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Last Updated: April 2, 2026, 3:47 am
Author: Getaka|Social: XLinkedIn

TCPL Packaging Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,610.88Fairly Valued by 9.24%vs CMP ₹2,390.00

P/E (18.3) × ROE (23.8%) × BV (₹740.00) × DY (1.26%)

₹1,816.47Overvalued by 24.00%vs CMP ₹2,390.00
MoS: -31.6% (Negative)Confidence: 58/100 (Moderate)Models: 1 Under, 1 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,073.2623%Under (+28.6%)
Graham NumberEarnings₹1,427.1017%Over (-40.3%)
Earnings PowerEarnings₹372.5711%Over (-84.4%)
DCFCash Flow₹2,024.2411%Over (-15.3%)
Net Asset ValueAssets₹739.537%Over (-69.1%)
EV/EBITDAEnterprise₹2,446.049%Fair (+2.3%)
Earnings YieldEarnings₹1,223.207%Over (-48.8%)
ROCE CapitalReturns₹2,096.139%Over (-12.3%)
Revenue MultipleRevenue₹931.836%Over (-61%)
Consensus (9 models)₹1,816.47100%Overvalued
Key Drivers: Wide model spread (₹373–₹3,073) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 17.7%

*Investments are subject to market risks

Investment Snapshot

60
TCPL Packaging Ltd scores 60/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health74/100 · Strong
ROCE 20.0% GoodROE 23.8% ExcellentD/E 0.93 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 1.11% MF buyingPromoter holding at 55.7% Stable
Earnings Quality50/100 · Moderate
OPM stable around 17% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 2% YoY FlatProfit (4Q): -18% YoY Declining
Industry Rank75/100 · Strong
P/E 18.3 vs industry 22.2 In-lineROCE 20.0% vs industry 9.4% Above peersROE 23.8% vs industry 9.7% Above peers3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:47 am

Market Cap 2,175 Cr.
Current Price 2,390
Intrinsic Value₹1,816.47
High / Low 4,550/2,200
Stock P/E18.3
Book Value 740
Dividend Yield1.26 %
ROCE20.0 %
ROE23.8 %
Face Value 10.0
PEG Ratio1.03

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for TCPL Packaging Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
TCPL Packaging Ltd 2,175 Cr. 2,390 4,550/2,20018.3 7401.26 %20.0 %23.8 % 10.0
Navneet Education Ltd 2,882 Cr. 130 168/12116.5 87.82.30 %14.8 %12.6 % 2.00
Jagran Prakashan Ltd 1,357 Cr. 62.3 84.0/59.18.26 89.39.63 %5.95 %6.21 % 2.00
Flair Writing Industries Ltd 3,048 Cr. 289 357/21326.2 100.00.35 %15.6 %11.9 % 5.00
DB Corp Ltd 3,434 Cr. 193 292/18510.7 1296.23 %21.1 %16.7 % 10.0
Industry Average2,188.25 Cr348.7922.17208.401.31%9.39%9.68%6.27

All Competitor Stocks of TCPL Packaging Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 366381361391354384391439458410409438453
Expenses 306315300327296318321362387339338371374
Operating Profit 60666064596669767070716779
OPM % 16%17%17%16%17%17%18%17%15%17%17%15%17%
Other Income 31142531122310-8
Interest 11121313141413131517261915
Depreciation 15161618171818181918192120
Profit before tax 37393337303942454937293735
Tax % 28%29%27%22%30%25%23%20%22%6%22%23%29%
Net Profit 27282429212932363835232825
EPS in Rs 29.5130.2926.4431.6222.8531.9835.1139.3541.9938.7924.9831.1327.42

Last Updated: March 3, 2026, 2:20 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 2:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3954985936136988168909041,0761,4321,4911,6961,710
Expenses 3334164925166137117647709201,1961,2421,4091,422
Operating Profit 61821019785105126134156236249287287
OPM % 16%17%17%16%12%13%14%15%15%16%17%17%17%
Other Income -0-0-01212322711156
Interest 18172022252837373344545677
Depreciation 24222529353648525561697378
Profit before tax 204355462742424870158137173139
Tax % 37%25%31%30%25%31%14%29%30%26%26%18%
Net Profit 123238322029373449118102141111
EPS in Rs 14.3737.0044.0037.3222.2231.8140.1337.0854.13129.16111.58155.24122.32
Dividend Payout % 17%16%17%17%17%16%10%20%18%15%20%19%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)166.67%18.75%-15.79%-37.50%45.00%27.59%-8.11%44.12%140.82%-13.56%38.24%
Change in YoY Net Profit Growth (%)0.00%-147.92%-34.54%-21.71%82.50%-17.41%-35.69%52.23%96.70%-154.38%51.79%

