EPL Ltd (EPL)
🎯 Key Takeaways
- EPL Ltd is in a growth phase driven by strategic expansion and margin recovery, supported by strong top-line momentum and disciplined capital allocation. Management is investing in European operations and the Indovida merger to accelerate long-term growth while targeting sustained EBITDA margin expansion.
- Revenue grew 6.7% QoQ to ₹1,388 in Q1FY27.
- ⚠️ 1) Merger integration risks from Indovida could disrupt operations or delay synergies if not executed efficiently. 2) Margin pressure may persist if i
📖 The Story
EPL Ltd is in a growth phase driven by strategic expansion and margin recovery, supported by strong top-line momentum and disciplined capital allocation. Management is investing in European operations and the Indovida merger to accelerate long-term growth while targeting sustained EBITDA margin expansion.
📰 What's Happening
In Q1 FY27, EPL reported 25.3% YoY revenue growth to ₹13,879 crores and 15.2% EBITDA growth, with underlying EBITDA margin holding at 19.6% for the 15th consecutive quarter. Management raised full-year revenue growth guidance to high teens and targeted 20% underlying EBITDA margins, citing progress on the Indovida merger and strategic investments in Europe. Capital expenditures rose due to expansion initiatives, while working capital increased by INR 180 crores amid inflationary pressures. The company emphasized cost recovery through pricing and long-term value creation as key levers for margin improvement.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,206 | 1,149 | 1,301 | 1,388 |
| Operating Profit | 157 | 134 | 152 | 152 |
| OPM % | 13.0% | 11.7% | 11.7% | 10.9% |
| Net Profit | 106 | 83 | 103 | 101 |
| EPS | ₹3.26 | ₹2.55 | ₹3.22 | ₹3.08 |
Revenue growth accelerated to 25.3% YoY in Q1 FY27, up from 11.7% in the prior quarter, while EBITDA margin remained resilient at 19.6% despite inflation. The sequential improvement in revenue and margin expansion reflects successful execution of pricing strategies and operational efficiency, even as net profit declined in Q3 FY26 due to merger-related costs and higher expenses. Management expects margin recovery to sustain as revenue scales, particularly from European investments and merger synergies.
🔮 Management Outlook & What's Next
Management has provided forward-looking guidance targeting high-teens revenue growth for the full year and maintaining 20% underlying EBITDA margins, underpinned by strategic investments in Europe and integration progress with Indovida. They highlighted long-term value creation as a priority amid macroeconomic headwinds, with no specific risks disclosed in recent filings. The focus remains on scalable growth through category leadership and margin discipline.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 64 | 64 | 64 | 64 |
| Reserves | 2,143 | 2,291 | 2,560 | 2,793 |
| Borrowings | 846 | 803 | 850 | 709 |
| Total Liabilities | 3,992 | 4,006 | 4,460 | 4,900 |
| Fixed Assets | 1,778 | 1,824 | 2,005 | 2,402 |
| Investments | 6 | 39 | 23 | 24 |
| Total Assets | 3,992 | 4,006 | 4,460 | 4,900 |
The balance sheet shows stable equity at ₹64 crores but rising reserves, indicating retained earnings are being capitalized to support growth. Borrowings increased slightly to ₹850 crores from ₹803 crores, reflecting modest leverage expansion to fund CapEx and merger-related investments. Total assets grew to ₹4,460 crores, signaling ongoing capital deployment without aggressive leverage, suggesting a conservative and sustainable investment approach.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +795 | +723 |
| Investing | -376 | -452 |
| Financing | -431 | -274 |
| Net Cash Flow | -12 | -3 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 26.4% | 26.4% | 26.4% | 26.4% |
| FII | 17.4% | 17.6% | 17.2% | 14.1% |
| DII | 10.0% | 9.6% | 10.2% | 13.8% |
| Public | 13.3% | 13.4% | 13.0% | 12.9% |
| # Shareholders | 1,16,452 | 1,02,302 | 95,910 | 91,469 |
Institutional investor interest has risen, with FII holdings increasing from 17.43% in Q2FY26 to 17.57% in Q3FY26, while DII holdings fluctuated slightly but remained low. Promoter holding remains stable at 26.38%. The growing number of shareholders (over 1 lakh) and rising FII participation suggest increasing institutional confidence. No pledging or significant dilution was observed, indicating healthy investor retention.
