TCPL Packaging Ltd

Financial Performance

• Consolidated total income rose 16% YoY to INR 495 crore.
• EBITDA at INR 88 crore; margin 18%.
• Cash profit up 56% YoY to INR 76 crore.
• PAT up 79% YoY to INR 40 crore.

Operating Update

• Domestic demand strong; folding cartons and flexible packaging performing well.
• Export growth steady; near-term outlook cautious amid global uncertainty.
• Flexible Packaging capacity to rise ~30%; capex INR 50–60 crore.
• Existing flexible packaging facility near full utilization; expansion planned.

Capex and Projects

• Capex for Flexible Packaging line ~INR 50–60 crore; 30% capacity increase.
• Folding Cartons utilization ~70% with headroom for expansion.
• Chennai plant ramp-up; utilization improving; potential to add lines.
• Battery materials venture: Phase 1 capex ~INR 125 crore over 18 months; Phase 1 production by Q4 FY28.

Battery Materials Venture

• Entry into lithium-ion battery separator film via subsidiary.
• Phase 1 capacity ~70 million sq m per annum; 6–8 GWh implied.
• Long-term scale target ~500 million sq m per annum; ~50 GWh.
• Domestic EV/storage push and localization supportive; export opportunities contemplated.

Q&A Highlights

• Flexible packaging line commissioning target: January–February next year; line 4.
• Chennai plant ramp-up progressing; FY27 utilization expected to improve.
• Phase 1 topline potential INR 150–200 crore; double-digit margins expected.
• Phase 2 timing depends on demand; Phase 1 basis for returns; in-house tech development.

Meeting Details

• Date and time: August 12, 2026 at 2:30 p.m.
• Type and mode: group investor/analyst conference call; virtual audio
• Event organiser: TCPL Packaging Limited investor call

Participants

• Key company participant: Compliance Officer (TCPL Packaging Limited)

Purpose

• Purpose: earnings-related investor/analyst discussion for Q1 FY27

Additional Notes

• Recording available: audio recording of the conference call on the company website
• No unpublished price sensitive information was discussed

AGM Details

• Date and mode: 11 August 2026, VC/OAVM, 4:30–5:20 PM IST.
• Remote e-voting and Insta-voting conducted for all items.
• Scrutinizer appointed for vote counting.

Resolutions & Voting

• Resolution 1: Adoption of audited standalone and consolidated financial statements; ordinary; approved by 99.9999%.
• Resolution 2: Dividend of ₹25 per equity share declared.
• Resolution 3: Saket Kanoria re-appointed by rotation.
• Resolution 4: Akshay Kanoria re-appointed by rotation.
• Resolution 5: S.G. Nanavati as Executive Director; remuneration fixed.
• Resolution 6: Vidur Kanoria as Executive Director; remuneration fixed.
• Resolution 7: Authority to borrow money; special.
• Resolution 8: Authority to mortgage; special.
• Resolution 9: Ratification of remuneration of Kewlani & Associates as Cost Auditors.

Dividend

• Dividend of ₹25 per equity share approved.

Directors & Key Managerial Changes

• Saket Kanoria re-appointed as Director by rotation.
• Akshay Kanoria re-appointed as Director by rotation.
• S.G. Nanavati re-appointed as Executive Director; term and remuneration fixed.
• Vidur Kanoria re-appointed as Executive Director; term and remuneration fixed.

Auditors & Remuneration

• Cost auditors' remuneration ratified for FY ending March 31, 2027.

Other Material Approvals

• Increased borrowing limits approved.
• Increased mortgage limits approved.

New battery materials line

• Board approved entry into lithium-ion battery separator film manufacturing via a new subsidiary.
• Subsidiary to be incorporated to execute the new line of business.
• Presentation on the proposal attached for record.
• Strategic rationale: potential expansion into battery materials ecosystem.

