Top packaging companies in India
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India’s packaging industry is in the middle of a structural boom—driven by surging demand across FMCG, e-commerce, pharma, and food processing. With one of the world’s fastest-growing consumer bases, a government eager to promote local manufacturing, and free trade deals opening new export routes, the packaging market is poised for exponential growth.
Today, it’s not just about plastic wraps or cardboard boxes—it’s about sustainable materials, smart packaging, and integration into global supply chains. From government incentives to strategic trade alignments and macroeconomic tailwinds, every force seems aligned. Here’s a deep dive into the size, momentum, and how these best packaging company in India are shaping the packaging market in India.
Table of Contents
Packaging Market Size & Growth Potential
- The Indian packaging market is valued at US $19.8 bn in 2024, projected to $41.8 bn by 2032, a CAGR of 11.2% (2026–2032)
- Paper packaging: US $15.4 bn (2024) → US $19.1 bn (2025); forecasted to reach US $46.4 bn by 2030 (CAGR ~19.5%)
- Plastic packaging: Part of a US $26.6 bn plastics market in 2025, with packaging accounting for 42% share (CAGR ~10.9%, growing to US $44.6 bn by 2030)
- Injection-molded plastics: US $27.8 bn (2024) → US $29.1 bn (2025), CAGR ~5.5%
- Semiconductor packaging: Smaller but fast-growing—US $1.43 bn in 2024 → US $2.81 bn by 2033 (CAGR ~7.2%)
Global Packaging Market
- Global packaging market: Estimated at USD 1.08 trillion in 2024, rising to ~USD 1.45 trillion by 2032 (CAGR ~3.9%)
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Packaging Market Is mainly driven by below key factors
- Urbanization (~35% in 2023, aiming for 40% by 2030
- Rising incomes: Per capita income rising to ₹172k in FY23
- E-commerce boom, strong food processing demand (~32% of total food market, US $543 bn in 2022)
- Shift to sustainable packaging: Consumer preference for eco-friendly paper and bio-based materials; regulatory push from plastic waste laws
- Tech innovation: Automation, digital printing, smart labelling via institutes like the Indian Institute of Packaging
Production-Linked Incentive (PLI)
- India’s PLI schemes cover 13 sectors with ₹1.97 lakh crore (US $28 bn) in incentives
- These have encouraged historic investments: ₹1.61 lakh crore (~US $18.7 bn) invested so far, generating ₹14 lakh crore (~US $162.8 bn) in sales and exports, creating 1.15 million jobs
- PLI actively supports sectors like electronics, pharma, food processing, automobiles, medical devices—linking directly or indirectly to packaging supply-chains
- Semiconductor packaging benefits from PLI and the India Semiconductor Mission
- These schemes catalyze capacity expansion, localisation of inputs (e.g. polymers, paper), and scale developments—key to packaging growth.
Top packaging companies in India
Packaging companies can be categorized based on material type, function, end-use industry, and technology. Let me share the sub-segments based on material types only for convenience to discuss the top 5 packaging companies in India.
The packaging companies in India can be segmented by Paper Packaging manufacturer, Glass Packaging manufacturer, Metal Packaging manufacturer, and Specialty Packaging / High-Performance Films manufacturer. In this article we will only discuss about top 5 packaging companies in India and hence will consider the packaging companies belongs to the growing segment in this industry.
Paper packaging manufacturer
TCPL Packaging
TCPL Packaging Ltd, one of India’s largest producers of folding cartons and a rising innovator in flexible packaging, has emerged as a formidable player in sustainable packaging. With a rich legacy of over 35 years and an expanding portfolio across folding cartons, flexible laminates, and rigid boxes, the company is uniquely positioned to capitalize on India’s premiumization and sustainability-led packaging demand. The company is one of the best paper packaging manufacturer.
Strong Revenue Growth
In FY2024–25, TCPL achieved consolidated revenues of ₹1,770 crore, backed by steady performance across its two primary segments:
- Folding Cartons: ~80–85% of revenue
- Flexible Packaging: ~15–20% of revenue
The folding cartons segment remains the core growth engine, serving large FMCG, food, liquor, agrochemical, pharma, and tobacco clients. TCPL’s strong pan-India manufacturing presence with 9 plants across 6 states helps reduce delivery times and ensures responsiveness to client needs across regions.
The company reported cash profit of ₹249 crore, a 30-year CAGR of 18% in revenue, 15% in EBITDA, and 15% in PAT—indicative of long-term consistency in performance.
Capacity Expansion and Greenfield Growth
A major strategic move was the commissioning of a greenfield facility in Chennai in FY25, aimed at strengthening presence in southern India. This unit enhances its folding carton capacity and enables quicker service to regional FMCG and pharma clients, while reducing logistics costs and boosting customer intimacy.
In addition, TCPL is expanding into in-house gravure cylinder manufacturing with a new unit to be commissioned by Q3 FY2026, giving it tighter control over quality, delivery speed, and cost efficiency in flexible packaging—a clear backward integration milestone.
