TCPL Packaging September profit rises 58% to Rs 45.30 crore

TCPL Packaging Limited reported consolidated profit after tax of Rs 45.30 crore for the quarter ended September 30, 2026, up 58% from Rs 28.72 crore a year earlier. Revenue from operations increased 22% to Rs 561.01 crore, while quarterly finance costs declined to Rs 15.21 crore from Rs 19.66 crore.

What drove TCPL Packaging’s September-quarter revenue growth?

TCPL Packaging’s revenue from operations rose by Rs 100.53 crore year on year to Rs 561.01 crore in the quarter ended September 30, 2026, from Rs 460.48 crore in the September 2025 quarter. Total income increased 20% to Rs 564.61 crore from Rs 469.57 crore, although other income declined to Rs 3.60 crore from Rs 9.09 crore.

TCPL Packaging operates in one segment, Packaging, and the filing therefore provides no product-wise or geography-wise split of quarterly revenue. Compared with the preceding quarter ended June 30, 2026, revenue from operations increased from Rs 492.97 crore and total income rose from Rs 494.94 crore.

How did costs affect TCPL Packaging’s quarterly profit?

TCPL Packaging’s total expenses rose 16% to Rs 502.84 crore in the September 2026 quarter from Rs 432.37 crore a year earlier, compared with a 20% rise in total income. Profit before exceptional items and tax consequently increased to Rs 61.77 crore from Rs 37.19 crore.

Materials consumed increased by Rs 51.39 crore to Rs 338.28 crore, employee benefits expense rose by Rs 8.49 crore to Rs 54.72 crore, and other expenses increased by Rs 13.27 crore to Rs 86.91 crore. Depreciation and amortisation rose to Rs 23.14 crore from Rs 21.67 crore, while purchases of stock-in-trade were Rs 1.91 crore compared with Rs 1.81 crore.

Finance costs declined by Rs 4.45 crore to Rs 15.21 crore from Rs 19.66 crore. Neither the September 2026 nor September 2025 quarter included an exceptional item, so profit before tax was Rs 61.77 crore and Rs 37.19 crore respectively; current tax rose to Rs 15.68 crore from Rs 8.78 crore.

How did TCPL Packaging perform in the first half of FY27?

TCPL Packaging reported first-half consolidated profit after tax of Rs 85.31 crore for the half year ended September 30, 2026, up 67% from Rs 51.04 crore in the prior-year half. Revenue from operations rose 19% to Rs 1,053.98 crore from Rs 885.16 crore, while total income increased to Rs 1,059.55 crore from Rs 896.56 crore.

First-half profit before tax rose to Rs 114.46 crore from Rs 66.04 crore as total expenses increased 14% to Rs 945.10 crore from Rs 830.52 crore. Finance costs fell to Rs 27.49 crore from Rs 46.10 crore, while employee benefits expense rose to Rs 107.18 crore from Rs 92.03 crore and other expenses increased to Rs 164.31 crore from Rs 143.35 crore.

Basic and diluted earnings per share, or EPS, were Rs 93.74 for the first half, compared with Rs 56.09 a year earlier. September-quarter EPS was Rs 49.78, compared with Rs 31.56 in the September 2025 quarter and Rs 43.96 in the June 2026 quarter.

What changed in TCPL Packaging’s balance sheet and cash flow?

TCPL Packaging’s total assets were Rs 1,807.23 crore on September 30, 2026, compared with Rs 1,716.16 crore on March 31, 2026. Inventories increased to Rs 295.33 crore from Rs 242.90 crore, trade receivables rose to Rs 504.50 crore from Rs 460.03 crore, and cash and cash equivalents declined to Rs 2.61 crore from Rs 9.31 crore.

Total equity increased to Rs 782.76 crore from Rs 718.79 crore over the same period, including Rs 773.66 crore of other equity. Non-current borrowings increased to Rs 250.63 crore from Rs 243.86 crore, while current borrowings rose to Rs 340.60 crore from Rs 330.81 crore.

Net cash inflow from operating activities was Rs 58.44 crore in the half year ended September 30, 2026, down from Rs 91.97 crore a year earlier. The cash-flow statement recorded Rs 40.96 crore used by trade receivables and Rs 52.43 crore used by inventories, compared with Rs 14.84 crore and Rs 24.48 crore respectively in the prior-year half.

What did TCPL Packaging disclose about subsidiaries and the review?

TCPL Packaging incorporated TCPL Energy Materials Limited as a wholly owned subsidiary on September 24, 2026, and said it had no financial transactions with the new entity during the September quarter. The consolidated results also include TCPL Middle East FZE, Creative Offset Printers Private Limited and Accura Technik Private Limited.

The board approved the unaudited quarterly and half-yearly results on November 5, 2026, after Audit Committee review. Singhi & Co. issued an unmodified limited-review conclusion and noted that another auditor reviewed one subsidiary that reported September-quarter revenue of Rs 3.42 crore and net loss after tax of Rs 0.15 crore.

Conclusion

TCPL Packaging reported faster growth in September-quarter profit than revenue, with profit after tax rising 58% to Rs 45.30 crore and revenue from operations increasing 22% to Rs 561.01 crore. For the first half, profit after tax rose by Rs 34.27 crore to Rs 85.31 crore, while finance costs declined by Rs 18.61 crore year on year.

The next results will show whether the first-half increases of Rs 52.43 crore in inventories and Rs 40.96 crore in trade receivables continue to affect operating cash flow. TCPL Packaging also disclosed that TCPL Energy Materials Limited had no September-quarter transactions following its incorporation on September 24, 2026, leaving its subsequent financial activity to be reported in future filings.