EPL Ltd
EPL Limited (formerly known as Essel Propack Limited),is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the Beauty & Cosmetics, Pharma & Health, Food, Oral and Home.
The company was acquired by the Blackstone group on Aug – 2019 from the Essel group of companies. The Blackstone Group is one of the leading investment firms in the world with an AUM of around USD 511 billion across sectors like private equity, real estate, hedge fund solutions and credit businesses. The Group also has an exposure in the packaging industry through acquisition of varied companies such as the USA based Graham Packaging, Owens-Illinois Inc, Ohio and China based packaging firm ShyaHsin. [1]
- Market Cap ₹ 6,180 Cr.
- Current Price ₹ 193
- High / Low ₹ 254 / 175
- Stock P/E 19.2
- Book Value ₹ 33.9
- Dividend Yield 2.59 %
- ROCE 20.4 %
- ROE 21.2 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 74.3%
- Company's working capital requirements have reduced from 30.8 days to 11.5 days
Cons
- The company has delivered a poor sales growth of 10.5% over past five years.
- Promoter holding is low: 26.4%
- Tax rate seems low
- Earnings include an other income of Rs.206 Cr.
- Promoter holding has decreased over last 3 years: -25.2%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 666 | 755 | 743 | 795 | 830 | 846 | 804 | 841 | 1,085 | 1,209 | 1,280 | 1,323 | 1,346 | |
| 535 | 613 | 589 | 637 | 640 | 668 | 631 | 676 | 897 | 999 | 1,034 | 1,086 | 1,095 | |
| Operating Profit | 131 | 141 | 154 | 158 | 190 | 178 | 173 | 164 | 188 | 209 | 247 | 237 | 252 |
| OPM % | 20% | 19% | 21% | 20% | 23% | 21% | 22% | 20% | 17% | 17% | 19% | 18% | 19% |
| 27 | 21 | 67 | 20 | 22 | 17 | 70 | 114 | 123 | 122 | 79 | 125 | 206 | |
| Interest | 45 | 41 | 26 | 23 | 21 | 23 | 20 | 15 | 16 | 22 | 22 | 24 | 29 |
| Depreciation | 37 | 46 | 51 | 60 | 69 | 75 | 97 | 90 | 99 | 109 | 120 | 110 | 117 |
| Profit before tax | 76 | 75 | 144 | 94 | 122 | 97 | 125 | 174 | 197 | 200 | 184 | 228 | 311 |
| Tax % | 28% | 25% | 22% | 31% | 33% | 34% | 16% | 12% | 11% | -3% | 4% | 8% | |
| 54 | 57 | 112 | 65 | 81 | 64 | 106 | 153 | 176 | 206 | 176 | 210 | 316 | |
| EPS in Rs | 1.73 | 1.80 | 3.58 | 2.07 | 2.58 | 2.03 | 3.35 | 4.85 | 5.58 | 6.47 | 5.54 | 6.57 | 9.87 |
| Dividend Payout % | 36% | 44% | 31% | 58% | 46% | 62% | 98% | 85% | 77% | 66% | 80% | 76% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 10% |
| 3 Years: | 7% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 14% |
| 3 Years: | 7% |
| TTM: | 57% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | -2% |
| 3 Years: | 6% |
| 1 Year: | -6% |
| Return on Equity | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 21% |
| 3 Years: | 21% |
| Last Year: | 21% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 | 31 | 63 | 63 | 63 | 63 | 64 | 64 | 64 | 64 |
| Reserves | 701 | 448 | 567 | 591 | 623 | 614 | 634 | 671 | 757 | 836 | 884 | 964 | 1,021 |
| 395 | 390 | 196 | 193 | 193 | 190 | 259 | 187 | 269 | 219 | 222 | 259 | 473 | |
| 138 | 127 | 120 | 142 | 142 | 138 | 123 | 159 | 176 | 223 | 241 | 244 | 301 | |
| Total Liabilities | 1,265 | 997 | 915 | 957 | 990 | 1,006 | 1,078 | 1,080 | 1,265 | 1,342 | 1,410 | 1,531 | 1,860 |
| 306 | 323 | 321 | 356 | 344 | 411 | 412 | 356 | 502 | 638 | 619 | 669 | 738 | |
| CWIP | 9 | 7 | 17 | 23 | 27 | 31 | 20 | 7 | 85 | 10 | 22 | 28 | 46 |
| Investments | 570 | 291 | 220 | 221 | 219 | 218 | 210 | 358 | 191 | 225 | 212 | 297 | 446 |
| 381 | 376 | 356 | 357 | 400 | 346 | 436 | 359 | 488 | 468 | 558 | 537 | 630 | |
| Total Assets | 1,265 | 997 | 915 | 957 | 990 | 1,006 | 1,078 | 1,080 | 1,265 | 1,342 | 1,410 | 1,531 | 1,860 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 140 | 95 | 159 | 127 | 118 | 97 | 146 | 161 | 92 | 247 | 208 | 265 | |
| -32 | -37 | 91 | -62 | -52 | -39 | 17 | 2 | 1 | -15 | -47 | -135 | |
| -117 | -62 | -249 | -67 | -59 | -62 | -101 | -212 | -102 | -225 | -155 | -123 | |
| Net Cash Flow | -9 | -4 | 1 | -2 | 7 | -4 | 62 | -48 | -9 | 7 | 6 | 7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 49 | 53 | 49 | 48 | 57 | 64 | 63 | 77 | 78 | 69 | 75 | 64 |
| Inventory Days | 81 | 64 | 71 | 69 | 84 | 80 | 86 | 91 | 88 | 74 | 88 | 81 |
| Days Payable | 53 | 32 | 49 | 48 | 54 | 47 | 80 | 102 | 81 | 79 | 90 | 85 |
| Cash Conversion Cycle | 77 | 86 | 71 | 68 | 86 | 97 | 70 | 66 | 85 | 64 | 72 | 60 |
| Working Capital Days | 50 | 55 | 98 | 78 | 55 | 69 | 19 | 36 | 44 | 36 | 45 | 12 |
