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1. At a Glance
EPACK Durable reported its largest quarter on record: revenue of ₹886.02 crore for the three months to June 2026, up 33.8% from ₹662.39 crore. Operating profit came in at ₹52.73 crore against ₹54.35 crore a year earlier. Net profit was ₹11.82 crore versus ₹22.89 crore. EPS: ₹1.23, against ₹2.39.
So the top line grew by a third and the bottom line halved, which in an air-conditioner peak season is either seasonality or arithmetic, and the company has views on which.
The quarter’s supporting cast is unusually crowded. Deloitte Haskins & Sells issued a qualified conclusion on both the standalone and consolidated results, over ₹1,961 lakh of disputed trade receivables from a single customer. Crisil, in June, revised its long-term rating to Crisil BB/Stable from Crisil BB+/Stable, under an “issuer not cooperating” tag. No PLI income was recognised in the quarter, against ₹13.31 crore accrued in the same quarter last year. Andhra Pradesh approved land and incentives for a ₹1,084.31 crore investment. Three senior departures were announced between April and August.
Against all that, the operating story is a company that has spent four years converting itself from an air-conditioner factory into a general-purpose appliance factory — 72 customers, 19 product categories, five plants, and a product list that now includes a 42-litre vacuum cleaner.
The mix shift is the thing the numbers keep circling back to.
2. Introduction
EPACK Durable started in 2003 as a contract manufacturer of consumer durables — the kind of business that makes the thing with someone else’s name printed on it and never gets thanked in the advertising. In 2012 it moved from contract manufacturer to Original Design Manufacturer for air conditioners and small appliances, which is the difference between “you send us the drawings” and “we’ll send you the drawings.” It was reconstituted as a private limited company in 2019 under the current name, and listed on NSE and BSE on January 30, 2024, after an IPO of 27,828,351 shares at ₹230 each. Per the standalone results, the entire IPO proceeds were fully utilised with nothing remaining unutilised as of March 31, 2026.
The trademark it trades under isn’t its own. EPACK is owned by group company EPACK Polymers, licensed to the company under a July 29, 2023 agreement for 25 years, for a fee — a company paying rent on its own name for a quarter of a century.
The client list explains the model: Blue Star, Daikin, Carrier, Midea, Voltas, Croma, Havells, Haier, Godrej. Several of these compete with each other in showrooms while sharing a supplier in Dehradun. The company has also agreed with Hisense International Singapore Holding Pte to manufacture air conditioners and home appliances for Hisense.
Structurally, there are now four subsidiaries — EPACK Manufacturing Technologies, Bumjin India Audio Products (June 2025), EPACK Electronic Components (July 2025), and EPACK Durable Global Sales L.L.C.-FZ (September 2025) — plus one joint venture, Epavo Electricals, to which the holding company extended a further ₹3.5 crore in FY26, taking total loan exposure to ₹23.78 crore as of March 2026.
Recent months brought an income tax matter for AY 2023–24, where additions of ₹18.89 crore produced a demand of ₹29.03 crore in March, subsequently reduced to ₹5.89 crore by rectification in June. The 7th AGM is scheduled for September 18, 2026.
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3. Business Model: WTF Do They Even Do?
EPACK makes appliances for brands that would rather not own factories.
The RAC business is the anchor: indoor units in the 9K–30K range with 1.60 million units of installed capacity, outdoor units 12K–36K at 2.05 million, and window ACs 9K–22K at 0.62 million. Note the asymmetry — outdoor capacity exceeds indoor by 450,000 units, which is what happens when the hot noisy box outside is a bigger, more universal problem than the pretty box inside.
Beyond that sits the non-RAC catalogue, which reads like a wedding registry that got out of hand. Air coolers (85L–120L, 0.60 Mn capacity). Washing machines (7.0–11.0 kg, 0.65 Mn). Induction cooktops at 2 million units of capacity, where the company is described as the largest ODM/OEM in India. Water dispensers (0.11 Mn), mixer grinders (500W–1000W, 0.62 Mn), air fryers at 1500W. In FY26 it added infrared cooktops, nutri blenders and a 1700W dry vacuum cleaner. For FY27 it targets four more: tower fans (40W), hair dryers (1600W), air purifiers (5W), and a 0.65-litre coffee maker. The air purifier draws 5 watts; the hair dryer draws 1600. Both will roll off the same company’s lines.
The third leg is components, which is the least glamorous and the most strategic: plastic moulding, sheet metal, cross flow fans, PCBs, heat exchangers, copper tubing, universal motors, induction coils. This is backward integration — making the parts you used to buy so that the value-add stays in the building.
Manufacturing runs across five facilities: Dehradun, Bhiwadi, Sri City, Sri City (EMTPL) and Bhiwadi (EPAVO, the JV). Four R&D centres and 70-plus employees work on design optimisation. Three labs are NABL-certified.
The mix has moved decisively. RAC was 80% of operating revenue in FY23 and 58% in FY26. SDA & LDA went from 14% to 22%. Components and others went from 6% to 20%. Top two customer concentration fell from 72% in FY23 to 37% in FY26. Customers went 18 → 33 → 55 → 72; products went 6 → 10 → 15 → 18; facilities went 2 → 3 → 4 → 5. Four years of a company steadily removing single points of failure,
