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TCPL Packaging Results: Latest Quarterly Results & Analysis

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TCPL Packaging Ltd. 14 Nov 2025 15:08 PM
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Q2FY26 Quarterly Result Announced for TCPL Packaging Ltd.

Containers & Packaging company TCPL Packaging announced Q2FY26 results

  • Total Revenues: Rs 460.5 crore against Rs 462.6 crore during Q2FY25, change 0%.
  • EBITDA: Rs 69.4 crore against Rs 76.9 crore during Q2FY25, change -10%.
  • EBITDA Margin: 15.1% for Q2FY26.
  • PBT: Rs 37.2 crore against Rs 44.6 crore during Q2FY25, change -17%.
  • PAT: Rs 28.7 crore against Rs 35.5 crore during Q2FY25, change -19%.
  • EPS: Rs 31.6 for Q2FY26.

Saket Kanoria, Managing Director, TCPL Packaging, said: “We reported steady topline performance amid a subdued demand environment. Consolidated revenue for Q2FY26 stood at Rs 461 crore, supported by our diversified portfolio and customer base. EBITDA margins were broadly stable on a similar revenue base, with the decline in PBT and PAT reflecting higher depreciation and interest costs.

The revision in GST slabs during the quarter resulted in short-term recalibration across parts of the trade channel, adding to the subdued demand environment. This transition has largely normalised, and we expect GST rationalisation to support improvement in the underlying demand.

Our newly commissioned Chennai Greenfield plant continues to ramp up well, supported by encouraging customer traction. The facility strengthens our presence in Southern India and enhances our capabilities in sustainable paperboard packaging. It remains on track to achieve optimal utilisation over the next few quarters.

We remain focused on driving operational excellence, expanding our product mix, and pursuing growth through diversification. With a strong financial position and disciplined investments, we are confident that our strategic priorities and prudent capital allocation will support steady progress and long-term value creation.”

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Containers & Packaging company TCPL Packaging announced Q1FY26 results

  • Total Revenues: Rs 424.7 crore compared to Rs 405.6 crore during Q1FY25, change 4.7%.
  • EBITDA: Rs 72.6 crore compared to Rs 71.4  crore during Q1FY25, change 1.7%.
  • EBITDA Margin: 17.1% for Q1FY26.
  • PBT: Rs 28.8 crore compared to Rs 41.3 crore during Q1FY25, change -30.2%.
  • PAT: Rs 22.3 crore compared to Rs 31.7 crore during Q1FY25, change -29.7%.
  • EPS: Rs 24.5 for Q1FY26.

Saket Kanoria, Managing Director, TCPL Packaging, said: “We have reported a 4.7% growth in consolidated revenues for Q1FY26, amounting to Rs 424.7 crore. While this growth was tempered by softer domestic demand and challenges in international markets, our strategic focus on diversification and expanding our geographical footprint has helped sustain our growth momentum. Additionally, our key segments, paperboard and flexible packaging, have contributed to the overall results, highlighting the resilience of our diversified portfolio in the face of external headwinds.

EBITDA for the quarter remained steady at Rs 72.6 crore, with an EBITDA margin of 17.1%, despite fixed costs from the new greenfield facility and limited revenue growth. PBT was impacted by a Rs 10.63 crore forex loss, arising from MTM adjustments on term loans availed in Euro currency.

As part of our strategic expansion, the recently established Chennai Greenfield plant has demonstrated stable operational performance. We are experiencing strong engagement with customers in the region and are leveraging our pan-India relationships to ramp up the facility within this fiscal year. This facility will enhance our capabilities in sustainable packaging, with a focus on high-quality paperboard cartons, and provide further scale to our operations in the Southern region.

Looking ahead, we remain committed to operational efficiency, innovation, sustainability, and growth-through-diversification as key pillars of our strategy. With a strong balance sheet and disciplined investments, we are well-positioned to capitalize on emerging opportunities and further enhance value for all our stakeholders. We believe that our continued focus on innovation and identifying new growth avenues will drive sustainable growth over the long term.”