⚖️ Peer Comparison — Packaging
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| INOXINDIA | 19,412 | 76.2 | 29.2% | 22.8% | 0.06 |
| GRWRHITECH | 16,598 | 42.8 | 22.0% | 16.4% | 0.00 |
| EPL | 8,382 | 21.6 | 17.1% | 13.8% | 0.25 |
| AGI | 5,042 | 13.9 | 19.6% | 17.3% | 0.26 |
| UFLEX | 4,685 | 6.9 | 8.8% | 8.4% | 1.21 |
| POLYPLEX | 3,707 | 23.9 | 7.7% | 7.2% | 0.23 |
| TCPLPACK | 3,548 | 30.7 | 17.8% | 16.1% | 0.80 |
| XPROINDIA | 2,692 | 81.5 | 5.2% | 4.3% | 0.38 |
| COSMOFIRST | 2,446 | 14.5 | 11.4% | 10.3% | 0.98 |
| MOLDTKPAC | 2,357 | 32.2 | 19.9% | 14.5% | 0.10 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Merger integration risks from Indovida could disrupt operations or delay synergies if not executed efficiently. 2) Margin pressure may persist if input cost inflation outpaces pricing power, especially in sensitive categories. 3) Rising CapEx and working capital requirements could strain cash flows if revenue growth slows. 4) Intensifying competition in domestic and European markets may limit pricing flexibility and market share gains.
📋 Recent Filings
-
🔴 Financial Results 28 August 2026EPL Ltd reported 25.3% revenue growth and 15.2% EBITDA growth in Q1 FY27, driven by strong regional and category performance, with underlying revenue ...
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🔴 annual report 25 August 2026EPL Limited announced its 43rd Annual General Meeting scheduled for September 16, 2026, via video conferencing, alongside dispatching the Integrated A...
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🔴 annual report 25 August 2026EPL Limited announced on August 25, 2026 that it dispatched communications to shareholders with unregistered email IDs, providing access to its Integr...
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🟡 Board Meeting 22 August 2026EPL Limited announced its 43rd AGM on September 16, 2026, via video conferencing, with notices published in major newspapers and electronic delivery o...
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🟡 Board Meeting 11 August 2026EPL Limited announced its unaudited standalone and consolidated financial results for Q3FY2026 on August 11, 2026, following a board meeting. Total in...
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🔴 Financial Results 11 August 2026EPL Limited reported record revenue of ₹13,879 million for Q1 FY27, up 25.3% year-on-year, driven by broad-based growth across all regions and categor...
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unitholding pattern 11 August 2026EPL Limited reported Q1FY27 revenue of **₹13,879 crores**, up 25.3% YoY, driven by broad-based growth across regions and categories. Underlying revenu...
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Announcement 11 August 2026EPL Limited announced that its investor conference call held on August 11, 2026, to discuss unaudited standalone and consolidated financial results fo...
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Announcement 4 August 2026EPL Limited announced an investor conference call on August 11, 2026, to discuss Q1FY27 unaudited standalone and consolidated financial results, invit...
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share transfer 10 July 2026EPL Limited received a SEBI-mandated certificate confirming that securities dematerialized during Q1 FY2026 were listed on exchanges, canceled, and tr...
🧠 Analyst's Read
EPL is executing a clear growth strategy with improving operational momentum, but investor attention must remain on merger integration outcomes and margin sustainability amid inflation. The next few quarters will be critical in validating management’s growth and profitability targets.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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