Epack Durable is the factory behind the brand names on India’s air conditioners and kitchen appliances - it designs the products, makes nearly all the parts itself, and lets other companies put their logos on the finished box. Founded in 2003 as a straightforward contract assembler, it taught itself product engineering and became a full-fledged original design manufacturer (ODM) by 2012, a shift that turned it from a hired hand into a partner that brands rely on for what to sell next. That same instinct - build the capability in-house, then use it to win more work from more customers - now repeats across every category it enters, from induction cooktops to washing machines.
Business segments
A single integrated manufacturing platform serving three customer-facing product lines - room air conditioners, small and large domestic appliances, and components sold as a standalone electronics manufacturing service - all fed by the same factories, the same R&D, and the same backward-integrated supply chain.
1. Room air conditioners: the anchor that built the factory
Every second ODM air conditioner sold in India comes from Epack’s lines, making this the volume engine that paid for everything else.
- Designs the product, not just the box - as an ODM, Epack develops complete air conditioner models - window units and split inverter units from 0.75 to 2.0 tonnes - that brands select and sell under their own names, which means the company owns the engineering relationship, not just a labour contract.
- Makes everything except the compressor - heat exchangers, copper tubing, sheet metal, injection-moulded parts, cross-flow fans, and the electronic controller boards are all produced in-house, so roughly three-quarters of the bill of materials stays within Epack’s own factories.
- Five plants, 4.3 million units of annual capacity - installed lines can produce 1.60 million indoor units, 2.05 million outdoor units, and 0.62 million window units each year across Dehradun, Bhiwadi, and Sri City, giving brands multi-location supply security.
- A dedicated Hisense facility just went live - through its wholly-owned subsidiary EMTPL, Epack built a USD 30 million plant at Sri City that began mass production in March 2026 with 0.75 million sets of annual capacity, initially taking 100% of Hisense India’s air conditioner requirements.
- Weather is the wildcard - unseasonal conditions, channel inventory corrections, and revised energy-efficiency norms compressed demand in FY26, illustrating how the air conditioner cycle remains tied to the summer even as the company diversifies away from it.
2. Small and large domestic appliances: the counter-seasonal hedge
What began as a way to keep factories busy outside the summer has become a portfolio of over a dozen appliances, now contributing two-fifths of operating revenue.
- Built to solve the air conditioner off-season - the company entered small appliances specifically to address the lumpy, seasonal demand pattern of room air conditioners, giving its lines year-round throughput.
- Induction cooktops lead the shelf - Epack describes itself as the largest induction cooktop ODM/OEM in India, with an installed capacity of 2 million units, alongside air fryers, mixer grinders, water dispensers, and a pipeline of new launches including infrared cooktops, nutri blenders, and dry vacuum cleaners.
- Washing machines are the new volume bet - commercial production began in July 2025 at Sri City with approx. 6,00,000 units of annual capacity, funded by roughly Rs. 50 crore of internal accruals, pushing the company into large domestic appliances for the first time at scale.
- Air coolers were the low-cost entry - production started in January 2024 using existing factory space and an investment of only Rs. 35-40 lakhs, demonstrating how the company tests new categories with minimal capital before committing.
- Brands like Bajaj, Philips, and Haier are already on the roster - the customer list for small appliances overlaps with and extends beyond the air conditioner client base, so each new product category can be sold through existing relationships.
3. Components and electronics manufacturing services: the in-house supply chain, now sold to outsiders
The same parts business that gives Epack its cost edge in finished products is now a standalone growth line, supplying competitors’ supply chains as an EMS provider.
- Backward integration is the cost moat - roughly 50-55% of total component requirements are made in-house, including heat exchangers, copper tubing, injection-moulded parts, sheet metal, cross-flow fans, axial fans, and induction coils, cutting out the margin that would otherwise go to third-party vendors.
- PCBA controllers went from captive to commercial - Epack began making printed circuit board assemblies for its own air conditioners at Bhiwadi in March 2023, and by October 2024 it had signed Panasonic Life Solutions as an external EMS customer for those same controllers plus high-tech critical components for room air conditioners.
- The Panasonic deal unlocks the PLI scheme - components manufactured under that tie-up qualify for Production Linked Incentive benefits, adding a government subsidy layer to the commercial relationship.
- Component customers now include Daikin and Panasonic - the external client base has expanded beyond consumer durables into industrial applications, with a strategic alliance in place with Daikin and Panasonic for critical air conditioner components.
- Nearly Rs. 80 crore of quarterly capex feeds this engine - investment in Q4 FY26 alone was directed primarily at washing machine capacity and component manufacturing capabilities, signalling that the parts business is being scaled in its own right, not just as a support function.
Manufacturing and R&D backbone
Five factories, four R&D centres, and a workforce of nearly 4,800 people form the physical platform that every product line shares - capacity is added once and used by all.
- Three manufacturing clusters, four operational sites - Dehradun (three units plus a fourth under development), Bhiwadi (one unit plus a greenfield EPAVO motor facility), and Sri City (one unit plus the dedicated EMTPL Hisense plant) give the company a pan-India footprint that reduces freight costs to brand warehouses anywhere in the country.
- Sri City doubled the base - commissioned in late FY24, this facility increased total manufacturing capacity by approximately 50% and now runs all product lines, making it the swing capacity that absorbs growth across air conditioners, washing machines, and small appliances.
- Automation runs on barcodes and SAP - manufacturing execution systems track every unit through the line, while SAP S/4 HANA handles order management, production planning, and raw material purchasing, reducing manual error in a high-SKU environment.
- 86 R&D engineers design what the factories build - spread across Bhiwadi, Dehradun, and Sri City, the R&D team has grown from 57 personnel in FY24 to 86 in FY25, using tools like Coil Designer® and Siemens NX to develop new products and refine manufacturing processes.
- Renewable energy powers two-thirds of the plant network - 67% of the company’s plants have access to renewable power, concentrated at the Dehradun and Bhiwadi locations, which lowers energy cost volatility in a power-intensive manufacturing process.
Group structure and partners
A holding company with a growing constellation of wholly-owned subsidiaries and joint ventures, each built to bring a specific brand, technology, or component capability inside the Epack fold.
- EMTPL is the Hisense factory vehicle - incorporated in December 2024 as a wholly-owned subsidiary, it executed a strategic cooperation agreement with Hisense to manufacture air conditioners, washing machines, refrigerators, and eventually LED televisions using Hisense’s proprietary technology, with Phase 1 RAC production commencing commercial production from February 2026 and Phases 2 and 3 planned through FY27.
- Epavo Electricals makes the motors Epack used to buy - a 50:50 joint venture with Ram Ratna Wires, it targets 3 million BLDC motors for air conditioners and 1 million for ceiling fans from a greenfield Bhiwadi plant, with Epack increasing its stake from 26% to 50% in 2024 for Rs. 14.36 crore.
- Bumjin India brings Korean audio technology - a 66.67:33.33 joint venture with South Korea’s Bumjin Electronics, incorporated in June 2025, will manufacture TV speakers, soundbars, and Bluetooth audio systems, targeting a 30% market share in its category with production expected by Q3 FY26.
- A Dubai trading subsidiary and one more domestic vehicle are in place - EPACK Durable Global Sales L.L.C-FZ (Dubai, for international wholesale trade) and EPACK Electronic Component Private Limited (for display and camera module sub-assembly) were both incorporated in 2025, extending the group’s legal structure ahead of future business lines.
- The ‘EPACK’ trademark is licensed from a promoter entity - a trademark license agreement with EPACK New Age Solutions Limited, signed in December 2024, governs use of the brand name across the business.