Backward Integration and Technological Edge
TCPL is among the few Indian players with capability in specialty polyethylene (PE) blown film, enabling it to offer 100% recyclable mono-material packaging (PE-PE structures). This supports major brands such as Unilever, Nestlé, and Loblaws, seeking recyclable packaging formats, and positions TCPL ahead in the sustainability curve.
Its investment in dual laser and electro-mechanical engraving for gravure cylinders, state-of-the-art offset and flexographic presses, and digital workflow systems further drive operational efficiency and print precision.
TCPL’s evolution from a commodity folding carton supplier to a solution-driven, innovation-focused packaging partner is its inflection point. The integration of design, automation, backward linkages, and sustainability with deep client relationships sets the stage for the next growth leap—particularly in high-end packaging for personal care, food, and e-commerce.
JK Paper
JK Paper Ltd, a legacy brand in India’s paper sector, is fast reshaping itself into a dominant force in sustainable fibre-based packaging. With a legacy spanning over 60 years, the company has embarked on a transformation journey—moving beyond writing and printing paper into corrugated boxes, packaging boards, monocartons, and labels, powered by strategic acquisitions, greenfield expansions, and backward integration.
This positions JK Paper at the heart of India’s packaging revolution driven by e-commerce, FMCG, and plastic substitution mandates. The company is one of the best paper packaging manufacturer.
Diversified Product Mix and Market Expansion
In FY2023–24, JK Paper reported record sales of 7.94 lakh metric tonnes with consolidated revenues surpassing ₹7,000 crore. While writing and printing paper once accounted for 90% of its revenues in FY2016, that share has now declined to ~60% as the company pivots toward high-growth packaging verticals.
Its expanded packaging portfolio now includes:
- Packaging Boards (210,000 TPA capacity)
- Corrugated Boxes through Horizon Packs and Securipax Packaging
- Monocartons and Labels via Manipal Utility Packaging Solutions acquisition
- Customised compostable and barrier-coated boards for FMCG, pharma, and food service
The company’s reach spans Tier II and III cities, with a pan-India trade network of 4,000+ dealers, and exports to 60+ countries.
Capacity Expansion and Strategic Acquisitions
The last two years marked a major strategic leap:
- Acquisition of Horizon Packs & Securipax in FY23, the largest corrugated packaging group in India (₹590 crore for 85%, ₹104 crore for remaining 15%)
- Acquisition of Manipal Utility Packaging Solutions in FY24, adding monocartons and labels to JK Paper’s offering
- Commissioning of a greenfield corrugated plant in Ludhiana in August 2023, to tap North India’s packaging demand
This marks JK Paper’s forward integration—allowing the use of its own boards to manufacture packaging products—offering clients end-to-end solutions across secondary and tertiary packaging.
Backward Integration and Cost Leadership
JK Paper’s mechanical pulp mill (BCTMP) project, set to be commissioned in FY2025–26, will reduce input dependency and costs for packaging board production. Expected to deliver 15%+ return on investment, the mill ensures raw material security and improved cost competitiveness.
The company’s 6.92 lakh acres of plantation across India, including FSC® FM certified forests, reinforce its sustainability credentials while also insulating it from raw material price volatility.
On the financial side, the company has:
- Prepaid ₹229 crore of debt and repaid ₹664 crore in FY24
- Improved net debt/EBITDA to 0.59x from 0.86x
- Strengthened net worth to ₹5,070 crore
- Maintained AA/Stable credit rating even for its acquired Sirpur unit
JK Paper’s pivot from commoditised writing paper to high-margin, branded packaging solutions is its inflection point. By entering corrugated, monocartons, and labels with customer access via M&A, and coupling it with backward and forward integration, the company has created a scalable and sustainable platform.
This shift—supported by digitalisation, green capex, and supply chain control—makes JK Paper a rare packaging company with the full-stack capability: from plantation to paper to printed packaging. One of the best packaging companies in India to look for long term.
Specialty Packaging Companies
Jindal Poly Films
Jindal Poly Films Ltd (JPFL) has emerged as one of the largest Indian exporters and manufacturers of flexible packaging films and of the best packaging company in India. The company is leveraging its robust backward integration, cost leadership, and global presence to drive long-term growth. With over ₹4,757 crore in revenue from packaging films in FY24, the company’s packaging business accounted for the lion’s share of its consolidated revenue, reaffirming its strategic focus on this high-growth segment.
Capacity and Capex
JPFL operates one of the world’s largest capacities for BOPP, BOPET, and CPP films, with a combined installed base exceeding 490,000 TPA across multiple sites. The company has continuously invested in high-capacity, state-of-the-art lines tailored for the packaging segment. In FY23, JPFL commissioned a new BOPP line, enhancing both capacity and capability. The company incurred a capital expenditure of ₹241 crore in FY23, focused on adding CPP and metallizing lines to meet growing demand from FMCG and pharma packaging.
In FY24, the company reiterated its ongoing commitment to investing in next-generation flexible packaging technology, funded entirely through internal accruals — a reflection of its strong balance sheet and net cash position.
Export-Driven Strategy and Global Certifications
Jindal Poly Films derives over 52% of its revenue from exports, supplying to more than 40 countries including the U.S., UK, EU, Latin America, and Southeast Asia. The company is a key supplier to global FMCG majors, benefiting from high compliance standards like BRC, FDA, and REACH certifications. Export revenue stood at approximately ₹2,500 crore in FY24, highlighting its critical role in the global packaging supply chain.
