EPL Ltd Management Discussions

The Directors are pleased to present the Management Discussion and Analysis for the financial year ended on March 31, 2025 ("Financial Year 2024-25"/ "FY 2024-25"/ "year under review").

ABOUT EPL

EPL Limited ("EPL"/ "Company") is a global packaging solutions provider with over four decades of experience in laminated and extruded tube packaging. Since its establishment in 1982, the Company has developed deep technical capabilities and strong customer understanding, becoming a trusted partner to many of the worlds leading FMCG companies. EPLs packaging solutions are designed to meet specific performance and branding needs, and are used daily across categories such as oral care, beauty and cosmetics, pharmaceuticals, food, and home care.

EPL operates a broad global network with 20 manufacturing facilities strategically located across AMESA (Africa, Middle East & South Asia), EAP (East Asia Pacific), Europe, and the Americas.

This footprint allows the Company to serve customers efficiently through regionally tailored solutions, faster lead times, and closer on-ground support. The operations are supported by a diverse and experienced team of approximately 5,700 employees, representing 24+ nationalities, helping the Company stay responsive to market needs across geographies.

The Companys product portfolio includes laminated and extruded tubes, as well as associated components such as laminates, caps, closures, and dispensing systems. These products are designed to meet a wide range of technical and branding requirements, including barrier performance, durability, product protection, ease of use, and shelf appeal. In FY 2024-25, the Company produced over 9 billion tubes globally, underscoring its capacity, reliability, and strong execution capabilities.

Sustainability continues to be a key element of EPLs long-term strategy. In FY 2024-25, the Company maintained its EcoVadis Gold rating, improving its overall score to 78, which placed it among the top 2% of over 90,000 companies assessed globally. Progress continued on the Companys sustainable tube roadmap, with sustainable formats now contributing 33% of the overall product mix. These offerings are developed in close partnership with customers and aligned with evolving regulatory expectations and global sustainability goals.

ECONOMIC OVERVIEW

FY 2024-25 marked a year of relative stability in the global economy, especially when compared to the volatility of the preceding years. Macro-economic conditions showed signs of normalisation, with inflation gradually declining toward central bank targets and labour markets stabilising across most regions. Global GDP growth hovered around 3%, with output approaching potential, reflecting improved resilience and a more balanced global environment. Following earlier disruptions, supply chain improvements and moderated price increases led to greater cost stability across industries. This more predictable pricing environment proved particularly beneficial for raw material-reliant sectors, fostering a more investment-friendly climate for businesses focused on efficiency and innovation, and enabling better operational planning across manufacturing-led industries.

In the United States, GDP growth moderated to 2.1% amid tight financial conditions. Consumer demand remained firm, supported by low unemployment and real wage growth, though investment slowed and inflation stayed marginally above target, prompting a cautious monetary policy approach.

Chinas growth slowed to 4.7%, weighed down by weak consumption and continued stress in the property market, despite stronger-than-expected export performance. Policy support continued but structural challenges persisted.

India remained one of the fastest-growing major economies, with growth at 6.8%. While industrial activity softened and FMCG sector witnessed a slow-down in H2, strong domestic demand, government capex, and stable inflation contributed to overall macro-economic strength.

The Euro Area saw subdued growth of 0.8%, with persistent industrial weakness in Germany offset by modest recovery in services and consumption across southern Europe. Easing inflation and signals of policy normalisation offered some support toward year-end.

ECONOMIC OUTLOOK

For the Financial Year 2025-26, global growth is projected to be 2.8%, lower than earlier expectations, following a series of new tariff measures introduced by the United States and emerging countermeasures from key trading partners. While these developments have introduced some uncertainty into the trade and investment climate, other macroeconomic signals remain broadly supportive. Inflation is expected to continue its downward trend, and gradual monetary easing in advanced economies may help offset external pressures. Growth is likely to remain uneven across regions, with domestic demand in emerging markets playing a more prominent role in sustaining global momentum.

