EPL Ltd(EPL)

NSE: EPLBSE: 500135

₹ 223.35+0.63%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 7,166 crWebsite: www.eplglobal.comUpdated: 27 Oct 2026

About

EPL Ltd is a global manufacturer of laminated tubes used in oral care, beauty & cosmetics, pharmaceuticals, and food packaging, operating across four geographic segments: AMESA, Americas, EAP, and Europe. EPL is pursuing a merger with Indovida that would approximately double its combined revenue to ~Rs 8,376 Cr across 40 plants in 17 countries.^[1][2][3]

Business segments

AMESA contributed 30.0% of FY26 revenue at Rs 1,544.1 Cr, with EBIT margin of 10.7%.^[4]
Americas contributed 26.2% of FY26 revenue at Rs 1,344.9 Cr, with EBIT margin of 12.6%; its revenue share rose 5.2 percentage points since FY19.^[4]
EAP contributed 22.6% of FY26 revenue at Rs 1,161.3 Cr, with the highest EBIT margin among regions at 16.5%.^[4]
Europe contributed 21.2% of FY26 revenue at Rs 1,091.6 Cr, with EBIT margin of 6.3%, weighed down by transitional manufacturing costs.^[4]

Product portfolio

Beauty & Cosmetics accounted for 40% of tube revenue in Q1 FY27, up from 39% in Q2 FY26; Oral Care accounted for 47% of tube revenue as of Q4 FY26.^[3][2]
Personal Care & Beyond (B&C plus pharma and other non-oral categories) reached 54% of total portfolio in Q1 FY27, up from 53% in FY26.^[3]
Sustainable tube formats comprised 44% of the portfolio in Q1 FY27, up from 38% in FY26, 33% in FY25, 21% in FY24, and 10% in FY23.^[3][5]

Operations and capacity

EPL operates manufacturing plants across four regions: AMESA, Americas, EAP, and Europe; the Thailand plant (EAP) was commissioned in November 2025 and is currently in scale-up phase.^[5][3]
In Q3 FY26, one manufacturing unit in China was closed and its equipment relocated to an existing EPL facility following a customer's decision to move their own filling operations; severance cost of Rs 67 Mn was recognised as exceptional.^[5]
A new manufacturing footprint in Poland and Germany (Europe) was partly capitalized in Q1 FY27, contributing to higher depreciation and transitional costs in that region.^[3]

Key operating numbers

B&C revenue grew 23.6% in Q1 FY27, 29.9% in Q4 FY26, and 26.2% in Q3 FY26 - four consecutive quarters of 20%+ growth through Q3 FY26.^[3][2][5]
Oral Care grew 23.9% YoY in Q1 FY27 after recovering to 10% growth in Q4 FY26, following destocking-related headwinds in prior quarters.^[3][2]
EAP led regional growth at 34.3% in Q1 FY27; Americas grew 29.4%, Europe 20.2%, AMESA 17%, and India 19.9% - every region in double digits.^[3]
ROCE was 18.5% in Q1 FY27, down 37 bps vs prior year, compared with 19.0% for full-year FY26 (+96 bps YoY) and a target of 25%+ by FY29.^[3][2][6]
Europe EBITDA margin contracted to 13.1% in Q1 FY27 (from 17.9% in Q1 FY26) and was 14.5% for full-year FY26 (vs 16.6% in FY25).^[3][2]
FY26 capex was Rs 4,815 Mn vs Rs 3,631 Mn in FY25; Q1 FY27 capex was Rs 1,083 Mn vs Rs 857 Mn in Q1 FY26.^[2][3]

Raw material and pricing

In Q4 FY26, Middle East supply disruptions caused C6/C8 polymer costs to surge 71% QoQ, C4 polymers 40% QoQ, and aluminium foil 52% QoQ.^[2]
In Q1 FY27, EPL passed through the entire cost increase - including raw materials, freight, and currency depreciation - to customers across all regions; all contracts are on a blended landed-cost-plus basis.^[3]

Customers and distribution

EPL's customer base includes multinational FMCG companies; improved supply reliability during the Middle East crisis in Q1 FY27 enabled wallet-share gains at MNC oral care customers.^[3]
EPL holds an 8% share in the Beauty & Cosmetics tube market and targets doubling this to 16% over the next few years.^[3]
EPL is the only Indian packaging company globally to hold an EcoVadis Platinum rating (top 1% of 150,000+ assessed companies), a credential management expects to drive incremental business from sustainability-focused customers.^[6][5]

Expansion and capex

Thailand greenfield plant (EAP) was commissioned in November 2025, completed within 9 months of announcement; it is in scale-up with MNC customer wins and management is considering a second line.^[6][5][3]
New manufacturing capacity in Poland and Germany (Europe) was partly capitalised in Q1 FY27; associated transitional and depreciation costs are expected to ease as scale accrues.^[3]
FY27 capex is guided to remain at a slightly elevated level relative to depreciation, reflecting the B&C growth opportunity.^[2]

Recent developments

In March 2026, EPL announced a share-swap merger with Indovida (an Indorama subsidiary with ~Rs 3,800 Cr revenue and 21.3% EBITDA margin, net cash), targeting completion by Q4 FY27; CCI approval received, 8 of 10 antitrust jurisdictions approved, NCLT and shareholder approval pending.^[2][3]
The Indovida merger, if completed, would create a combined platform with ~Rs 8,376 Cr revenue, ~Rs 1,747 Cr EBITDA, 40 plants in 17 countries, and 75% of revenue from emerging markets.^[2]
Hemant Bakshi took over as MD & Global CEO from 1 January 2026; Anand Kripalu remains on the Board as Non-Executive Non-Independent Director.^[6]
Net debt rose to Rs 5,806 Mn as of June 2026 (Net Debt/LTM EBITDA: 0.58x) from Rs 3,898 Mn as of June 2025 (0.45x), driven by higher working capital from safety stock build at elevated raw material costs and ahead-of-schedule capex.^[3]

Market Cap

₹7,166 Cr

High / Low

₹274 / 176

Stock P/E

18.3

Price / Book

2.5

Book Value

₹89

EPS

₹12.1

No. of Shares

32.02 Cr

ROCE

18.1%

ROE

14.9%

OPM

13.0%

Debt / Equity

0.25

Sales

₹4,763 Cr

Net Profit

₹394 Cr

Promoter holding

0.0%

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EPL Ltd(EPL)

About

Business segments

Product portfolio

Operations and capacity

Key operating numbers

Raw material and pricing

Customers and distribution

Expansion and capex

Recent developments

Signal history

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