EPL
Micro CapEPL Limited
Industrials
EPL is the largest global specialty packaging company, manufacturing laminated plastic tubes for FMCG and Pharma. It operates 21 manufacturing facilities across 11 countries, employing 6000+ people. It serves categories like Oral Care, Beauty & Cosmetics, Pharma, Home, and Industrial.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -11% YoY · margin compression · Rev +18% YoY · +13% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,300 Cr | +17.6% | +13.1% |
| EBITDA | ₹256 Cr | +12.3% | +11.3% |
| Operating margin | 20.0% | -100 bps | +0 bps |
| PAT | ₹103 Cr | -11.2% | +24.1% |
| PAT margin | 7.9% | -258 bps | +70 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 revenue grew 17.6% YoY with 20.2% EBITDA margin. FY26 revenue grew 13.0% YoY with 20.4% EBITDA margin, up 49bps. PAT (ex-exceptional) increased 1% in Q4 and 15.0% for FY26, with EPS at Rs.13.03/share.
EPL delivered strong FY26 results, driven by robust B&C growth and regional expansion. Consistent 20%+ EBITDA margins for seven quarters and improved ROCE indicate operational efficiency. While Q4 PAT was impacted by forex and ETR, full-year growth remains solid. Input cost inflation is a watchpoint.
Tube revenue split (Q4 FY 26)
Latest issuer-disclosed distribution across 4 reported categories.
Beauty & Cosmetics (B&C) Performance
Delivered 29.9% growth for Q4 and 29.3% for FY26, fueled by strong momentum across regions.
Americas Region Growth
Delivered solid growth of 24% for Q4 and 21% for FY26 with broad based growth, Brazil continues strong.
EAP Region Growth
Delivered robust growth of 25% in Q4 driven by B&C momentum and focus on premium segment growth in Oral.
Personal Care & Beyond Contribution
Personal Care & Beyond grew by 23%+ in FY26, now 53% of total revenue, accelerating driven by strategic focus.
Sustainability-Led Competitive Advantage
Platina is a benchmark for sustainable solutions, certified through APR and CIPET, with 38% of portfolio now sustainable.
Oral Care Demand Improvement
Oral care in AMESA is showing signs of improvement which will support growth going forward.
Input Cost Inflation
Middle East crisis impacting availability and pricing of key raw materials; C6/C8 Polymers +71% QoQ, C4 Polymers +40% QoQ, Aluminium Foil +52% QoQ.
Forex Impact on PAT
Q4 PAT* increased by 1% vs last year, primarily due to INR 104mn Fx loss in this year vs INR 34mn Fx gain in PY.
Higher Effective Tax Rate
Lower PAT* growth in Q4 is due to higher ETR due to phasing impact.
Fluctuations in Earnings
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in such statements.
Intense Competition
Intense competition in packaging industry including factors which may affect our cost advantage.
Raw Material Price Volatility
Middle East crisis impacting availability and pricing of key raw materials.
Client Concentration
Risks and uncertainties include client concentration.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides detailed YoY comparisons for both Q4 and the full fiscal year, crucial for assessing overall business health and annual trends. However, it also highlights QoQ input cost surges, making sequential analysis relevant for margin sustainability.
Revenue Growth (FY26)
Full year revenue growth at 13.0%.
EBITDA Growth (FY26)
Full year EBITDA growth at 15.8%.
EBITDA Margin (FY26)
EBITDA margin at 20.4%, +49bps over PY.
PAT (ex-exceptional) Growth (FY26)
PAT* has grown by 15.0%.
Sustaining Double-Digit Growth
With continued B&C focus and execution discipline, we remain confident in sustaining double digit growth.
Consistent Margin Improvement
Targets & Initiatives include consistent margin improvement and robust Capital Deployment model.
Geographical Expansion & M&A
Targets & Initiatives include Geographical Expansion with Thailand and M&A.
Operational Efficiencies
Targets & Initiatives include Operational Efficiencies in NWC and asset utilization.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| B&C Growth | 29.3% for FY26 | Sustained double-digit growth across regions. |
| EBITDA Margin | 20.4% for FY26 | Continued 20%+ margin delivery and further expansion. |
| Recyclable Portfolio Share | 38% of portfolio in FY26 | Continued scaling up of sustainable tube volumes. |
| Input Cost Pass-through | Focused on full pass-through of cost inflation. | Ability to fully pass through raw material cost increases while maintaining robust absolute EBITDA growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +6.3% / mo
Technical chart
EPLdaily · 3Y+13.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 49. Wait for confirmation.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 57.8%.
Main drags
- Valuation is weaker at 16/30; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +4 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 87th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 87th pctile, median 68 · Micro: 80th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.9%.
- ▸12 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.90
- P/B
- 2.43
- EV/EBITDA
- 5.85
- Market Cap
- 6933.00Cr
Profitability
- ROE
- 15.80%
- ROCE
- 17.80%
- ROA
- 8.04%
- Dividend Y
- 2.31%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.34
- Interest Coverage
- 8.39×
- Altman Z
- 4.67
- Book Value
- 89.20
Cash Flow
- FCF Yield
- 3.91%
- FCF Positive Y
- 12/5
- OCF
- 723.00 Cr
- EPS TTM
- 12.14
Shareholding
- Promoter Hold
- 26.38%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.