{"id":181356,"date":"2026-02-19T14:42:01","date_gmt":"2026-02-19T19:42:01","guid":{"rendered":"https:\/\/alphastreet.com\/india\/tcpl-packaging-ltd-tcplpack-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-19T14:42:01","modified_gmt":"2026-02-19T19:42:01","slug":"tcpl-packaging-ltd-tcplpack-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/tcpl-packaging-ltd-tcplpack-q3-2026-earnings-call-transcript\/","title":{"rendered":"TCPL Packaging Ltd (TCPLPACK) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

TCPL Packaging Ltd (NSE: TCPLPACK) Q3 2026 Earnings Call dated Feb. 16, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Akshay Kanoria<\/strong> \u2014 Executive Director<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Jenny Rose<\/strong> \u2014 Analyst<\/em><\/p>\n

Nishant Bagrecha<\/strong> \u2014 Analyst<\/em><\/p>\n

Anupama Pillai<\/strong> \u2014 Analyst<\/em><\/p>\n

Shrinjana Mittal<\/strong> \u2014 Analyst<\/em><\/p>\n

Pulkit Singhal<\/strong> \u2014 Analyst<\/em><\/p>\n

Harini Dedhia<\/strong> \u2014 Analyst<\/em><\/p>\n

Resham Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Heta Vora<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to TCPL Packaging Limited’s Earnings Conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Start and zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Jenny Rose from CDR India. Thank you. And over to you, Ma’. Am.<\/p>\n

Jenny Rose<\/strong> \u2014 Analyst<\/em><\/p>\n

Good afternoon everyone and thank you for joining us on TCPL Packaging’s Q3 and 9M FY26 earnings conference call. We have with us today Akshay Kanoria, Executive Director and Mr. Vivek Dawe, GM Finance of the company. We would like to begin the call with brief opening remarks from the management following which we will have the forum open for an interactive question and answer session. Before we start, I would like to point out that some statements made in today’s call may be forward looking in nature and a disclaimer to this effect has been included in the results presentation shared with you earlier.<\/p>\n

I would now like to invite Mr. Akshay to make his opening remarks. Over to you Akshay.<\/p>\n

Akshay Kanoria<\/strong> \u2014 Executive Director<\/em><\/p>\n

Good afternoon everyone and thank you for joining us on our earnings call. I will begin by taking you through the business highlights for the period under review and then we can open the forum for Q and A. After a measured start to the quarter, demand improved gradually across key segments enabling us to deliver healthy double digit growth in the domestic market. This domestic performance helped offset the decline in export volumes which remained subdued amid continued softness in international markets. In this environment, we remain focused on strengthening customer relationships across geographies while taking a calibrated approach.<\/p>\n

Coming to our financial performance, Consolidated revenue for Q3 stood at 471cr. On the profitability front, we reported a strong improvement with EBITDA increasing by about 15% year on year to 81 cross and margins expanding to 17.2% reflecting an improvement of over 240 basis points. This expansion was primarily driven by better gross margins supported by favorable product mix and tighter cost control. During the quarter we recognized an exceptional loss of 11 crore 57 lakh rupees related to the implementation of the revised Labor Code framework. This represents a one time impact. Reported PAT for the quarter stood at 25 crore rupees and while cash profit was 56.5 crore rupees.<\/p>\n

I would also like to highlight the commissioning of our gravure cylinder manufacturing facility at Silvassa established under our wholly owned subsidiary Acura Technik Private Limited. This marks an important milestone in our backward integration journey. By bringing this critical input in house, we enhance process control, improve print precision and quality consistency and reduce dependence on external sourcing. The facility has been designed with surplus space, providing flexibility to address external demand over time and further strengthening our integrated capabilities. Alongside our operational milestones, we were honored to receive important recognition during the quarter. We were awarded the Most preferred workplace award 25 to 26 in the manufacturing category, reflecting our continued focus on building a strong, inclusive and performance driven organization.<\/p>\n

