EPL Limited aims to double its revenue to Rs 20,000 crore over five years, anchored by its pending merger with Indovida.

EPL’s Managing Director and Global CEO, Hemant Bakshi, laid out the target after Blackstone exited its entire 26.38% stake in the company earlier this month for Rs 2,032 crore, selling out through an open market transaction.

The Indovida merger is still waiting on regulatory approval. Once it clears, Indorama Ventures, Indovida’s parent, will hold a 52% stake in EPL, and Bakshi expects that approval by March or April 2026.

Bakshi pegs starting revenue at close to Rs 10,000 crore, with EBITDA around Rs 2,000 crore and net profit near Rs 850 crore.

By 2031, he expects EBITDA to climb to about Rs 4,000 crore, on a 20% margin. The logic behind the merger is fairly simple. EPL currently makes laminated plastic tubes, a single packaging format.

Indovida brings rigid plastic packaging into the mix, along with a stronger presence in Southeast Asia and Africa, regions where EPL has less reach today.

Bakshi also pointed out that Indovida carries zero debt and generates a higher return on capital than EPL currently does.

Once the merger goes through, EPL’s debt-to-EBITDA ratio is expected to fall to just 0.25.

That low debt load opens room for more acquisitions, and the company is already looking at targets in Indonesia, a market it doesn’t currently operate in, along with beauty and cosmetics packaging formats like jars and dispensers.

On the growth math, Bakshi said the 14.5% compound annual growth rate needed to double revenue will come mostly from existing operations, about 12.5 percentage points, with the remaining 2.5 percentage points coming from acquisitions.

Margin guidance for the combined entity stands at 20%, with EBITDA expected to grow faster than revenue in the years ahead. EPL’s own Q1 performance gives an early signal of that trajectory.

The company posted an 18.5% margin for the quarter, or 19.6% excluding the impact of the Middle East crisis on input costs, after passing on higher costs to customers through pricing rather than absorbing them.

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