| ROCE % | 11% | 12% | 15% | 15% | 17% | 14% | 16% | 19% | 21% | 20% | 18% | 20% |
Insights
In beta| Mar 2015 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Personal Care & Beyond Revenue Mix % |
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| Annual Tube Supply Volume Billion Tubes |
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| Number of Manufacturing Plants Count |
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| Global Oral Care Market Share % |
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| Recyclable (Sustainable) Tube Mix % |
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| R&D Expenditure (Percentage of Turnover) % |
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Documents
Announcements
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Issuance And Allotment Of Commercial Papers Amounting To Rs. 50 Crore Of EPL Limited
2 Mar - Issued and allotted Rs 50 Crore commercial papers on March 2, 2026; maturity June 1, 2026; yield 7.40%.
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Certificate Confirming Fulfilment Of Payment Obligations Of Commercial Papers Issued By EPL Limited
2 Mar - EPL redeemed Rs.45 Crore commercial papers issued Dec 3, 2025, matured and paid March 2, 2026.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
24 Feb - Newspaper publication with respect to Notice of Postal Ballot dated February 23, 2026, is enclosed herewith.
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 23 Feb
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Record Date For The Purpose Of Maturity Of Commercial Papers Issued By EPL Limited
20 Feb - Rs.45 Crore commercial papers maturing March 2, 2026; record date February 27, 2026.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Concalls
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT
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Oct 2025TranscriptPPT
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Aug 2025Transcript PPT REC
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Jun 2025TranscriptAI SummaryPPT
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May 2025Transcript PPT REC
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Mar 2025TranscriptPPT
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Feb 2025Transcript PPT
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT REC
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Aug 2024TranscriptAI SummaryPPT
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Jun 2024Transcript PPT
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May 2024TranscriptAI SummaryPPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Sep 2023TranscriptAI SummaryPPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023TranscriptPPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022TranscriptPPT
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Jul 2022Transcript PPT
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Jul 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Feb 2022TranscriptAI SummaryPPT
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Nov 2021Transcript PPT
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Jul 2021Transcript PPT
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May 2021Transcript PPT
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Feb 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Jul 2020TranscriptAI SummaryPPT
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May 2020TranscriptAI SummaryPPT
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Feb 2020TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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Aug 2019TranscriptAI SummaryPPT
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May 2019TranscriptAI SummaryPPT
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Jan 2019TranscriptAI SummaryPPT
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Nov 2018TranscriptAI SummaryPPT
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Jul 2018TranscriptAI SummaryPPT
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Apr 2018TranscriptAI SummaryPPT
Global Footprints[1]
The company is the world's largest global specialty packaging company with annual capacity of ~8 billion Tubes with manufacturing units operating across USA, Mexico, Colombia, Brazil, Poland, Germany, Egypt, China, Philippines and India.