Epack Durable Ltd(EPACK)

NSE: EPACKBSE: 544095

₹ 165.15+7.17%refreshed 26 Oct, 03:00 pm ISTMarket cap: ₹ 1,590 crNext results: 29 Oct 2026Website: www.epackdurable.comUpdated: 24 Oct 2026

About

Epack Durable Ltd is an Indian contract manufacturer (EMS/ODM) of room air conditioners, small and large domestic appliances, and components, supplying major consumer electronics brands. EPACK has diversified its revenue mix from 80% RAC-dependent in FY23 to 42% non-AC by FY26.^[1][2][3]

Business segments

RAC (room air conditioners): ₹10,461 Mn revenue in FY26, down 33.2% YoY, contributed 57% of revenue in 9M FY26, down from 80% in FY23.^[2][3]
SDA & LDA (small and large domestic appliances): ₹3,889 Mn revenue in FY26, up 34.8% YoY; grew 68.9% YoY to ₹1,314 Mn in Q1 FY27.^[2][4]
Components: ₹3,663 Mn revenue in FY26, up 102.7% YoY, covering heat exchangers, plastic moulding, copper parts, and PCBs.^[2]
Non-AC portfolio share rose from 20% in FY23 to 42% in FY26.^[2]

Products and portfolio

RAC product line manufactured under brand-customer ODM/EMS model; BEE-rated mix driving higher average order prices in Q1 FY27.^[4]
SDA portfolio includes air fryers, vacuum cleaners, nutri blenders, infrared cooktops, coffee makers, and tower fans; 3 new product categories added in Q1 FY27, with 4 more in pipeline for FY27.^[4][3]
LDA portfolio focuses on washing machines (top-load and front-load), with front-load mass production at the Hisense JV facility targeted end-October 2026.^[4]
Components include AC controllers, cross-flow fans, copper tubing, PCBs, and plastic moulded parts; diversified into energy meter casings (Genus) in FY26.^[4][5]
Epavo JV in Bhiwadi manufactures BLDC motors with 3 million unit annual capacity; production commenced mid-Q2 FY26.^[5]

Manufacturing operations

Three RAC manufacturing plants: Dehradun (Uttarakhand), Bhiwadi (Rajasthan), and Sri City (Andhra Pradesh); all three operational as of Q1 FY27.^[4]
Dehradun and Bhiwadi plants ran at above 85 - 90% utilisation in Q1 FY27; Sri City reached ~50% utilisation in Q1 FY27, up from less than 25% in FY26.^[4]
Full-year FY27 target is average utilisation of >60% across all three plants; Sri City targeted at 55 - 60% by end of FY27.^[4]
EPACK Manufacturing Technologies - a dedicated Hisense facility at Sri City - commenced AC production in the last week of March 2026.^[2]
Backward integration by value stood at 65 - 70% as of Q2 FY26.^[5]
Net fixed asset turns were 2.4x in FY26, down from 3.2x in FY25.^[2]

Key operating numbers

RAC volume growth: +30% YoY (units) in Q1 FY27; value growth of 12 - 15% YoY driven by commodity pass-through and higher-rated product mix.^[4]
SDA & LDA revenue: +68.9% YoY in Q1 FY27, the fastest-growing segment; led by air fryers and washing machines.^[4]
Components revenue: -23.1% YoY in Q1 FY27 to ₹853 Mn, attributed to a high base from elevated AC-component demand in Q1 FY26.^[4]
Cash conversion cycle: 91 days in FY26, up from 57 days in FY25; inventory days rose to 161 from 98, driven by compressor pre-stocking ahead of BIS expiry.^[2]
Working capital cash-to-cash cycle: 50 - 60 days as of Q1 FY27.^[4]
Product categories served: 19 in Q1 FY27, up from 18 in FY26.^[4]

Customers and distribution

Customer base: 72 customers across 19 product categories in Q1 FY27; 17 new customers were added in FY26.^[4][2]
Top-2 customer concentration: 38% in Q1 FY27 (seasonal RAC peak quarter), down from 72% in FY23 and 37% in FY26.^[4][2]
Hisense partnership: delivered 35,000 units and ~₹65 Cr revenue in Q1 FY27; cumulative target of ₹8,000 Cr revenue over FY27 - FY31.^[4]
SDA customers include Groupe SEB and V-Guard, added in FY26; energy meter components supplied to Genus.^[5]

Expansion and capex

Remaining capex of ₹60 - 70 Cr to be deployed over the balance 9 months of FY27.^[4]
Andhra Pradesh state RIPS investment subsidy of ~50% of capex (on ₹1,085 Cr commitment) to flow back over 10 years.^[4]
Hisense front-load washing machine mass production targeted end-October 2026 (start of Q3 FY27).^[4]
Medium-term asset turnover target of 4x; ₹5,000 Cr revenue target reaffirmed for 2 - 3 years (by ~FY29).^[2][4]

Recent developments

Q4 FY26: Reversed ₹32.42 Cr of previously accrued PLI income due to incremental revenue shortfall; recognised ₹21.78 Cr RIPS Phase 1 incentive.^[2]
Q1 FY27: No PLI income accrued, versus ₹133 Mn recognised in Q1 FY26; FY27 is the last PLI eligibility year with ₹60 Cr potential.^[4][2]
PLI discount of ~1% passed to brand customers is being rolled back; management expects full reversal by end of FY27.^[4]
Hisense dedicated facility at Sri City commenced commercial AC production in the last week of March 2026, after trial production in Q3 FY26.^[2]
RIPS Phase 2 investment application under evaluation for additional long-term incentive benefits.^[2]

Market Cap

₹1,590 Cr

High / Low

₹355 / 150

Stock P/E

-191.4

Price / Book

1.6

Book Value

₹100

EPS

₹0.3

No. of Shares

9.62 Cr

ROCE

4.6%

ROE

0.3%

OPM

4.0%

Debt / Equity

0.74

Sales

₹1,894 Cr

Net Profit

₹3 Cr

Promoter holding

46.4%

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