TCPL Packaging Limited (TCPLPACK) AI Stock Analysis

• Market Cap: ₹24.49B
• Dividend Yield: 1%
• Average Volume (3M): 195.00
• Price to Earnings (P/E): 21.5
• Beta (1Y): 0.75
• 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): 40.00
• 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): 145.6
• Revenue Forecast (FY): ₹19.26B

• Rating: 69 Neutral
• Price Target: ₹3,285.00 ▼(-7.63% Downside)
• Action: Downgraded Date: 02/11/26
• Date: Action: Downgraded 02/11/26

The score is primarily supported by improving profitability and a strengthening balance sheet, but is held back by negative free cash flow and only mixed technical confirmation (negative MACD and price below longer-term moving averages). Valuation is moderate with a modest dividend yield, providing limited additional support.

Positive Factors

Diversified end-market exposure

TCPL's B2B model serving food & beverage, pharmaceuticals, personal care and broader FMCG provides durable, recurring demand. Broad end-market exposure reduces revenue cyclicality, supports steady order flows, and helps sustain utilization and pricing power over a 2–6 month horizon.

Revenue growth and improving margins

Material top-line growth alongside a pronounced gross margin expansion indicates stronger pricing and cost control. Improved profitability enhances earnings quality, creates internal funding for capex and working capital, and makes margin sustainability more likely if operational improvements persist.

Strengthening equity position and ROE

A higher equity ratio and elevated ROE reflect stronger capitalization and efficient use of shareholder funds. This improved balance-sheet mix reduces solvency risk, supports access to financing on better terms, and provides a firmer foundation for sustained investment and growth.

Negative Factors

Negative free cash flow

Negative free cash flow and weakened cash conversion show the company is not yet translating profits into sustainable liquidity, largely due to elevated capex. Over months this can constrain operational flexibility, raise working-capital strain, and increase dependence on external funding.

Moderate leverage

A debt-to-equity around 1.0 implies meaningful financial obligations that can limit flexibility during downturns or rate increases. Moderate leverage raises interest exposure and could restrict the company's ability to fund additional investment or absorb shocks without altering capital structure.

Paperboard input cost exposure

High reliance on paperboard exposes margins to raw-material volatility. If the company cannot fully or quickly pass higher paperboard costs to customers due to competition or contract terms, profitability and cash flow could be structurally pressured across the medium term, especially amid heavy capex.

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

Strong income statement trends (revenue up 14.85% YoY, gross margin up to 29.41%, net margin up to 8.08%) and a strengthening balance sheet (equity ratio improved; ROE 22.22%) are partially offset by weaker cash-flow quality (operating cash flow to net income down to 0.55 and negative free cash flow due to high capex), which raises liquidity/coverage risk.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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 2805.93, above the 50-day MA of 2830.02, and above the 200-day MA of 3325.78, indicating a bearish trend. The MACD of -22.52 indicates Positive momentum. The RSI at 42.19 is Neutral, neither overbought nor oversold. The STOCH value of 9.40 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
TCPLPACK	69 Neutral	₹24.49B	21.47	―	1.00%	9.49%	9.69%
HUHTAMAKI	64 Neutral	₹12.97B	10.97	―	0.95%	-1.59%	-75.34%
ORIENTELEC	60 Neutral	₹38.81B	44.70	―	0.82%	6.63%	42.16%
BOROLTD	58 Neutral	₹27.38B	36.39	―	―	15.59%	20.12%
Sector *	57 Neutral	$3.13B	9.23	-34.32%	3.14%	-25.56%	-353.61%
JISLDVREQS	54 Neutral	₹25.79B	85.22	―	―	5.79%	9.84%
LUXIND	52 Neutral	₹26.62B	24.64	―	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.