Downgrades

Quarterly Update Q2FY26

EPL reported an EBITDA of INR2.3b (+22% YoY) in 1QFY26, in line with our estimate. This was driven by EBITDA growth across all regions, with Europe/America/EAP/AMESA witnessing a growth of 52%/35%/8%/2% YoY.

sustain its volume growth. Further, the management expects EBITDA/kg to improve to ~4142, supported by rising contributions from Pharma and FMCG. Considering these positive developments, we have an Accumulate rating with a target price of Rs. 941, based on 33x FY27E EPS....

We recommend a BUY rating on the stock with a TP of Rs 555/share, implying an upside of 10% from the CMP.

Quarterly Update Q3FY25

EPL reported an EBITDA of INR2b (+10%YoY) in 3QFY25, below estimates due to lower-than-expected performance of AMESA (down ~9.5% YoY) and EAP (~down 2.9% YoY), primarily driven by the slowdown in the Indian market and currency depreciation in Egypt, respectively.

We maintain our HOLD rating on the stock

We have revised our rating on the stock from BUY to HOLD as volume and margin recovery is now expected in FY26E and onwards.

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.

EPL’s Q4FY24 print was mixed, though it came slightly higher than our EBITDA estimate. The company reported mid single digit growth in India [standalone] EBITDA, which is concerning.

EPLL reported a strong operating performance in 4QFY24, with EBITDA rising
23% YoY due to 2.1x YoY EBITDA growth for the Americas (led by the
ongoing program to improve margins in the Americas coupled with a
positive contribution from the Brazil business).