Packaging industry

95 companies · ₹50,728 cr · 23 with AI deep dives · Q1FY27 report

West Asia polymer spike drives sector margin peak, but managements flag the windfall as transient

At peak marginsmargin is at its 8-quarter high of 14.6% with revenue still growing

Revenue YoY: +24.3%
EBITDA margin: 14.6%; +460bps YoY
Price, 1 year: -3.0%; 45% of names up
P/E vs own 5y: -8.8%; 18.1x now

Exhibit 1The quarter in numbers

constant panel of 21 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	15,232 cr	12,592 cr	+21.0%	12,257 cr	+24.3%	15,232 cr	0.0%
EBITDA margin	14.6%	7.8%	+680bps	10.0%	+460bps	14.6%	0bps

Revenue

Jun 26: 15,232 cr
Mar 26: 12,592 cr
QoQ: +21.0%
Jun 25: 12,257 cr
YoY: +24.3%
Peak: 15,232 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 14.6%
Mar 26: 7.8%
QoQ: +680bps
Jun 25: 10.0%

Sept 26: 0 of 23 reported so far, so it is not in the trend above.

Breadth: 86% of 21 companies grew revenue year on year (was 71% a quarter earlier) and 71% expanded margin (was 57%).

Exhibit 2What it costs

12.12x - 29.27x across the panel today

The median name trades at 18.1x, -8.8% against this industry's own 5-year median of 19.9x, and -39.2% against its own peak of 29.8x.

Exhibit 3Structure

₹50,728 cr

EPL Ltd is 14% of this industry by market cap. The top 5 are 43.9% and the top 10 are 66.4%.

small 12micro 8323 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 18.11x, 5y ROCE above its median of 9.71%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 95)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
EPL Ltd	₹7,166 cr	18.5x	8.0x	18.1%	20.3%	+25.3%	Unlock
AGI Greenpac Ltd	₹4,583 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedPolymer price spike inflates reported revenue via pass-through, masking sub-10% underlying volume growth7 managements

Across film, flexible, and rigid formats, the West Asia conflict caused sharp PP and HDPE cost increases which were substantially passed through, inflating revenue well above…

COSMOFIRST (Q1FY27): “Revenue rose 46% while volumes rose only 9%. The gap is raw material prices pass through…”

headwind9 managements headwind5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 70 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Shree Rama Multi-Tech Ltd	₹809 cr	32.1x	18.8x	17.7%	16.9%	+45.5%	Unlock