TCPL Packaging Limited — Investor Meet, 05-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

TCPL Packaging reported FY25 consolidated revenue of Rs. 1,770 crore, up 15% YoY, with EBITDA rising 17% to Rs. 293 crore at 16.6% margin, and PAT jumping 44% to Rs. 143 crore. Q4 revenue grew 5% YoY to Rs. 422 crore with 17% EBITDA margin. Paperboard (~80% revenue) and Flexible Packaging (~20%) outperformed industry growth, helped by strong exports and a new Chennai plant ramping up.

A new gravure cylinder facility is set for Q3 FY26 to boost integration and quality. Capacity utilization stands at 70–75%, Innofilms at 60–70%. Exports, especially to North America, remain key growth drivers with domestic demand improving from South India expansion and favorable macro factors. Margins are steady around 15–17%. Capex was Rs. 150 crore in FY25, mainly for Chennai and cylinder projects; moderate spend planned for FY26. Creative Offset is below breakeven but expected to grow. Management stays focused on sustainable growth, innovation, and cautious optimism amid market volatility.