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livemint.com / 1 month ago
livemint.com / 1 month ago
EPL merges with Indovida at a 70% premium to build a $2 bn packaging giant. Will it unlock shareholder value?
EPL is the world's largest manufacturer of laminated tubes, producing roughly 9 billion tubes annually. It operates 21 manufacturing facilities across 11 countries, catering to the oral care, beauty, and personal care (BPC), and pharmaceutical segments.
In CY25, EPL generated ₹4,570 crore in revenue while maintaining a strong Ebitda (earnings before interest, taxes, depreciation, and amortization) margin of 20.4%.Complementing this, Indovida India Pvt Ltd., a wholly-owned subsidiary of Indorama Ventures, is a global leader in rigid PET packaging. Indorama is a leading global producer of sustainable chemicals and the world's largest manufacturer of polyethylene terephthalate.This strategic parentage provides Indovida with deep expertise across the polymers value chain, reliable and cost-effective access to raw materials, capital, and sustainability support.
It offers a differentiated product portfolio, including manufacturing performance (which accounts for 75% of its revenue), as well as bottles and closures. It operates 19 facilities across nine countries, mostly in Southeast Asia and Africa, and generated ₹3,810 crore in revenue with a 21.3% Ebitda margin in CY25.
The margins of both businesses are quite similar.Indovida caters to marquee global clients such as Coca-Cola, PepsiCo, Unilever, Nestlé, and L'Oréal, strengthening the combined entity's access to blue-chip demand. The merger creates a multi-format packaging platform with revenue of 8,377 crore, making it the second-largest player by revenue after Uflex.
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21.05 / 10:17
UPS
Art
Booking
wellness
film
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Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
markets
UPS
IPO
NVIDIA
SpaceX
Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
Digital
CEO
War
Omnicom
RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
markets
IPO
Racing
NVIDIA
SpaceX
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21.05 / 09:47
markets
Analysis
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trends
Trade
FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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21.05 / 09:47
markets
Research
trends
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PI Industries’ weak core business keeps investors on edge
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21.05 / 09:47
markets
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love
audience
consequences
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21.05 / 08:45
Provident
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Secured credit cards: Unlocking credit and building a credit score for millions
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21.05 / 08:45
Provident
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
UPS
Manufacturing
Mobile
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electronic
Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
