EPL - EPL LIMITED Share Price

Industrial Products

₹194.50+0.85(+0.44%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does EPL LIMITED do?

Packaging•Capital Goods•Small Cap

EPL Limited, together with its subsidiaries, manufactures and sells plastic packaging materials in the form of multilayer collapsible tubes, corrugated boxes, and laminates. It offers laminated tubes that are used for packaging in personal care, food, pharma, and industrial applications; extruded tubes, which are used for packaging products in a range of industries; specialty laminates, as well as metallic, iridescent, holographic, soft touch, or custom colored materials; and caps and closures for hair care and personal care product bottles. The company also provides Glow in the Dark tubes for clients in categories, such as beauty and cosmetics, pharma and health, and oral care; Super Titanium, a tube for oral care, toiletries, and food products; Clarion, a UV shield tube for packing oral care, beauty, and cosmetic products; and dispensing systems. Further, it offers Radiance, offering 3D lens foil directly on the primary packaging; Glitter, allows to add multi colour foils on the tube directly; 3DFoil, offering emboss and deboss effect on cartons with dies; and Screen, offering Screen Braille effects to highlight the brand. It has operations in the Americas, Europe, Africa, the Middle East, South Asia, and the East Asia Pacific. The company was formerly known as Essel Propack Limited and changed its name to EPL Limited in October 2020. EPL Limited was incorporated in 1982 and is based in Mumbai, India. EPL Limited is a subsidiary of Epsilon Bidco Pte. Ltd.

Industry Group:Industrial Products

Employees:1,427

Website:www.eplglobal.com

The Good, Bad and Ugly

Growth

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Dilution Rank

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Category	EPL	Industrial
PE	23.45	22.34
PS	1.47	0.80
Growth	6.6 %	9.1 %

Summary of Latest Earnings Report from EPL

Summary of EPL's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Mar 25

The management of EPL Limited provided an optimistic outlook, emphasizing strategic growth, operational synergies, and sustainability. Key highlights include:

Strategic Partnership with Indorama Ventures (IVL):
- IVL's acquisition of a 24.9% stake brings global packaging expertise, geographic synergy (especially in Southeast Asia, Africa), and complementary capabilities in polymer/PET, enhancing EPL's expansion.
- Collaboration opportunities include raw material procurement, customer cross-pollination, and innovation (e.g., sustainable packaging solutions like recyclable tubes).
Growth Priorities:
- Geographic Expansion: Accelerated entry into Thailand (greenfield project), Brazil, and Sub-Saharan Africa, leveraging IVL's regional presence.
- High-Growth Segments: Focus on beauty, cosmetics, and pharmaceuticals.
Operational Efficiency:
- Cost optimization via IVL's scale in polymer sourcing and procurement.
- Margin expansion through operational synergies.
Sustainability Leadership:
- Collaboration with IVL (EcoVadis Platinum-rated) to advance circular economy initiatives and recyclable packaging (e.g., Platina tubes, 31% of sales).
Financial Resilience:
- Commitment to double-digit revenue and EBITDA growth, with ROCE improvement.
- 10 consecutive quarters of EBITDA growth; strong balance sheet.
Blackstone's Continued Support:
- Remains the largest shareholder, retaining majority board representation, and backing EPL's long-term strategy.

Management reaffirmed unchanged priorities: sustaining leadership in packaging, driving innovation, and delivering stakeholder value.

Q&A Session

Last updated: Mar 25

Question 1:
"Sir, congrats on the deal. I have two questions. First is who were the competitors that had bid for EPL's stake? And what made you to choose Indorama Ventures? That is the first question. The second is, is Indorama Group a supplier of any raw material to EPL currently?"
Answer:
Indorama is not a current raw material supplier. The transaction was driven by Blackstone's preference for a strategic, long-term investor aligned with EPL's packaging sector goals. Competitors' details were not disclosed as the deal was shareholder-driven.

Question 2:
"I just wanted to understand what's the time line like for the completion of this transaction?"
Answer:
Regulatory approvals are expected within ~3 months, subject to Indian and overseas authorities' clearance.

Question 3:
"So if you look at Indorama's business, they don't have a significant business in India. And so does EPL then become the vehicle for their product categories also in India? How does that play out?"
Answer:
EPL remains independent; no plans exist for distributing Indorama's products in India. Synergies focus on geographic expansion and operational expertise, not product integration.

Question 4:
"Is there any cost-led benefits also, given that we have a global footprint?"
Answer:
Potential cost benefits include raw material sourcing efficiencies and accelerated market entry (e.g., Thailand) via Indorama's regional expertise.

