---
title: "Tinplate Company of India (Merged) (TINPLATE) Financials & Shareholding"
symbol: "TINPLATE"
company: "Tinplate Company of India Ltd"
canonical: "https://tapetide.com/stocks/TINPLATE"
listing_status: "merged"
sector: "Industrials"
industry: "Industrial Products"
generated_at: "2026-11-05T02:05:41.078Z"
---

# Tinplate Company of India (Merged) (TINPLATE)

Canonical page: https://tapetide.com/stocks/TINPLATE

**Merged.** This company has merged into another and is no longer traded.

## Key Facts

- **Revenue, Sep 2023 quarter:** ₹941.79 Cr, against ₹959.54 Cr in Sep 2022 (-1.85% year on year)
- **Net profit, Sep 2023 quarter:** -₹2.29 Cr, against -₹35.10 Cr in Sep 2022
- **Promoter holding:** 74.96% in Dec 2023, unchanged from Sep 2023

## Company

- **Listing:** Merged
- **Macro sector:** Industrials
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Basic industry:** Packaging
- **In the F&O segment:** No

## Peer Comparison

Classification: Industrials › Industrial Products › Packaging

| Company | Price | P/E | Market Cap | P/B | Div Yield | ROE | ROCE | Sales TTM | Net Profit TTM |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| [EPL Ltd (EPL)](https://tapetide.com/stocks/EPL) | ₹223.99 | 18.51 | ₹7,224 Cr | 2.52 | 1.11% | 15.70% | 17.80% | ₹5,043 Cr | ₹393 Cr |
| [Uflex Ltd (UFLEX)](https://tapetide.com/stocks/UFLEX) | ₹581.40 | 6.15 | ₹4,177 Cr | 0.52 | 0.54% | 4.27% | 7.03% | ₹16,866 Cr | ₹682 Cr |
| [AGI Greenpac Ltd (AGI)](https://tapetide.com/stocks/AGI) | ₹656.75 | 11.71 | ₹4,174 Cr | 1.68 | 1.11% | 15.80% | 19.50% | ₹2,763 Cr | ₹364 Cr |
| [TCPL Packaging Ltd (TCPLPACK)](https://tapetide.com/stocks/TCPLPACK) | ₹4,525.00 | 36.74 | ₹3,938 Cr | 5.73 | 0.60% | 15.50% | 17.90% | ₹1,801 Cr | ₹112 Cr |
| [Jindal Poly Films Ltd (JINDALPOLY)](https://tapetide.com/stocks/JINDALPOLY) | ₹697.65 | — | ₹3,044 Cr | 1.03 | 0.84% | -0.97% | -1.99% | ₹2,339 Cr | -₹991 Cr |
| [Polyplex Corporation Ltd (POLYPLEX)](https://tapetide.com/stocks/POLYPLEX) | ₹920.85 | 18.61 | ₹2,919 Cr | 0.68 | 0.33% | 0.54% | 0.89% | ₹7,601 Cr | ₹273 Cr |
| [Knack Packaging Ltd (KNACK)](https://tapetide.com/stocks/KNACK) | ₹187.59 | 18.21 | ₹2,304 Cr | 3.18 | 0.00% | 43.60% | 35.30% | ₹1,026 Cr | ₹107 Cr |
| [Tinplate Company of India Ltd(Merged)](https://tapetide.com/stocks/TINPLATE) (this company) | — | — | — | — | — | 11.10% | 15.80% | ₹3,849 Cr | — |
| Median of 8 companies | ₹656.75 | 18.36 | ₹3,938 Cr | 1.68 | 0.60% | 13.30% | 16.80% | ₹3,306 Cr | ₹273 Cr |

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

## Key Insights

### Strengths

- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 18.4%

### Weaknesses

- Earnings include an other income of Rs.67.9 Cr.

## Technical Indicators

As of 19 Jan 2024, the latest day with price data, so these readings are not current.

| Group | Signal | Bearish | Neutral | Bullish |
| --- | --- | ---: | ---: | ---: |
| Overall | Bullish | 6 | 5 | 8 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bullish | 4 | 0 | 6 |

### Oscillators: Neutral

| Name | Value | Signal |
| --- | ---: | --- |
| RSI (14) | 49.08 | Neutral |
| MACD (12,26,9) | 6.07 | Bearish |
| Stochastic (14,3,3) | 38.75 | Neutral |
| ADX (14) | 25.60 | Bullish |
| Williams %R (14) | -74.76 | Neutral |
| ATR (14) | 12.21 | Neutral |
| ROC (12) | -3.03 | Bearish |
| Stoch RSI (14) | 0.00 | Bullish |
| UO (7,14,28) | 50.19 | Neutral |

