### **Overview** TCPL Packaging Limited is one of India’s leading sustainable packaging companies and the **largest standalone converter of paperboard** in the country. Founded in 1987 by the Kanoria family, the company has evolved from a single manufacturing unit in Silvassa into a multi-location, multi-product enterprise with a strong domestic and international presence. Headquartered in Mumbai, TCPL serves over **100 major domestic and global customers** across Fast-Moving Consumer Goods (FMCG), food & beverages, pharmaceuticals, liquor, tobacco, electronics, and agro-chemicals. The company operates under a core philosophy of **sustainability, innovation, and customer-centricity**, building long-term partnerships—some spanning more than 35 years—through co-developed, customized packaging solutions. --- ### **Core Business and Product Portfolio** TCPL offers **integrated end-to-end packaging solutions** across two key segments: #### **1. Paperboard-Based Packaging** - Folding Cartons (including monocrates/cartons) - Printed Blanks - Litho-Laminated Cartons - Plastic Cartons - Blister Packs - Shelf-Ready Packaging - Specialty & Gift Packaging (e.g., rigid boxes) #### **2. Flexible Packaging** - Flexible Laminates - Pouches (including recyclable mono-PE pouches) - Shrink Sleeves - Wrap-Around Labels - Cork-Tipping Paper (for cigarettes) - Sustainable PE Films (via TCPL Innofilms) TCPL is a market leader in **folding cartons** and a rapidly growing player in **flexible and rigid packaging**, with a strong focus on **eco-friendly and recyclable alternatives**. --- ### **Manufacturing Footprint & Infrastructure** As of July 2025, TCPL operates **nine state-of-the-art manufacturing facilities** across six strategic locations in India: - **Silvassa** (Dapada, Masat) - **Haridwar** - **Goa** - **Guwahati** - **Greater Noida** - **Chennai** (new greenfield facility) The company maintains a **close-to-demand strategy**, ensuring fast turnaround times and logistical efficiency across pan-India markets. #### **Recent Expansions & Developments** - **Chennai Greenfield Facility (Inaugurated Q1 FY2025):** - Dedicated to high-quality **paperboard carton production** - Enhances southern India presence and serves as an export hub - Achieved stable operations within nine months of setup; strategically located near major ports and industrial zones - Adds ~5% to total production capacity - **Third Flexible Packaging Line (Silvassa):** - Commissioned in early FY2024 with a **new BOBST Rotogravure Printing Press** - Doubled flexible packaging conversion capacity - Supports rising demand for laminates, shrink sleeves, and customized pouches - **In-House Film Production (TCPL Innofilms):** - Operational **5-layer blown film line from Reifenhauser (Germany)** equipped with **Machine Direction Orientation (MDO)** technology - Produces **fully recyclable, mono-material PE films** (capacity: >300 tonnes/month) - Replaces non-recyclable multi-layer structures (e.g., PET+PE) with sustainable alternatives - Enables production of **all-PE recyclable pouches and laminates** for global brands like **Unilever and Nestlé** --- ### **Sustainability & Innovation Leadership** TCPL is at the forefront of **sustainable packaging innovation** in India, offering differentiated, eco-conscious solutions aligned with global ESG trends and anticipated Indian regulations. #### **Key Sustainable Initiatives:** - **Recyclable Mono-PE Packaging:** Proprietary MDO PE films allow mono-polymer packaging, replacing traditional non-recyclable laminates. - **Water-Based Coatings:** Under development to replace plastic lamination and improve compostability. - **Plastic-Free Metallization:** In-house process to transfer decorative effects (e.g., holograms, foil) onto paperboard without plastic films. - **Barriers using Proprietary Coatings:** Replacing PET, BOPP, and foils in laminates with recyclable alternatives. - **Biodegradable Alternatives:** Replacing plastic food trays with renewable paperboard solutions. #### **Innovation Ecosystem:** - **ART Studio (Innovation Center):** A collaborative hub where customers co-develop packaging prototypes using digital printing and shaping tech. - **In-House R&D:** Focus on sustainable materials, barrier technologies, and functional performance. - **University & Industry Partnerships:** Collaboration with academic institutions for advanced coatings, compostable materials, and agricultural films. --- ### **Backward