EPL Targets Doubling Revenue to ₹20,000 Crore in Five Years Through Indovida Merger

EPL Limited is targeting revenue of about ₹20,000 crore over the next five years as it prepares for a larger scale of operations following its proposed merger with Indovida. 

Managing Director and Global CEO Hemant Bakshi has outlined a growth plan that would take the packaging company from a combined revenue base of roughly ₹10,000 crore towards ₹20,000 crore by 2031. 

The merger with Indovida sits at the centre of that plan. Once completed, it would bring EPL’s flexible packaging business together with Indovida’s rigid PET packaging operations, creating a broader consumer packaging platform across emerging markets. EPL’s own merger announcement described the combined business as a roughly $1 billion revenue entity. 

Growth plan combines existing business and acquisitions 

To reach the ₹20,000 crore revenue target, EPL is working with a growth assumption of roughly 14.5% a year over the next five years. 

Most of that increase is expected to come from the existing business. Management has indicated that around 12.5 percentage points of the targeted growth would come from internal operations, with acquisitions contributing another 2.5 percentage points. 

The company has also indicated that the combined entity could begin with revenue close to ₹10,000 crore, EBITDA of around ₹2,000 crore and net profit of about ₹850 crore. 

By 2031, EBITDA is expected to reach around ₹4,000 crore if the company meets its growth and margin assumptions. 

EPL aims to keep margins around 20% 

Margins remain an important part of the five-year plan. 

EPL has guided towards a consolidated EBITDA margin of around 20% after the merger. The company reported an 18.5% margin in Q1, while management indicated that the underlying margin would have been around 19.6% excluding the impact of disruption linked to the Middle East. 

The company has separately spoken of sustaining underlying EBITDA margins around the 20% level as the business grows. 

That leaves EPL with a clear financial framework: revenue growth is expected to be accompanied by EBITDA growth at a faster pace, rather than expansion being driven by sales alone. 

Indovida merger changes ownership and business mix 

The proposed merger will also change EPL’s ownership structure. 

Under the announced transaction, Indorama Ventures, through its subsidiaries, is expected to hold about 51.8% of EPL after completion. EPL disclosed the structure when the merger was announced in March. 

The combination would add Indovida’s rigid packaging operations to EPL’s existing laminated tube business. 

Indovida reported revenue of more than ₹3,800 crore in 2025, with an EBITDA margin of 21.3%. It operates 19 manufacturing facilities across nine countries, with a large share of its business coming from emerging markets in Southeast Asia and Africa. 

For EPL, that means the merger would broaden both its product portfolio and its geographic reach. 

Blackstone exits as merger moves forward 

The growth plan comes after Blackstone sold its remaining stake in EPL. 

The private equity investor had been a major shareholder in the company, but its exit changes the ownership picture ahead of the proposed Indovida combination. 

The merger itself remains subject to regulatory and other approvals. EPL’s official transaction documents state that completion depends on customary regulatory clearances as well as shareholder and creditor approvals. 

Combined business starts from a larger base 

The significance of the merger lies less in an immediate jump to the ₹20,000 crore target and more in the larger base from which EPL expects to grow. 

When the transaction was first announced, EPL said the combined platform would have roughly ₹8,300 crore in revenue and around ₹1,750 crore in EBITDA based on the then-available figures. 

Management’s more recent five-year plan now points to a revenue base approaching ₹10,000 crore, with further growth expected from existing operations, acquisitions and the broader portfolio created by the Indovida combination. 

The ₹20,000 crore target therefore remains a management goal rather than a realised outcome, and its achievement will depend on completion of the merger, execution of the growth plan and the company’s ability to sustain margins near the levels it has outlined.