TCPL Packaging Limited — Earnings Release 2025

May 30, 2025

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May 30, 2025

The Bombay Stock Exchange Ltd Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Security Code:-523301

The National Stock Exchange of India Ltd Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Bandra East, Mumbai 400 051 Trading Symbol:- TCPLPACK

Dear Sir(s),

Re:- Earnings Presentation

We wish to inform you that Board of Directors of the company in their Meeting held today, inter-alia considered and approved the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter / year ended March 31, 2025.

Attached is Earnings Presentation for Q4 & FY 2025. We request you to take the Earning Presentation in your records in the interest of general public at large.

Thanking You

For TCPL Packaging Limited

Digitally signed by Harish Harish Venkappa Venkappa Anchan Anchan Date: 2025.05.30 14:55:36 +05'30'

Compliance Officer

Encl. As above

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Q4 & FY2025 Earnings Presentation 30 May 2025

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Disclaimer

Certain statements and opinions with respect to the anticipated future performance of TCPL Packaging Limited in the presentation (“forward-looking statements”), which reflect various assumptions the and results or concerning strategies, objectives anticipated may may not prove to be correct. Such forward-looking statements involve several risks, uncertainties and assumptions which could cause actual results or events to differ from those or materially expressed implied by the forward-looking statements. These include, among other factors, changes in economic, political, regulatory, business or other market conditions. Such forward-looking statements only speak as at the date the presentation is provided to the recipient and TCPL is not under to or revise such any obligation update forward-looking statements to reflect new events or circumstances. No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient’s purposes. The delivery of this presentation does not imply that the information herein is correct as at any time after the date hereof and TCPL has no obligation whatsoever to update any of the information or the conclusions contained herein or to correct any inaccuracies which may become apparent after the date hereof.

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Total Revenues (Rs. Cr.) EBITDA (Rs. Cr.) Cash Profit (Rs. Cr.)
1,770.3
293.1 249.2
1,541.4
251.4
206.1
FY24 FY25 FY24 FY25 FY24 FY25
Shift % (Y-o-Y) 14.8% Shift % (Y-o-Y) 16.6% Shift % (Y-o-Y) 20.9%
Margins (%) Margins (%)
16.3% 16.6% 13.4% 14.1%
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Total Revenues (Rs. Cr.)

EBITDA (Rs. Cr.)

422.4 400.5 70.4 72.1 Q4 FY24 Q4 FY25 Q4 FY24 Q4 FY25 Shift % (Y-o-Y) 5.5% Shift % (Y-o-Y) 2.5% Margins (%) 17.6% 17.1%

Cash Profit (Rs. Cr.)

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57.9
56.5
Q4 FY24 Q4 FY25
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Shift % (Y-o-Y) 2.4%
Margins (%)
14.1% 13.7%
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Commenting on the performance for Q4 & FY2025 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said:

“We are pleased to report a robust financial performance for FY25, marked by a 15% growth in revenue, a 17% increase in EBITDA, and a 44% rise in Profit After Tax. These results reflect our operational excellence and the successful execution of growth initiatives, despite a subdued domestic demand environment.

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Mr. Saket Kanoria
Managing Director
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We have also initiated plans to establish 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, further strengthening TCPL’s competitive edge.

Aligned with our commitment to shareholder value, the Board has recommended a dividend of Rs. 30 per share, marking 25 consecutive years of uninterrupted payouts and reflecting our consistent dividend policy.

As part of our broader commitment to sustainability, we are announcing a target to achieve carbon neutrality for operational (Scope 1 and 2) emissions by 2040, using FY2023–24 as the baseline year. We are also focused on strengthening our ESG disclosures and scoring frameworks, supported by the ongoing development of our first Integrated Report. These initiatives are integral to strengthening TCPL’s sustainability credentials and positioning the Company as a responsible, future-ready packaging partner for customers globally.

Looking ahead, TCPL’s strong balance sheet and disciplined investments provide a solid foundation to pursue emerging opportunities in the dynamic packaging sector. With a consistent 30-year revenue CAGR of ~17.6%, we continue to evaluate avenues to sustain higher growth rates and create long-term value for our stakeholders. As the Indian packaging industry consolidates around larger, organised players, our emphasis on innovation, operational strength, and expanding presence ensures we remain well-positioned to drive sustainable growth and strengthen our industry presence.”

