From FY 2010 to FY 2025, TCPL delivered a strong consolidated revenue CAGR of 16% and reported 31.18% export growth despite weak domestic demand

From FY 2010 to FY 2025, TCPL delivered a strong consolidated revenue CAGR of 16% and reported 31.18% export growth despite weak domestic demand

- The ‘China+1’ trend is expected to position the Company well for sustained growth and long-term success
- TCPL has achieved a revenue growth of 14.85 % on consolidated basis, compared to the previous year, achieving revenue from operations of Rs. 1770.26 Crores
- TCPL has set an ambitious target to achieve carbon neutrality for its Scope 1 and Scope 2 greenhouse gas emissions by 2040, using FY 2023–24 as our baseline year.

The Pulp and Paper Times

TCPL Packaging Limited (TCPL) is one of India’s leading packaging companies, known for its commitment to sustainability, scale of operations, and customer focused approach. As a market leader in folding cartons and the largest standalone converter of paperboard in the country, as well as being an innovative player in flexible packaging TCPL plays a critical role in supporting the consumer-packaged goods (CPG) sector, both within India and internationally.

With a strong and growing national footprint, TCPL operates nine advanced manufacturing facilities located strategically in Haridwar, Silvassa, Goa, Guwahati, Greater Noida, and a recently inaugurated greenfield site near Chennai. These state of-the-art plants are supported by a skilled workforce of over 3,500 and represent one of the most extensive production infrastructures in the Indian packaging industry.

In FY 2025, TCPL has achieved a revenue growth of 14.85 % on consolidated basis, compared to the previous year, achieving revenue from operations of Rs. 1770.26 Crores. The standalone revenues increased by 13.79 % compared to the previous year, achieving revenue from operations of Rs. 1696.38 Crores. Over the 15-year period from FY 2010 to FY 2025, the company delivered a strong consolidated revenue CAGR of 16%, underlining its financial resilience and operational scalability. As it moves forward, TCPL continues to invest in new technologies, capacity expansion, and sustainable practices to ensure it remains at the forefront of packaging innovation in India and beyond.

Furthermore, TCPL is pleased to highlight the remarkable growth in exports, which rose by 31.18% to reach Rs. 604.14 crores for the year ended March 31, 2025, as against Rs 460.54 crores in the previous year ended March 31, 2024.

In FY2025, TCPL expanded its footprint by establishing a greenfield facility in Southern India, located near Chennai. This new facility strengthens the Company’s Pan-India presence and enhances its ability to serve both existing and new customers more efficiently. The strategic location near major industrial hubs offers logistical advantages and easy access to core markets.

“In the fiscal year 2024-25, we are proud to report significant strides in our sustainability journey. Our ongoing investments in energy, water, and waste conservation are designed to minimize our environmental footprint. As part of our long-term commitment to environmental responsibility, I am pleased to share that we have set an ambitious target to achieve carbon neutrality for our Scope 1 and Scope 2 greenhouse gas emissions by 2040, using FY 2023–24 as our baseline year. This milestone reflects our strategic focus on reducing operational emissions and aligning our business with a more sustainable future. By embracing innovative technologies and practices, we are not only optimizing costs but also safeguarding our natural resources, thereby laying a strong foundation for sustainable growth”, Mr. Saket Kanoria, Managing Director of TCPL said in the annual report for FY 24-25.

Carbon Neutral by 2040

TCPL has adopted a target to achieve carbon neutrality for Scope 1 and Scope 2 greenhouse gas emissions by 2040, using FY 2023–24 as the baseline year. This commitment is aligned with a broader approach to environmental responsibility and reflects an intent to reduce operational emissions over the long term.

The transition toward carbon neutrality is being supported through various initiatives focused on improving energy efficiency, increasing the share of renewable energy, and exploring the use of cleaner fuel alternatives wherever feasible. Additionally, the Company is adopting emission-reducing technologies and systems across its operations.

A key initiative includes the installation of solar panels with a cumulative capacity of approximately 4,516 KWp across operational sites, which is helping reduce dependence on grid-supplied electricity and contributing to a lower carbon footprint.

Waste Management and Circular Economy

The company continues to integrate circular economy principles into its packaging design and materials strategy, with a focus on enabling recyclability and reducing end-of-life environmental impact. The Company is evaluating opportunities to enhance material recovery and reuse across the product lifecycle, in alignment with evolving regulatory expectations and industry best practices.

Paperboard scrap remains the largest waste stream. As a nonhazardous and fully recyclable material, it is systematically collected and channelled to authorised recyclers, ensuring that it re-enters the value chain rather than ending up in landfills. In parallel, all food waste generated at the manufacturing sites is composted on-site and repurposed as nutrient-rich manure for in-house landscaping, closing the loop within own operations.

As part of its compliance under the Extended Producer Responsibility (EPR) framework, The Company works with CPCB-authorised partners for responsible disposal of packaging waste and e-waste. All sites are registered with the relevant State Pollution Control Boards, and annual returns are filed in accordance with regulatory mandates. Opportunities for expanding value chain collaboration on product lifecycle management, including future-ready recovery and takeback solutions, are being explored as part of ongoing sustainability integration.

Focused Investments in R&D and Capital Expenditure

During the year, TCPL Packaging Limited continued to allocate capital in a disciplined and forward-looking manner. The Company increased its investments in Research & Development (R&D) as well as Capital Expenditure (Capex), with a clear emphasis on technology, sustainability, and capacity enhancement.

• A significant 17% of R&D expenditure was dedicated to initiatives aimed at improving the environmental and social impacts of products.
• Similarly, 83% of capital expenditure during the year was focused on technologies and infrastructure that support environmental and social goals including implementing renewable energy plants.

These forward-thinking investments not only enhance the environmental profile but also unlock operational benefits such as energy savings, productivity improvements, and reduced regulatory risk- thereby delivering both economic and ESG returns.

FUTURE PROSPECTS

It is noteworthy that there has been a noticeable shift in the sentiment of the western world, favoring a move of supply chains away from China. This shift in sentiment presents a compelling opportunity for Indian exports. Companies and countries are actively exploring alternatives and seeking new trade partnerships.

Overall, the Company’s proactive approach in exploring and leveraging opportunities arising from the shift in sentiment and the “China+1” trend will position the Company well for sustained growth and success in the future.

Coming to TCPL’s core, the domestic consumer goods market growth has been hampered by weak domestic demand. The same is evident in the results of major FMCG companies, reporting weak or stagnant volume growth for many quarters now. Despite this TCPL has managed to grow by increasing share of business in existing customers and tapping new customers. TCPL’s management is confident that this weak volume growth in the domestic industry is a temporary phenomenon, and this is bound to improve over a period. The revival in domestic volumes will be a further impetus to your Company’s growth.

Mr. Saket Kanoria further stated that, this year, we are excited to launch our sustainable procurement policy, a strategic initiative that embodies our dedication to environmental stewardship and social responsibility. By partnering with suppliers who share our values, we enhance the quality of our products, strengthen our reputation, and contribute to a more sustainable business environment. Notably, we have procured nearly a quarter of our paperboard, our primary raw material, from FSC-certified sources, demonstrating our commitment to responsible sourcing.
 

Published at : Apr 06, 2026 09:07 AM (IST)

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