TCPL Packaging's Q2 revenue flat amidst challenging demand, profit declines

TCPL Packaging Limited reported consolidated total revenues of Rs. 460.5 crore for Q2 FY26, remaining flat compared to Rs. 462.6 crore in Q2 FY25. For the first half of FY26, consolidated total revenues increased by 2.0% to Rs. 885.2 crore from Rs. 868.2 crore in H1 FY25. EBITDA for Q2 FY26 stood at Rs. 69.4 crore, a 9.7% decline year-on-year, resulting in an EBITDA margin of 15.1%, down 155 basis points from 16.6% in Q2 FY25. Consolidated cash profit for Q2 FY26 was Rs. 58.9 crore, a 7.6% decrease from Rs. 63.7 crore in the prior year's quarter.

On a standalone basis, total revenues were Rs. 437.7 crore in Q2 FY26, a marginal decrease of 0.2% from Q2 FY25. Standalone EBITDA decreased by 12.0% to Rs. 67.0 crore, with margins at 15.3%, a reduction of 205 basis points. The company attributed the flat revenue to a diversified portfolio and customer base moderating the impact of softer domestic demand and trade recalibrations following GST slab revisions.

managing director Saket Kanoria highlighted that higher depreciation and interest costs impacted PBT and PAT, while a new Chennai Greenfield plant is ramping up well and is expected to achieve optimal utilization in coming quarters.