TCPL Packaging LimitedConsumer GoodsTCPLPACK
Q1 FY27 concall · earnings callTCPL Packaging Limited
TCPL delivered a record quarterly performance with strong domestic demand and profitable growth, while announcing a strategic entry into the lithium-ion battery separator film business.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Total Income | ₹495 Cr | 16% | |
| EBITDA | ₹88 Cr | 17% | |
| EBITDA Margin | 18% | — | |
| PAT | ₹40 Cr | nearly 79% | |
| Cash Profit | ₹76 Cr | 56% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹479.66 Cr+34.4% YoY+5.3% QoQ | ₹37.73 Cr+94% YoY+6.2% QoQ | ₹41.46+94% YoY+6.2% QoQ |
| Q2 FY25 | ₹455.47 Cr+14.2% YoY+14.3% QoQ | ₹35.54 Cr+21.3% YoY+12% QoQ | ₹39.05+21.3% YoY+12% QoQ |
| Q1 FY25 | ₹398.61 Cr+9.6% YoY+1.3% QoQ | ₹31.72 Cr+34.4% YoY+9.3% QoQ | ₹34.86+33.4% YoY+9.3% QoQ |
| Q4 FY24 | ₹393.39 Cr+2.6% YoY+10.2% QoQ | ₹29.03 Cr+20.2% YoY+49.3% QoQ | ₹31.90+20.2% YoY+49.3% QoQ |
| Q3 FY24 | ₹356.89 Cr-3.6% YoY-10.5% QoQ | ₹19.45 Cr-19.8% YoY-33.6% QoQ | ₹21.37-19.8% YoY-33.6% QoQ |
TL;DR
- Consolidated total income grew 16% YoY to INR 495 crore.
- EBITDA grew 17% YoY to INR 88 crore, with margins at 18%.
- PAT grew nearly 79% YoY to INR 40 crore.
- Announced a new venture into lithium-ion battery separator film with an initial investment of ~INR 125 crore.
- Flexible Packaging business is at optimal utilization, with a new line adding ~30% capacity for INR 50-60 crore.
- Export business recorded steady growth, though near-term outlook remains cautious.
Said on the call
“This initiative represents a natural extension of capabilities TCPL has built over several decades.”
From the Q&A
| Topic | What management said |
|---|---|
| Flexible Packaging Expansion | The new high-speed line will increase existing capacity by about 30% with a capex of INR 50-60 crore, and it is targeted to be operational by Jan-Feb 2027. |
| Folding Carton Utilization | Utilization is at about 70-plus percent overall, varying by plant, with headroom available and quick capacity addition possible. |
| New Battery Separator Film Venture | The project is a natural extension of existing capabilities; Phase 1 requires ~INR 125 crore investment, targets Q4 FY28 commercialization, with an expected topline of INR 150-200 crore and good double-digit margins. |
| Technology for Separator Film | Management is confident in developing the technology in-house based on existing competencies, without a need for a tech partner or transfer. |
| Long-term Revenue Potential for Separators | At a scaled-up capacity of 500 million square meters per annum, revenue could be around INR 1,100-1,300 crore. |
| Domestic vs Export Growth | Domestic growth was at a good double-digit clip, much higher than export growth; volume growth was high single-digit. |
| Guidance and Business Mix | No formal guidance given due to external factors, but the outlook is positive; packaging will remain the major revenue driver for the foreseeable future. |
| FY27 Capex | Capex budget is about INR 100 crore excluding the separator project, with the separator adding maybe INR 30-40 crore this year. |
Guidance
- Commercial production of the battery separator film is targeted during Q4 FY28.
- The proposed facility's initial capacity is approximately 70 million square meters per annum.
- Long-term plan is to scale the separator platform to nearly 500 million square meters per annum.
- Capex for FY27 is about INR 100 crore, excluding the separator project.
- Flexible packaging capacity will increase by about 30% with a new line.
Source
Summary written from the transcript filed by TCPL Packaging Limited for the call held on 17 Aug 2026; published 18 Aug 2026, 21:23 IST.
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