Integration & Strategic Subsidiaries** TCPL is strengthening vertical integration and expanding capabilities through strategic subsidiaries: #### **1. Accura Technik Pvt. Ltd. (Silvassa)** - **Gravure Cylinder Manufacturing Facility** (under development, commissioning expected Q3 FY2026) - Annual capacity: ~12,000 cylinders - Advanced **electromechanical & direct laser engraving** technology - Purpose: - Improves **print quality, color consistency, and turnaround times** - Reduces dependency on third-party suppliers - Enables **in-house process control** - Designed to serve external clients—future **independent profit center** #### **2. Creative Offset Printers Private Limited (COPPL) – Noida** - Acquired in phases (60% in 2021, now fully owned as of 2024) - Specializes in **premium rigid box packaging** for: - Consumer electronics (e.g., **Samsung smartphones**, headphones, smartwatches) - Luxury goods, perfumes, cosmetics - Strategic location near India’s largest electronics manufacturing cluster - **Robotic automation** for precision, high-end finishes - Positioned to benefit from **‘China+1’ supply chain diversification** and **PLI schemes** #### **3. TCPL Middle East FZE (Dubai, UAE)** - Wholly owned subsidiary serving Middle East, Africa, and Southeast Asia - Drives **export growth**, especially into the Gulf and emerging markets - Holds **‘Star Export House’ designation**—a testament to consistent international performance --- ### **Growth Strategy & Market Positioning** TCPL’s growth is driven by four pillars: 1. **Geographic Expansion** (e.g., Chennai plant to capture Southern India and export markets) 2. **Product Diversification** (into flexible, rigid, and innovative packaging) 3. **Backward Integration** (cylinders, film, inks/coatings) 4. **Sustainability-Led Innovation** #### **Key Growth Drivers:** - Rising demand for **sustainable packaging** from global brands. - Shift in global supply chains toward India (**‘China+1’** advantage). - Regulatory tailwinds expected in India (similar to EU plastic tax). - Strong foothold in **high-growth export markets**—U.S., Europe, Middle East, Southeast Asia. - Entry into **value-added food packaging** via partnership with Ventit (steam-venting, heat-retaining pizza boxes). - Exclusively manufactured for Indian and global QSR chains. - Initial rollout in Mumbai, Delhi, Goa; planned nationwide scale-up. #### **Revenue Mix & Growth Trends** - As of FY23: ~85% from **paperboard packaging**, ~15% from **flexible packaging** - **Flexible & rigid packaging divisions** show strong double-digit growth potential - **COPPL (rigid box division)** expected to reach ₹100 crore revenue milestone in the medium term - Flexible packaging seen as a future revenue multiplier due to higher value-per-kg and export-friendliness --- ### **Operational Excellence & Technology** - **Integrated Management Systems (IMS)** in 6 of 9 plants with international quality certifications - Advanced equipment: KBA offset lines, BOBST gravure presses, Reifenhauser blown film lines - **Blown Film Line with MDO Unit:** Among the first of its kind in India; enables sustainable film production - In-house **Ink & Coatings facility**: Ensures quality control and innovation in decorative and functional finishes - **Digital Prototyping & Design:** ART Studio accelerates time-to-market - **Automation & Robotics:** Employed at COPPL for high-precision, low-defect production --- ### **Customer & Market Insights** - **Long-Term Relationships:** Over 100 clients, some with 35+ year partnerships - **No price-led strategy:** Growth driven by **quality, reliability, and service excellence** - **Pandemic Advantage:** Maintained shorter lead times than local suppliers abroad due to robust raw material access - **Export Competitiveness:** Landed cost in North America remains lower than local alternatives, despite freight - **Core Clients:** Include Unilever, Nestlé, major cigarette manufacturers (ITC, VST, Godfrey Phillips), premium electronics brands, liquor companies --- ### **Financial Highlights & Strategy** - Achieved **16% CAGR in consolidated revenue (FY10–FY25)** - All expansions funded through **internal accruals**; no external capital raised to date - **Capex discipline:** Minimum 20% return on capital required for new projects; otherwise, capital may be returned to shareholders - Flexible investment approach: Open to partnerships if multiple high-potential opportunities arise