For the Company, this evolving macro-economic backdrop underscores the importance of regional agility, operational discipline, and continued customer-centric innovation. The Company remains focused on sustainable value creation while navigating global shifts with speed and resilience.

INDUSTRY OVERVIEW

The global packaging industry continued its stable growth trajectory in FY 2024-25, supported by rising demand across personal care, food, and pharmaceutical sectors. The industry is expected to grow at a CAGR of approximately 3.8-4.0% over the coming years, driven by increasing consumption in emerging markets and the ongoing premiumisation of products. Laminated and tube packaging formats gained further traction, particularly in Asia-Pacific, where higher disposable incomes and local manufacturing scale are accelerating adoption. Meanwhile, developed markets are advancing innovation, focusing on material efficiency, regulatory compliance, and packaging design.

Sustainability remains the most significant force for reshaping the packaging landscape. Regulatory mandates, brand commitments, and consumer expectations are accelerating the shift towards recyclable materials, mono-material structures, and circular design. There is also growing momentum around paper-based and bio-derived alternatives, especially in regions with stricter environmental regulations. The rapid rise of e-commerce continues to influence packaging formats, with increased demand for lightweight, protective, and consumer-friendly solutions tailored for direct-to-consumer delivery. At the same time, digitalisation is transforming production through smart packaging, advanced barrier technologies, and automated operations-enabling greater traceability, customisation, and efficiency. As packaging moves beyond its traditional role to become a key enabler of sustainability, supply resilience, and brand value, the industry is well-positioned for continued innovation-led evolution.

BUSINESS OVERVIEW: FINANCIAL YEAR 2024_25

During the year under review, the Company maintained resilience and delivered consistent performance across strategic growth levers. The Company remained agile, focusing on driving innovation, improving productivity, and delivering customer-centric solutions.

During the year under review, revenue grew by 7.6%, and EBITDA saw a 17.5% increase, with margins improving by 170 basis points. Underlying Profit After Tax (PAT) excl. exceptional Item and one off grew 44.6%.

We marked our eleventh consecutive quarter of EBITDA margin expansion, supported by disciplined execution, sustained double-digit EBITDA growth, and improved performance in Europe and the Americas. EBITDA margins crossed the 20% threshold for three straight quarters, driven by operating discipline and a sharper product mix.

The category mix continued to shift favourably - Personal Care and Beyond grew double digit by 10.3%, nearly twice the growth of Oral Care at 5.6%, and now comprises 48% of the total business. Stronger EBITDA and PAT, combined with solid cash flow generation, have helped reduce our net debt-to-EBITDA ratio to 0.54x with ROCE improving to 18.0%, expanding by 335 bps.

The Company also made a strategic move to expand its global footprint with an approved Greenfield facility in Thailand - a promising and growing tube market. The Company has prior experience servicing South-east Asia through exports from China and has built strong customer relationships and a healthy sales pipeline in the region. The recent success in Brazil further reinforces confidence in replicating such expansion models. Geographic diversity remains a strategic advantage, helping the Company navigate regional volatilities while leveraging unique market opportunities to deliver balanced global growth.

Globally, the business of the Company is managed across four geographical segments, each contributing to the overall performance.

FINANCIAL AND OPERATIONAL PERFORMANCE _ON CONSOLIDATED BASIS_: FINANCIAL YEAR 2024_25

( in Million)

			( in Million)
Particulars	Financial Year 2024-25	Financial Year 2023-24	Increase/ (Decrease)
Net Sales/Income from operations	42,133	39,161	7.6%
EBITDA	8,396	7,143	17.5%
Finance Cost	1,139	1,156	(1.5)%
Net Profit for the year to equity holders	3,590	2,132	68.4%
Net Profit for the year to equity holders (excl. Exceptional Item)	3,626	2,737	32.5%
Net Profit for the year to equity holders (excl. Exceptional Item and one off )	3,626	2,507	44.6%

The Companys operational performance for the year reflects its strong fundamentals and resilience. For the year under review, the Consolidated Revenue of the Company was 42,133 Mn, marking a growth of ~7.6% over the previous year, as mentioned above. This impressive growth underscores the strategic efforts of the management to drive sales and expand market presence, driven by concerted efforts to build a robust sales pipeline across various categories to aggressively pursue market share gains.