In addition, TCPL secured six wins at IFCA Star Awards 2025, reaffirming our commitment to creativity, innovation and excellence in delivering differentiated packaging solutions. These recognitions reflect the strength of our people, processes and product capabilities to close. Domestic demand continues to remain healthy and is expected to be a key driver of growth supported by policy measures aimed at boosting consumption and strengthening manufacturing competitiveness. In addition, recent trade developments involving the EU and the US as well as some other markets are expected to improve export sentiment and to create a more favorable operating environment over time. With our expanding manufacturing footprint, diversified product portfolio and disciplined capital allocation approach, we believe we are well positioned to capture growth opportunities as the industry continues to consolidate towards organized players before we move to the Q and A session, I would like to acknowledge that the Board conferred the honorary title of Chairman Emeritus on my grandfather, Mr.<\/p>\n

K.K. kanoria. As the founder of TCPL Packaging, he laid the foundations of the company and shaped its early growth trajectory. Over the years, he has served the organization in various capacities including as Chairman, and has been instrumental in building a strong institution anchored in values, governance and long term strategic thinking. The guidance and principles he has instilled continue to shape the Company’s culture and direction. The Board has also approved the appointment of my father, Mr. Saket Kanoria, as Chairman and Managing Director. Over the years, Mr. Kanoria has been instrumental in shaping the Company’s strategic priorities and enhancing operational excellence.<\/p>\n

We look forward to his continued leadership as he guides the company into its next phase with a strong emphasis on sustainable growth and innovation. On that note, I would request the moderator to open the forum for any questions or suggestions that you may have.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the Question queue assembles. First question is from the line of Nishant Bhagresha from NCRED Research. Please go ahead.<\/p>\n

Nishant Bagrecha<\/strong><\/p>\n

Thank you for the opportunity, sir. So I have two questions on domestic business and couple of on export. So firstly on domestic business again with the GST related trade disruptions largely behind us now. So how is the domestic business currently performing and what growth outlook are you setting for the next year?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah, so there was a disruption of about two months I’d say and then there was a bump because the restocking. So now we’ll see how the performance pans out this quarter and in coming quarters. So far it’s okay. I wouldn’t say there’s any issue as such, but we’ll see how it goes now over the next few months.<\/p>\n

Nishant Bagrecha<\/strong><\/p>\n

Sure, sir. And second, with respect to the sharp price hike underway in cigarettes, what kind of volume or realization impact are we expecting on that portfolio?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah, so this is a big increase in the tax. I think this has happened after I think almost five years if I’m not mistaken that there’s been this kind of an increase in the tax. So definitely it’s a negative sentiment for the domestic cigarette business. However, being a very inelastic consumption kind of item, I’m not sure what the, you know, end of the day the volume impact is going to be. So we have to wait and watch. But yeah, certainly if there was a growth happening, it will hit that. But whether there will be a negative effect on the volume is we’ll have to see, I suppose.<\/p>\n

Nishant Bagrecha<\/strong><\/p>\n

And secondly on the export business. So export remained under pressure in 3Q as well, but now that the trade deal has been made with us and Europe and both of them were low to mid single digit contributor each to our export business. So how are we looking at this segment, this region going forward and can we expect a significant ramp up from these regions?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah, so you know, people had asked me this in previous quarterly calls as well that you know, if it gets resolved then how fast we can ramp up. So I would say that now the inquiries will start coming or have started coming. So for it to translate into business will still take a little bit of time and in some cases customers do their planning well in advance. So then you know, once they’ve already done their developments for the coming quarters, then that gets locked. But overall it’s very positive and there will be some good momentum coming out of this, but it will take some time to play out.<\/p>\n

It’s not that it will just suddenly restart the momentum which was there earlier.<\/p>\n

Nishant Bagrecha<\/strong><\/p>\n

Okay. And on the Middle east also, how is the demand from the Middle east shaping up for us? By when can we expect a meaningful recovery, particularly in the Middle East?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah, so we can’t comment on specific markets or customers. But overall I’d say it’s a bit choppy and sometimes up, sometimes down. But no major cause of concern as such.<\/p>\n

