the new line expected operational by early next year.
- Folding Carton plants are at about 70% utilization, with some factories at higher or lower; room for expansion exists and can be triggered quickly based on order inflow.
- The company is experiencing strong demand domestically with broad-based volume and value growth across businesses.
2 more points from TCPL Packaging Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of TCPL Packaging Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of TCPL Packaging Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 366 | 381 | 361 | 391 | 354 | 384 | 391 | 439 | 458 | 410 | 409 | 438 | 453 |
| Expenses + | 306 | 315 | 300 | 327 | 296 | 318 | 321 | 362 | 387 | 339 | 338 | 371 | 374 |
| Operating Profit | 60 | 66 | 60 | 64 | 59 | 66 | 69 | 76 | 70 | 70 | 71 | 67 | 79 |
| OPM % | 16% | 17% | 17% | 16% | 17% | 17% | 18% | 17% | 15% | 17% | 17% | 15% | 17% |
| Other Income + | 3 | 1 | 1 | 4 | 2 | 5 | 3 | 1 | 12 | 2 | 3 | 10 | -8 |
| Interest | 11 | 12 | 13 | 13 | 14 | 14 | 13 | 13 | 15 | 17 | 26 | 19 | 15 |
| Depreciation | 15 | 16 | 16 | 18 | 17 | 18 | 18 | 18 | 19 | 18 | 19 | 21 | 20 |
| Profit before tax | 37 | 39 | 33 | 37 | 30 | 39 | 42 | 45 | 49 | 37 | 29 | 37 | 35 |
| Tax % | 28% | 29% | 27% | 22% | 30% | 25% | 23% | 20% | 22% | 6% | 22% | 23% | 29% |
| Net Profit + | 27 | 28 | 24 | 29 | 21 | 29 | 32 | 36 | 38 | 35 | 23 | 28 | 25 |
| EPS in Rs | 29.51 | 30.29 | 26.44 | 31.62 | 22.85 | 31.98 | 35.11 | 39.35 | 41.99 | 38.79 | 24.98 | 31.13 | 27.42 |
Financials of TCPL Packaging Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 395 | 498 | 593 | 613 | 698 | 816 | 890 | 904 | 1,076 | 1,432 | 1,491 | 1,696 | 1,710 |
| Expenses + | 333 | 416 | 492 | 516 | 613 | 711 | 764 | 770 | 920 | 1,196 | 1,242 | 1,409 | 1,422 |
| Operating Profit | 61 | 82 | 101 | 97 | 85 | 105 | 126 | 134 | 156 | 236 | 249 | 287 | 287 |
| OPM % | 16% | 17% | 17% | 16% | 12% | 13% | 14% | 15% | 15% | 16% | 17% | 17% | 17% |
| Other Income + | -0 | -0 | -0 | 1 | 2 | 1 | 2 | 3 | 2 | 27 | 11 | 15 | 6 |
| Interest | 18 | 17 | 20 | 22 | 25 | 28 | 37 | 37 | 33 | 44 | 54 | 56 | 77 |
| Depreciation | 24 | 22 | 25 | 29 | 35 | 36 | 48 | 52 | 55 | 61 | 69 | 73 | 78 |
| Profit before tax | 20 | 43 | 55 | 46 | 27 | 42 | 42 | 48 | 70 | 158 | 137 | 173 | 139 |
| Tax % | 37% | 25% | 31% | 30% | 25% | 31% | 14% | 29% | 30% | 26% | 26% | 18% | |
| Net Profit + | 12 | 32 | 38 | 32 | 20 | 29 | 37 | 34 | 49 | 118 | 102 | 141 | 111 |
| EPS in Rs | 14.37 | 37.00 | 44.00 | 37.32 | 22.22 | 31.81 | 40.13 | 37.08 | 54.13 | 129.16 | 111.58 | 155.24 | 122.32 |
| Dividend Payout % | 17% | 16% | 17% | 17% | 17% | 16% | 10% | 20% | 18% | 15% | 20% | 19% |
Financials of TCPL Packaging Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 79 | 105 | 136 | 170 | 207 | 232 | 260 | 292 | 335 | 443 | 521 | 640 | 664 |
| Borrowings + | 158 | 180 | 235 | 303 | 298 | 320 | 356 | 321 | 421 | 459 | 484 | 614 | 654 |
| Other Liabilities + | 75 | 103 | 105 | 119 | 123 | 155 | 174 | 218 | 240 | 250 | 288 | 305 | 339 |
| Total Liabilities | 321 | 397 | 485 | 601 | 637 | 716 | 799 | 839 | 1,006 | 1,161 | 1,303 | 1,568 | 1,666 |
| Fixed Assets + | 183 | 228 | 282 | 365 | 358 | 418 | 452 | 448 | 504 | 496 | 644 | 703 | 737 |
| CWIP | 4 | 2 | 9 | 4 | 6 | 0 | 1 | 11 | 5 | 44 | 7 | 64 | 54 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 28 | 47 | 45 | 53 | 54 |
| Other Assets + | 134 | 168 | 194 | 231 | 273 | 298 | 346 | 375 | 468 | 574 | 607 | 747 | 822 |
| Total Assets | 321 | 397 | 485 | 601 | 637 | 716 | 799 | 839 | 1,006 | 1,161 | 1,303 | 1,568 | 1,666 |
Financials of TCPL Packaging Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 55 | 69 | 72 | 80 | 48 | 81 | 86 | 115 | 77 | 119 | 236 | 140 |
| Cash from Investing Activity + | -43 | -61 | -86 | -112 | -33 | -69 | -72 | -46 | -138 | -101 | -182 | -157 |
| Cash from Financing Activity + | -12 | -6 | 13 | 32 | -15 | -11 | -16 | -67 | 60 | -18 | -51 | 19 |
| Net Cash Flow | 0 | 2 | -1 | 0 | -0 | 2 | -2 | 3 | -1 | -1 | 3 | 2 |
| Free Cash Flow | 11 | 9 | -13 | -29 | 18 | -9 | 25 | 61 | -27 | 30 | 64 | -15 |
| CFO/OP | 99% | 95% | 81% | 93% | 63% | 87% | 75% | 96% | 60% | 66% | 110% | 64% |
Financials of TCPL Packaging Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 68 | 60 | 60 | 61 | 69 | 66 | 66 | 72 | 78 | 74 | 84 | 96 |
| Inventory Days | 76 | 76 | 76 | 109 | 98 | 92 | 94 | 101 | 98 | 96 | 84 | 77 |
| Days Payable | 70 | 79 | 61 | 84 | 67 | 65 | 62 | 98 | 88 | 66 | 75 | 78 |
| Cash Conversion Cycle | 75 | 58 | 74 | 86 | 100 | 93 | 98 | 74 | 87 | 105 | 93 | 94 |
| Working Capital Days | -12 | -15 | -13 | -14 | -3 | -8 | -2 | 2 | 4 | 16 | 20 | 24 |
| ROCE % | 16% | 22% | 22% | 16% | 11% | 13% | 13% | 14% | 15% | 22% | 20% | 20% |
Guidance history
How TCPL Packaging Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
88 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +31.5% | 80% |
| Last 6 months | +65.7% | 93% |
| Last 3 months | +39.6% | 95% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For TCPL Packaging Ltd: 0.4 × 80 + 0.4 × 93 + 0.2 × 95 = 88.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What TCPL Packaging Ltd's management said in earlier quarters
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