Value-Added Packaging
A key strategic shift is JPFL’s increasing focus on value-added and sustainable films, including coated films, barrier films, mono-material recyclable films, and holographic packaging solutions. These segments fetch better margins and are aligned with rising global demand for ESG-compliant packaging. The company’s backward integration into polymer and resin processing also helps insulate it from input cost volatility — a key edge in margin preservation.
EPL Limited
EPL Limited, formerly Essel Propack, stands tall as the world’s largest laminated tube manufacturer, producing over 8 billion tubes annually across 21 manufacturing units in 11 countries. The company is one of the best packaging company in India.
With four decades of packaging leadership, the company is driving a strategic transformation powered by sustainability, innovation, global expansion, and digitalization—firmly positioning itself for long-term value creation.
Strong Revenue Base and International Presence
EPL reported consolidated revenues of ₹3,694 crore in FY23, a 7.6% YoY growth, with over 35% of its sales coming from AMESA (including India), and strong contributions from Europe, Americas, and East Asia Pacific. Over 52% of its revenue comes from international markets, including the U.S., Brazil, China, Poland, and the UK, affirming its strong global footprint in specialty packaging.
Despite macroeconomic challenges in Brazil and China, the company maintained its EBITDA margin at 16.4%, showing resilience and strong operational efficiency.
Capex and Innovation-Focused Expansion
EPL incurred ₹230 crore in capex during FY23, focused on upgrading plant automation, expanding digital printing, and enhancing tube capacity in high-demand regions. Capacity ramp-up in Brazil and China, along with recent acquisitions like Creative Stylo and Arista Tubes in the UK, signal a multi-regional expansion strategy aimed at premium personal care and beauty segments.
The company is also scaling its Platina and Platina Pro series of recyclable tubes, which are APR-certified and compatible with Code 2 HDPE recycling streams. In FY23, sustainable tubes made up 10% of total sales, growing 2.5x over FY22. EPL now targets doubling this share again in FY24, with a 2025 goal of 75% sales from recyclable formats.
The Shift to Innovation-Led, Premium Packaging
EPL’s future is increasingly anchored in premium, recyclable, and digitally printed packaging solutions, supported by robust IP (89 patents filed globally). It is shifting from being a volume-driven tube maker to a value-led packaging innovator, targeting double-digit earnings growth and margin expansion, despite flat polymer prices and volatile macro environments.
Its “4×4 strategy”—targeting the 4Cs (Category, Customer, Country, Cost)—along with enablers like digital transformation and R&D will define the next growth cycle.
Glass Packaging
AGI Greenpac
AGI Greenpac Ltd, India’s most profitable glass packaging player, is undergoing a strategic evolution to become a diversified, sustainable packaging powerhouse. With over four decades of industry legacy and a product portfolio spanning glass containers, PET bottles, security closures, and now aluminum cans, the company is well-positioned to ride the tailwinds of premiumization and sustainability in packaging. The company is one of the best packaging company in India
Robust Revenue Growth and Operational Excellence
In FY24, AGI Greenpac reported ₹2,445 crore in revenue from its packaging business, of which 89% came from glass containers, primarily catering to the alcoholic beverage (77%), pharmaceutical (6%), and F&B (17%) segments. The company achieved over 96% capacity utilization in its glass business, indicating strong demand momentum, especially from the beer and spirits sectors.
Its EBITDA reached ₹588 crore, translating into high margins backed by operational efficiencies, premium product mix, and technology-driven manufacturing. In Q3 FY25 alone, PAT jumped 34.9% YoY, while EBITDA grew 20.3% YoY, reflecting the impact of portfolio optimization and cost discipline.
AGI’s portfolio includes:
- PET bottles (~12,000 TPA) across 3 plants
- Security closures (1,154 million pieces/year) for liquor, pharma, and FMCG
- Glass containers (1,840 TPD combined capacity)
This vertical integration enhances customer stickiness, cross-selling, and cost efficiencies—particularly relevant for MNC brands seeking single-source, sustainable packaging solutions.
Shift from Commodity to Customisation
The company’s transition from a volume-based soda lime glass manufacturer to a design-driven, sustainability-led packaging company marks its inflection point.
Key game-changers:
- Development of α Glass – a cosmetically superior glass
- Internal capabilities in embossing, forehearth colouring, and poly-coating
- Investment in decorative printing, ceramic, UV and foil stamping to meet luxury packaging needs
- Retail foray with Sand Dunes and GreenDrop glassware brands targeting hospitality and e-commerce
Final words on Packaging Companies in India
India’s packaging sector is not merely riding a cyclical wave—it is undergoing a structural transformation powered by sustainability, digitalisation, and global integration. The top five companies highlighted here—TCPL Packaging, JK Paper, Jindal Poly Films, EPL Limited, and AGI Greenpac—aren’t just responding to market demand; they’re shaping it. Whether through backward integration, global expansion, or innovation in recyclable formats, these companies are setting new benchmarks for the industry.