Question 5:
"Does the share purchase agreement also talk about what could be the Board composition eventually?"
Answer:
The Board expands to 9 members: 4 Blackstone nominees, 3 independents, the CEO, and 1 Indorama nominee. Control remains with Blackstone as the promoter.

Question 6:
"Does the agreement have any call/put options?"
Answer:
No call/put options or rights of first refusal exist; the deal is limited to the 24.9% stake sale.

Question 7:
"With Indorama coming in, are we diversifying into new geographies immediately?"
Answer:
Thailand and Africa are priority regions. Indorama's local expertise will accelerate market entry, but expansion will be scoped gradually.

Question 8:
"Will Indorama be categorized as a promoter? When will Blackstone's next stake sale occur?"
Answer:
Indorama remains a financial investor, not a promoter. Blackstone has no immediate plans for further stake sales.

Question 9:
"Does the deal trigger an open offer?"
Answer:
No open offer is triggered as Indorama's stake is below 25%, and they are not acquiring control.

Question 10:
"Will Thailand expansion scale faster with Indorama's support?"
Answer:
Indorama's Thailand presence will accelerate customer acquisition and market penetration, but scaling depends on demand growth.

Shareholder Name	Holding %
EPSILON BIDCO PTE.LTD.	51.31%
Trusts	4.83%
ASHOK KUMAR GOEL	4.81%
QUANT MUTUAL FUND - QUANT SMALL CAP FUND	2.47%
MIRAE ASSET NIFTY TOTAL MARKET INDEX FUND AND ITS AFFILIATES	2.39%
CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO SMALL CAP FUND	1.96%
STATE OF WISCONSIN INVESTMENT BOARD - SELF MANAGED AND ITS AFFILIATES	1.45%
ICICI LOMBARD GENERAL INSURANCE COMPANY LTD	1.22%
ICICI PRUDENTIAL MULTICAP FUND AND ITS AFFILIATES	1.05%

Description	Share	Value
AMESA	32.1%	353.5 Cr
Americas	24.7%	271.3 Cr
EAP	22.7%	250 Cr
Europe	20.5%	225.7 Cr
Total		1.1 kCr

Investor Care
Dividend Yield	2.47%
Dividend/Share (TTM)	4.8
Shares Dilution (1Y)	0.11%
Diluted EPS (TTM)	8.35

Financial Health
Current Ratio	1.43
Debt/Equity	0.34
Debt/Cashflow	0.73

Valuation
Market Cap	6.2 kCr
Price/Earnings (Trailing)	23.55
Price/Sales (Trailing)	1.48
EV/EBITDA	7.87
Price/Free Cashflow	39.41
MarketCap/EBT	18.79

Fundamentals
Revenue (TTM)	4.19 kCr
Rev. Growth (Yr)	2.82%
Rev. Growth (Qtr)	-6.65%
Earnings (TTM)	263.2 Cr
Earnings Growth (Yr)	7.79%
Earnings Growth (Qtr)	6.57%

Profitability
Operating Margin	9.33%
EBT Margin	7.88%
Return on Equity	11.92%
Return on Assets	6.59%
Free Cashflow Yield	2.54%

Cash Flow for EPL

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	0%	22	22	14
Change in inventories	-4271.4%	-29.6	0.3	-28.1
Depreciation	10.2%	120	109	78
Unrealised forex losses/gains	-25%	0	0.2	0.1
Dividend income	-55.2%	40	88	114
Adjustments for interest income	-32.1%	2.9	3.8	0.8
Share-based payments	-43.4%	5.7	9.3	8.6
Net Cashflows from Operations	-2.5%	238	244	101
Income taxes paid (refund)	717%	30	-3.7	24
Net Cashflows From Operating Activities	-15.9%	208	247	77
Cashflows used in obtaining control of subsidiaries	-105.9%	0	18	0
Proceeds from sales of PPE	200%	1.6	0.4	2
Purchase of property, plant and equipment	39%	108	78	123
Proceeds from sales of investment property	-	0	0	8.9
Dividends received	-55.2%	40	88	114
Interest received	-111.5%	0.7	3.6	0.8
Other inflows (outflows) of cash	-38.1%	2.3	3.1	-0.9
Net Cashflows From Investing Activities	-198.1%	-47.3	-15.2	1.6
Proceeds from issuing shares	-	0	0	5
Proceeds from exercise of stock options	-	2.8	0	0
Proceeds from borrowings	-22.2%	254	326	514
Repayments of borrowings	-36.6%	242	381	444
Payments of lease liabilities	0%	15	15	15
Dividends paid	0.7%	137	136	132
Interest paid	0%	18	18	10
Net Cashflows from Financing Activities	30.8%	-155.1	-224.6	-83
Net change in cash and cash eq.	-29.7%	5.5	7.4	-4.8

