TCPL Packaging

Sector: Paperboard Packaging  |  HQ: Mumbai, Maharashtra, India  |  Founded: 1987  |  Employees: 2,000+

Listed as: NSE / BSE listed (TCPLPACK)  |  NSE / BSE  |  Ticker: TCPLPACK.NS

Company overview

TCPL Packaging Limited is one of India's largest folding carton manufacturers and a leading supplier of printed paperboard packaging to FMCG, food and beverages, alcoholic beverages, tobacco, pharmaceuticals and personal care customers. Incorporated in 1987 as Twenty First Century Printers Limited and subsequently renamed, the company operates a network of manufacturing plants across India and Dubai, with capabilities spanning folding cartons, litho lamination, blister packs, flexible packaging and laminated paper printing. TCPL is promoted by the Kanoria family, is listed on BSE and NSE, and counts most large Indian and multinational consumer companies in India as customers. The company is among the top three players in the organised carton segment in India alongside ITC PSPD and Parksons Packaging, and has grown both organically and through acquisitions. Its FY 2024-25 revenue is estimated at around ₹1,700 crore.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹1,700 crore (FY 2024-25 estimate).

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

TCPL competes in the Indian folding carton and printed packaging market with ITC's Paperboards Specialty Papers Division which is the largest integrated paperboard and carton converter, Parksons Packaging, Edelmann Group's India arm, Multivac, Huhtamaki India and several mid sized regional converters. TCPL is among the top three organised carton converters in India with significant share in alcoholic beverages and food cartons, and benefits from long term customer relationships, multi plant footprint and technical capability in offset, gravure and digital printing.

Key risks

Paperboard input price volatility Customer concentration in alcohol and tobacco Sustainability and plastic transition pressure on flexible packaging

Outlook

TCPL Packaging Limited was incorporated in 1987 as Twenty First Century Printers by the Kanoria family to manufacture printed packaging in India at a time when the organised carton market was nascent and dominated by in house printing units of large FMCG companies. The company built its initial plant at Silvassa in the union territory of Dadra and Nagar Haveli and progressively expanded both capacity and customer base through the 1990s and 2000s. The modern phase of the business began in the mid 2000s with brownfield expansion at Silvassa and new plants at Goa, Haridwar in Uttarakhand, Guwahati in Assam, Tada in Andhra Pradesh and Dubai. The plants were strategically located near customer manufacturing clusters and in fiscal incentive zones during phases of the Indian indirect tax regime. Product portfolio spans folding cartons for FMCG, food and beverages, alcoholic beverages, tobacco, pharmaceuticals, personal care and consumer durables, litho lamination for premium corrugated outers, blister packs and forme fill seal cards for pharmaceuticals, flexible packaging in laminates and pouches through the acquired Creative Offset Printers business, and contract manufacturing of paper based promotional and point of sale items. The Kanoria family controls TCPL with day to day operations led by managing director Saket Kanoria. Capital allocation has emphasised greenfield and brownfield capacity addition, selective bolt on acquisitions including the Creative Offset business that added flexible packaging capability, and progressive investment in modern offset, gravure and digital presses, hot foil stamping, embossing and other value added decorative finishes. Manufacturing footprint includes plants at Silvassa, Haridwar, Goa, Guwahati, Tada and Dubai, with combined installed capacity for folding cartons of more than 1,30,000 tonnes per annum. The Silvassa and Goa plants are particularly strong in alcoholic beverages cartons, an important high margin segment for the company. The Dubai plant serves Middle East and Africa customers, including Indian and global FMCG companies operating in the region. Distribution is direct to industrial customers under multi year contracts and rolling purchase orders. Key customers across the broader Indian carton industry have historically included major Indian and multinational FMCG, food, beverages and personal care companies, although individual customer disclosures are limited. Financial trajectory has been steady. Revenue has grown at a high single to low double digit compounded rate over the past decade, reaching around ₹1,400 crore in FY 2023-24 with estimates of around ₹1,700 crore in FY 2024-25 supported by capacity addition, premium product mix and acquisitions. Operating margins have been in the high single to low double digits with sensitivity to paperboard prices, which are the largest input cost. The company has carried moderate debt to fund expansion. Recent capex includes brownfield expansion across plants, addition of high speed offset and gravure lines, an expansion of the flexible packaging business, and upgrades to environmental compliance. Mergers and acquisitions include the integration of Creative Offset Printers into the parent. Strategy 2025 to 2030 focuses on three pillars. First, growth of the core folding carton business at high single digit volume rates, supported by demand from FMCG, food, beverages and pharma in India. Second, scaling of flexible packaging and adjacent capabilities including digital print, anti counterfeit and sustainable substrates. Third, geographic expansion into the Middle East and Africa from the Dubai base and selective new geographies. The regulatory environment is shaped by the Companies Act 2013 and SEBI LODR for listed company obligations, the Plastic Waste Management Rules and Extended Producer Responsibility for flexible packaging, the Food Safety and Standards Authority of India for food contact packaging compliance, BIS and FSSAI standards as applicable, state pollution control board permissions and the Factories Act for individual plants. Customer audits under multinational FMCG codes such as SMETA and Sedex are an additional compliance layer. Risks include paperboard price volatility, customer concentration in certain end use segments, dependence on a small number of large multinational customers, capacity utilisation sensitivity to volume swings in alcoholic beverages and tobacco, and the broader regulatory and consumer shift away from plastic and certain packaging formats. Currency exposure on the Dubai operation is moderate. Management is led by Saket Kanoria as managing director, supported by a professional management team across operations, sales, finance and human resources. The board has independent directors as required by SEBI LODR. Governance disclosure follows BRSR norms for the top 1000 listed companies. ESG profile includes paperboard sourcing from FSC and PEFC certified mills where customers require, EPR compliance for flexible packaging, energy efficiency initiatives at plants, water and waste management compliance, and community engagement near plant catchments. Carbon footprint reporting has improved progressively with customer led demand for scope 3 data.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.