The Company also delivered improved margins quarter-over-quarter over the last eleven quarters, effectively reversing the trend of declining EBITDA (i.e. the Earnings Before Interest, Taxes, Depreciation and Amortisation). For the year under review, EBITDA of the Company, on consolidated basis, was 8,396 Mn, reflecting a substantial growth of ~17.5%, over the previous year, underscoring the operational excellence and strategic initiatives of the Company. The Earnings Before Interest and Taxes ("EBIT") for the year under review also improved to ~11.8% from ~9.7% in the previous year, driven by focused margin improvement plans and cost-saving initiatives. The Profit After Tax ("PAT") (excluding exceptional items and one off ) grew by a healthy ~44.6%, highlighting the Companys commitment to delivering strong financial performance and shareholder value.

SEGMENT_WISE PERFORMANCE HIGHLIGHTS

The table below sets out the segment financial highlights for the year under review:

( In Million)

Particulars	Financial year 2024-25	Financial year 2023-24	Increase/ (Decrease)
Revenue
AMESA	14,694	14,185	3.6%
EAP	10,039	9,356	7.3%
Americas	11,103	9,889	12.3%
Europe	9,887	8,927	10.8%
Profit Before Interest and Tax (PBIT)
AMESA	1,606	1,617	(0.6)%
EAP	1,514	1,462	3.6%
Americas	1,055	530	99.1%
Europe	905	247	266.4%

The performance of the Company was strong across with all regions delivering revenue growth - with Europe and the Americas regions recording double-digit growth rates of 10.8% and 12.3%, respectively. This robust performance across regions demonstrates the global reach and adaptability of the Company to diverse market conditions.

• AMESA region (covers Africa, the Middle East, and South Asia, with operations in Egypt and India)

T he AMESA region operates through the seven units in India and one unit, through a subsidiary of the Company, in Egypt. This region saw a revenue growth of ~3.6%, with a 7% growth in Oral care. The standalone revenue of the Company in India grew by ~3.3%. The EBITDA for AMESA declined by ~3.9%. The region faced challenges with respect to slow FMCG demand in the second half of the year leading to pressure on revenue and margins. Going ahead. the Company has a well-defined plan to further enhance margins in this key market and aggressively pursuit exports from India.

• EAP region (includes operations in China and Philippines)

T he Company operates five units in China and one unit in the Philippines, underscoring its significant presence in the EAP region. The region reported a strong revenue growth of ~7.3% and an ~5.6% growth in EBITDA despite the economic headwinds. The Personal Care and Beyond segment surged ~13.7%, reflecting EPLs ability to deliver customised solutions to mid-size customers and foster deeper client relationships.

• Americas region (includes operations in the USA, Mexico, Colombia, and Brazil)

T he Company has established a robust market presence across North and South America through its subsidiaries in the USA, Mexico,

Colombia, and now Brazil. This strong foothold, bolstered by a solid sales pipeline and strengthened by the stabilisation of the Brazil facility, enabled the region to deliver an impressive ~12.3% growth in revenue and a remarkable ~42.9% increase in EBITDA.

I n particular, the personal care segment saw an outstanding growth of ~28.1%. These achievements underscore the strategic focus of the Company, on market expansion and operational efficiency in the Americas, which has positioned the Company well to capitalise on emerging opportunities and drive significant growth.

• Europe region (includes operations in Germany and Poland)

T he Companys operations in Europe are centred in Poland and Germany, where the Company manufactures and sells laminated and extruded plastic tubes. The region showed exemplary performance in the year with a complete turnaround on margins. The Companys revenue in the region grew by ~10.8% and by ~77.5% in EBITDA, with the Oral Care category growing by ~12.4%. As a result of our strategic interventions and restructuring done last year margin expanding by ~620 bps.