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	74.2%	116	67	36
Change in inventories	-54.6%	-51.4	-32.9	-179.2
Depreciation	19%	333	280	251
Impairment loss / reversal	-76.7%	5.9	22	0
Unrealised forex losses/gains	-5%	20	21	12
Adjustments for interest income	96.7%	13	7.1	3.4
Share-based payments	-41%	6.9	11	12
Net Cashflows from Operations	3.4%	669	647	389
Income taxes paid (refund)	84.1%	82	45	78
Net Cashflows From Operating Activities	-2.7%	586	602	312
Proceeds from sales of PPE	-52.8%	2.7	4.6	8.7
Purchase of property, plant and equipment	-3.1%	375	387	276
Interest received	63.9%	11	7.1	3.3
Other inflows (outflows) of cash	-100%	0.8	0.9	-1.1
Net Cashflows From Investing Activities	11.5%	-344.3	-389.2	-264.2
Proceeds from issuing shares	-	2.8	0	5
Proceeds from borrowings	-45.5%	466	854	728
Repayments of borrowings	-42.1%	432	746	625
Payments of lease liabilities	15.4%	46	40	30
Dividends paid	-0.7%	140	141	138
Interest paid	73.8%	114	66	36
Net Cashflows from Financing Activities	-89.5%	-263	-138.3	-95.4
Effect of exchange rate on cash eq.	24.5%	-16.6	-22.3	-1.8
Net change in cash and cash eq.	-175.3%	-37.4	52	-49.7

Balance Sheet for EPL

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	54.2%	38	25	15	19	19	12
Current investments	-	0	0	0	15	14	0
Loans, current	-	0	0	0	0	0	0
Total current financial assets	6.3%	323	304	277	278	288	241
Inventories	31.3%	198	151	169	124	135	114
Current tax assets	-	0	0	1.4	0	3.2	-
Total current assets	13.6%	551	485	496	446	487	402
Property, plant and equipment	3.4%	521	504	484	519	466	293
Capital work-in-progress	176.5%	48	18	21	7.5	33	83
Investment property	-	0	0	0	0	0	0
Goodwill	0%	102	102	102	102	102	0
Non-current investments	26.1%	267	212	211	210	193	357
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	19.6%	270	226	227	226	208	367
Total non-current assets	11.3%	1,029	925	879	894	868	798
Total assets	12.1%	1,580	1,410	1,374	1,340	1,355	1,200
Borrowings, non-current	-0.8%	118	119	97	108	125	114
Total non-current financial liabilities	-3.6%	133	138	121	137	160	139
Provisions, non-current	12.5%	19	17	16	15	14	17
Total non-current liabilities	-4.8%	158	166	140	153	176	158
Borrowings, current	94.3%	137	71	88	70	127	102
Total current financial liabilities	44.6%	390	270	284	243	300	233
Provisions, current	14.3%	17	15	11	12	11	11
Current tax liabilities	10900%	12	1.1	2.5	1.1	4.8	0
Total current liabilities	48.3%	440	297	329	287	322	249
Total liabilities	29.2%	598	463	470	440	498	407
Equity share capital	0%	64	64	64	64	63	63
Total equity	3.8%	983	947	905	900	857	793
Total equity and liabilities	12.1%	1,580	1,410	1,374	1,340	1,355	1,200

