Key Decision

Board of Directors of TCPL Packaging Limited at their meeting held on August 11, 2026, approved entering into the new line of business of manufacturing lithium-ion battery separator films. This business will be operated through a subsidiary company proposed to be incorporated specifically for this purpose.

Investment Details

  • Proposed investment: Approximately ₹125 crore
  • Investment period: To be deployed over the next 18 months
  • Funding mix: Through a combination of internal accruals and debt

Project Timeline

  • Commercial production targeted for: Q4 FY2028
  • Project implementation period: Next 18 months

Capacity Details

  • Initial capacity: 70 million square metres per annum
  • Battery production equivalent: Supports 6-8 GWh of lithium-ion battery cell production annually
  • Long-term expansion vision: Scale to approximately 500 million square metres per annum over 5-7 years
  • Long-term battery equivalent: Sufficient to support approximately 50 GWh of annual lithium-ion battery cell manufacturing capacity

Strategic Rationale

The diversification leverages TCPL's existing capabilities in specialised films, polymer processing, precision manufacturing, R&D, process control and stringent quality assurance. The company notes that while battery separator films cater to a distinct end-use application, their manufacture involves material science and process capabilities that are complementary to TCPL's existing operations.

Market Context

India's overall battery storage demand is projected to grow substantially:

  • 200 GWh+ by 2032
  • 500 GWh+ by 2037
  • Approximately 1,000 GWh per annum by the mid-2040s

This growth is expected to be driven by rising adoption of electric vehicles, grid-scale energy storage, consumer electronics and other applications.

Management Commentary

Mr. Saket Kanoria, Chairman & Managing Director, stated: "We are pleased to announce the TCPL Group's entry into the battery materials business through the proposed manufacture of lithium-ion battery separator films. This is a high-potential, technology-driven segment that fits naturally with our track record of identifying and scaling new opportunities ahead of the curve. We intend to develop this business in a phased manner, with a focus on developing the requisite technology and manufacturing capabilities and building strong customer relationships."

Technical Details

The lithium-ion battery separator film is a specialised material and critical component positioned between the cathode and anode, playing a key role in the safety, performance and reliability of the battery.

Implementation Plan

The initial focus will be on establishing manufacturing infrastructure, developing and validating the product, completing customer qualification processes, and building relationships with cell manufacturers. The pace and scale of expansion will be calibrated based on customer demand, technology readiness, and market developments.

Company Background

TCPL Packaging Limited (BSE: 523301, NSE: TCPLPACK) is one of India's leading producers of sustainable packaging solutions with 10 state-of-the-art manufacturing facilities across India. The company has delivered a revenue CAGR of approximately 17% over the past three decades.