TCPL Packaging Limited (TCPLPACK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.3%

₹921.66

vs ₹4,242.50 price

Levered DCF

₹604.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	21.21×	27.56×	20.22×	11.54×	13.87×	12.12×	3.96×	13.86×
P/B	2.89×	6.12×	3.82×	2.9×	1.93×	1.35×	0.54×	1.67×
P/S	1.15×	2.23×	1.32×	0.88×	0.61×	0.46×	0.17×	0.5×
EV / EBITDA	8.88×	14.92×	9.7×	6.79×	7.05×	5.32×	4.08×	7×
Gross margin	27.4%	29.4%	16.1%	38.0%	27.3%	28.0%	27.2%	25.9%
Operating margin	11.6%	12.3%	10.7%	10.8%	8.2%	7.9%	9.0%	8.7%
Net margin	5.4%	8.1%	6.7%	7.6%	4.4%	3.8%	4.2%	3.6%
Current ratio	1.26×	1.23×	1.2×	1.12×	1.01×	1.04×	1.03×	0.96×
Debt / equity	0.88×	1.01×	0.96×	1.13×	1.36×	1.07×	1.34×	1.33×
Interest coverage	2.64×	3.73×	2.93×	3.39×	2.55×	1.9×	2.29×	2.72×
Dividend yield	1.3%	0.5%	0.9%	0.7%	1.0%	0.9%	4.0%	0.8%
Payout ratio	27.9%	14.0%	18.0%	8.2%	14.1%	11.3%	15.8%	11.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.6%	22.2%	19.3%	25.1%	13.9%	11.1%	13.6%	12.0%
Return on invested capital	10.2%	13.4%	11.3%	11.5%	7.0%	7.5%	9.8%	8.0%
Return on assets	5.7%	8.9%	7.6%	9.1%	4.4%	4.0%	4.6%	4.0%
Free cash flow yield	3.0%	-2.0%	4.4%	0.7%	-14.1%	14.7%	16.5%	-2.3%
Earnings yield	4.7%	3.6%	5.0%	8.7%	7.2%	8.2%	25.3%	7.2%
Enterprise value	₹27B	₹45.9B	₹25.1B	₹17.8B	₹11.1B	₹7.2B	₹5B	₹7.2B
Net debt / EBITDA	2.05×	2.1×	1.93×	1.9×	2.89×	2.33×	2.91×	3.1×
Cash conversion cycle (days)	97	95	90	106	87	75	94	97