EPL's Personal Care & Beyond reaches 55% of tube revenue

In year-to-date (YTD) fiscal year (FY) 27, EPL Limited’s Personal Care & Beyond business accounted for 55% of tube revenue, up from 53% in FY26, as category revenue increased 32.4% year on year to Rs 1,518.4 crore and outpaced Oral Care’s 21.4% growth.

How far has EPL shifted its tube revenue mix?

EPL has shifted its tube-revenue mix toward Personal Care & Beyond, which accounted for 55% in YTD FY27 versus 53% in FY26 and 43% in FY19. The presentation reports a 1,233-basis-point increase in the category’s contribution, with one basis point equal to one-hundredth of a percentage point. Personal Care & Beyond therefore represented more than half of tube revenue in the latest reported period.

The change accelerated in recent financial years. Personal Care & Beyond represented 47% of tube revenue in both FY23 and FY24, increased to 48% in FY25, and then rose by 5 percentage points to 53% in FY26. The further 2-percentage-point increase to 55% in YTD FY27 shows that the mix shift continued after FY26.

EPL defines Personal Care & Beyond as including Beauty & Cosmetics, Pharma and other applications, rather than as one consumer category. The disclosed portfolio covers face care, hair care, over-the-counter medication, prescription medication, food, home products, hygiene products, eye care, hand cream, new Beauty & Cosmetics applicators, and grease or gear oil. This range is distinct from EPL’s established Oral Care tube business.

What is driving EPL's Personal Care & Beyond expansion?

EPL says Beauty & Cosmetics, or B&C, was the immediate growth driver, recording 42.9% growth in the second quarter of FY27. Management attributed its confidence in sustaining this momentum to continued investments, management focus and execution discipline. It also said work was in progress to add sub-segments within the B&C category.

The regional results associate B&C with broad-based growth rather than one market alone. India grew 30.5% within a regional segment that grew 28.0%, while the Americas grew 25.3% and Europe grew 30.4%. A further reported regional segment grew 40.2%, driven by B&C momentum and a premiumisation focus in Oral Care, while EPL said Brazil remained on an accelerated revenue-growth trajectory.

Personal Care & Beyond revenue reached Rs 1,518.4 crore in YTD FY27, after Rs 2,360.8 crore in FY26 and Rs 1,909.4 crore in FY25. YTD FY27 is a partial period while FY25 and FY26 are full years, so these totals are not directly comparable as annual revenue. EPL instead reports the applicable 32.4% year-on-year growth rate for YTD FY27 and a compound annual growth rate, or CAGR, of about 9% over the last 12 years.

How does EPL's Personal Care & Beyond growth compare with Oral Care?

EPL’s Personal Care & Beyond grew faster than Oral Care in YTD FY27, at 32.4% year on year compared with 21.4% for Oral Care. The presentation explicitly identifies Personal Care & Beyond revenue growth as higher than Oral Care’s and calls the newer category the major growth driver. Oral Care nevertheless generated Rs 1,248.7 crore of revenue in YTD FY27.

The longer-term profiles also differ. EPL reports an approximately 9% CAGR for Personal Care & Beyond over the last 12 years, against approximately 5.0% for Oral Care over the period shown from FY15. Personal Care & Beyond rose from Rs 825.4 crore in FY15 to Rs 2,360.8 crore in FY26, while Oral Care increased from Rs 1,176.4 crore to Rs 2,106.3 crore over the same full-year comparison.

Oral Care remains supported by a disclosed customer roster including Colgate, Unilever, Tom’s, WEIMEIZI, Patanjali, Dabur, Liby and Amway. EPL describes itself as a market leader across key markets and cites long-term customer relationships, product and process innovation, and customer-specific supply-chain models. Its stated Oral Care initiatives include accelerating global commercialisation of sustainable Platina tubes and co-creating sustainable solutions with customers.

The comparison indicates a change in relative growth and revenue mix, not a withdrawal from Oral Care. The 28.0% regional growth result included continued Oral Care recovery, while the 40.2% regional result included a premiumisation focus in Oral Care. EPL’s reported approach combines B&C-led expansion with innovation and premium offerings in the established oral segment.

Which initiatives support EPL's next phase of category growth?

EPL is using product design and sustainable packaging in Personal Care & Beyond applications. The presentation shows a cap for a China customer designed with 30% less plastic and a dual-chamber pack with a 180-degree rotating cap developed for Lingqingxuan, an emerging cosmetics brand in China. It also displays packaging applications in scalp cream, shower gel, hand cream and lip balm with a cooling ceramic tip.

The sustainable-tube portfolio reached 41% in the first half of FY27, up from 38% in FY26, 33% in FY25, 21% in FY24 and 10% in FY23. EPL says Platina is certified through the Association of Plastic Recyclers and that it collaborates with customers to promote sustainable-tube adoption across regions. The expansion in sustainable products is a disclosed part of EPL’s product offering.

Management said it was confident of delivering high-teens growth in the next few quarters, citing continued B&C momentum and inflation-led pricing benefits. This is management’s outlook, rather than a reported result. The presentation also says Europe is focused on new products and customers to support further growth after the region’s 30.4% revenue increase in the quarter.

Conclusion

EPL’s reported figures show a measurable portfolio change: Personal Care & Beyond reached 55% of tube revenue in YTD FY27, compared with 43% in FY19, and its 32.4% year-on-year growth exceeded Oral Care’s 21.4%. The category spans B&C, pharmaceutical, food, home and other applications, and its revenue has grown faster than Oral Care over the longer period disclosed.

The next results will show whether 42.9% B&C growth in the second quarter of FY27 and management’s high-teens growth expectation for the next few quarters continue. Investors can also watch whether Personal Care & Beyond maintains or expands its 55% tube-revenue contribution, whether new B&C sub-segments are added, and how the sustainable portfolio progresses beyond 41% in the first half of FY27.