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Establishing Cutting-Edge Gravure Cylinder Manufacturing Facility

• TCPL, through its wholly owned subsidiary Accura Technik Pvt. Ltd., is setting up a state-of-the-art gravure cylinder manufacturing facility in Silvassa

• Commissioning is targeted by Q3 FY2026 with an annual capacity of ~12,000 cylinders

• The facility represents a key step in TCPL’s backward integration strategy to enhance process control, print quality, and delivery speed

• To be equipped with Advanced setup featuring electromechanical and direct laser engraving technologies for superior precision and colour consistency

• Facility designed to meet both in-house and third-party demand, ensuring scalability and operational flexibility

• Expected to evolve into an independent profit centre and unlock a new revenue stream

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Inauguration of the Greenfield Facility in Chennai

• TCPL has inaugurated a state-of-the-art Greenfield plant near Chennai focused on high-quality paperboard carton production

• This marks a key milestone in the Company’s growth journey, supporting our long-term vision for scalability and industry leadership

• The facility strengthens TCPL’s manufacturing footprint in Southern India, enabling faster turnaround and reduced lead times

• Strategically located to serve regional customers efficiently and meet the growing demand for sustainable packaging solutions

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Announces Commitment to Carbon Neutrality by 2040

• TCPL is announcing a target to achieve carbon neutrality for operational (Scope 1 and 2) emissions by 2040, using FY2023– 24 as the baseline year

• This commitment forms part of the Company’s broader sustainability agenda aimed at reducing environmental impact and enhancing long-term resilience

• The development of TCPL’s first Integrated Report is currently in and will offer a view of its progress comprehensive

• sustainability strategy and value creation model

• The target is backed by a detailed internal assessment, peer benchmarking, and stakeholder engagement, and aligns with the Company’s ongoing efforts to strengthen ESG performance

• EY has been appointed as the ESG consultant to support this transition and guide the development of a robust framework

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Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)
Revenues from Operations	416.2	393.4	5.8%	1742.6	1512.8	15.2%
Other OperatingIncome	6.1	7.1	-14.1%	27.7	28.6	-3.2%
Total Revenues	422.4	400.5	5.5%	1770.3	1541.4	14.8%
Total Expenditure
• Raw Material expenses	230.9	222.8	3.7%	1006.9	883.8	13.9%
• Employee benefits expense	42.5	36.8	15.3%	167.1	145.7	14.7%
• Other expenses	76.9	70.6	9.0%	303.1	260.5	16.3%
EBITDA	72.1	70.4	2.5%	293.1	251.4	16.6%
EBITDA Margin(%)	17.1%	17.6%	-50 bps	16.6%	16.3%	25 bps
Other Income	3.7	0.5	617.6%	14.3	10.6	35.6%
Finance Costs	17.9	14.3	24.7%	58.3	55.9	4.3%
Depreciation and Amortization	18.4	18.9	-2.5%	75.5	71.6	5.5%
PBT	39.5	37.7	4.8%	173.7	134.6	29.1%
Exceptional Items	-			-
PBT after Exceptional Items	39.5	37.7	4.8%	173.7	134.6	29.1%
Tax expense	1.5	9.0	-83.8%	30.7	35.2	-12.9%
PAT	38.0	28.6	32.8%	143.0	99.4	43.9%
PAT Margin(%)	9.0%	7.2%	186 bps	8.1%	6.4%	163 bps
Cash Profit	57.9	56.5	2.4%	249.2	206.1	20.9%
EPS Diluted(Rs.)	41.78	31.48	32.7%	157.16	109.22	43.9%

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Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)	Particulars (Rs. crore) Q4 FY25 Q4 FY24 Y-o-Y Change (%) FY25 FY24 Y-o-Y Change (%)
Revenues from Operations	403.7	377.0	7.1%	1669.7	1463.0	14.1%
Other OperatingIncome	5.9	6.9	-13.9%	26.7	27.8	-4.0%
Total Revenues	409.6	383.9	6.7%	1696.4	1490.8	13.8%
Total Expenditure
• Raw Material expenses	225.7	219.5	2.8%	981.6	863.8	13.6%
• Employee benefits expense	39.8	34.2	16.4%	156.1	136.0	14.8%
• Other expenses	73.6	63.8	15.2%	272.3	242.1	12.5%
EBITDA	70.5	66.3	6.3%	286.4	249.0	15.0%
EBITDA Margin(%)	17.2%	17.3%	-6 bps	16.9%	16.7%	18 bps
Other Income	2.0	4.7	-56.7%	15.5	11.6	33.3%
Finance Costs	17.4	13.9	25.7%	56.4	53.9	4.5%
Depreciation and Amortization	17.7	18.3	-3.2%	72.8	69.2	5.2%
PBT	37.4	38.9	-3.7%	172.7	137.5	25.6%
Exceptional Items	-	-		-	-
PBT after Exceptional Items	37.4	38.9	-3.7%	172.7	137.5	25.6%
Tax expense	2.1	9.8	-78.3%	31.4	35.9	-12.5%
PAT	35.3	29.1	21.4%	141.3	101.6	39.1%
PAT Margin(%)	8.6%	7.6%	104 bps	8.3%	6.8%	151 bps
Cash Profit	55.1	57.2	-3.5%	245.4	206.6	18.8%
EPS Diluted(Rs.)	38.80	31.98	21.3%	155.24	111.58	39.1%