Nishant Bagrecha<\/strong><\/p>\n

And lastly sir, on the. Particularly on the January month. So how has January month been for us for exports? Would we have come back to double digit growth in January?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

I can’t comment on month by month.<\/p>\n

Nishant Bagrecha<\/strong><\/p>\n

Sure, no problem. That’s it for myself.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Participants, who wishes to ask a question, please press star and 1. The next question is from the line of Anupama from Ratan Surya Capital. Please go ahead.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Yeah, I. Could you kindly give us the numbers for your domestic growth volume as well as asp?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

I didn’t get your name and company name. Can you repeat that please?<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Yeah, Anupama from Rathantraya Capital. Yeah, so I just wanted on domestic numbers for volume and esp.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

So there is a. There’s a low double digit growth in the domestic volume.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Low double digit growth in the volume. Okay. So ASP also has declined, you could.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Say because I didn’t understand what.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

What the selling price has also declined or is that flattish? Have you taken a hit on the realization? And also on the Chennai plant, what is the utilization?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

And yeah, Chennai utilization is less than 50% right now. But we are expecting some good improvement in coming quarter.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Right.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

And all are done. So should start improving now.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Okay. And like what kind of timeline are you looking at? Like for it to scale up next few months? Sure. Okay. And could you also give us the utilization for your overall capacity and flexible packaging and the paper part also?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Overall about 70, 75% I’d say.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Right. And for flexible packaging.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Bit higher than that.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Right. Okay. Yeah, that’s it. Thank you so much.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ranjan, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon, sir. See, I would like to know total gross block capital expenditure for the next two years. How much it will be and what will be the turnover likely in the next three years. And what will be the current year’s capitalization of the gross block? I would like to know that. And what is the market size of the packaging, your industry in this line? And what is your market share? Is it growing or is it static? I would like to know that. That’s all.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Thanks.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Hi. Yeah, just a second. Last year we about 150 crore of capex. Approximately how much was capitalized in that year versus the. It’s pretty much the same number. The total gross block.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

2826. How much?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

These are all numbers you can get from the balance sheet but total gross block is over 1100 crore gross fixed asset and about 150 cr was the capex last year. 24:25, 25:26 how much? Another hundred odd will be added on top.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. For the next two years for every one rupee you put it how much turnover will be? I mean will be generating.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

We’re adding about 150 cr I think to the top line year on year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’d be 1.5 times only every year like that for the every you put it?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah. Basically.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

What is the cash conversion ratio? It is 60 or 90 days or is it going extending actually 90 odd. Able to add.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Tell me sir, tell me you’re able.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

To add more customers. This from Chennai plant will be very good I think. Looks like that.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah it’s positive requirement.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You’re quite happy? Very good. I’m also from Chennai. I’m happy. Thanks.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Okay. Welcome.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sri Sri Jana Mittal from Ms. Capital. Please go ahead.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Hi. Thank you for the opportunity. I have two questions. One is a clarification of something you mentioned earlier. You said that the volume growth for the domestic business is low double digit. Was that for nine months or for. This point particular quarter?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Both.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

For both. Okay, understood. And second one second is can you understand that the gross margin for like for this quarter particularly has expanded by. Two and a half percent close to. Two and a half percent from 40% to 42.7%. Right. So what would be. What would explain that when just based on our understanding from what you mentioned the export, the export business has not grown as such. Export tends to be a higher gross margin. So what would explain the rise in the gross margins?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

I would advise not to get into it on a quarterly basis because these things change based on the stock. Changes from quarter to quarter can vary quite a lot and it’s not really going to help you to look at it quarterly. It’s just too granular. I would. I would not look at it quarterly.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Right.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pulgit Singhal from Dalmas Capital Management. Please go ahead.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

Yeah, thank you for the opportunity. First question is on the domestic side we seem to have done quite well if it’s a double digit growth nine months and last three months. But the commentary from FMCG companies has shown like you know, quite a bit of pickup. So is that something that we are also seeing and therefore the growth would pick up for us as well?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

