EPL (500135) Q4 25/26 earnings summary

Executive summary

• Announced a proposed merger with Indovida, aiming to create a nearly $1 billion consumer packaging platform, pending regulatory approvals, and expected to close by Q4 FY 2027.

• Achieved highest quarterly revenue growth in five years, with Q4FY26 revenue up 17.6% and full-year revenue up 13%, driven by strong Beauty & Cosmetics segment performance and double-digit growth across all regions.

• Beauty and cosmetics segment delivered record 30% year-on-year growth, now larger than Oral Care in most key markets, with personal care and beyond mix at 53%.

• Sustainability and innovation remain core, with 38% of sales from sustainable tube formats and EcoVadis Platinum ESG rating, placing in the top 1% globally.

• Audited standalone and consolidated financial results for FY26 were approved, with auditors expressing an unmodified opinion.

Financial highlights

• Q4FY26 revenue: INR 13,005 million (+17.6% YoY); full year: INR 47,631 million (+13.0% YoY).

• Q4 EBITDA: INR 2,246 million (+17.2% YoY), margin at 20.2%; full year EBITDA: INR 9,724 million (+15.8% YoY), margin at 20.4%.

• Q4 PAT (excluding exceptional items): INR 1,191 million (+1.0% YoY); full year PAT: INR 4,171 million (+15.0% YoY).

• Basic EPS (consolidated) for FY26 was ₹12.15, up from ₹11.27 in FY25.

• Net debt/LTM EBITDA at 0.52x; ROCE improved to 19.0%.

Outlook and guidance

• Guidance maintained for low double-digit revenue growth (11%-13%) for the long term, with aggressive expansion in Beauty & Cosmetics, Brazil, and Thailand.

• Aiming to increase ROCE from 18% to over 25% by FY29 through margin improvement and operational efficiencies.

• Confident in recovering all cost increases from the Middle East crisis, with no expected lag in pass-through to customers.