These achievements across all regions demonstrate the strategic focus of the Company on growth, operational excellence, and financial resilience, positioning the Company for sustained success in the global market.

BUSINESS STRATEGY

The Companys strategic direction is anchored in its long-term ambition to lead the packaging industry in innovation and sustainability. The Company remains steadfast in its vision "to be the most sustainable packaging Company in the world."

Sustainability

Sustainability forms the bedrock of the Companys value system and business model. In FY 2024-25, the Company not only retained its EcoVadis Gold rating but also improved its score, reinforcing its leadership on ESG. The share of fully recyclable Platina tubes in the product mix rose from 21% to 33%. Over the years, the Company has made significant investments to upgrade backend capabilities-today, 85% of installed capacity is capable of producing sustainable tubes.

The Company continues to collaborate with customers to co-develop tailored sustainable packaging formats.

The Company made progress across all ESG metrics. It earned a Green (positive) rating from the Ellen MacArthur Foundation for its commitment to the circular economy, for the third consecutive year, and received an ‘A rating on CDPs Supplier Engagement Score in 2023.

The Companys CSR initiatives continued to create tangible community impact, focusing on Plastic Waste Management, Skill Development, and Community Welfare. In FY 2024-25, ~11,677 kg of plastic waste was recycled. Initiatives positively impacted 25 schools and ~5,573 families. Additionally, six overseas units undertook local CSR programmes. These efforts were honoured with the "CSR Project of the Year" award at the PrintWeek Awards.

4Cs and 4 Enablers

At the core of our strategy is the 4X4 mantra, which drives growth across 4Cs: Categories, Customers, Countries, and Costs. This is powered by four key enablers: Innovation, Agile Sales and Marketing, Digital Transformation, and One EPL Culture.

• Category

T he Company is a market leader in ‘Oral Care and aims to drive substantial growth in the ‘Beauty & Cosmetics and ‘Pharma sectors.

During the year, the business of the Company in Non-Oral category grew by double digit at ~10.3%, compared to ~5.6% growth in the Oral category.

T he Company is actively pursuing new beauty and cosmetic customers, supported by an increased headcount dedicated to this task.

The Company has made a significant progress in enhancing flexibility for smaller batch sizes, which is critical for growth in this space. The ‘Neo Seam technology of the Company, which eliminates the side seam impact, has entered the market and is gaining traction across regions.

• Customers

T he Company deepened partnerships with both global and regional clients by offering bespoke packaging solutions. The Company grew wallet share with strategic accounts and onboarded new clients in key growth markets such as EAP and the Americas.

• Country

Expansion continues to be a key focus. With the Brazil facility now fully operational, and a new Greenfield project in Thailand underway, the Company is building on its track record of successful regional entry. The Company is also boosting exports from its India and China operations.

• Cost

T he Company maintained a disciplined focus on operational efficiency and cost optimisation, ensuring resource productivity and margin expansion.

Further, to support the 4 strategic pillars, the Company has identified four enablers:

• Innovation

I nnovation remains central to our growth. We also continued investing in sustainable product development, digital printing, and engineering. Companys Creativity & Innovation (C&I) lab drives product innovation by combining polymer science with engineering and process expertise. During the year, the Company launched differentiated tubes featuring advanced aesthetics (e.g., high clarity, soft touch), UV protection, and functional enhancements—designed with sustainability at the core.

• A gile Sales and Marketing

T he Company has expanded its Business Development team and equipped them with tools and analytics to enhance efficiency and insights. Fostering a proactive mind set among teams to seize opportunities swiftly, the sales force engages deeply with customers, delivering tailored solutions that build strong, value-driven relationships, particularly in the Beauty and Cosmetics sector.

T he Companys agile marketing strategies leverage data to stay ahead of trends, emphasising sustainability and innovation. Active participation in global exhibitions strengthens the Companys industry leadership, showcasing its capabilities and gathering market intelligence. These comprehensive efforts drive growth, enhance customer satisfaction, and solidify its position as a leader in laminated tube manufacturing.