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Containers & Packaging company TCPL Packaging announced Q3FY25 results

  • Total Revenue stood at Rs 480 crore, up 32%
  • EBITDA stood at Rs 71 crore, up 29%
  • PAT stood at Rs 38 crore, up 101%
  • EPS came in at Rs 41.5

Saket Kanoria, Managing Director, TCPL Packaging said: “We are pleased to announce yet another record quarter, reflecting our strong growth momentum and consistent performance. Growth was supported by both our key segments—paperboard and flexible packaging—driven by a favourable product mix, operational efficiencies, and a broadening customer base. Additionally, last year’s corresponding quarter was particularly weak, and we have bounced back strongly, resulting in significantly higher YoY growth. On a sequential basis, growth has remained healthy, showcasing sustained business progress. During the quarter, we reported a 32% YoY increase in consolidated revenues, reaching Rs 480 crore. EBITDA grew by 29%, while PAT improved by 101%.

Our flexible packaging segment continues to perform exceptionally well in the domestic market, supported by resilient demand across key end-user industries. Meanwhile, our core paperboard packaging segment has delivered stable growth domestically, with stronger performance in overseas markets. This broad-based momentum, combined with our focus on operational efficiencies and product innovation, has enabled us to deliver healthy performance. With domestic trends expected to improve further in the coming quarters and steady growth drivers in place, we remain confident in maintaining our long-term growth trajectory.

Our New Greenfield facility in Southern India near Chennai, dedicated to manufacturing paperboard cartons, is progressing well and is set to be commissioned in the current quarter. This state-of-the-art facility will strengthen our pan-India presence, enhance logistics and service capabilities, and strategically position us to serve key industrial hubs across the region.

With a continued focus on diversification and expanding our manufacturing footprint, we are well positioned to capitalize on emerging opportunities as the Indian packaging industry transitions towards organized, large-scale players. This evolution in the industry, combined with our strategic growth initiatives, reinforces our market position and strengthens our ability to drive sustainable growth and long-term value creation for all stakeholders.”

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Containers & Packaging company TCPL Packaging announced Q2FY25 results

  • Total Revenue stood at Rs 462.6 crore, up 14.0%
  • EBITDA stood at Rs 76.9 crore, with margins at 16.6%
  • PAT stood at Rs 35.5 crore, up 25.3%
  • EPS came in at Rs 39.05 

Commenting on the performance for Q2 & H1FY25 Saket Kanoria, Managing Director, TCPL Packaging said: “We are pleased to share another quarter of strong performance, driven by our resilient business model that has sustained healthy double-digit revenue growth. This quarter, we also achieved a key revenue benchmark, surpassing Rs 450 crore for the first time in the Company's history – a testament to our ongoing efforts and strategic focus on growth.

For Q2, our consolidated revenues stood at Rs 462.6 crore, reflecting a 14% YoY growth. EBITDA stood at Rs 76.9 crore, an 18% YoY increase, while Cash Profit amounted to Rs 63.7 crore, up 16% YoY. Margin performance remained steady, supported by a healthy product mix and cost management.

Our emphasis on innovation, sustainable solutions, and operational excellence has enabled us to penetrate key markets and increase our share, besides the continuous focus on adding domestic customers. Going forward, we remain focused on expanding our footprint in high-potential markets.

With a strong foundation established over the years, we are committed to expanding our reach, enhancing our capabilities, and delivering value across markets. As we navigate an evolving landscape, we are dedicated to generating sustainable growth and creating long-term value for all our stakeholders.”