Financial highlights

• Consolidated total income Rs 494.9 crore; EBITDA Rs 87.9 crore; PAT Rs 40.0 crore.
• Consolidated EBITDA margin 17.8%; PAT up 79.2% YoY.
• Standalone income Rs 476.8 crore; EBITDA Rs 84.0 crore; PAT Rs 37.6 crore.
• Standalone EPS Rs 41.4; YoY growth 65.5%.

Strategic initiatives

• Expansion: new high-speed line for flexible packaging capacity expansion.
• Strategic entry into lithium-ion separator films via subsidiary.
• Investment of about ₹125 crore to be deployed over 18 months.
• Initial capacity 70 million sq m/year; supports 6–8 GWh annual cell production.
• Long-term capacity ~500 million sq m/year (50 GWh) over 5–7 years.
• Commercial production targeted for Q4 FY2028.

Board actions

• Board approved Q1 FY27 unaudited results (standalone and consolidated) for quarter ended June 30, 2026.
• Presentation on Q1 FY27 results attached.

Financial highlights

• Consolidated Total Income rose 15.9% YoY to Rs 494.9 crore.
• PAT Rs 40.0 crore; Cash Profit Rs 75.6 crore; EBITDA Rs 87.9 crore; Margin 17.8%.

Strategic initiatives

• Expansion of Flexible Packaging: new line to increase capacity and address growing demand.
• Battery materials venture: ₹125 crore investment via subsidiary; initial capacity 70 million sq m, 6-8 GWh annually.
• Commercial production targeted for Q4 FY2028; long-term capacity ~500 million sq m (~50 GWh) per year.

Strategic purpose and investment

• Board approved entry into battery materials via a subsidiary to make separator films.
• Proposed investment of about Rs 125 crore over 18 months.
• Commercial production targeted in Q4 FY2028.
• Strategic objective to participate in ACC battery materials supply chain.

Operational scope and funding

• Initial capacity 70 million sq metres per annum, supporting 6-8 GWh/year.
• Phased growth to 500 million sq metres and ~50 GWh/year within 5-7 years.
• Expansion to be funded via internal accruals and debt.
• Facility to be established via a subsidiary to be incorporated.
• Focus on technology development, product validation, and customer qualification with cell manufacturers.

Standalone results

• Standalone revenue from operations Rs 473.97 crore; total income Rs 476.82 crore.
• Standalone PBT before tax Rs 50.32 crore; PAT Rs 37.63 crore.
• Standalone EPS (basic/diluted) Rs 41.35; single packaging segment.

Consolidated results

• Consolidated revenue from operations Rs 492.97 crore; total income Rs 494.94 crore.
• Consolidated PBT Rs 52.69 crore; PAT Rs 40.01 crore; EPS Rs 43.96.
• Consolidated results include three subsidiaries; one not reviewed by the same auditor.

New line of business

• Board approved new line: lithium-ion battery separator films via subsidiary.
• Initial capacity 70 million sq m per annum; ~6–8 GWh cell production.
• Expansion target 500 million sq m per annum within 5–7 years.
• Investment planned: Rs 125 crore over next 18 months.
• Commercial production targeted in Q4 FY2028.

Audit notes

• Standalone results reviewed with unmodified Limited Review.
• Consolidated results include one subsidiary not reviewed by the same auditor; conclusion not modified.

AGM details and voting

• 38th AGM via VC on 11 August 2026 at 4:30 PM IST.
• Integrated Annual Report for FY2025-26 and AGM notice accessible online.
• Weblink provided to access the Integrated Annual Report and AGM notice.
• E-voting window: remote voting from 8 Aug 2026 9:00 AM to 10 Aug 2026 5:00 PM.
• Cut-off for eligibility: 4 Aug 2026.
• Speaker registration: registration required at least 48 hours prior to AGM.
• PAN/KYC details update requested for shareholders.
• Remote e-voting will be disabled after 10 Aug 2026 5:00 PM.