EPL Limited held a conference call on November 4, 2026, to discuss its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The call was hosted by Systematix Shares & Stocks (India) Limited and featured management representatives including MD and Global CEO Hemant Bakshi, CFO Deepak Goyal, COO M.R. Ramasamy, and Head Legal, Company Secretary & Compliance Officer Onkar Ghangurde.

Financial Performance Highlights

  • Q2 FY27 revenue grew by 30% year-on-year, representing the highest ever growth declared by EPL
  • EBITDA increased by 17.6% year-on-year with reported EBITDA margins at 18.9%
  • Underlying revenue growth (excluding pass-through impact of higher raw material prices) was 20.3%
  • Underlying EBITDA margins stood at 20.4%
  • PAT grew by 5.6% year-on-year, impacted by higher depreciation, higher effective tax rate due to country mix, and adverse forex movements
  • The company achieved its 16th consecutive quarter of double-digit EBITDA growth

Category Performance

  • Beauty & Cosmetics delivered exceptional performance with 42.9% growth
  • Oral Care continued strong performance with 19.2% growth
  • In September 2026, Beauty & Cosmetics revenues exceeded Oral Care, becoming the company's largest category
  • Category mix: Both Beauty & Cosmetics and Oral Care are approximately 44% each of total business

Geographical Performance

  • EAP region led with 40% revenue growth
  • Europe delivered 30.4% growth
  • AMESA region grew 28%
  • Americas grew 25%
  • India standalone delivered robust growth of 30%

Capital Expenditure and Investments

  • H1 FY27 capex was INR 315 crore (₹3,150 million), representing a 90% increase over the same period last year
  • Full-year capex guidance: INR 625-700 crore
  • Investments focused on extruded tube capabilities in China, India, and Europe
  • Additional investments in high-end advanced printing and decoration capabilities
  • U.S. market investments to expand Beauty & Cosmetics presence

Market Position and Strategy

  • Company gained 130 basis points of global market share in the last year
  • Beauty & Cosmetics now represents the largest category, overtaking Oral Care in September
  • Strategy focuses on delivering superior customer service despite supply chain challenges, including use of air freight when necessary
  • Full recovery of cost increases achieved through pricing actions

Merger with Indovida Update

  • Received approvals from Competition Commission of India, foreign antitrust authorities, and stock exchanges
  • Application filed with National Company Law Tribunal (NCLT)
  • Expected merger completion timeline: Q4 FY27
  • Synergy benefits guidance: US$35-50 million, primarily growth-related
  • Post-merger debt-to-EBITDA ratio expected to be 0.2-0.25
  • Indovida's previous quarter performance: 25% revenue growth, 62% EBITDA growth, 614 basis points margin improvement to 27%

Operational Challenges

  • Europe operations faced challenges due to delayed regulatory approvals for centralization in Poland
  • Higher outsourcing costs incurred during transition period
  • Expected stabilization timeframe: 2-3 quarters to restore margins to desired levels

Guidance and Outlook

  • Near-term guidance retained: revenue growth in high-teens, underlying margins at 20%+
  • Management expects to be at higher end of guidance, closer to 20%
  • Commodity prices expected to remain elevated with no significant moderation
  • Growth driven by both market share gains and underlying market growth

Strategic Priorities

1. Strengthen leadership in Beauty & Cosmetics through expansion across categories, customers, and markets

2. Accelerate growth in high-potential markets including Thailand and Brazil, with exploration of new market entries

3. Sustain margins with improving capital efficiency while maintaining 20%+ underlying EBITDA margins

4. Expand beyond tubes into broader consumer packaging, with Indovida merger as key step

Sustainability and Innovation

  • Sustainable tubes account for 41% of product mix
  • Multiple awards received at IFCA Star Awards for Innovation and Print Week Awards
  • Seven country operations certified as Great Place to Work

Q&A Session Highlights

Analysts from ICICI Securities, Sequent Investments, India Infoline, InvesQ PMS, Nomura, Quest Investment Managers, Omni Management, and retail investors participated in the Q&A session, covering topics such as capex intensity, geographical expansion plans, margin drivers, merger synergies, European operations challenges, and growth sustainability.