TCPL Packaging Limited (TCPLPACK) AI Stock Analysis

• Market Cap: ₹23.66B
• Dividend Yield: 1%
• Average Volume (3M): 195.00
• Price to Earnings (P/E): 18.7
• Beta (1Y): 0.71
• Revenue Growth: 9.49%
• EPS Growth: 9.69%
• Country: IN
• Employees: 2,228
• Sector: Consumer Goods
• Sector Strength: N/A
• Industry: Packaging & Containers
• EPS (TTM): 32.00
• Shares Outstanding: 9,100,000
• 10 Day Avg. Volume: 177
• 30 Day Avg. Volume: 195
• PEG Ratio: 0.63
• Price to Book (P/B): 6.12
• Price to Sales (P/S): 2.23
• P/FCF Ratio: -49.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: ₹2,743.00 ▼(-22.87% Downside)

The overall stock score of 61 reflects a combination of strong financial performance and moderate valuation, offset by bearish technical indicators. The company's solid revenue growth and improving margins are positive, but cash flow challenges and negative market momentum present risks. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Revenue and Margin Improvement

Sustained revenue growth and marked gross and net margin improvement indicate stronger pricing and cost management across product lines. This durable profitability uplift supports reinvestment, product quality initiatives, and long-term competitiveness in packaging markets.

Improving Balance Sheet and ROE

A higher equity ratio and elevated ROE reflect stronger capitalization and efficient use of shareholders' funds. The moderate debt profile combined with improved equity cushions financial shocks and preserves access to capital for strategic investments over the medium term.

Resilient B2B Packaging Business Model

Exposure to staple end-markets like FMCG and pharmaceuticals and a B2B, specification-driven model creates recurring demand and sticky customer relationships. Value-added services (design, printing, compliance) support differentiation and durable revenue streams.

Negative Factors

Negative Free Cash Flow from Capex

Negative free cash flow driven by elevated capex reduces internal funding for operations, dividends, or debt paydown. If sustained, this will necessitate external financing or slower deleveraging, increasing long-term liquidity and financing risk for the business.

Weakened Cash Conversion

A drop in cash conversion signals that reported profits are not translating into cash, raising concerns about working capital management or receivables. Persistently weak conversion can strain liquidity and limit flexibility for growth or cyclical downturns.

Limited EBITDA Margin Expansion

Despite stronger gross margins, stagnant EBITDA margin suggests operating costs absorbed gains, constraining operating leverage. This may limit sustainable margin expansion and returns unless fixed-cost efficiency or SG&A discipline improves over the medium term.

TCPL Packaging Limited Business Overview & Revenue Model

Company Description

TCPL Packaging Limited manufactures and sells packaging products in India. It offers folding cartons, printed blanks and outers, litho-lamination products, plastic cartons, and blister and shelf-ready packaging products, as well as printed cork-tipping papers, laminates, shrink sleeves and pouches, and wrap-around labels. The company also exports its products. It serves the tobacco, FMCG, food and beverage, liquor, pharmaceuticals, and other consumer goods industries. The company was formerly known as Twenty-First Century Printers Ltd. TCPL Packaging Limited was incorporated in 1987 and is headquartered in Mumbai, India.

How the Company Makes Money

TCPL Packaging Limited generates revenue primarily through the sale of its packaging products to various industries. The company operates on a business-to-business (B2B) model, establishing long-term contracts with clients that ensure consistent demand for its products. Key revenue streams include the production of customized packaging solutions tailored to specific client requirements, which often command premium pricing. Additionally, TCPLPACK benefits from economies of scale in production, allowing for competitive pricing while maintaining margins. The company has also formed strategic partnerships with major brands in the food, beverage, and pharmaceutical sectors, enhancing its market position and driving sales growth. Factors contributing to its earnings include a strong focus on innovation in packaging technology, effective supply chain management, and a commitment to sustainability, which appeals to environmentally conscious consumers and businesses.

TCPL Packaging Limited Financial Statement Overview

Summary

TCPL Packaging Limited shows solid revenue growth and improving margins, indicating a strong income statement performance. The balance sheet is strengthening with a better equity position and higher return on equity, though leverage remains moderate. However, cash flow challenges, particularly negative free cash flow, highlight potential liquidity risks. Overall, the company is progressing positively with a need to address cash flow sustainability.

