Third rotogravure press will be in commercial production by Jan-2024. With the new capacity kicking in from the fourth quarter of 2023-24, TCPL flexible packaging division expects to record solid topline growth in 2024-25.
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TCPL reported another good quarterly result, EPS showing good growth. Fundamentals are excellent for the company.
My main concern is that TCPL is not producing any innovative product at the end of the day; it is delivering broadly cardboard boxes, and its demands are totally dependent on other companies’ demands.
Throw some light…
PS—already invested
Can you share the results please
This is the last quarter’s report, but yes the results were good.
This is actually my thesis. As GDP per capita grows and the economy moves from unpackaged to packaged goods, TCPL should benefit. I was finding it difficult to gain confidence in a specific consumer goods company, but TCPL is more like a proxy play for the growth of consumer goods. If there is growth in the sector as a whole, TCPL should do well.
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The Q4 FY25 results are decent but not great, as were some past quarters, which reflected in the stock market price, but is it a worrisome sign? Through some light.
Any thoughts on the result?
Results were very okay but the market responded very positively. Anu thoughts? Was the worst already price in or there is something else.
Disc: Investedh
Q3 FY 26 highlights
1. Revenue for Q3 FY 26 flattish on YoY basis. Margins: 2% margin expansion in OPM supported by better gross margin and favourable product mix.
2. Capex for next year similar to this FY, roughly around 100 cr
3. Accura Technik
- Wholly owned subsidiary engaged in manufacturing gravure cylinders, has commenced commercial production at manufacturing facility in Silvassa.
- Capacity of approximately 12,000 cylinders p.a.
- Backward integration, will lead to some improvement in margins but refrained from giving guidance
4. Domestic business: Disruption of 2 months (GST revision driven). Picking up gradually. Performed well in Q3, offset by softness in exports.
5. Exports
- Enquiries started coming, post tariffs getting addressed, seeing good momentum but may take some time to see meaningful numbers
- US tariffs was a stumbling block. With deal in place, reopens opportunities with US
- Receiving good enquiries from Middle East, Europe and Asia
6. Chennai plant
- Less than 50% utilization. Expecting improvement in coming qtrs.
- Expecting scaleup in next 2-3 months
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