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-28%	145	201	221	239	154	187
Current investments	-	0	0	0	15	14	0
Loans, current	50%	0.6	0.2	0.5	1	0.8	0.6
Total current financial assets	-0.2%	913	915	911	918	783	851
Inventories	20.9%	793	656	684	608	662	594
Current tax assets	-	0	-	1.4	-	3.2	0
Total current assets	9%	1,794	1,646	1,694	1,621	1,561	1,537
Property, plant and equipment	1.1%	1,778	1,758	1,625	1,537	1,402	1,308
Capital work-in-progress	23.9%	84	68	81	175	110	145
Goodwill	0%	116	116	116	116	116	116
Non-current investments	-	0	0	0	0	0	0
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	-76.9%	4	14	16	15	16	13
Total non-current assets	1.7%	2,198	2,162	2,028	2,010	1,846	1,756
Total assets	4.8%	3,992	3,809	3,722	3,630	3,407	3,293
Borrowings, non-current	-20.4%	365	458	491	496	411	362
Total non-current financial liabilities	-19%	427	527	570	580	500	440
Provisions, non-current	9.5%	24	22	20	19	18	21
Total non-current liabilities	-17.4%	524	634	671	677	591	537
Borrowings, current	8.4%	375	346	320	273	330	295
Total current financial liabilities	13%	1,168	1,034	959	881	918	846
Provisions, current	12.5%	19	17	13	14	14	13
Current tax liabilities	445.5%	31	6.5	11	7.4	12	7.5
Total current liabilities	16.2%	1,259	1,084	1,040	961	970	898
Total liabilities	3.8%	1,783	1,718	1,711	1,638	1,562	1,434
Equity share capital	0%	64	64	64	64	63	63
Non controlling interest	147.4%	1.9	-0.9	4.8	3.6	11	34
Total equity	5.6%	2,208	2,091	2,011	1,993	1,845	1,858
Total equity and liabilities	4.8%	3,992	3,809	3,722	3,630	3,407	3,293

Income Statement for EPL

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	5.9%	1,280	1,209	981	841	803	846
Other Income	-35.5%	79	122	123	114	79	17
Total Income	2.1%	1,359	1,331	1,104	955	882	864
Cost of Materials	5.3%	638	606	484	357	344	382
Employee Expense	5.1%	146	139	124	126	100	91
Finance costs	0%	22	22	15	15	20	23
Depreciation and Amortization	10.2%	120	109	78	90	97	75
Other expenses	3.2%	261	253	225	194	180	198
Total Expenses	3.9%	1,175	1,131	911	781	748	766
Profit Before exceptional items and Tax	-8%	184	200	194	174	135	97
Exceptional items before tax	-	0	0	0	0	-9.39	0
Total profit before tax	-8%	184	200	194	174	125	97
Current tax	1475%	12	0.2	24	28	30	34
Deferred tax	26.1%	-4.1	-5.9	-4.4	-7.3	-10.15	-0.23
Total tax	204.5%	8	-5.7	20	21	20	33
Total profit (loss) for period	-14.6%	176	206	174	153	106	64
Other comp. income net of taxes	-	-1.4	0	0	-1	-0.1	-1.2
Total Comprehensive Income	-15.1%	175	206	174	152	106	63
Earnings Per Share, Basic	-17%	5.54	6.47	5.5	4.85	3.35	2.03
Earnings Per Share, Diluted	-17.4%	5.52	6.47	5.49	4.84	3.35	2.03
Debt equity ratio	-	-	02	027	02	03	028
Debt service coverage ratio	-	-	0.0378	0.1326	0.029	0.0655	0.0174
Interest service coverage ratio	-	-	0.1002	0.1416	0.0277	0.0775	0.0526

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-10.9%	319	358	330	314	322	340
Other Income	-37%	30	47	20	44	14	19
Total Income	-13.6%	349	404	349	358	336	359
Cost of Materials	-18.8%	152	187	156	158	156	166
Employee Expense	7.7%	43	40	41	39	37	35
Finance costs	23.9%	6.7	5.6	5	6.1	5.7	4.8
Depreciation and Amortization	3.8%	28	27	27	28	30	30
Other expenses	-12.5%	64	73	69	63	63	71
Total Expenses	-8.3%	300	327	302	293	294	308
Profit Before exceptional items and Tax	-37.7%	49	78	47	65	42	52
Total profit before tax	-37.7%	49	78	47	65	42	52
Current tax	-74.3%	4.6	15	8.8	8.9	-7.2	12
Deferred tax	81.8%	0.6	-1.2	-0.5	-1.6	-0.6	-1.5
Total tax	-67.7%	5.2	14	8.3	7.3	-7.8	10
Total profit (loss) for period	-31.7%	44	64	39	58	50	41
Other comp. income net of taxes	61.1%	0.3	-0.8	0	-0.8	0	-0.6
Total Comprehensive Income	-30.6%	44	63	39	57	50	41
Earnings Per Share, Basic	-61.5%	1.385	2	1.21	1.82	1.57	1.3
Earnings Per Share, Diluted	-61.8%	1.378	1.99	1.21	1.81	1.56	1.29
Debt equity ratio	-	033	-	-	-	-	-
Debt service coverage ratio	-	0.0405	-	-	-	-	-
Interest service coverage ratio	-	0.0836	-	-	-	-	-

