Packaging Industry in India

India’s packaging industry brings together companies that develop protective, functional and presentation-led formats for goods moving through supply chains and consumer channels.

Top packaging companies in India (listed and private)

Frequently asked questions

How large is the packaging industry in India?

2160 packaging companies with statutory filings (13 listed, 2147 private) reported combined revenue of ₹3.01 lakh crore in FY2025, +16.4% on the same companies, and aggregate EBITDA of ₹32,519 crore. As filed each year, combined revenue was ₹91,512 crore in FY2018, reached ₹3.01 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 8 listed companies with an exchange price are worth ₹20,325 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of packaging companies was 10.8% in FY2025, 0.9 pts above FY2024, against a peak of 14.5% in FY2021. The low since the peak was 9.9% in FY2024. Profit after tax margin was 4.3% (+0.4 pts on FY2024). Aggregate EBITDA of listed and private packaging companies moved +29% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹32,519 crore (+30.7% on FY2024).

Which companies are leading the packaging industry?

By FY2025 revenue the largest packaging companies are Kundan Refinery (₹20,212 crore, 1.4% EBITDA margin, private); Godrej and Boyce Manufacturing Company (₹19,602 crore, 8.3% EBITDA margin, private); Uflex (₹15,036 crore, 12.1% EBITDA margin); Khazana Jewellery (₹10,246 crore, 10.6% EBITDA margin, private); Polyplex Corporation (₹6,885 crore, 11.5% EBITDA margin). Among the ten largest, Time Technoplast (14.5%) and Jindal Poly Films (12.7%) earn the widest EBITDA margins and Kundan Refinery (1.4%) the thinnest. 19 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Recycling and circularity carried 3.7% of packaging stories in 2025-10 to 2026-09, up 1.3 pts (+55%) on the prior 12 months; net tone +93 vs +81 for all packaging stories. In buyer searches: Search interest in flexible films & laminates queries (stretch film, food packaging material, bopp film) was +22% in the 12 months to 2026-09 vs the prior 12, led by “stretch film” (+57%), followed by corrugated boxes & cartons (-4%); corrugated boxes & cartons moved -4%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Packaging EBITDA grew 29% since FY2022 (Industry financials). 62 private packaging packaging manufacturers pass an IPO-readiness screen (Top packaging companies in India). Recycling and circularity is gaining the most ground in packaging news (Packaging in the news). Flexible films & laminates searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 11.9× and median P/E 29.6× across 8 priced packaging companies. (Market capitalisation & valuation).

How are packaging stocks valued?

The median trailing P/E is 29.6× and the median EV/EBITDA 11.9× across 8 priced companies.

What does the packaging companies section cover?

It presents companies selected through the configured industry rules and separates listed and unlisted businesses for clearer comparison.

How should packaging companies be compared?

Compare their product focus, end markets, operating model and reported financial information where available.

Research information, not investment advice.