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Containers & Packaging company TCPL Packaging announced Q1FY25 results:

  • Total Revenue stood at Rs 405.6 crore, up 9.2%
  • EBITDA stood at Rs 71.4 crore, with margins at 17.6%
  • PAT stood at Rs 31.7 crore, up 34.4%
  • EPS came in at Rs 34.86

Commenting on the performance for Q1FY25 Saket Kanoria, Managing Director, TCPL Packaging said: “We are pleased to report that we have commenced the fiscal year 2025 on an encouraging note despite a soft domestic demand environment. On a YoY basis, our consolidated revenues grew by 9.2% to Rs 405.6 crore in Q1. Furthermore, our EBITDA and PAT showcased strong growth of 16.4% and 34.4% respectively, with EBITDA margins improving by 108 bps to 17.6% on a YoY basis supported by a better product mix, operating leverage, and proactive cost management.

Additionally, we are making significant progress on our planned initiative to establish a Greenfield Facility in Southern India. This state-of-the-art facility, set to be commissioned by Q3FY25, is well-located near Chennai and will fortify our pan-India presence. Its proximity to major industrial hubs will enhance our logistical strengths and service capabilities.

Our focus on growth through diversification, along with the strategic expansion of our manufacturing presence across India over the years, has enabled us to consistently outperform our underlying industries. With the Indian organized packaging industry still in its nascent stage, we are well-positioned to capitalize on significant growth opportunities driven by increasing consumer demand and evolving packaging needs. In addition, our strong performance in the export markets has further solidified our position as a key player in the global arena. Overall, we remain committed to sustainably growing the Company in the future, which will help create value for all our stakeholders.”

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Containers & Packaging company TCPL Packaging announced FY24 results:

  • Total Revenue stood at Rs 1,541 crore, up 5%
  • EBITDA stood at Rs 251 crore, with margins at 16.3%
  • Cash PAT stood at Rs 206 crore
  • EPS came in at Rs 111.4

Commenting on the performance for Q4 & FY2024 Saket Kanoria, Managing Director, TCPL Packaging Limited said: "TCPL has delivered a steady performance despite the challenging market conditions witnessed during the year. Our consolidated total revenues for FY24 grew by 5% to Rs 1,541 crore, supported by initiatives in exports and contributions from the flexible segment. Sales growth combined with effective cost management resulted in an EBITDA of Rs 251 crore, ensuring healthy margins of 16.3% which has grown from 16.0% in PY.

Despite low growth within the domestic markets, our strategic focus on diversification and expanding our export footprint has enabled us to sustain growth. The high base effect from the previous year and weaker demand in certain end-user industries impacted our growth trajectory in FY24. Nevertheless, we remain optimistic about the market dynamics and anticipate a recovery in domestic demand in the coming financial year.

In line with our commitment to returning value to our shareholders, we are pleased to announce that our Board of Directors has recommended a dividend of Rs 22 per share. This marks the 24th consecutive year of uninterrupted dividend payouts, highlighting our consistent dividend policy.

As we move forward, our expanded production capacities and strategic initiatives position us well to capture emerging opportunities within the packaging industry. With a proven track record of growth, we are confident in our ability to continue delivering sustainable value to all our stakeholders. Leveraging our extensive expertise and institutional strengths, we are committed to sustaining our impressive 30-year revenue CAGR of ~17%."

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TCPL Packaging announced Q3FY23 results:

  • Consolidated Q3FY23:
    • Total Revenues stood at Rs 378.1 crore, up 37%.
    • EBITDA stood at Rs 60.5 crore, with margins at 16%.
    • Cash Profit improves by 44% to Rs 50.0 crore.

Commenting on the performance for Q3 & 9MFY2023 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said: “We have delivered a robust performance during the period under review, despite the ongoing macroeconomic challenges. On a consolidated basis, our topline expanded by 37% and 43% on a YoY basis in Q3 & 9MFY23 on the back of higher volumes and better realizations, demonstrating the strength of our resilient business model. In Q3 & 9MFY23, our PBT expanded by 68% and 121%, while our PAT grew to 75% and 184%, respectively, on a YoY basis.

In a key development, we have further invested in the Creative Offset Printers Private Limited (COPPL) Right Issue to increase our stake to ~84% post allotment of shares. We remain excited about our entry into the high-potential rigid box segment, as we aim to capture a share of the rapidly growing smartphone market. This move is aligned with our strategy of growth through diversification and strengthens our long-term growth prospects.

