TCPL is one of the leaders in the packaging solution business, with pan India presence and a focus on sustainable and recyclable packaging solution. The company further entered high margin rigid packaging solution to the Mobile and Consumer Electronics companies, by acquiring entire stake in COPPL in FY22. It is also one of the India’s leading Folded Carton based packaging solution providers. Leveraging its sustainable packaging solutions capability, the company has a stellar track record both in terms of revenue and profit growth since its inception. The company’s revenue grew by a robust CAGR of 17% over the past 30 years. TCPL diversified into the Flexible Packaging solutions 8 years ago and it accounts for ~15% of its revenue. The balance 85% of its revenue comes from a high margin Foldable Carton based packaging, where the company has several innovative products like, Metallized Paper Boards, Water Soluble coating to replace the Polyester lining etc. as substitute to the non-recyclable Polyester packaging, particularly in the Food and FMCG segment. Almost 85% of the company’s packaging solutions are fully recyclable, making it immune to any Govt. regulation to do away with non-recyclable harmful PE based packaging solutions. Commissioning of new plant in Chennai has given the company foray in the South Indian market. TCPL is setting an in-house gravure cylinder manufacturing facility, which is expected to be commissioned in Q3 FY2026 with an annual capacity of 12,000 cylinders. This backward integration initiative will leverage advanced engraving technologies to enhance process control, print quality, and delivery speed.
| CMP (Rs) | Target (Rs) | Upside |
|---|---|---|
| ₹3,402 | ₹4,303 | 26% |
| Bloomberg Code | TCPL IN |
|---|---|
| Curr Shares O/S (mn)* | 9.1 |
| Mkt Cap (Rsbn/USDmn) | 31.0/349 |
| 52 Wk H / L (Rs)* | 4900/3000 |
| 5 Year H / L (Rs)* | 4900/336 |
| Daily Vol. 3M Avg. (‘000) | 5.5 |
Source: ACE Equity, MNCL Research
| % | 1M | 6M | 1Yr |
|---|---|---|---|
| TCPLPACK | -0.7 | -12.1 | -2.2 |
| NIFTY | 1.3 | 12.9 | 1.1 |
Source: ACE Equity, MNCL Research
| % | Jun-25 | Mar-25 | Dec-24 |
|---|---|---|---|
| Promoter | 55.5 | 55.7 | 55.7 |
| Inst./Govt. | 12.6 | 12.7 | 12.6 |
| Others | 31.9 | 31.6 | 31.7 |
Source: ACE Equity, MNCL Research
TCPL is one of the largest manufacturers of Folded Carton and Paper Board convertor. The company is focused on a sustainable and recyclable packaging solutions. Premiumization in the packaging solution resulted in a large growth opportunity for the organized players like TCPL. The company offers a large variety of packaging solution like Mono-Cartons, Specialty and Gift packaging, Metalized Paperboard, Rigid Packaging to diverse industries like FMCG, Food & Beverages, Pharma, Tobacco, Liquor, FMEG etc.
TCPL has a significantly de-risked revenue profile and it caters to all major companies in the FMCG, Foods and Beverages, Pharma, Liquor, Tobacco industries. Further, acquisition of COPPL has given the company a foothold in the Mobile and Consumer Electronics space. TCPL can now offer the COPPL’s superior rigid packaging solution to other Industries like Liquor and Tobacco, where the trend of premium packaging is picking up. Also, no single client of TCPL accounts for more than 10% of the revenue. However, the company has a significant dependence on FMCG and Food & Beverages Industries.
We believe that premiumization in the packaging solution will continue to create large opportunity for the organized packaging solution companies. TCPL is one of the leaders in the packaging solution business and operates at a superior RoE/ ROIC, which entails premium multiples compared to other Packaging film manufacturers. Our DCF based Target price for TCPL Packaging stands at Rs4303, with a potential upside of 26% from the current levels.
| Y/E Mar (Rs mn) | FY24 | FY25 | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| Sales | 14,908 | 16,964 | 18,533 | 21,313 | 24,297 |
| YoY (%) | 4.1 | 13.8 | 11.0 | 15.0 | 14.0 |
| EBIDTA | 2,489 | 2,864 | 3,076 | 3,527 | 3,988 |
| YoY (%) | 5.6 | 15.0 | 7.4 | 14.7 | 13.1 |
| PAT | 1,020 | 1,413 | 1,324 | 1,615 | 1,959 |
| YoY (%) | -13.2 | 38.5 | -6.3 | 22.0 | 21.3 |
| EPS (Rs) | 112.1 | 155.3 | 145.5 | 177.5 | 215.3 |
| Y/E Mar | FY24 | FY25 | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|
| EBIDTAM (%) | 16.7 | 16.9 | 16.6 | 16.5 | 16.4 |
| NPM (%) | 6.8 | 8.3 | 7.1 | 7.6 | 8.1 |
| PER (x) | 19.9 | 29.4 | 23.3 | 19.1 | 15.7 |
| EV/ EBITDA (x) | 9.9 | 16.4 | 11.6 | 10.0 | 8.7 |
| RoE (%) | 20.6 | 23.8 | 18.8 | 19.6 | 20.2 |
| RoIC (%) | 13.2 | 13.6 | 12.4 | 13.2 | 14.1 |
| Pre-Tax OCF/EBITDA (%) | 105.4 | 63.9 | 99.5 | 87.6 | 84.3 |
Source: Company TCPL Packaging Ltd, MNCL Research
| Stock Details | Industry | Buying Range (₹) | CMP* (₹) | Target Price (₹) | Upside Potential % |
|---|---|---|---|---|---|
| Bharat Electronics Ltd | Defence | 407-420 | 414 | 463 | 12% |
| Brigade Enterprises Ltd | Real-estate | 920-970 | 943 | 1341 | 42% |
| Clean Science & Technology Ltd | Specialty Chemical | 1045-1100 | 1072 | 1220 | 14% |
| Elecon Engineering Company Ltd | Capital Goods | 540-580 | 557 | 733 | 32% |
| ICICI Bank Ltd | BFSI | 1360-1400 | 1380 | 1700 | 23% |
| National Aluminium Company Ltd | Metals | 215-235 | 224 | 280 | 25% |
| Sai Life Sciences Ltd | Healthcare | 840-885 | 861 | 1055 | 22% |
| TBO Tek Ltd | Hospitality | 1520-1600 | 1562 | 1853 | 19% |
| TCPL Packaging Ltd | Packaging | 3300-3500 | 3402 | 4303 | 26% |
| Vesuvius India Ltd | Metals | 490-520 | 505 | 585 | 16% |
| Windlas Biotech Ltd | Healthcare | 890-940 | 915 | 1225 | 34% |
*Closing Price as on 10-10-2025
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Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014
Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat
Ahmedabad
“Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad - 380009
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Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.
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Monarch Networth Capital Limited (‘MNCL’) | CIN No.: L64990GJ1993PLC120014
(As per LODR Regulations and Companies Act, 2013)
Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances : Mr. Nitesh Tanwar
Monarch Networth Capital Limited
Unit No. 803-804A, 8th Floor, X-Change Plaza, Block No. 53, Zone 5, Road-5E, Gift City, Gandhinagar - 382050, Gujarat
Ahmedabad
“Monarch House”, Opp Prahladbhai Patel garden, Near Ishwar Bhuvan, Commerce Six Roads, Navrangpura, Ahmedabad – 380009
Mumbai
Monarch Networth Capital Limited, G Block, Laxmi Tower, B Wing, 4th Floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051.
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Email: cs@mnclgroup.com
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