Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹20.98, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 17x in the Packaging industry in India. Total returns to shareholders of 29% over the past year. Reported Earnings • May 11
Full year 2026 earnings released: EPS: ₹0.58 (vs ₹0.081 in FY 2025) Full year 2026 results: EPS: ₹0.58 (up from ₹0.081 in FY 2025). Revenue: ₹342.8m (up 14% from FY 2025). Net income: ₹24.9m (up ₹21.4m from FY 2025). Profit margin: 7.3% (up from 1.2% in FY 2025). The increase in margin was driven by higher revenue. Duyuru • May 02
TPI India Limited to Report Q4, 2026 Results on May 08, 2026 TPI India Limited announced that they will report Q4, 2026 results on May 08, 2026 New Risk • Apr 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Negative equity (-₹141m). Market cap is less than US$10m (₹728.7m market cap, or US$7.67m). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Revenue is less than US$5m (₹322m revenue, or US$3.4m). Reported Earnings • Feb 08
Third quarter 2026 earnings released: EPS: ₹0.12 (vs ₹0.04 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.12 (up from ₹0.04 in 3Q 2025). Revenue: ₹84.0m (up 2.6% from 3Q 2025). Net income: ₹5.15m (up 197% from 3Q 2025). Profit margin: 6.1% (up from 2.1% in 3Q 2025). The increase in margin was primarily driven by higher revenue. Duyuru • Feb 02
TPI India Limited to Report Q3, 2026 Results on Feb 06, 2026 TPI India Limited announced that they will report Q3, 2026 results on Feb 06, 2026 Duyuru • Jan 23
TPI India Limited has filed a Follow-on Equity Offering in the amount of INR 160 million. TPI India Limited has filed a Follow-on Equity Offering in the amount of INR 160 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: Rights Offering Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: ₹0.05 (vs ₹0.03 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.05 (up from ₹0.03 in 2Q 2025). Revenue: ₹89.3m (up 17% from 2Q 2025). Net income: ₹2.18m (up 45% from 2Q 2025). Profit margin: 2.4% (up from 2.0% in 2Q 2025). The increase in margin was driven by higher revenue. Duyuru • Nov 09
TPI India Limited to Report Q2, 2026 Results on Nov 13, 2025 TPI India Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Recent Insider Transactions • Sep 26
MD & Chairman recently sold ₹24m worth of stock On the 24th of September, Bharat Parekh sold around 2m shares on-market at roughly ₹16.00 per share. This transaction amounted to 5.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Bharat has been a net seller over the last 12 months, reducing personal holdings by ₹32m. Recent Insider Transactions • Sep 17
MD & Chairman recently sold ₹8.0m worth of stock On the 15th of September, Bharat Parekh sold around 500k shares on-market at roughly ₹16.02 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Bharat's only on-market trade for the last 12 months. Duyuru • Aug 28
TPI India Limited, Annual General Meeting, Sep 18, 2025 TPI India Limited, Annual General Meeting, Sep 18, 2025, at 12:00 Indian Standard Time. Reported Earnings • Jul 19
First quarter 2026 earnings released: ₹0.03 loss per share (vs ₹0.05 loss in 1Q 2025) First quarter 2026 results: ₹0.03 loss per share (improved from ₹0.05 loss in 1Q 2025). Revenue: ₹68.5m (up 9.2% from 1Q 2025). Net loss: ₹1.08m (loss narrowed 49% from 1Q 2025). Duyuru • Jul 14
TPI India Limited to Report Q1, 2026 Results on Jul 18, 2025 TPI India Limited announced that they will report Q1, 2026 results on Jul 18, 2025 Reported Earnings • May 28
Full year 2025 earnings released: EPS: ₹0.08 (vs ₹0.11 in FY 2024) Full year 2025 results: EPS: ₹0.08 (down from ₹0.11 in FY 2024). Revenue: ₹302.0m (up 27% from FY 2024). Net income: ₹3.50m (down 24% from FY 2024). Profit margin: 1.2% (down from 1.9% in FY 2024). The decrease in margin was driven by higher expenses. Duyuru • May 22
TPI India Limited to Report Q4, 2025 Results on May 27, 2025 TPI India Limited announced that they will report Q4, 2025 results on May 27, 2025 New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹146m). Market cap is less than US$10m (₹733.8m market cap, or US$8.47m). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Revenue is less than US$5m (₹292m revenue, or US$3.4m). Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹0.04 (vs ₹0.11 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹0.04 (up from ₹0.11 loss in 3Q 2024). Revenue: ₹81.9m (up 35% from 3Q 2024). Net income: ₹1.73m (up ₹6.47m from 3Q 2024). Profit margin: 2.1% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Duyuru • Feb 10
TPI India Limited to Report Q3, 2025 Results on Feb 14, 2025 TPI India Limited announced that they will report Q3, 2025 results on Feb 14, 2025 Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: ₹0.03 (vs ₹0.14 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.03 (up from ₹0.14 loss in 2Q 2024). Revenue: ₹76.3m (up 43% from 2Q 2024). Net income: ₹1.50m (up ₹7.66m from 2Q 2024). Profit margin: 2.0% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 05
TPI India Limited to Report Q2, 2025 Results on Nov 14, 2024 TPI India Limited announced that they will report Q2, 2025 results on Nov 14, 2024 New Risk • Sep 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹822.3m (US$9.83m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹146m). Market cap is less than US$10m (₹822.3m market cap, or US$9.83m). Minor Risk Revenue is less than US$5m (₹248m revenue, or US$3.0m). New Risk • Sep 12
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₹146m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-₹146m). Minor Risks Revenue is less than US$5m (₹248m revenue, or US$3.0m). Market cap is less than US$100m (₹1.04b market cap, or US$12.4m). Reported Earnings • Aug 20
First quarter 2025 earnings released: ₹0.05 loss per share (vs ₹0.47 profit in 1Q 2024) First quarter 2025 results: ₹0.05 loss per share (down from ₹0.47 profit in 1Q 2024). Revenue: ₹62.7m (up 20% from 1Q 2024). Net loss: ₹2.09m (down 111% from profit in 1Q 2024). Duyuru • Aug 16
TPI India Limited, Annual General Meeting, Sep 21, 2024 TPI India Limited, Annual General Meeting, Sep 21, 2024. Duyuru • Aug 06
TPI India Limited to Report Q1, 2025 Results on Aug 14, 2024 TPI India Limited announced that they will report Q1, 2025 results on Aug 14, 2024 New Risk • Jun 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.9% Last year net profit margin: 75% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.09x net interest cover). Market cap is less than US$10m (₹791.0m market cap, or US$9.47m). Minor Risks Negative equity (-₹146m). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Revenue is less than US$5m (₹239m revenue, or US$2.9m). Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹0.11 (vs ₹3.70 in FY 2023) Full year 2024 results: EPS: ₹0.11 (down from ₹3.70 in FY 2023). Revenue: ₹238.6m (up 12% from FY 2023). Net income: ₹4.60m (down 97% from FY 2023). Profit margin: 1.9% (down from 75% in FY 2023). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 82% per year, which means it is significantly lagging earnings growth. Duyuru • May 23
TPI India Limited to Report Q4, 2024 Results on May 30, 2024 TPI India Limited announced that they will report Q4, 2024 results on May 30, 2024 Buy Or Sell Opportunity • Mar 27
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₹15.71. The fair value is estimated to be ₹13.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Feb 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Independent Director Ravindra Shukla was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
