General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
EPACK Durable reported its largest quarter on record. Revenue for the three months to June 2026 reached ₹886.02 crore. That is 33.8% above the ₹662.39 crore of a year earlier. Operating profit was ₹52.73 crore, against ₹54.35 crore. Net profit was ₹11.82 crore, against ₹22.89 crore. Earnings per share, the profit divided across all shares, came to ₹1.23 against ₹2.39.
The quarter arrived with an unusually crowded supporting cast. Deloitte Haskins & Sells, the auditor, issued a qualified conclusion on the standalone and consolidated results. A qualified conclusion is the auditor flagging an item it will not sign off cleanly. The item here is ₹19.61 crore of disputed trade receivables owed by a single customer.
Crisil, a credit-rating agency, revised its long-term rating on the company in June. It moved to Crisil BB/Stable from Crisil BB+/Stable, under an ‘issuer not cooperating’ tag. The Production Linked Incentive scheme pays manufacturers for hitting output targets. No such income was recognised in the quarter, against ₹13.31 crore accrued a year earlier. Andhra Pradesh approved land and incentives for an investment of ₹1,084.31 crore. Three senior departures were announced between April and August.
Underneath all that sits four years of conversion work, from an air-conditioner factory into a general appliance factory. The company counts 72 customers, 19 product categories and five plants. The product list now includes a 42-litre vacuum cleaner.
2. Introduction
EPACK Durable began in 2003 as a contract manufacturer of consumer durables. That is the trade of making the product with somebody else’s name on the front, and never being thanked in the advertising. In 2012 it became an Original Design Manufacturer of air conditioners and small appliances. Such a manufacturer draws the design itself, rather than building to a customer’s drawings. It was reconstituted as a private limited company in 2019 under its current name. It listed on NSE and BSE on 30 January 2024, after an issue of 27,828,351 shares. Per the standalone results, the issue proceeds were fully used, with nothing left unutilised as of 31 March 2026.
The trademark it trades under belongs to somebody else. EPACK is owned by the group company EPACK Polymers and licensed to the business for a fee. The licence runs 25 years, under an agreement dated 29 July 2023. The name above the factory gate is rented, for a quarter of a century.
The customer list explains the model. It takes in Blue Star, Daikin, Carrier and Midea. It runs on through Voltas, Croma, Havells and Haier. Godrej is on it as well. Several of these brands compete in the same showrooms while sharing one supplier in Dehradun. The company has also agreed to make air conditioners and home appliances for Hisense. That agreement is with Hisense International Singapore Holding Pte.
There are now four subsidiaries. They are EPACK Manufacturing Technologies and Bumjin India Audio Products, added in June 2025. EPACK Electronic Components followed in July 2025, and EPACK Durable Global Sales L.L.C.-FZ in September 2025. There is also one joint venture, Epavo Electricals. The holding company put a further ₹3.5 crore into it in FY26. Total loan exposure to Epavo stood at ₹23.78 crore as of March 2026.
An income tax matter covers assessment year 2023-24. Additions of ₹18.89 crore produced a demand of ₹29.03 crore in March. A rectification in June cut that demand to ₹5.89 crore. The seventh annual general meeting is scheduled for 18 September 2026.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
EPACK makes appliances for brands that would rather not own factories.
Room air conditioners are the anchor of the business. Indoor units are built across the 9K to 30K range. Capacity on those lines is 1.60 million units. Outdoor units cover the 12K to 36K range. Their installed capacity is 2.05 million units. Window air conditioners span 9K to 22K, and the window line holds 0.62 million units. Outdoor capacity therefore runs 450,000 units ahead of indoor.
Beyond that sits a catalogue with the spread of an over-ambitious wedding registry. Air coolers are made from 85 to 120 litres. Washing machines cover 7.0 to 11.0 kg. Capacity is 0.60 million units for the coolers and 0.65 million for the machines. Induction cooktops carry capacity of 2 million units, and the company is described as India’s largest maker of them for other brands. Mixer grinders are made from 500W to 1000W. That line holds 0.62 million units of capacity, and water dispensers 0.11 million. Air fryers are made at 1500W. FY26 added infrared cooktops, nutri blenders and a 1700W dry vacuum cleaner. Four more are targeted for FY27: tower fans, hair dryers, air purifiers and a coffee maker. The tower fans draw 40W and the coffee maker holds 0.65 litres. The air purifier draws 5 watts and the hair dryer draws 1600. Both will roll off the same company’s lines.
The third leg is components, the least glamorous items on the list. The company moulds plastic, presses sheet metal, and makes cross flow fans and printed circuit boards. It also makes heat exchangers, copper tubing, universal motors and induction coils. This is backward integration: making in-house the parts the factory once bought in.
Manufacturing runs across five plants: Dehradun, Bhiwadi, Sri City and a second Sri City site under EMTPL. The fifth is at Bhiwadi, run by the joint venture EPAVO. Four research centres and more than 70 employees work on design optimisation. Three of the laboratories hold NABL accreditation, the national standard for testing laboratories.
The mix has moved decisively. Room air