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	6%	3,916	3,694	3,433	3,092	2,760	2,707
Other Income	41.5%	59	42	12	14	13	29
Total Income	6.4%	3,976	3,736	3,445	3,106	2,773	2,735
Cost of Materials	0.1%	1,706	1,705	1,574	1,289	1,180	1,169
Employee Expense	11.9%	772	690	650	606	531	501
Finance costs	74.2%	116	67	40	43	56	61
Depreciation and Amortization	19%	333	280	251	235	230	186
Other expenses	2.5%	772	753	689	581	515	542
Total Expenses	5.4%	3,650	3,464	3,148	2,758	2,488	2,455
Profit Before exceptional items and Tax	19.6%	325	272	296	348	285	280
Exceptional items before tax	-2828.6%	-60.5	-1.1	0	-16.1	-9.39	8.37
Total profit before tax	-2.2%	265	271	296	332	276	289
Current tax	56.1%	65	42	72	94	74	80
Deferred tax	-31.7%	-6.9	-5	-5	-6.8	-10.05	13
Total tax	58.3%	58	37	68	87	64	93
Total profit (loss) for period	-9.1%	210	231	221	244	212	195
Other comp. income net of taxes	-50%	18	35	26	41	24	-14.63
Total Comprehensive Income	-14.3%	228	266	248	285	236	181
Earnings Per Share, Basic	-7.3%	6.7	7.15	6.79	7.58	6.57	6.12
Earnings Per Share, Diluted	-7.6%	6.68	7.15	6.77	7.57	6.57	6.11
Debt equity ratio	-0.4%	0	039	036	-	042	046
Debt service coverage ratio	-3.1%	0	0.03	0.0464	-	0.0455	0.0209
Interest service coverage ratio	-5.2%	0	0.0498	0.0817	-	0.0612	0.0566

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-6.6%	1,014	1,086	1,007	1,029	975	1,002
Other Income	-7.7%	13	14	6.5	16	24	9.6
Total Income	-6.6%	1,027	1,100	1,014	1,045	999	1,011
Cost of Materials	-0.9%	452	456	420	437	422	429
Employee Expense	1%	208	206	209	199	194	193
Finance costs	-7.1%	27	29	29	32	29	31
Depreciation and Amortization	1.2%	86	85	84	85	84	84
Other expenses	-1.5%	201	204	205	201	190	200
Total Expenses	-5.5%	926	980	934	955	905	935
Profit Before exceptional items and Tax	-16%	101	120	80	90	94	76
Exceptional items before tax	-	0	0	0	-60.5	0	0
Total profit before tax	-16%	101	120	80	29	94	76
Current tax	-85.5%	6.5	39	26	24	4.7	28
Deferred tax	89%	-0.1	-9	-12.6	-8.4	2.3	-2.8
Total tax	-81.4%	6.4	30	14	15	7	25
Total profit (loss) for period	6.9%	94	88	66	15	87	52
Other comp. income net of taxes	-179.5%	-32.4	43	-13.4	-16.3	58	-11.1
Total Comprehensive Income	-53.4%	62	132	52	-1.2	146	41
Earnings Per Share, Basic	11.6%	2.93	2.73	2.02	0.7	2.71	1.58
Earnings Per Share, Diluted	11.6%	2.92	2.72	2.01	0.7	2.7	1.58
Debt equity ratio	-	034	0	0	0	0	-
Debt service coverage ratio	-	0.0338	0	0	0	0	-
Interest service coverage ratio	-	0.0467	0	0	0	0	-

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
UFLEX	UflexPackaging	4.06 kCr	14.81 kCr	+13.12%	+22.60%	-13.67	0.27	+10.44%	+29.12%
POLYPLEX	Polyplex CorpPackaging	3.92 kCr	7.07 kCr	+4.52%	+33.16%	9.86	0.55	+9.86%	+428.35%
JINDALPOLY	Jindal Poly FilmsPackaging	2.84 kCr	5.48 kCr	-5.85%	+11.06%	10.51	0.52	+29.02%	+191.62%
HUHTAMAKI	HUHTAMAKI INDIAPackaging	1.48 kCr	2.55 kCr	+8.76%	-36.17%	16.87	0.58	-0.39%	-78.53%

EPL - EPL LIMITED Share Price

What does EPL LIMITED do?

Sector Comparison: EPL vs Industrial Products

Comparative Metrics

Performance Comparison

Summary of Latest Earnings Report from EPL

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Revenue Breakdown

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Cash Flow for EPL

Balance Sheet for EPL

Income Statement for EPL

Is EPL Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)