EPL Invests Another Rs 14.45 Crore in Thailand Plant as It Nears Commercial Launch
EPL Ltd has invested a further 49.5M Thai Baht (~Rs 14.45 crore) in its wholly-owned subsidiary EPL Packaging (Thailand) Co. Ltd (EPTL), the company said on July 4, 2026. The infusion was made on July 3, 2026, and the transaction is expected to close by August 14, 2026. This is part of EPL’s larger plan to build a laminated tubes plant in Thailand, a market management calls “large and attractive”.
What EPL Does
EPL makes the tubes and containers used by global consumer brands such as Unilever, P&G, PepsiCo and L’Oréal. Its main product is the flexible laminated tube (used in toothpaste, creams, cosmetics) and it also offers rigid plastic bottles and caps. The company recently merged with Indovida to expand into rigid plastic packaging.
How EPL Entered Thailand – A Rapid, Organic Expansion
EPL entered Thailand by leveraging the infrastructure of the Indorama Ventures (IVL) Group. From concept to commercialisation, the entry took just nine months — the shortest lead time the company has ever achieved in a new market. The greenfield laminated tube plant was set up in November 2025 at a cost of $5 million. Commercial production began in Q3 FY26 (the quarter ended December 31, 2025).
Unlike its earlier Brazil expansion, which started with a single anchor customer, the Thailand entry was organic. A local sales team was on the ground for more than a year before the plant came online, building a pipeline of business. As CEO Hemant Bakshi explained in the February 2026 earnings call: “We worked in Thailand now for more than a year with the actual sales team on the ground which has been building a pipeline of business for us. We have a really strong and healthy pipeline.” Prior to local manufacturing, some exports to Thailand were supplied from EPL’s China facility.
What the Company Expects for Growth and Revenue
EPL has not disclosed specific revenue or growth targets for Thailand, but management expects volumes to begin contributing from FY27 and scale gradually over an extended period, mirroring the ramp‑up it saw in Brazil. Bakshi said in May 2026: “FY27, we will start seeing volumes from Thailand in the next couple of quarters. And it will scale gradually.” He compared the expected trajectory to Brazil, which took three years to become a strong growth engine, adding: “We see no reason why Thailand will not repeat the same example.”
At the consolidated level, the company maintains a “double‑digit revenue growth” guidance, with Thailand seen as one element of that growth alongside its aggressive Beauty & Cosmetics play, Brazil scale‑up, and M&A. The May 2026 investor presentation explicitly lists “Geographical Expansion with Thailand” as one of the initiatives driving double‑digit revenue growth, though it provides no separate financial breakdown for the country.
This Investment: Bolstering a Young Subsidiary
EPTL was incorporated in February 2025 for tube manufacturing and trading in Thailand. Its turnover for the year ended March 31, 2026 was just 16.2 million Thai Baht – clearly a very early stage.
The Rs 14.45 crore infusion is part of EPL’s elevated capex cycle. For FY26, the company spent Rs 480 crore on capex, mainly in the beauty & cosmetics segment, choosing to invest “ahead of the curve” to capture demand. CFO Deepak Goyal said FY27 capex will remain “at a slightly elevated level”.
Financial Context
EPL’s consolidated numbers show it can afford such upfront investments. For full-year FY26, revenue was Rs 4,763.1 crore and net profit was Rs 393.9 crore. In the latest quarter (Jan–Mar 2026), revenue stood at Rs 1,300.5 crore and net profit at Rs 103.3 crore. The current investment is just about 3.7% of that quarter’s net profit – modest in the context of overall earnings.
EPL’s Global Footprint: Regional Revenue Snapshot
Thailand sits within the EAP (East Asia & Pacific) region – a geography that posted 25% revenue growth in Q4 FY26, driven largely by China. Thailand itself is still in its certification phase and has not yet contributed meaningfully to that growth. But this latest investment shows EPL is committed to building its Thailand base, following a strategy similar to what turned Brazil into a “blockbuster” for the Americas region. The table below summarises how each region performed in FY26 and Q4, with key management commentary on the countries driving those numbers.
Sources: AMESA — ; EAP — ; Americas — ; Europe — .
| Region | FY26 Revenue (Rs cr) | FY26 Growth | Q4FY26 Growth | Key Country Commentary |
|---|---|---|---|---|
| AMESA | 1,544.1 | +5.1% | +10.4% | |
| EAP | 1,161.3 | +15.7% | +25.0% | China was the main driver with “incredibly good performance” and significant Beauty & Cosmetics share gains; Thailand still in validation phase |
| Americas | 1,344.9 | +21.1% | +24.1% | Brazil described as “a blockbuster” and “consistent outperformer”; every country (US, Mexico, Colombia) grew double-digit |
| Europe | 1,091.6 | +10.4% | +15.5% | Recovered from a weak Q3 (8% growth) due to adverse customer mix and seasonal slowdown |
India grew 4.5% for FY26, 11.5% in Q4
India EBITDA margin: 18.2% for FY26, 16.9% for Q4.
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