### Moving Averages: Strong Bullish

| Name | Value | Signal |
| --- | ---: | --- |
| SMA (10) | 439.44 | Bearish |
| EMA (10) | 438.82 | Bearish |
| SMA (20) | 438.70 | Bearish |
| EMA (20) | 435.58 | Bearish |
| SMA (50) | 415.29 | Bullish |
| EMA (50) | 420.19 | Bullish |
| SMA (100) | 396.78 | Bullish |
| EMA (100) | 399.52 | Bullish |
| SMA (200) | 362.08 | Bullish |
| EMA (200) | 376.24 | Bullish |

### Pivot Points

| Level | Classic | Fibonacci | Camarilla |
| --- | ---: | ---: | ---: |
| R3 | 453.46 | 444.63 | 434.87 |
| R2 | 444.63 | 438.56 | 433.42 |
| R1 | 437.56 | 434.80 | 431.96 |
| PP | 428.73 | 428.73 | 428.73 |
| S1 | 421.66 | 422.66 | 429.04 |
| S2 | 412.83 | 418.90 | 427.59 |
| S3 | 405.76 | 412.83 | 426.13 |

## Growth Rate

Growth computed from the financial statements below. A window with no rate gives the reason instead of a figure.

Annual windows: The latest annual results are more than two years old, so no annual growth is shown.

Trailing twelve months: The latest quarterly results are more than a year old.

## Financial Statements

### Quarterly Results

Results for the period ended Dec 2023 were due by 14 Feb 2024 and are not in this table yet.

Figures in ₹ crore unless the row name gives another unit.

| Item | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Sales | 531 | 615 | 755 | 866 | 977 | 1,180 | 1,227 | 1,007 | 960 | 960 | 1,033 | 914 | 942 |
| Expenses | 500 | 561 | 670 | 765 | 870 | 1,046 | 1,068 | 886 | 1,000 | 907 | 952 | 907 | 942 |
| Operating Profit | 31.89 | 54.06 | 85.13 | 101 | 107 | 133 | 159 | 120 | -40.31 | 52.73 | 81.13 | 7.68 | -0.06 |
| OPM % | 6% | 8.79% | 11.28% | 11.69% | 10.94% | 11.31% | 12.92% | 11.97% | -4.2% | 5.49% | 7.85% | 0.84% | -0.01% |
| Other Income | 5.46 | 6.77 | 7.88 | 8.11 | 10.1 | 10.35 | 11.48 | 10.64 | 12.23 | 15.1 | 17.59 | 17.03 | 18.16 |
| Interest | 1.72 | 1.42 | 3.06 | 2.46 | 2.06 | 1.98 | 1.71 | 2.18 | 2.64 | 2.63 | 4.76 | 3.72 | 3.56 |
| Depreciation | 15.46 | 15.36 | 15.46 | 14.91 | 14.94 | 14.8 | 16.15 | 15.25 | 15.78 | 16.5 | 16.95 | 17.38 | 17.66 |
| Profit before tax | 20.17 | 44.05 | 74.49 | 92.04 | 99.99 | 127 | 152 | 114 | -46.5 | 48.7 | 77.01 | 3.61 | -3.12 |
| Tax % | 20.28% | 25.52% | 24.61% | 25.45% | 25.06% | 25.26% | 24.79% | 25.26% | -24.54% | 25.3% | 26.55% | 27.15% | -26.6% |
| Net Profit | 16.08 | 32.82 | 56.16 | 68.62 | 74.93 | 94.94 | 114 | 84.98 | -35.1 | 36.38 | 56.56 | 2.63 | -2.29 |
| EPS in Rs | 1.54 | 3.13 | 5.36 | 6.55 | 7.16 | 9.07 | 10.93 | 8.12 | -3.35 | 3.47 | 5.4 | 0.25 | -0.22 |

