EPL Limited promoter Epsilon Bidco Pte. Ltd. disposed of its entire shareholding in the company through open-market transactions on September 1, 2026.

The Singapore-based entity sold 8,44,79,781 shares, representing 26.37% of the total voting capital and diluted voting capital of EPL Limited. This transaction reduces Epsilon’s holding from 26.37% to 0%.

Transaction Details

The disposal was executed via the open market on September 1, 2026. Prior to this sale, Epsilon Bidco held no encumbered shares, warrants, or other convertible instruments. The post-transaction holding reflects a complete exit from the equity capital of EPL Limited.

Capital Structure Context

The percentage calculations rely on EPL Limited’s total paid-up equity share capital of 32,03,14,159 shares as on August 5, 2026. This figure incorporates an allotment of 16,500 equity shares to eligible employee stock option holders under the Employee Stock Option Scheme 2020.

The total diluted share/voting capital of the company stands at 32,52,78,013 shares, based on data disclosed for the quarter ended June 30, 2026.

Regulatory Disclosure

The transaction was disclosed under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The intimation was signed by Aravind Krishnan Sreekumar, Director of Epsilon Bidco Pte. Ltd., from Singapore.

EPL Limited raised its growth guidance to high teens for upcoming quarters. The Co-CEO also confirmed an underlying EBITDA margin of 20%, signaling sustained operational efficiency despite ongoing raw material cost pressures.

Financial Performance

The updated guidance reinforces the company’s trajectory following its Q1FY27 results, where revenue grew by 25.3%. While the previous quarter reported an underlying EBITDA margin of 19.6%, the confirmation of a 20% margin for future periods indicates successful pass-through mechanisms and cost management.

Reported EBITDA in Q1FY27 grew by 15.2%, achieving a margin of 18.8%. On an underlying basis, excluding pass-through impacts from higher raw material prices, revenue grew by 20%. Profit before tax (PBT) increased by 10%, reflecting strong operational execution. However, net profit after tax (PAT) declined by 1.4% due to a higher effective tax rate (ETR), which management attributed to lapping a low base year ETR.

Segment and Regional Growth

Growth was broad-based across product categories and geographies in Q1FY27. Beauty & Cosmetics maintained a trajectory exceeding 20% growth, while Oral Care also crossed the 20% mark. Personal Care & Beyond now accounts for 54% of the portfolio, strengthening the company’s presence in high-growth segments.

Regionally, East Asia-Pacific (EAP) led with 34.3% growth, followed by Americas at 29.4%. Europe and AMESA grew by 20.2% and 17%, respectively. Every region delivered double-digit growth, demonstrating resilient global demand.

What the Numbers Show

The divergence between PBT growth (+10%) and PAT decline (-1.4%) highlights the impact of tax rate variability on bottom-line delivery. With the current quarter’s ETR at 22% compared to last year’s lower base, the profit compression is non-operational. Management projects the full-year ETR to settle between 20% and 22%, suggesting that operational profitability remains strong despite the headline PAT dip.

Additionally, working capital increased by approximately ₹180 crore in the quarter, largely driven by inventory buildup due to rising raw material costs and strategic safety stock accumulation. Receivables days remain under control, indicating that the working capital shift is supply-chain defensive rather than collection-related.

Strategic Outlook and M&A

Management reaffirmed its focus on disciplined capital allocation, with return on capital employed (ROCE) standing at 18.5%. The proposed merger with Indovida received approval from the Competition Commission of India, progressing toward completion within the planned timeline. This transaction aims to expand EPL’s footprint into rigid plastic packaging and new emerging markets in Southeast Asia and Africa.

Sustainability initiatives continue to gain traction, with sustainable tubes accounting for 44% of the overall product mix. The company also recognized multiple innovation awards, including the ETMA Tube of the Year Award, reinforcing its position in differentiated packaging solutions.