Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Event-Driven

EPL Ltd (fka Essel Propack) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indorama-ventures-pcl" target="_blank" data-smartkarma-citation="entities:18105:1" rel="noopener">Indorama Ventures (IVL TB)</a> is acquiring a 24.9% stake in <a href="https://www.smartkarma.com/entities/epl-ltd" target="_blank" data-smartkarma-citation="entities:6958:1" rel="noopener">EPL Ltd (fka Essel Propack) (EPLL IN)</a> from Blackstone at Rs 240, marking a major entry into India’s packaging market.</li>
<li>This deal strengthens EPL’s growth and sustainability, unlocking cross-border synergies and driving competitiveness in the global specialty packaging sector.</li>
<li>It redefines investment dynamics in Indian packaging sector, emphasizing sustainable growth and long-term value creation, challenging traditional global investment paradigms.</li>
</ul>



Indorama Ventures (IVL TB) is acquiring a 24.9% stake in EPL Ltd (fka Essel Propack) (EPLL IN) from Blackstone at Rs 240, marking a major entry into India’s packaging market.
This deal strengthens EPL’s growth and sustainability, unlocking cross-border synergies and driving competitiveness in the global specialty packaging sector.
It redefines investment dynamics in Indian packaging sector, emphasizing sustainable growth and long-term value creation, challenging traditional global investment paradigms.


Event Driven: Indorama Bought Strategic Stake in EPL~ A New Chapter in Global Packaging

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

EPL Ltd (fka Essel Propack) / Equity Bottom-Up

<ul><li>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.</li><li>The Americas and Europe grew by 30% YoY and 2.2x YoY, respectively Strong margins in Europe and the Americas are expected to sustain, supported by cost optimization, an improving sales mix, and a robust demand scenario in Brazil, which is leading the company to fast-track its capacity addition plans in the region.</li><li>We broadly maintain our estimates for FY25/FY26/FY27 and value the stock at 18x FY27E EPS to arrive at our TP of INR300. Reiterate BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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.The Americas and Europe grew by 30% YoY and 2.2x YoY, respectively Strong margins in Europe and the Americas are expected to sustain, supported by cost optimization, an improving sales mix, and a robust demand scenario in Brazil, which is leading the company to fast-track its capacity addition plans in the region.We broadly maintain our estimates for FY25/FY26/FY27 and value the stock at 18x FY27E EPS to arrive at our TP of INR300. Reiterate BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Epl - Europe and the Americas Continue to Drive Operating Performance

<ul><li>EPLL reported a healthy operating performance in 2QFY25. EBITDA grew 22% YoY, led by Europe (up 2.1x YoY), followed by the Americas (up 59% YoY; ramp-up of Brazil).</li><li>However, EBITDA for AMESA declined ~6% YoY (due to negative pricing YoY in India), while EAP grew marginally by 3% YoY.</li><li>A strong margin recovery in Europe and the Americas is expected to sustain, aided by measures such as manufacturing realignment in Europe (shifted plant from Germany to Poland), robust performance in Brazil (added three new MNC clients to date), and a better product mix (increasing mix of personal care and beyond).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EPLL reported a healthy operating performance in 2QFY25. EBITDA grew 22% YoY, led by Europe (up 2.1x YoY), followed by the Americas (up 59% YoY; ramp-up of Brazil).However, EBITDA for AMESA declined ~6% YoY (due to negative pricing YoY in India), while EAP grew marginally by 3% YoY.A strong margin recovery in Europe and the Americas is expected to sustain, aided by measures such as manufacturing realignment in Europe (shifted plant from Germany to Poland), robust performance in Brazil (added three new MNC clients to date), and a better product mix (increasing mix of personal care and beyond).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Epl - Europe and the Americas Propel Operating Performance

Thematic (Sector/Industry)

<ul>
<li>The packaging sector is making a comeback as key material spreads have been rising  which is being reflected in Q1FY25 results of the companies.</li>
<li>What makes this sector more interesting is certain promoters of these companies are buying share of the company from the open market along with fund infusion by some big investors</li>
<li>The biggest risk remains for the sector is pricing pressure and demand-supply mismatch but it seems bottom is being made for the sector</li>
</ul>