You’re saying that commentary showing quite a bit of pickup or quite less pickup.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

Pick up to be good from FMCG companies? The commentary is better this quarter. The delivery is also better. Commentary is also better. So to that extent, if we’ve already done double digits for nine months and even the last three months, then is it fair to assume that whatever would be the growth rate it will pick up for us as well?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

I hope so, but we don’t know. We will see how it goes. But it’s very, it varies customer to customer. Some customers are doing very well, some in similar category are not doing that well. So I mean if you want to say that is there like a broad base all our customers have just suddenly picked up post this thing? I would not say that. But there are pockets where there’s been a very good pickup and then there’s pockets where it’s not really showing much. So I just don’t understand the. It’s a bit funny.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

Yeah, overall. Yeah, I get that. Okay. Yeah.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Kind of thing.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

For the exports to. I mean the overall numbers are impacted by exports which suggests a high degree of decline in exports because you know, if you have done double digits in domestic, the only way it gets offset is, you know, if exports is down significantly. Which is a bit surprising given that we’ve done very well in the last five years. I mean what has led to this and like how much, like how much time would it take for it to stabilize at a certain level in your view?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

I think it’s bit too much reading of tea leaves but basically we’ve done very well over the last several years and last year in particular there was a very big growth in our exports in general. So it’s bit of a stabilization here, I’d say. I don’t know. And is there any greater underlying factor cause or is it just customer to customer sort of incidental factors? That is the point. So I mean there’s not too much detail we can get into on a public call. But. I mean I would not say there’s some great cause of alarm or something like that.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

Lastly, these various FTA us, which one are you most excited by? Where could we see like you know, in two, three years? How, how big could these regions be for you? What is the sense to be at?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Okay, so obviously the US is the one which was the most. I mean that was the big stumbling block to any work happening because at 50% you just can’t do any business or you can do just for the sake of like the customer waiting for the tariff to come down, so he’s keeping you alive. But with 18% you can do business. So at least that opens a door which was completely closed. So that’s positive. With the eu, our folding carton was already at zero. So there’s no impact there. But on the flexible packaging side, we save a few percent on the tariffs, that’s positive.<\/p>\n

And then with both markets, the upshot is on other industries exporting from India, which will require packaging. So where we get a sort of second order benefit. So that is the main positive, I would say, you know, like things like toys, textiles, those kind of things. Now that how long it takes to play out and all that, it really depends customer to customer and brand to brand and then what benefit we get out of it also versus other people. But overall it’s good because the rising tide lifts all boats.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

So yeah, but direct customer sales we don’t anticipate much. Like in the sense this is second order impact, as you’re rightly saying.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

But direct customer sale also the main benefit will be with the us but even the eu, like with flexible packaging is quite positive. Even the UK also had a high tariff on flexible packaging. So that’s also come down. So all these things are very positive, but they take time to play out. It’s not that there’s like orders sitting and waiting for me for the tariff to reduce and then they just come in one fine day like it, the development starts and it takes months to play out. But yeah, it’s overall very positive. We’re happy.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

So it’s a FY28 story that one. I mean the US EU reflecting in our numbers significantly.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

See, now you’re asking very specific.<\/p>\n

Pulkit Singhal<\/strong><\/p>\n

Okay, all right, great. Thank you. And all the best.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. To ask a question, please press star and 1. The next question is from the line of Harini Dedhiya from Tamhora Investment managers. Please go ahead.<\/p>\n

Harini Dedhia<\/strong><\/p>\n

Hi Akshay. Thanks for taking my question. Just one question. Should FY18 19 kind of scenario play out in paper prices? Is there something that we built differently into our business style and operations now that our margins would, you know, cave, but not cave as much or would like just trying to understand the resilience of these margins should a scenario like that play out.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Again, talking about that post Covid boom in the paper prices.<\/p>\n

