TCPL Packaging Ltd(TCPLPACK)

NSE: TCPLPACKBSE: 523301

₹ 3,837.55-0.90%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,492 crNext results: 5 Nov 2026Website: www.tcpl.inUpdated: 24 Oct 2026

About

TCPL Packaging Limited is one of India's leading integrated packaging companies, manufacturing paperboard packaging (folding cartons, litho-laminated cartons, shaped cartons) and flexible packaging (printed laminates, pouches, shrink sleeves) across ten manufacturing facilities in India. It reported revenue of 1810.22 crore in FY26. In September 2026 it incorporated a new subsidiary, TCPL Energy Materials Limited, to manufacture lithium-ion battery separator films.^[1][2]

Business segments

The company reports a single business segment, Printing and Packaging (FY25 annual report).^[3]
Paperboard packaging produces folding cartons, printed blanks, outers, litho-laminated cartons, shaped cartons, metallized paperboard cartons, coated food packaging, and secure document envelope cartons.^[1]
Flexible packaging produces printed laminates, pouches, wrap-around labels, and shrink sleeves; the Innofilms capacity also supports mono-material recyclable film development.^[1]
Subsidiary COPPL handles premium rigid boxes and gift packaging for smartphones, electronics, cosmetics, perfumes, and liquor industries.^[1]
Subsidiary Accura Technik (ATPL) manufactures gravure printing and embossing cylinders; subsidiary TCPL Middle East FZE provides international trading presence in the UAE.^[1]

Manufacturing footprint

TCPL operates ten manufacturing facilities across India with key locations in Silvassa, Haridwar, Goa, Guwahati, Greater Noida, and Chennai, plus marketing offices in key metros and an international office in the UAE.^[1]
The greenfield Chennai plant, commissioned to serve South India and exports, was scaled up in FY26.^[3][1]
Accura Technik's gravure cylinder facility at Silvassa was commissioned in November 2025 (Q3 FY26) with a capacity of approximately 1,000 cylinders per month, a backward integration step.^[1][4]
Six units hold Integrated Management Systems certifications; the company operates an ISO 45001-certified safety framework.^[1]

Key operating numbers

Flexible packaging capacity utilisation reached ~100% (optimal) in Q1 FY27, up from headroom available in earlier quarters.^[5]
Folding carton capacity utilisation was 70%+ on average in Q1 FY27, with the Chennai plant approaching that level.^[5]
Domestic volume growth was high single-digit in Q1 FY27, with value growth slightly higher; exports also grew YoY after a weak prior year.^[5]
Domestic FMCG volume growth was muted at 3-5% versus expected 8-12% in FY25.^[3]

Customers and distribution

TCPL serves FMCG, food and beverages, pharmaceuticals, tobacco, e-commerce, consumer durables, and electronics sectors.^[1]
Named customers include Mondelez, Bayer Crop Science (rated TCPL an 'A' Grade supplier), Samsung, Iljin Electronics, Cholayil, Cavinkare, and HUL Innovation Hub.^[1]
Exports rose 31.18% to ₹604.14 crore in FY25, when supplies to the US started.^[3]
Exports to Europe and the US increased in FY26; Gulf exports were hit by geopolitical instability and closure of the Strait of Hormuz.^[1]

Raw materials and sustainability

Key raw materials are paper, polymers, aluminium, and key chemicals; approximately 26% of paperboard inputs were FSC-certified as of FY26.^[1]
Raw material price volatility and the time lag in passing costs through remain a margin risk (FY25 annual report).^[3]
Recyclable mono-material structures in development include MDO PE/PE coffee pouches, MDO PE/Met.PE/PE rice packaging, recyclable tube laminates, and paper cups with compostable coatings.^[1]
Domestic brand-owner adoption of mono-material recyclable packaging remained slower than expected in Q1 FY27, as India has not mandated recyclable packaging.^[5]
Solar installed capacity is ~4,516 kWp; carbon neutrality for Scope 1 and 2 emissions is targeted by 2040, with FY24 as baseline.^[5][1]

Expansion and capex

A new high-speed flexible packaging line adding ~30% capacity at a cost of INR 50 - 60 crore was initiated in Q1 FY27, expected operational by January - February 2027.^[5]
FY27 packaging capex budget is ~INR 100 crore (excluding battery separator); total FY27 capex including separator land cost is ~INR 100 - 150 crore.^[5]
Battery separator Phase 1: 70 million sq. m/annum (supporting 6 - 8 GWh of cells), ~INR 125 crore over 18 months, commercial production targeted Q4 FY28.^[5]
Long-term battery separator plan is to scale to ~500 million sq. m/annum (~50 GWh equivalent) over 5 - 7 years, with estimated revenue potential of INR 1,100 - 1,300 crore at that scale.^[5]

Recent developments

On 24 September 2026, TCPL incorporated wholly owned subsidiary TCPL Energy Materials Limited, with authorised capital of Rs 10,00,00,000, to make lithium-ion battery separator films.^[6]
As of Q1 FY27, the India-UK FTA and expected India-EU deal are set to cut duties on flexible packaging exports, versus competing suppliers in Vietnam and Turkey.^[5]
Subsidiary COPPL was growing but loss-making in FY25 and was undergoing restructuring and efficiency measures.^[3]

Market Cap

₹3,492 Cr

High / Low

₹4,544 / 2,205

Stock P/E

33.9

Price / Book

5.5

Book Value

₹790

EPS

₹107.5

No. of Shares

0.91 Cr

ROCE

17.8%

ROE

14.3%

OPM

12.8%

Debt / Equity

0.80

Sales

₹1,810 Cr

Net Profit

₹98 Cr

Promoter holding

55.7%

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