The packaging sector is making a comeback as key material spreads have been rising  which is being reflected in Q1FY25 results of the companies.
What makes this sector more interesting is certain promoters of these companies are buying share of the company from the open market along with fund infusion by some big investors
The biggest risk remains for the sector is pricing pressure and demand-supply mismatch but it seems bottom is being made for the sector


Thematic Report : Packaging Sector Is Back with Bang: What’s Fueling Revival?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Polyplex is the integrated packaging player with global manufacturing facilities catering global customers and wide industries with its wide product portfolios</li>
<li>Polyplex saw a 70% jump in exports while there has been a significant jump in product prices and spreads</li>
<li>Significant investment by an FMCG veteran into another packaging player at the bottom of the cycle further strengthens the thesis.</li>
</ul>


Polyplex is the integrated packaging player with global manufacturing facilities catering global customers and wide industries with its wide product portfolios
Polyplex saw a 70% jump in exports while there has been a significant jump in product prices and spreads
Significant investment by an FMCG veteran into another packaging player at the bottom of the cycle further strengthens the thesis.


The Beat Ideas: What Makes Polyplex a Comfortable Bet at the Bottom of Packaging Material Cycle

India

Essel Propack Ltd. manufactures fully collapsible (soft squeeze) laminated tubes, flexible packaging and laminated paper. The Company's products are sold to pharmaceutical, consumer products and food packaging companies. Essel Propack's 100% owned subsidiary, Essel Overseas Ltd., is mainly engaged in export business.

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EPL Ltd (fka Essel Propack) (EPLL IN)

Event Driven: Indorama Bought Strategic Stake in EPL~ A New Chapter in Global Packaging

Indorama Ventures acquires 24.9% stake in EPL Ltd from Blackstone at Rs 240, marking a major entry into India’s packaging market, driving...

Nimish Maheshwari

Epl - Europe and the Americas Continue to Drive Operating Performance

We broadly maintain our estimates for FY25/FY26/FY27 and value the stock at 18x FY27E EPS to arrive at our TP of INR300. Reiterate BUY.

Motilal Oswal

Epl - Europe and the Americas Propel Operating Performance

EPLL reported a healthy operating performance in 2QFY25. EBITDA grew 22% YoY, led by Europe (up 2.1x YoY), followed by the Americas (up 59% YoY;...

Motilal Oswal

Thematic Report : Packaging Sector Is Back with Bang: What’s Fueling Revival?

Packaging sector sees resurgence in Q1FY25 with rising material costs, promoter and investor interest, despite pricing pressure and demand-supply...

Nimish Maheshwari

The Beat Ideas: What Makes Polyplex a Comfortable Bet at the Bottom of Packaging Material Cycle

The Beat Ideas: Polyplex Corporation being an integrated packaging player is the right bet on the packaging sector revival where players are seeing...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Event Driven: Indorama Bought Strategic Stake in EPL~ A New Chapter in Global Packaging

​Indorama Ventures acquires 24.9% stake in EPL Ltd from Blackstone at Rs 240, marking a major entry into India’s packaging market, driving...

Nimish Maheshwari

Epl - Europe and the Americas Continue to Drive Operating Performance

We broadly maintain our estimates for FY25/FY26/FY27 and value the stock at 18x FY27E EPS to arrive at our TP of INR300. Reiterate BUY.

Motilal Oswal

Epl - Europe and the Americas Propel Operating Performance

EPLL reported a healthy operating performance in 2QFY25. EBITDA grew 22% YoY, led by Europe (up 2.1x YoY), followed by the Americas (up 59% YoY;...

Motilal Oswal

Thematic Report : Packaging Sector Is Back with Bang: What’s Fueling Revival?

​Packaging sector sees resurgence in Q1FY25 with rising material costs, promoter and investor interest, despite pricing pressure and demand-supply...

Nimish Maheshwari

The Beat Ideas: What Makes Polyplex a Comfortable Bet at the Bottom of Packaging Material Cycle

The Beat Ideas: Polyplex Corporation being an integrated packaging player is the right bet on the packaging sector revival where players are seeing...

Sudarshan Bhandari

Indorama Ventures acquires 24.9% stake in EPL Ltd from Blackstone at Rs 240, marking a major entry into India’s packaging market, driving...

Packaging sector sees resurgence in Q1FY25 with rising material costs, promoter and investor interest, despite pricing pressure and demand-supply...