Income Statement

TCPL Packaging Limited demonstrates strong revenue growth with a 14.85% increase from 2024 to 2025. The gross profit margin improved to 29.41% in 2025 from 17.06% in 2024, indicating enhanced cost management. Net profit margin also increased to 8.08% in 2025, reflecting improved profitability. However, the EBITDA margin remained relatively stable at 17.36%. Overall, the company shows a positive growth trajectory with increasing profitability.

Balance Sheet

The balance sheet reflects a moderate debt-to-equity ratio of 1.01, suggesting a balanced capital structure. The equity ratio improved to 39.93% in 2025, indicating a stronger equity position relative to assets. Return on equity increased to 22.22%, showcasing efficient use of equity to generate profits. While leverage is moderate, the improvement in equity ratio suggests a strengthening financial position.

Cash Flow

The operating cash flow to net income ratio decreased to 0.55 in 2025, indicating a drop in cash generation relative to net income. Free cash flow turned negative in 2025, primarily due to high capital expenditures. However, free cash flow to net income ratio is negative, indicating potential challenges in covering investments with generated cash. The cash flow situation requires close monitoring due to its potential impact on liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.76B	17.70B	15.23B	14.59B	10.73B	8.92B
Gross Profit	6.37B	5.21B	2.45B	5.54B	2.93B	2.49B
EBITDA	3.11B	3.07B	2.59B	2.62B	1.58B	1.36B
Net Income	1.34B	1.43B	1.01B	1.11B	473.47M	334.74M
Balance Sheet
Total Assets	0.00	16.12B	13.28B	12.18B	10.72B	8.38B
Cash, Cash Equivalents and Short-Term Investments	175.05M	175.05M	218.33M	79.14M	97.58M	62.19M
Total Debt	0.00	6.51B	5.04B	5.01B	4.63B	3.21B
Total Liabilities	-6.44B	9.68B	8.02B	7.75B	7.29B	5.38B
Stockholders Equity	6.44B	6.44B	5.26B	4.42B	3.40B	3.00B
Cash Flow
Free Cash Flow	0.00	-802.25M	880.57M	93.99M	-923.85M	598.28M
Operating Cash Flow	0.00	786.37M	2.34B	1.09B	969.72M	1.15B
Investing Cash Flow	0.00	-1.51B	-1.57B	-899.61M	-1.95B	-414.13M
Financing Cash Flow	0.00	730.62M	-760.88M	-217.33M	1.01B	-667.19M

TCPL Packaging Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3556.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TCPLPACK, the sentiment is Negative. The current price of 3556.45 is above the 20-day moving average (MA) of 2769.04, above the 50-day MA of 2937.52, and above the 200-day MA of 3419.00, indicating a bearish trend. The MACD of -111.60 indicates Positive momentum. The RSI at 30.78 is Neutral, neither overbought nor oversold. The STOCH value of 13.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TCPLPACK.

TCPL Packaging Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HUHTAMAKI	66 Neutral	₹13.56B	13.62	―	0.95%	-1.59%	-75.34%
TCPLPACK	61 Neutral	₹23.66B	18.66	―	1.00%	9.49%	9.69%
ORIENTELEC	60 Neutral	₹38.44B	44.27	―	0.82%	6.63%	42.16%
BOROLTD	58 Neutral	₹30.09B	34.66	―	―	15.59%	20.12%
Sector *	57 Neutral	$3.13B	9.23	-34.32%	3.14%	-25.56%	-353.61%
JISLDVREQS	54 Neutral	₹26.56B	28.43	―	―	5.79%	9.84%
LUXIND	52 Neutral	₹28.04B	22.05	―	0.18%	16.32%	-20.97%

TCPL Packaging Limited Corporate Events

TCPL Packaging Expands Investment in Subsidiaries to Boost Market Share

TCPL Packaging Limited has announced further investments in its wholly owned subsidiaries, Creative Offset Printers Private Limited (COPPL) and Accura Technik Private Limited (ATPL), by acquiring additional equity shares. This strategic move, involving an investment of Rs. 3.49 crores, is aimed at expanding its business operations and increasing its packaging market share, particularly in the mobile phone sector, as the demand for packaging solutions grows with the expansion of mobile phone production.