### Profit & Loss

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Sales | 627 | 877 | 1,059 | 911 | 836 | 830 | 1,919 | 2,584 | 2,106 | 2,281 | 4,250 | 3,959 | 3,849 |
| Expenses | 553 | 765 | 911 | 787 | 669 | 739 | 1,755 | 2,451 | 1,954 | 2,104 | 3,748 | 3,745 | 3,707 |
| Operating Profit | 74 | 112 | 148 | 124 | 167 | 91 | 164 | 133 | 151 | 177 | 501 | 214 | 141 |
| OPM % | 12% | 13% | 14% | 14% | 20% | 11% | 9% | 5% | 7% | 8% | 12% | 5% | 3.7% |
| Other Income | 19 | 21 | 25 | 27 | 18 | 18 | 16 | 29 | 24 | 24 | 39 | 55 | 68 |
| Interest | 17 | 25 | 21 | 12 | 6 | 3 | 3 | 7 | 10 | 8 | 8 | 12 | 15 |
| Depreciation | 48 | 58 | 61 | 71 | 73 | 66 | 62 | 64 | 61 | 62 | 61 | 64 | 68 |
| Profit before tax | 28 | 50 | 91 | 68 | 106 | 41 | 115 | 92 | 104 | 132 | 471 | 193 | 126 |
| Tax % | 41% | 43% | 31% | 34% | 36% | 32% | 37% | 37% | 9% | 26% | 25% | 26% | — |
| Net Profit | 17 | 28 | 63 | 45 | 68 | 28 | 73 | 58 | 95 | 98 | 353 | 143 | 93 |
| EPS in Rs | 1.58 | 2.7 | 6 | 4.26 | 6.48 | 2.66 | 6.99 | 5.54 | 9.08 | 9.37 | 33.71 | 13.64 | 8.9 |
| Dividend Payout % | 54% | 37% | 27% | 38% | 31% | 60% | 29% | 36% | 11% | 21% | 12% | 22% | — |

### Balance Sheet

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Equity Capital | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 | 105 |
| Reserves | 389 | 395 | 429 | 444 | 518 | 517 | 572 | 606 | 656 | 741 | 1,066 | 1,158 | 1,126 |
| Borrowings | 247 | 258 | 138 | 45 | 0 | 0 | 0 | 0 | 14 | 13 | 12 | 15 | 15 |
| Other Liabilities | 212 | 240 | 275 | 277 | 244 | 251 | 431 | 465 | 424 | 496 | 798 | 648 | 618 |
| Total Liabilities | 953 | 998 | 946 | 871 | 867 | 874 | 1,107 | 1,176 | 1,198 | 1,356 | 1,981 | 1,926 | 1,864 |
| Fixed Assets | 753 | 762 | 723 | 680 | 628 | 604 | 567 | 563 | 578 | 545 | 556 | 596 | 596 |
| CWIP | 36 | 12 | 26 | 17 | 43 | 24 | 43 | 42 | 23 | 15 | 54 | 33 | 56 |
| Investments | 0 | 0 | 0 | 0 | 5 | 38 | 51 | 97 | 93 | 72 | 213 | 252 | 83 |
| Other Assets | 164 | 223 | 196 | 173 | 190 | 208 | 446 | 474 | 503 | 723 | 1,157 | 1,044 | 1,129 |
| Total Assets | 953 | 998 | 946 | 871 | 867 | 874 | 1,107 | 1,176 | 1,198 | 1,356 | 1,981 | 1,926 | 1,864 |

### Cash Flow

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash from Operating Activity | 114 | 84 | 199 | 170 | 114 | 91 | 108 | 124 | 53 | 252 | 454 | 215 |
| Cash from Investing Activity | -64 | -50 | -35 | -35 | -36 | -57 | -51 | -104 | -32 | -162 | -373 | -269 |
| Cash from Financing Activity | -52 | -34 | -164 | -134 | -75 | -28 | -23 | -32 | -33 | -18 | -31 | -56 |
| Net Cash Flow | -1 | 0 | -1 | 1 | 3 | 5 | 34 | -12 | -12 | 73 | 50 | -109 |
| Free Cash Flow | 47 | 30 | 159 | 131 | 73 | 66 | 69 | 62 | 12 | 223 | 368 | 135 |
| CFO/EBITDA | 176 | 84 | 147 | 150 | 83 | 112 | 97 | 118 | 60 | 165 | 116 | 123 |

### Ratios

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Debtor Days | 24 | 35 | 20 | 14 | 22 | 36 | 19 | 18 | 12 | 12 | 5 | 2 |
| Inventory Days | 85 | 68 | 56 | 80 | 149 | 85 | 57 | 41 | 85 | 63 | 53 | 48 |
| Days Payable | 84 | 59 | 61 | 90 | 113 | 90 | 53 | 41 | 53 | 56 | 50 | 49 |
| Cash Conversion Cycle | 24 | 44 | 16 | 4 | 59 | 31 | 23 | 17 | 44 | 19 | 8 | 1 |
| Working Capital Days | -26 | -10 | -15 | -20 | 28 | 36 | 18 | 13 | 26 | 9 | -1 | -3 |
| ROCE % | 6% | 10% | 16% | 13% | 18% | 7% | 18% | 14% | 15% | 17% | 47% | 16% |

## Shareholding Pattern

The latest pattern on file is for Dec 2023; it may not describe the holding today.