• D igital Transformation

T he Company continues to lead in technological innovation and operational excellence by investing in machines and process upgrades for timely delivery and higher productivity, including advanced printing technologies like Flexo and digital printing. The Company aims to achieve zero-defect production through lean manufacturing and quality control processes. The new plant of the Company in Brazil focuses on SMART high-speed tube production, driving programmes for product development, sustainability, cost efficiency, and defect-free deliveries.

The shop floor digitisation initiative of the Company, ePAD, has optimised manufacturing processes. During the year under review, the Company implemented SAP HANA for its Germany subsidiary and its operations, achieving a harmonised ERP solution across all units under "One EPL, One ERP." This has enhanced data visibility and decision-making agility.

C ybersecurity continues to remain a top priority, with mandatory training and adherence to ISO 27001 standards. The Company is also exploring advanced technologies like Generative AI and Machine Learning to drive growth and improve efficiencies.

• L everaging the Power of One EPL

T he Company nurtures a unified ‘one EPL culture, fostering exchange of ideas and collaboration across regions for collective success.

OPPORTUNITIES

The global packaging industry is undergoing rapid transformation, driven by heightened consumer awareness, evolving regulatory norms, and an intensified focus on sustainability. This dynamic environment presents the Company with a compelling array of opportunities to reinforce its leadership and drive growth across categories and geographies. A key opportunity lies in the accelerating demand for sustainable packaging, as brands transition toward recyclable, reusable, and reduced-plastic formats to meet their environmental commitments. The Companys early investments in mono-material laminates, PCR (Post-Consumer Recycled) tubes, and lightweight extruded formats position it well to support these conversions, particularly in oral care where major global customers are advancing their sustainability agendas.

Simultaneously, the trend of premiumisation is reshaping categories like beauty, personal care, and food, where visually distinctive, functional, and experience-enhancing packaging is critical. The Companys innovative offerings-ranging from advanced printing effects to tactile finishes-enable customers to elevate brand appeal and differentiate in competitive markets. Geographically, emerging markets in Asia, Africa, and Latin America continue to present attractive prospects with rising consumer demand and underpenetrated categories, while developed markets offer headroom for wallet share expansion, especially in non-oral care segments.

Companys strategy of local manufacturing aligned with global customer footprints enhances agility and service reliability. In parallel, the increasing relevance of digital and smart packaging-driven by e-commerce growth, traceability requirements, and consumer engagement-opens new avenues where the Company is making focused investments, including in digital print capabilities and track-and-trace features. Moreover, the Company is proactively diversifying its portfolio beyond oral care into segments like skin care, hair care, topical pharmaceuticals, and premium foods, which offer higher margins and demand more complex packaging formats-areas where the Companys technical strength is a key differentiator. Strategic co-innovation with global FMCG partners further supports the Companys growth, as customers increasingly seek integrated solutions developed in collaboration with packaging experts.

These efforts are complemented by continued operational excellence, including manufacturing productivity improvements, SKU rationalisation, and adoption of smart factory technologies, all of which enhance cost competitiveness and provide the capital headroom to scale promising opportunities in a sustainable and disciplined manner.

HUMAN RESOURCES I.E. THE PEOPLE GROWTH PARTNERS AND ORGANISATIONAL DEVELOPMENT

At EPL, people remain at the heart of the business. The Company continues to build a purpose-driven and inclusive culture where talent is nurtured, performance is rewarded, and employees are empowered to innovate and grow. As of March 31, 2025, the Companys global workforce stood at ~5,700, representing more than 24+ nationalities and a rich diversity of skills and backgrounds.

The Companys human capital strategy is aligned with its business goals, focusing on four key pillars: capability building, culture and engagement, diversity and inclusion, and talent retention.

In FY 2024-25, the Company invested significantly in capability enhancement. Functional and leadership development programmes were conducted across all levels, including cross-regional knowledge-sharing forums and workshops. Shop-floor capability building remained a priority, with structured on-the-job training and digital learning modules deployed across manufacturing sites.