TCPL Packaging Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:14%
3 Years:16%
TTM:13%
Compounded Profit Growth
10 Years:16%
5 Years:31%
3 Years:43%
TTM:19%
Stock Price CAGR
10 Years:22%
5 Years:53%
3 Years:33%
1 Year:-3%
Return on Equity
10 Years:19%
5 Years:20%
3 Years:23%
Last Year:24%

Last Updated: September 5, 2025, 1:41 pm

Balance Sheet

Last Updated: December 4, 2025, 2:05 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 9999999999999
Reserves 79105136170207232260292335443521640664
Borrowings 158180235303298320356321421459484614654
Other Liabilities 75103105119123155174218240250288305339
Total Liabilities 3213974856016377167998391,0061,1611,3031,5681,666
Fixed Assets 183228282365358418452448504496644703737
CWIP 42946011154476454
Investments 000000042847455354
Other Assets 134168194231273298346375468574607747822
Total Assets 3213974856016377167998391,0061,1611,3031,5681,666

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 5569728048818611577119236140
Cash from Investing Activity + -43-61-86-112-33-69-72-46-138-101-182-157
Cash from Financing Activity + -12-61332-15-11-16-6760-18-5119
Net Cash Flow 02-10-02-23-1-132
Free Cash Flow 119-13-2918-92561-273064-15
CFO/OP 99%95%81%93%63%87%75%96%60%66%110%64%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-97.00-98.00-134.00-206.00-213.00-215.00-230.00-187.00-265.00-223.00-235.00-327.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 686060616966667278748496
Inventory Days 76767610998929410198968477
Days Payable 707961846765629888667578
Cash Conversion Cycle 75587486100939874871059394
Working Capital Days -12-15-13-14-3-8-224162024
ROCE %16%22%22%16%11%13%13%14%15%22%20%20%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 55.74%55.74%55.74%55.74%55.74%55.74%55.74%55.74%55.74%55.74%55.74%55.74%
FIIs 0.69%0.61%0.71%0.74%0.80%0.78%0.93%0.91%1.18%0.94%0.92%0.96%
DIIs 3.99%3.99%5.94%6.49%8.01%9.20%11.35%11.68%11.55%11.63%12.15%12.66%
Public 39.34%39.41%37.37%36.80%35.22%34.05%31.75%31.45%31.32%31.48%30.96%30.42%
Others 0.25%0.25%0.25%0.25%0.24%0.23%0.23%0.23%0.22%0.22%0.22%0.21%
No. of Shareholders 17,60018,12315,67415,68614,54514,08213,77414,27716,18516,83516,48615,988