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Total Revenues

On a Consolidated basis, Total Revenues stood at Rs. 422 crore as against Rs. 401 crore, higher by 5%

• Despite a soft domestic demand environment, TCPL maintained growth momentum through portfolio diversification

EBITDA

On a Consolidated basis, EBITDA stood at Rs. 72 crore, translating to EBITDA margins of 17%

• EBITDA improvement was led by operational discipline, with gains from process efficiency, scale benefits, and tight cost controls

Cash Profit After Tax

On a Consolidated basis, Cash PAT recorded Rs. 57.9 crore, with Cash PAT Margins at 14%

• PAT came in at Rs. 38 crore, up 33%

• Depreciation increased to Rs. 18.4 crore and finance cost stood stable at Rs. 17.9 crore

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Net-worth

Rs. 643.8 Crore

Fixed Assets (Gross)

Rs. 1,174.5 Crore

Net Debt

Rs. 568.9 Crore

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Capital Employed

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Rs. 1,259.4 Crore

Cash & Investments

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Rs. 20.1 Crore Net Working Capital Days

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97 Days
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Note: As on 31st March 2025

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TCPL’s commitment to excellence was further recognized as Mr. K K Kanoria, Chairman, received the Hurun Award for the Most Respected Entrepreneur and Leader in Sustainable Packaging

o success and in This prestigious accolade acknowledges the Company’s growth advancing sustainable packaging solutions

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TCPL continued its tradition of excellence at the SIES SOP Star Awards 2025 for Excellence in Printing, held in February 2025 and organised by the SIES School of Packaging

The Company received multiple honours across Carton and Flexible Packaging categories, reaffirming its leadership in packaging innovation and quality

o Folding Carton Category:

• Kitkat Dark Chocolate Coated Wafer Pack (Food)

• Dove Hair Serum Pack (Health & Personal Care)

• ITC Dark Fantasy Desserts Pack (Food)

• Olivia Bright Boost Serum Pack (Health & Personal Care)

• Flexible Packaging Material:

• Brook Bond 3 Roses Pouch (Beverages)

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TCPL was honored with five prestigious awards at the IFCA Awards 2024 , organized by the Indian Flexible Packaging & Folding Carton Manufacturers Association (IFCA), held on December 12, 2024.

These awards recognized innovation and creativity in packaging design. Below are the winning SKUs:

o Folding Carton Category:

• Bellavita

▪ Dark Fantasy Dessert

▪ Olivia Bright Boost Serum

▪ Glow & Lovely Serum

• Flexible Packaging Material:

▪ Kido by Aquatic Science Pouch

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Q4 & FY2025 Earnings Conference Call

Time

Pre-registration

2:30 p.m. IST on Monday, June 02, 2025

To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link:

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Primary dial-in number

• 91 22 6280 1141 / 7115 8042

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TCPL Packaging Limited (TCPL) (BSE: 523301, NSE: TCPLPACK), is one of India’s leading producers of sustainable packaging solutions for customers across industries. The Company partners with customers to provide paperboard-based packaging solutions including folding cartons, printed blanks and outers, litho-lamination, plastic cartons, blister packs, and shelf-ready packaging. TCPL has also ventured into the flexible packaging industry, with capability to produce printed corktipping paper, laminates, sleeves, and wrap-around labels.

Headquartered in Mumbai, India, TCPL has a PAN India presence with 9 state-of-the-art manufacturing facilities and marketing offices in key metro cities. Over the years, the Company has effectively diversified and broadened its operations to service a wide of while new customers and its share of range packaging products, consistently adding increasing business in established customers and markets.

For further information, please contact:

Vivek Dave

TCPL Packaging Limited Tel: +91 70454 57686 Email: vivek.dave@tcpl.in / investors@tcpl.in

Anoop Poojari / Jenny Rose Kunnappally CDR India

Tel: +91 98330 90434 / 86899 72124 Email: anoop@cdr-india.com / jenny@cdr-india.com

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Thank You