Diversity and inclusion continued to be a core priority. The Company has emerged as a leader in onboarding persons with disabilities in the packaging industry in India and has maintained gender diversity across key regions. Women now represent 30% of the global workforce, with active efforts to strengthen participation in operations and leadership roles.

Employee engagement and well-being were supported through structured feedback mechanisms, recognition platforms, and wellness programmes tailored to local needs. The Company continued to foster open communication and cross-functional collaboration, particularly through townhalls, culture-building initiatives, and employee-led communities.

The performance management system remains meritocratic, with clear goals, periodic feedback, and differentiated rewards. In FY 2024-25, the Company was recognised as ‘Great Place to Work in 6 countries reflecting its strong HR practices and employee satisfaction.

Going forward, the Company remains committed to building a future-ready workforce by aligning talent strategies with digital, innovation, and sustainability goals.

FINANCE

At the end of the Financial Year 2024-25, the consolidated net debt stood at 4,568 Million, which includes 1,975 Million allocated for the operations in Brazil. When adjusted for the Brazil operations, the net debt of the Company saw a decrease of 1,119 Million as compared to the previous year. The Company has maintained a healthy debt to equity ratio of 0.29(0.39 PY), reflecting the balanced approach of the Company to leveraging and equity financing. Furthermore, the Debt Service Coverage Ratio (DSCR) stands at 2.62 (1.92 PY), indicating the strong ability of the Company to cover debt obligations through operational cash flow. Interest Service Coverage Ratio (ISCR) improved to 4.66 from 3.35 last year, driven by stronger profitability.

It is pertinent to note that CARE Ratings have maintained the Credit Rating for long-term bank facilities at CARE AA+; Stable (Double A plus; Outlook: Stable). Additionally, India Rating and Research (Fitch) has reaffirmed the Long-Term Issuer Rating at IND AA+/ Stable for the year under review. Also Company continues to enjoy CARE A1+ (from CARE Ratings), and IND A1+ (from India Rating and Research), for its short-term facilities and commercial paper, respectively. This rating reflects the strong financial health of the Company and the confidence that the rating agency has in the long-term business strategies and operational stability of the Company.

The financial metrics also highlight the strength of return on equity (ROE) and return on capital employed (ROCE). Excluding exceptional items, the consolidated ROE of the Company improved to ~16.3%, up from ~13.4% in March 2024. This improvement demonstrates effective utilisation of the equity capital to generate profits. Similarly, the ROCE of the Company has risen to ~18.0% for the year under review from ~14.7% in the previous year, showcasing the efficient use of capital in generating returns and supporting business growth.

RISK MANAGEMENT

The Company operates in a dynamic and globally integrated industry, making it susceptible to a variety of risks—external and internal, strategic and operational. Identifying, assessing, and managing these risks is central to the Companys governance framework and decision-making processes.

External Risks:

• Macroeconomic Volatility: Prolonged inflation, exchange rate fluctuations, or recessionary trends in key geographies could impact demand for packaged goods and overall input costs.

• Geopolitical Factors: Trade restrictions, political instability, or regulatory shifts in any of the countries in which EPL operates could disrupt supply chains or affect customer sentiment.

• Climate and Environmental Risks: Increasing focus on sustainability may lead to regulatory changes and stakeholder expectations around material usage, carbon emissions, and recyclability. While EPL is already ahead of the curve in many aspects, it must continually evolve to stay aligned.

Operational Risks:

• Customer Concentration: Though the Company has a wide customer base, a significant portion of revenue continues to come from top accounts. Maintaining wallet share and diversifying within segments is critical.

• Raw Material Availability and Cost: The prices of key inputs such as polymers are influenced by crude oil and global supply-demand factors. Any supply disruption or pricing surge could affect margins.

• Cybersecurity and Data Privacy: As EPL scales its digital infrastructure, it faces increasing exposure to cyber threats. A data breach or prolonged system downtime could impact operations and reputational standing.

