EPL Ltd: ₹4,314 Cr in Sales, 8 Billion Tubes, & a Stake Sale Plot Twist That Could Fill a Season of “Succession”

1. At a Glance

EPL Limited, formerly Essel Propack, is the world’s largest laminated tube maker — yes, the same tubes your toothpaste, face wash, and sometimes ketchup come in. With a capacity of ~8 billion tubes/year across 10 countries, it’s a global packaging powerhouse. FY25 saw revenue of ₹4,213 Cr (+7.6% YoY) and net profit of ₹364 Cr (+73% YoY), OPM at 20%, and a dividend payout habit stronger than most FMCG loyalty programs (61%). Oh, and Blackstone just sold 24.9% to Indorama — corporate soap opera at its finest.

2. Introduction

In a world obsessed with apps, SaaS, and crypto, EPL quietly keeps the FMCG shelves stocked with actual products — the kind you can hold, not just scroll through. They print, laminate, and ship tubes to brands in beauty, pharma, food, and home care, ensuring your toothpaste arrives fashionably dressed.

Blackstone’s 2019 acquisition was the big private-equity flex, but May 2025 saw a twist — Blackstone’s Epsilon Bidco sold almost a quarter stake to Indorama Ventures, a global PET giant. Translation: two packaging titans now in the same room, potentially planning either global domination or a polite boardroom chess match.

3. Business Model (WTF Do They Even Do?)

• Core: Laminated & plastic tubes for oral care, beauty, pharma, and food.
• Customers: FMCG & pharma big boys — Colgate, P&G, Unilever, etc.
• Global Spread: Plants in USA, Mexico, Brazil, Colombia, Poland, Germany, Egypt, China, Philippines, India.
• Revenue Mix: Oral care remains the cash cow, but