Shareholding Pattern Chart

No. of Shareholders

TCPL Packaging Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
DSP Small Cap Fund 642,415 1.01 171.11639,2822025-12-15 01:00:080.49%
HDFC Small Cap Fund 78,644 0.06 20.9573,3042026-03-23 01:33:447.28%
HDFC Retirement Savings Fund - Hybrid Debt 1,000 0.15 0.24N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 157.16111.39121.3651.5136.78
Diluted EPS (Rs.) 157.16111.39121.3651.5136.78
Cash EPS (Rs.) 240.12190.04191.62112.9793.38
Book Value[Excl.RevalReserv]/Share (Rs.) 707.43577.72487.41376.20330.17
Book Value[Incl.RevalReserv]/Share (Rs.) 707.43577.72487.41376.20330.17
Revenue From Operations / Share (Rs.) 1945.341693.831620.751193.12993.21
PBDIT / Share (Rs.) 337.84287.91269.90173.48149.46
PBIT / Share (Rs.) 254.88209.27199.64112.0292.86
PBT / Share (Rs.) 190.85147.89166.5874.4652.03
Net Profit / Share (Rs.) 157.16111.39121.3651.5136.78
NP After MI And SOA / Share (Rs.) 157.16111.39122.0552.0336.78
PBDIT Margin (%) 17.3616.9916.6514.5415.04
PBIT Margin (%) 13.1012.3512.319.389.35
PBT Margin (%) 9.818.7310.276.245.23
Net Profit Margin (%) 8.076.577.484.313.70
NP After MI And SOA Margin (%) 8.076.577.534.363.70
Return on Networth / Equity (%) 22.2119.2825.1413.9211.14
Return on Capital Employeed (%) 23.0123.2025.7316.7217.25
Return On Assets (%) 8.877.639.114.413.99
Long Term Debt / Equity (X) 0.400.420.430.610.43
Total Debt / Equity (X) 0.910.931.111.320.93
Asset Turnover Ratio (%) 1.201.211.281.170.00
Current Ratio (X) 1.231.201.120.991.04
Quick Ratio (X) 0.870.790.640.590.62
Inventory Turnover Ratio (X) 8.433.934.224.120.00
Dividend Payout Ratio (NP) (%) 13.9917.958.1914.1110.87
Dividend Payout Ratio (CP) (%) 9.1610.525.196.474.28
Earning Retention Ratio (%) 86.0182.0591.8185.8989.13
Cash Earning Retention Ratio (%) 90.8489.4894.8193.5395.72
Interest Coverage Ratio (X) 5.284.695.194.623.66
Interest Coverage Ratio (Post Tax) (X) 3.452.812.972.371.90
Enterprise Value (Cr.) 4709.632492.041766.271096.83669.09
EV / Net Operating Revenue (X) 2.661.621.201.010.74
EV / EBITDA (X) 15.329.517.196.954.92
MarketCap / Net Operating Revenue (X) 2.341.320.860.600.43
Retention Ratios (%) 86.0082.0491.8085.8889.12
Price / BV (X) 6.433.862.901.931.32
Price / Net Operating Revenue (X) 2.341.320.860.600.43
EarningsYield 0.030.040.080.070.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

TCPL Packaging Ltd. is a Public Limited Listed company incorporated on 27/08/1987 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L22210MH1987PLC044505 and registration number is 044505. Currently Company is involved in the business activities of Manufacture of corrugated paper and paperboard and containers of paper and paperboard. Company's Total Operating Revenue is Rs. 1696.38 Cr. and Equity Capital is Rs. 9.10 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Printing/Publishing/StationeryEmpire Mills Complex, Mumbai Maharashtra 400013Contact not found
Management
NamePosition Held
Mr. K K KanoriaExecutive Chairman
Mr. Saket KanoriaManaging Director
Mr. S G NanavatiExecutive Director
Mr. Akshay KanoriaExecutive Director
Mr. Vidur KanoriaExecutive Director
Mr. Rishav KanoriaDirector
Mrs. Deepa HarrisIndependent Director
Mr. Tarang JainIndependent Director
Mr. Ashish RazdanIndependent Director
Dr. Andreas BlaschkeIndependent Director
Mr. Sanjiv AnandIndependent Director
Mr. Aniket S TalatiIndependent Director

FAQ

What is the intrinsic value of TCPL Packaging Ltd and is it undervalued?

As of 14 April 2026, TCPL Packaging Ltd's intrinsic value is ₹1816.47, which is 24.00% lower than the current market price of ₹2,390.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (23.8 %), book value (₹740), dividend yield (1.26 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of TCPL Packaging Ltd?

TCPL Packaging Ltd is trading at ₹2,390.00 as of 14 April 2026, with a FY2026-2027 high of ₹4,550 and low of ₹2,200. The stock is currently near its 52-week low. Market cap stands at ₹2,175 Cr..

How does TCPL Packaging Ltd's P/E ratio compare to its industry?

TCPL Packaging Ltd has a P/E ratio of 18.3, which is below the industry average of 22.17. This is broadly in line with or below the industry average.

Is TCPL Packaging Ltd financially healthy?

Key indicators for TCPL Packaging Ltd: ROCE of 20.0 % indicates efficient capital utilization; ROE of 23.8 % shows strong shareholder returns. Dividend yield is 1.26 %.

Is TCPL Packaging Ltd profitable and how is the profit trend?

TCPL Packaging Ltd reported a net profit of ₹141 Cr in Mar 2025 on revenue of ₹1,696 Cr. Compared to ₹49 Cr in Mar 2022, the net profit shows an improving trend.

Does TCPL Packaging Ltd pay dividends?

TCPL Packaging Ltd has a dividend yield of 1.26 % at the current price of ₹2,390.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in TCPL Packaging Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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