To address these concerns, EPL has robust mitigation strategies in place. These include proactive customer diversification, strategic sourcing partnerships, continuous compliance monitoring, dynamic hedging strategies, and enterprise-wide risk audits. The Company also continues to strengthen its business continuity and cybersecurity protocols, supported by employee training and systems resilience.

Risk management at the Company is not viewed as a standalone function, but as an embedded, organisation-wide culture. This proactive approach enables the Company to navigate volatility while staying focused on its long-term growth priorities.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has implemented robust internal control systems and a structured internal audit process to ensure the integrity of its financial controls over systems and processes. These mechanisms are designed to provide adequate internal controls over the business and accounting processes, ensure compliance with relevant laws, and safeguard the Companys assets effectively.

The Audit Committee of the Board ("Audit Committee") plays a pivotal role in overseeing the internal control systems of the Company. During the year under review too, the Audit Committee in discussion with the internal auditor, defined the scope and depth of the internal audits to be conducted. Comprehensive internal audit of systems and processes was carried out across all the global units, along with specific reviews of application controls across key processes. The findings from these audits are meticulously reviewed by the Management, with the Audit Committee and Statutory Auditors being regularly apprised of these findings. Moreover, updates on actions taken in response to internal audit observations are provided to the Audit Committee to ensure continuous improvement and accountability.

The Company has also established a rigorous process of monthly business reviews for each of the regions. These reviews serve as a key operational control, allowing the Company to monitor performance and address any issues promptly. Additionally, the Company has a capital expenditure control system in place to authorise investments in new assets and projects. This system ensures that all investments are thoroughly vetted, and accountability is established for meeting timelines and achieving the expected deliverables.

To support these processes, IT-supported workflows have been implemented to standardise processes globally and ensure data control and safety. The use of IT systems allows the Company to analyse business information efficiently, facilitating timely analysis and corrective action. During the year under review, the Company conducted a comprehensive review of internal financial controls in its India units, covering both the design and operational effectiveness of these controls. The Risk and Control Matrices (RCMs) were also reviewed and updated to reflect the latest requirements and best practices. The findings from these reviews were satisfactory, indicating that the internal control systems are functioning as intended and providing the necessary safeguards.

Further, the Audit Committee, which includes two Non-Executive Independent Directors, is tasked with reviewing the quarterly, half-yearly, and annual financial statements of the Company. This detailed review process ensures that the financial reporting of the Company is accurate and complies with statutory requirements. A comprehensive note on the functioning of the Audit Committee, as well as other Board committees, is included in the Corporate Governance Report, which forms part of the Integrated Annual Report separately.

In conclusion, the internal control systems and processes at the Company are designed to ensure rigorous oversight, accountability, and continuous improvement. The Audit Committees active involvement, combined with regular internal audits and IT-supported workflows, reinforces the commitment to maintaining robust internal controls and ensuring the Companys long-term sustainability and compliance.

ACCOUNTING TREATEMENT IN PREPARATION OF FINANCIAL STATEMENTS

The Company has prepared the Financial Statements for the year under review, in accordance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the relevant provisions of the Act, as applicable.

AWARDS AND ACCOLADES

During the year under review, the Company received significant recognition for its achievements across various domains highlighting our commitment to sustainability, innovation, and employee well-being.

Overall Awards

• EPL became the first Indian packaging Company to have its SBTi Net Zero targets approved, reinforcing its leadership in climate action.

• Achieved Great Place to Work certification across six countries, reflecting our ongoing commitment to inclusive, people-centric workplaces.

• The Nalagarh Unit was honoured with the prestigious IMC RBNQ Performance Excellence Award 2024, showcasing operational excellence.

• Maintained the EcoVadis Gold Rating, with our score improving from 72 to 78, placing EPL in the top 2% of companies globally for ESG performance.

Sustainability Awards

• R eceived UNGC Forward Faster Sustainability Award 2025 the under the category of Sustainable Supply Chain Excellence.

