Cigarette tax hike impact on domestic volumes
A sharp increase in cigarette taxes may negatively impact domestic tobacco packaging volumes, though the portfolio is diversified.
TCPLPACKAGING / Q3-FY26 / risks
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TCPL Packaging · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Export recovery slower than expected
Despite trade deals, export recovery may take time as customer development cycles are lengthy; no immediate ramp-up expected.
Potential paper price volatility
If China dumps paper board globally, margin compression could recur, though protectionist measures like MIP provide some buffer.