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Swing Capital

TCPL Packaging Ltd

NSE: TCPLPACK BSE: 523301

Incorporated in 1987, TCPL Packaging Ltd manufactures paperboard-based packaging materials and flexible packaging products[1]

₹2,577
52W: ₹2200 — ₹4460
PE 19.7 · Book ₹740 · +248% vs book
Market Cap₹2,345 Cr
Stock P/E19.7Price to Earnings
ROCE20%Return on Capital
ROE23.8%Return on Equity
Div. Yield1.18%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 31.0% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 18.2%

Shareholding Pattern

Promoters55.74%
FIIs1.04%
DIIs13.56%
Public29.45%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.74%55.74%55.74%55.74%55.74%55.74%55.74%55.74%
FIIs0.78%0.93%▲0.20.91%▼0.01.18%▲0.30.94%▼0.20.92%▼0.00.96%▲0.01.04%▲0.1
DIIs9.2%11.35%▲2.211.68%▲0.311.55%▼0.111.63%▲0.112.15%▲0.512.66%▲0.513.56%▲0.9
Public34.05%31.75%▼2.331.45%▼0.331.32%▼0.131.48%▲0.230.96%▼0.530.42%▼0.529.45%▼1.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales391354384391439458410409438453
Expenses327296318321362387339338371374
Operating Profit64596669767070716779
OPM %16%17%17%18%17%15%17%17%15%17%
Net Profit29212932363835232825
EPS ₹31.6222.8531.9835.1139.3541.9938.7924.9831.1327.42

AI Insights

Revenue Trend

TTM revenue at ₹1,710Cr, up 0.8% YoY. OPM at 17%.

Debt Position

Borrowings at ₹654Cr. Debt-to-equity ratio: 0.98x. Moderate leverage.

Capex Cycle

CWIP at ₹54Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 13.56% (+9.57pp change). FIIs: 1.04% (+0.43pp change). Promoters hold 55.74%.

Margin & Efficiency

ROCE improving from 16% (Mar 2014) to 20% (Mar 2025). Working capital days: 24.

Valuation

PE 19.7x with 20% ROCE. Price is 248% above book value of ₹740. Dividend yield: 1.18%.

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