Harini Dedhia<\/strong><\/p>\n

No, pre Covid 1819 when we saw China coming and really dumping a lot and then we had that severe margin compression of 400 basis points. Just trying to understand what happens if we see a very similar kind of scenario happening in paper prices.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Again, no, paper price going down is not necessarily bad for us. But only thing is that when there’s a very down market in commodities, then the differentiation between the larger player and the smaller player tends to go down, which is not good. The difference between that period and now, you know, apart from our own company being bigger and scale and all that stuff, the difference would be now there’s a lot more protectionism in the world. It’s not so easy for people to dump. Like right now, even in India there is a minimum import price that’s been imposed on virgin paperboard.<\/p>\n

So there is therefore no dumping possible. So that negative effect is not really felt. Yeah, okay. If there is dumping, it affects the global markets and it’s not as easy to win new orders. But I mean, I don’t know how transient these things are. And there is a lot of commentary coming from China about this anti involution and cutting down on excess capacity in many industries. But it’s easier said than done. But at least the government over there is cognizant of the fact that this is now a problem. So. I don’t know, the way the Chinese government reacts to these things is very complex and cannot be understood or anticipated. But I mean, I don’t think the scenario can get much worse otherwise these mills have to start shutting down over the there. So. But generally this protectionism trend is there. So it, it is protecting the market to some extent, but that’s mainly protecting our suppliers rather than us.<\/p>\n

Harini Dedhia<\/strong><\/p>\n

Got it. And so you. So if it was a flip scenario where we had a, you know, significant acceleration in paper prices, you know, how much of it would we have to absorb? How much would we be able to pass on? Because I’m also asking this that, you know, two of our larger competitors have gone through some issues. Otherwise a largely unorganized sector domestically, do we have a little more ability to stand our ground, you know, in such a scenario or we still have to bite the bullet?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

See, I would point you to our history. There was a significant increase in paperboard prices in 2022 and we dealt with that. So I think there’s no reason why we can’t. Yeah, okay, perfect. I don’t see that happening right now because that was because of the COVID and massive disruption that can happen again if there’s some sort of A war or something. But these things are now beyond anyone’s ability to predict. Right.<\/p>\n

Harini Dedhia<\/strong><\/p>\n

Right. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Resham Jain from VVD Asset Management. Please go ahead.<\/p>\n

Resham Jain<\/strong><\/p>\n

Hi Akshay. Good afternoon. So just on this last question, further extending. So MIP has been introduced on paperboard from August. And obviously if there is import price parity is not there, then competing in the global landscape becomes little difficult. So is there any exception for exporters that they can at least import at certain price because in a way they are in turn exporting. So.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Or yeah, MIP is only if you are using for domestic use. If you’re exporting, then you can import in advanced license and then re export. There’s no problem.<\/p>\n

Resham Jain<\/strong><\/p>\n

Okay, so it’s not uncompetitive for us even if I might.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

No, no, no. But then the domestic market otherwise would have been softer. So we would have just bought domestic. But it’s okay. I think overall it’s fine.<\/p>\n

Resham Jain<\/strong><\/p>\n

Okay. The second one is with respect to creative, now that you have acquired it 100% and you have full control, you had control earlier as well. But is there anything which you are planning? Because that was something which was looking quite exciting in India. Especially the electronics, packaging and stuff like that. So any thoughts?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

We have a lot of plans and things in motion. But in the past also I’ve sounded too upbeat and then investors were disappointed. So then this time we’d rather just keep it to ourselves until something actually happens.<\/p>\n

Resham Jain<\/strong><\/p>\n

Okay. Okay. But things are moving in that direction obviously.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Constantly timing something or the other. It’s just whether it happens on time or not.<\/p>\n

Resham Jain<\/strong><\/p>\n

Okay, perfect. Okay. Thank you. All the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Heta from Monarch aif. Please go ahead.<\/p>\n