Paperboard, being a naturally renewable and sustainable product, is playing a crucial role in the worldwide transition towards environmentally responsible packaging solutions. Given our leadership position in the sector, we are taking steps to promote the use of sustainable solutions. This includes working with customers to replace non-sustainable materials, such as plastic food trays, with biodegradable alternatives, as well as establishing an in-house process to transfer metalized effects onto paperboard, reducing the reliance on metalized plastic film.

In the flexible packaging space, TCPL has started commercial production of eco-friendly Polyethylene (PE) blown films. These films will also allow customers to shift towards recyclable and sustainable packaging solutions and replace the non-recyclable multi-polymer products prevalent in the market.

Overall, our focused strategy for growth through diversification has enabled us to consistently outperform our underlying industries. We remain committed to sustainably growing the Company in the future, which will help create sustainable value for all our stakeholders.”

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Paper & paper products company TCPL Packaging announced Q2FY23 results:

  • Q2 FY23 (Consolidated):
    • Total Revenues stood at Rs. 361.7 crore, up 43%
    • EBITDA stood at Rs. 57.5 crore, with margins at 16%
    • Cash Profit improved by 131% to Rs. 65.8 crore

Commenting on the performance for Q2 & H1 FY2023 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said: “TCPL has shown solid resilience and achieved yet another quarter of strong performance amidst a challenging operating environment. Our consolidated revenues grew by 43% YoY to Rs. 361.7 crore on the back of higher volumes and better realizations. In addition, we witnessed stability in our key raw materials, which enabled us to register robust profitability during the quarter. EBITDA improved by 60% YoY to Rs. 57.5 crore in Q2, translating into healthy margins of 16%.

With our COPPL acquisition, the Company has entered the high-potential rigid box segment and is catering to several fast-growing end-user electronic industries. This is in-line with our growth through diversification strategy and strengthens our long-term growth prospects. I am pleased to share that we have successfully onboarded a number of customers in this segment and look forward to enhancing our business with them in the coming quarters.

Over the coming years, the packaging industry is expected to witness huge growth as India moves towards self-reliance in manufacturing across various industries. We believe TCPL is well poised to capitalize on the rising demand on the back of our expertise to design, develop, and deliver sustainable packaging solutions for leading brands.”

 

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Paper & Paper Products firm TCPL Packaging announced Q1FY23 Result :

  • Total Revenues stood at Rs. 335.5 crore, up 48.4%
  • EBITDA stood at Rs. 53.6 crore, with margins at 16.0%
  • Cash Profit improves by 105.6% to Rs. 46.9 crore

Commenting on the performance for Q1 FY2023 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said: “We are pleased to report that we have commenced the fiscal year 2023 on a strong note despite a challenging macro environment. On a YoY basis, our standalone revenues grew by 48.4% to Rs. 335.5 crore and Cash Profits improved by 105.6% to Rs. 46.9 crore in Q1. While we continue to witness volatility in raw material prices, we were able to mitigate the impact & improve our margins.

In a key development, TCPL Innofilms Private Limited, the Company's wholly owned subsidiary, commenced the commercial production of its Polyethylene (PE) blown film line. With India's ban on single-use plastics, we are clearly moving towards eco-friendly policies to accelerate the green transition. We believe TCPL is fully equipped and will proactively drive the development of this sustainable flexible packaging solution. Overall, TCPL is well positioned to cater to the growing demand for sustainable packaging solutions from leading brands and continues to support efforts towards facilitating a waste-free world. Our focused strategy of growth through diversification has enabled us to consistently outperform our underlying industries. We are one of the few listed Companies in India to have grown almost every year for the past 30 years with a revenue and PAT CAGR of ~20% and ~27% respectively. We remain committed to sustainably growing the Company in the future, which will help create value for all our stakeholders.”

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