Published on: 16 November 2025, 11:30 AM IST

TCPL Packaging Ltd Q2 FY2026 Financial Results

TCPL Packaging Limited (TCPL), one of India’s leading producers of sustainable paperboard and flexible packaging solutions, reported a mixed performance in Q2 FY26. While revenue remained broadly flat on a year-on-year basis, profitability came under pressure due to a subdued demand environment, GST slab revisions, and higher depreciation and interest costs.

Stock Performance & Key Metrics

As of November 14, 2025 (close):

• Current Price: ₹3,215
• Market Cap: ₹2,926 Cr
• High / Low (52-week): ₹4,910 / ₹2,980
• Stock P/E: 23.5
• Book Value: ₹740
• Dividend Yield: 0.93%
• ROCE: 20.0%
• ROE: 23.8%
• Face Value: ₹10.0
• EPS (TTM): ₹137
• Debt to Equity: 0.97
• Debt: ₹654 Cr
• PEG Ratio: 0.55
• Industry P/E: 20.7

Q2 FY2026 Financial Highlights (Standalone)

Consolidated Q2 FY26 vs Q2 FY25 (Key Summary)

• Total Revenues: ₹460.5 Cr (Q2 FY26) vs ₹462.6 Cr (Q2 FY25) – flat YoY (0%)
• EBITDA: ₹69.4 Cr vs ₹76.9 Cr – down 10% YoY
• EBITDA Margin: 15.1% vs 16.6% – down 155 bps
• Profit Before Tax (PBT): ₹37.2 Cr vs ₹44.6 Cr – down 17% YoY
• Profit After Tax (PAT): ₹28.7 Cr vs ₹35.5 Cr – down 19% YoY
• Cash Profit: ₹58.9 Cr vs ₹63.7 Cr – down 8% YoY
• EPS (Consolidated): ₹31.6 vs ₹39.1 – down 19% YoY

H1 FY2026 Performance (Consolidated)

• Total Revenues: ₹885.2 Cr vs ₹868.2 Cr – up 2% YoY
• EBITDA: ₹142.0 Cr vs ₹148.3 Cr – down 4% YoY
• EBITDA Margin: 16.0% vs 17.1% – down 104 bps
• PBT: ₹66.0 Cr vs ₹85.9 Cr – down 23% YoY
• PAT: ₹51.0 Cr vs ₹67.3 Cr – down 24% YoY
• Cash Profit: ₹107.3 Cr vs ₹123.7 Cr – down 13% YoY
• EPS: ₹56.1 vs ₹73.9 – down 24% YoY

Result Summary

• Revenue remained flat YoY in Q2 FY26 at both consolidated and standalone levels, reflecting a subdued demand environment.
• EBITDA and margins declined due to lower operating leverage, higher costs and GST-related transition impact.
• PAT and EPS fell sharply YoY (around 19–21%) owing to lower operating margins and higher depreciation and interest costs.
• H1 FY26 revenues grew 2% YoY, but profitability compressed as margins normalized from higher levels seen in previous years.

Management Commentary

Commenting on the company’s performance for Q2 and H1 FY2026, Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited, highlighted that revenue remained steady despite a weak demand backdrop. He noted that:

• Q2 FY26 consolidated revenue of around ₹461 Cr was supported by a diversified portfolio and broad customer base.
• EBITDA margins stayed broadly stable on a similar revenue base, but the decline in PBT and PAT reflected the impact of higher depreciation and interest costs.
• The revision in GST slabs during the quarter led to short-term recalibration across parts of the trade channel, contributing to subdued demand; this transition is now largely normalizing.
• Over the medium term, GST rationalisation is expected to support improvement in underlying demand and organized packaging growth.

Business & Operational Highlights

• The newly commissioned Chennai Greenfield plant continues to ramp up well, supported by encouraging customer traction.
• The facility strengthens TCPL’s presence in Southern India and enhances capabilities in sustainable paperboard packaging.
• The plant is expected to achieve optimal utilisation over the next few quarters, aiding operating leverage and margin recovery.
• TCPL continues to focus on operational excellence, product diversification and deeper customer engagement across end-user industries.

Strategic & Financial Overview

• Despite near-term margin pressure, TCPL maintains a position as a leading sustainable packaging solutions provider in India.
• The company is expanding its product mix across paperboard-based cartons, flexible laminates, sleeves and wrap-around labels.
• Disciplined capital allocation and investment in modern, efficient plants are expected to support long-term value creation.
• With a diversified client base across FMCG, food & beverages, pharmaceuticals, consumer and industrial products, TCPL is well placed to benefit from rising packaged goods consumption.

Outlook

TCPL expects demand conditions to gradually improve as GST-related disruptions fade and consumption normalizes. The company remains focused on:

• Driving operational efficiencies and cost optimization to protect margins.
• Scaling up the Chennai Greenfield plant and leveraging its proximity to key customers in South India.
• Continuing to broaden its sustainable packaging portfolio in both paperboard and flexible formats.
• Maintaining a prudent approach to leverage while investing in capacity, technology and product innovation.

About TCPL Packaging Ltd

Incorporated in 1987, TCPL Packaging Limited is one of India’s leading producers of sustainable packaging solutions for customers across industries.

• Manufactures paperboard-based packaging including folding cartons, printed blanks and outers, litho-lamination, plastic cartons, blister packs and shelf-ready packaging.
• Has ventured into the flexible packaging space with capabilities to produce laminates, sleeves and wrap-around labels.
• Headquartered in Mumbai with a PAN-India presence, comprising 8 state-of-the-art manufacturing facilities and marketing offices in key metro cities.
• Has effectively diversified operations to service a wide spectrum of packaging requirements, consistently adding new customers and deepening relationships with existing ones.

For the full results PDF:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/15519216-2bf6-48c7-b96f-26015637059e.pdf

Data as per company press release dated November 14, 2025 | Period ended September 30, 2025 (Q2 & H1 FY2026).