Beauty & Cosmetics Growth
26%
+26% YoY
Beauty & cosmetics segment grew 26% YoY, outperforming overall growth and driving portfolio mix shift.
EPL
Other
10 Feb 2026
EPL Limited — Q3 FY26
EPL delivered another strong quarter with 13.3% revenue growth, driven by broad-based double-digit expansion across three of four regions.
✓ Verified against BSE filing
2-Min Summary
EPL delivered another strong quarter with 13.3% revenue growth, driven by broad-based double-digit expansion across three of four regions. The beauty & cosmetics segment continued to outperform, growing 26% YoY and now representing 53% of the portfolio. EBITDA margin held at 20.1%, within the target range, though down 20bps YoY due to Europe operational issues. PAT was flat due to a one-off base effect; excluding that, PAT grew 11%. ROCE improved 184bps to 18.7%. Management reiterated its long-term guidance of sustained double-digit revenue growth with EBITDA growth slightly ahead. Key risks include Europe margin recovery timing and potential commodity price volatility, though pass-through mechanisms have been strengthened.
Key Numbers
Non-Oral Share of Portfolio
53%
+?pp YoY
Non-oral (primarily beauty & cosmetics) now accounts for 53% of total portfolio, up from prior periods.
Sustainable Tube Sales Share
38%
flat YoY
Sustainable tube formats contributed 38% of sales, reflecting sustained customer adoption.
ROCE
18.7%
+184bps YoY
ROCE improved 184bps YoY to 18.7%, driven by margin discipline and capital efficiency.
Management Guidance
Sustained double-digit revenue growth
Management reiterated long-term guidance of sustained double-digit revenue growth, with EBITDA growth slightly ahead.
growthEurope margins to return to mid-teens
Management expects Europe margins to improve to mid-teen levels in coming quarters through operational initiatives.
marginsBeauty & cosmetics to grow in high teens
Beauty & cosmetics segment expected to continue growing in high teens, with significant headroom for market share gains.
growthGradual ROCE improvement
ROCE expected to improve year-on-year through multiple levers, though no specific year-level guidance provided.
otherKey Risks
Europe margin recovery may be delayed
Europe margins were impacted by short-term operational issues and adverse mix; recovery to mid-teens may take longer than expected.
medium · management_commentaryCommodity price volatility could pressure margins
If polymer prices rise sharply, despite pass-through mechanisms, there is risk of margin compression if negotiations lag.
medium · analyst_questionThailand ramp-up may be gradual
Thailand plant only commercialized in November; scale-up is organic without an anchor customer, so revenue contribution may be slow.
low · analyst_questionCustomer concentration in oral care
Oral care segment is dominated by a few large customers; any slowdown or inventory correction could impact growth.
medium · data_observationNotable Quotes
The best is yet to come.
Our long-term guidance remains unchanged which is double-digit revenue growth.
We are confident of returning to targeted mid-teen margins in the coming quarters.