### Quarterly Shareholding

Holdings in % of shares; shareholders as a count.

| Holder | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Promoters | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% |
| FIIs | 0.73% | 2.42% | 2.61% | 2.66% | 2.97% | 3.01% | 2.84% | 2.26% | 2.00% | 2.12% | 2.03% | 2.51% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.00% | 0.01% | 0.01% | 0.00% | 0.00% | 0.01% | 0.00% | 0.15% | 0.25% |
| Government | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Public | 24.28% | 22.60% | 22.41% | 22.36% | 22.04% | 22.00% | 22.16% | 22.75% | 23.00% | 22.88% | 22.84% | 22.26% |
| Others | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| No. of Shareholders | 74,146 | 76,196 | 88,744 | 92,076 | 96,605 | 99,614 | 1,06,511 | 97,494 | 92,411 | 88,548 | 81,164 | 75,167 |

### Annual Shareholding

Holdings in % of shares; shareholders as a count.

| Holder | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Promoters | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% |
| FIIs | 2.00% | 2.34% | 1.11% | 1.14% | 0.73% | 2.97% | 2.00% | 2.51% |
| DIIs | 0.17% | 0.16% | 0.18% | 0.12% | 0.01% | 0.01% | 0.01% | 0.25% |
| Government | 0.00% | 0.00% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Public | 22.87% | 22.54% | 23.73% | 23.76% | 24.28% | 22.04% | 23.00% | 22.26% |
| Others | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| No. of Shareholders | 45,735 | 59,488 | 66,686 | 66,093 | 74,146 | 96,605 | 92,411 | 75,167 |

## Documents

### Annual reports

Latest 12 of 13.

| Year | Report |
| --- | --- |
| FY2023 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b8f344b3-6209-4a11-aa78-f71b01d0ee72.pdf) |
| FY2022 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/73192504966.pdf) |
| FY2021 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/68812504966.pdf) |
| FY2020 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660320.pdf) |
| FY2019 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660319.pdf) |
| FY2018 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660318.pdf) |
| FY2017 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660317.pdf) |
| FY2016 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660316.pdf) |
| FY2015 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660315.pdf) |
| FY2014 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660314.pdf) |
| FY2013 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660313.pdf) |
| FY2012 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/504966/5049660312.pdf) |

### Credit ratings

| Date | Document |
| --- | --- |
| 27 Nov 2023 | [Credit rating update — ICRA](https://www.icra.in/Rationale/ShowRationaleReport/?Id=123757) |
| 4 Oct 2022 | [Credit rating update — ICRA](https://www.icra.in/Rationale/ShowRationaleReport/?Id=115001) |
| 22 Jul 2021 | [Credit rating update — ICRA](https://www.icra.in/Rationale/ShowRationaleReport/?Id=104799) |
| 7 Aug 2020 | [Credit rating update — ICRA](https://www.icra.in/Rationale/ShowRationaleReport/?Id=96981) |
| 27 Mar 2019 | [Credit rating update — ICRA](https://www.icra.in/Rationale/ShowRationaleReport/?Id=78883) |
| 14 Mar 2019 | [Credit rating update — ICRA](https://www.icra.in/Rationale/ShowRationaleReport/?Id=78512) |

## Frequently Asked Questions about Tinplate Company of India

### What does Tinplate Company of India Ltd do?

Tinplate Company of India Limited (TCIL) is a producer of tin coated and tin free steel sheets in India. It is a Subsidiary of Tata Steel Limited. The company is the 1st Domestic Tinplate manufacturer of India.

### Which sector does Tinplate Company of India Ltd belong to?

Tinplate Company of India Ltd is classified under the Industrials sector, in the Industrial Products industry.

## Company Information

Tinplate Company of India Limited (TCIL) is a producer of tin coated and tin free steel sheets in India. It is a Subsidiary of Tata Steel Limited. The company is the 1st Domestic Tinplate manufacturer of India.

- **Website:** https://tatatinplate.com/
- **Listed:** 27 Jan 2006
- **Face Value:** ₹10

---

Negative figures use an ASCII hyphen-minus (-) so they parse as numbers. Amounts are in Indian rupees; "Cr" is crore (10 million). Dates are Indian Standard Time.

Financial statements, shareholding and filings are as reported by the company. Price, volume and 52-week levels are market data. Technical indicators are computed by Tapetide from daily prices. The Tapetide Score is Tapetide’s own analysis. Analyst ratings and forecasts are the published estimates of third-party analysts, not company statements. The AI sections are generated text.

For research and information only, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Generated 5 Nov 2026, 07:35 IST.