Heta Vora<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah.<\/p>\n

Heta Vora<\/strong><\/p>\n

Akshay. Sir, I just had one couple of questions. I want to understand. Some are domestic business, Are they heavily dependent on the tobacco segment or is it diversified, you know, amongst other segments as well?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah, it’s quite diversified.<\/p>\n

Heta Vora<\/strong><\/p>\n

Okay, so even. Even if there was a volume impact, it would. It wouldn’t be substantial on our, you know, top line.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

No.<\/p>\n

Heta Vora<\/strong><\/p>\n

Okay. All right. So that’s good to know. So could you also please just help me. You mentioned that Europe had high tariff on flexible packaging which has now reduced. Could you just help me understand what was the tariff earlier than? What is the tariff now?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

It was high single digit. Exact number is not coming to mind. But it was not in double digit but high single digit. So that is now going to come to zero From I think next year that will be positive.<\/p>\n

Heta Vora<\/strong><\/p>\n

All right, understood. And are we. Are we still looking to, you know, proceed with any mergers, any acquisition that we were earlier know, consenting?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Yeah, we are constantly working on something or the other. But then we are very unforgiving in our assessments. So every time it’s not possible always so. But we keep trying something or the others in motion at any point of time. So nothing I can tell you right now on the call.<\/p>\n

Heta Vora<\/strong><\/p>\n

Okay, understood, Understood. So going ahead, considering the. This Chennai facility now, you know, will start seeing operating leverage and with the gravity of cylinders also, you know, commission, do we anticipate any margin expansion led by these initiatives?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

We don’t budget for it.<\/p>\n

Heta Vora<\/strong><\/p>\n

Okay, understood, Understood. All right. And so what would be your estimated capex for next year? FY27.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

It should be along the similar lines of this year, about 100 cr OD.<\/p>\n

Heta Vora<\/strong><\/p>\n

All right, that’s it from my side. Thank you.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Anupama from Ratnat Raya Capital. Please go ahead.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Yeah, I just had a question on your outlook on the exports. Like from now onwards, where do you see growth coming from and what countries? Like Europe, US specifically. Like.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

I believe I’ve answered this. But broadly we are positive on all these markets and apart from that, our immediate neighborhood and Africa, these are also positive. But yeah, definitely Europe, US would be amongst the top priority.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Right. And what percentage do they contribute?<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Right now I can’t divert.<\/p>\n

Anupama Pillai<\/strong><\/p>\n

Okay. Okay. Yeah, that’s it. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you, ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to management for closing comments.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Thank you. I hope we’ve been able to answer all your questions. But should you need any further clarifications or like to know more about the company, please feel free to contact us or CDR India. Thank you again for taking the time to join us on this call. We look forward to interacting with you next quarter.<\/p>\n

operator<\/strong><\/p>\n

Thank you. On behalf of TCPL Packaging Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n

Akshay Kanoria<\/strong><\/p>\n

Thank you. It.<\/p>\n","protected":false},"excerpt":{"rendered":"

TCPL Packaging Ltd (NSE: TCPLPACK) Q3 2026 Earnings Call dated Feb. 16, 2026 Corporate Participants: Akshay Kanoria \u2014 Executive Director Analysts: Unidentified Participant Jenny Rose \u2014 Analyst Nishant Bagrecha \u2014 Analyst Anupama Pillai \u2014 Analyst Shrinjana Mittal \u2014 Analyst Pulkit Singhal \u2014 Analyst Harini Dedhia \u2014 Analyst Resham Jain \u2014 Analyst Heta Vora \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089,16533],"class_list":["post-181356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings","tag-tcplpack"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":143373,"url":"https:\/\/alphastreet.com\/india\/tcpl-packaging-ltd-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":181356,"position":0},"title":"TCPL Packaging Ltd Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"March 23, 2023","format":false,"excerpt":"Key highlights from TCPL Packaging Ltd (TCPLPACK) Q3 FY23 Earnings Concall Management Update: [00:03:54] TCPLPACK said its second flexible packaging line commissioned at the start of the year is well received and generated significant interest, leading to a positive ramp-up in utilization. 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