EPL (500135) Q2 25/26 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth, 16.1% EBITDA growth, and 19.9% PAT growth, with EBITDA margin above 20% for five consecutive quarters and strong performance in 'Personal Care & beyond' and B&C categories.

• 'Personal Care & beyond' now contributes 53% of tube revenue, with 23.4% year-over-year growth, outpacing Oral Care.

• Americas and EAP regions led growth, with Americas up 27.4% and EAP up 10.6%.

• Announced leadership transition, with Hemant Bakshi to become MD and Global CEO from January 2026.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.

Financial highlights

• Consolidated revenue for Q2 FY26 was Rs. 12,059 million, up from Rs. 10,862 million in Q2 FY25; EBITDA at Rs. 2,516 million, up 16.1% year-over-year.

• PAT grew to Rs. 1,061 million, up from Rs. 883 million in Q2 FY25; EPS increased to Rs. 3.26 from Rs. 2.73.

• Interim dividend of Rs. 2.50 per share declared for FY26.

• Capex for YTDFY26 was Rs. 1,681 million.

• Net debt-to-EBITDA ratio at 0.51; ROCE at 18.7%, up 220bps year-over-year.

Outlook and guidance

• Targeting sustainable, profitable double-digit growth through portfolio diversification, capital efficiency, and aggressive expansion in B&C and Brazil.

• Aims to improve ROCE from 18% to over 25% by FY29, with continued margin improvement.

• Geographical expansion includes operationalizing the Thailand plant and pursuing M&A opportunities.

• Guidance for Americas to deliver higher-than-global-average growth; Europe to return to mid-teens margins.

• Board and auditors confirm compliance with all regulatory and accounting standards.