• Named ‘The Great Indian ESG Organisation of the Year in Sustainable Procurement at the ESG & CleanTech Summit & Awards 2024.

• Won CSR Project of the Year and Factory of the Year at the PrintWeek Awards 2024, reflecting both community impact and manufacturing excellence.

• Achieved an ‘A rating in CDPs Supplier Engagement assessment for the third consecutive year, highlighting supply chain collaboration on climate action.

• Earned the highest ‘A rating in CDPs Climate Change and Water Security assessments for 2024, underlining transparent environmental reporting.

• Received a ‘Green rating by the Ellen MacArthur Foundation for the third year in a row, reinforcing EPLs leadership in circularity and sustainable materials.

Integrated Annual Report 2024-25

Tube Awards

• Won the IIP Star Award 2024 for innovation in the tube category for Thermal Conductive RTV Silicone, Indias first RTV Silicone in a laminated tube.

• Secured the IFCA Award for RTV Silicone developed for Katyaayani Sales and Service, exemplifying customer-focused innovation.

• Received the IFCA Award for the Platina Recyclable Tube developed in collaboration with RSH Global, showcasing EPLs commitment to sustainable packaging solutions.

HR Awards

• R anked among Indias Top 50 Large Workplaces for Building a Culture of Innovation by All, by Great Place to Work.

• Honoured as a WOW Workplace for 2025, celebrating EPLs vibrant and inclusive culture.

• Featured among Indias Top 25 Best Workplaces in Manufacturing 2025, acknowledging our strong industrial workforce practices.

• W Indian Convention Award for Best Business Strategy Alignment in HRon the at the HDM Awards 2024.

• Named one of the Best Workplaces™ in Greater China 2024 in the medium-size category.

• R eceived CII HR Excellence Award the in the Significant Achievement category for our Goa facility.

OUTLOOK

As we look ahead, the Company stands at a position of strength and renewed ambition. Our performance in FY 2024-25 has been marked by consistent EBITDA margin delivery of over 20% in the last three quarters-an outcome of sharp execution, disciplined cost management, and our relentless pursuit of operational excellence. We enter the new financial year with confidence, energised by new opportunities, and determined to scale greater heights.

The Beauty & Cosmetics segment continues to be a major area of strategic focus, and we are doubling down with an aggressive growth play. Backed by the growing traction of Neo Seam tubes and best-in-class printing capabilities, this segment has emerged as a key growth engine. Our pipeline remains robust, with new customer wins across markets, and we are making selective investments in extruded tubes to deepen our product portfolio.

We are equally excited about our capacity expansion efforts in high-potential markets. The Brazil business continues to perform robustly, and with further investments underway, we are confident of deepening our presence in this important geography. Our Greenfield project in Thailand is progressing well and will begin contributing from the second half of the year, enabling us to serve the fast-growing ASEAN market more effectively.

Our sustainability journey continues to be a powerful differentiator. The sustainable tube mix now stands at 33%, up from 21% last year-a testament to our commitment and agility in responding to customer needs. This shift is helping us strengthen relationships with leading global brands and position the Company as a preferred partner for ESG-focused innovation. Our pursuit of the EcoVadis Platinum rating reflects our aspiration to be in the top 1% of global companies on sustainability.

Margin improvement remains the guarding principle. Our sharp focus on capex efficiency and interest control, combined with the strong operating leverage in our business, positions us well to deliver EBITDA growth ahead of revenue growth and continued improvements in PAT and ROCE.

The Company is well-positioned to thrive in a dynamic global environment. Our global footprint, innovation-driven mindset, resilient supply chain, and committed team continue to form the foundation of our strength. With a clear strategy, strong execution, and bold ambition, we remain firmly on course to lead the pack-sustainably, profitably, and purposefully.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis describing the objectives, projections, estimates and expectations of the Company, may be ‘forward-looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, among others, economic conditions affecting demand/ supply, price conditions in the domestic and overseas markets in which the Company operates, changes in the Government regulations, tax laws and other statutes and incidental factors.