# Packaging & Containers — company-by-company sector analysis

> Packaging & Containers: Smurfit Westrock Plc owns the largest revenue base; Amcor plc has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Packaging & Containers has outperformed S&P 500 by 35.1% over 52 weeks and 16.9% over 13 weeks. 15 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 19 beat the sector itself. Smurfit Westrock Plc leads with revenue of $31,235 million, based on 15 of 19 comparable companies through Mar 2026.

### Is the Packaging & Containers sector outperforming S&P 500?

Packaging & Containers has outperformed S&P 500 by 35.1% over 52 weeks and 16.9% over 13 weeks. 15 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 19 beat the sector itself.

### Which Packaging & Containers company is largest by revenue?

Smurfit Westrock Plc leads with revenue of $31,235 million, based on 15 of 19 comparable companies through Mar 2026.

### Which Packaging & Containers company is growing fastest?

Amcor plc has the fastest current revenue growth at 64.8%, across 15 of 19 comparable companies.

### Which Packaging & Containers company has the strongest 4-Factor Sector Score?

Greif, Inc. ranks first at 68.9/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Packaging & Containers company reports the most CAPEX?

Smurfit Westrock Plc reports the largest latest CAPEX at $624 million, with 19 of 19 companies comparable.

### Which Packaging & Containers company has the least gross debt?

Eightco Holdings Inc. has the lowest comparable gross debt at $9 million. Amcor plc has the highest at $16,706 million.

### Which Packaging & Containers company has the lowest comparable PEG?

Greif, Inc. has the lowest comparable Guarded PEG at 0.08, among 10 of 19 companies that pass the metric’s comparability rules.

### How much history does this Packaging & Containers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Packaging & Containers has outperformed S&P 500 by 35.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 16.9%. 15 of 19 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Myers Industries, Inc. is the strongest against the sector itself at +37.7%.

13-week sector return versus NIFTY 500: 17%
52-week sector return versus NIFTY 500: 35%
Stocks leading NIFTY: 15/19
Stocks leading sector: 10/19

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 19
Combined market value: ₹1.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Greif, Inc. (GEF-B): 69/100 — Favorable setup; evidence 76%
   - Growth & earnings 20.9/35 | Capital efficiency 15.7/25 | Valuation 16.3/20 | Relative strength 16.0/20
   - Exact sum: 20.9 + 15.7 + 16.3 + 16 = 68.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Myers Industries, Inc. (MYE): 69/100 — Favorable setup; evidence 76%
   - Growth & earnings 24.3/35 | Capital efficiency 13.8/25 | Valuation 13.4/20 | Relative strength 17.0/20
   - Exact sum: 24.3 + 13.8 + 13.4 + 17 = 68.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Karat Packaging Inc. (KRT): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.4/35 | Capital efficiency 14.9/25 | Valuation 5.0/20 | Relative strength 19.5/20
   - Exact sum: 19.4 + 14.9 + 5 + 19.5 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ball Corporation (BALL): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.5/35 | Capital efficiency 11.3/25 | Valuation 14.6/20 | Relative strength 10.8/20
   - Exact sum: 21.5 + 11.3 + 14.6 + 10.8 = 58.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Packaging Corporation of America (PKG): 54/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.5/35 | Capital efficiency 15.6/25 | Valuation 9.1/20 | Relative strength 10.2/20
   - Exact sum: 19.5 + 15.6 + 9.1 + 10.2 = 54.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Sonoco Products Company (SON): 54/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.1/35 | Capital efficiency 10.4/25 | Valuation 10.9/20 | Relative strength 15.1/20
   - Exact sum: 17.1 + 10.4 + 10.9 + 15.1 = 53.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Reynolds Consumer Products Inc. (REYN): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.6/35 | Capital efficiency 14.2/25 | Valuation 13.3/20 | Relative strength 8.1/20
   - Exact sum: 17.6 + 14.2 + 13.3 + 8.1 = 53.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Ardagh Metal Packaging S.A. (AMBP): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.8/35 | Capital efficiency 7.1/25 | Valuation 8.5/20 | Relative strength 17.8/20
   - Exact sum: 18.8 + 7.1 + 8.5 + 17.8 = 52.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. International Paper Company (IP): 51/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 23.3/35 | Capital efficiency 9.3/25 | Valuation 8.9/20 | Relative strength 9.3/20
   - Exact sum: 23.3 + 9.3 + 8.9 + 9.3 = 50.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Crown Holdings, Inc. (CCK): 51/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.8/35 | Capital efficiency 11.4/25 | Valuation 10.2/20 | Relative strength 12.4/20
   - Exact sum: 16.8 + 11.4 + 10.2 + 12.4 = 50.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Ranpak Holdings Corp. (PACK): 49/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.9/35 | Capital efficiency 6.4/25 | Valuation 10.0/20 | Relative strength 13.6/20
   - Exact sum: 18.9 + 6.4 + 10 + 13.6 = 48.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Amcor plc (AMCR): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 15.5/35 | Capital efficiency 10.2/25 | Valuation 13.1/20 | Relative strength 9.0/20
   - Exact sum: 15.5 + 10.2 + 13.1 + 9 = 47.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. Silgan Holdings Inc. (SLGN): 43/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 15.1/35 | Capital efficiency 9.1/25 | Valuation 8.3/20 | Relative strength 10.8/20
   - Exact sum: 15.1 + 9.1 + 8.3 + 10.8 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. TriMas Corporation (TRS): 42/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 14.2/35 | Capital efficiency 10.4/25 | Valuation 11.5/20 | Relative strength 5.9/20
   - Exact sum: 14.2 + 10.4 + 11.5 + 5.9 = 42
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Smurfit Westrock Plc (SW): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.2/35 | Capital efficiency 9.5/25 | Valuation 4.6/20 | Relative strength 15.9/20
   - Exact sum: 11.2 + 9.5 + 4.6 + 15.9 = 41.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16. Avery Dennison Corporation (AVY): 36/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 15.7/35 | Capital efficiency 13.6/25 | Valuation 4.9/20 | Relative strength 2.2/20
   - Exact sum: 15.7 + 13.6 + 4.9 + 2.2 = 36.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Eightco Holdings Inc. (ORBS): 34/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 13.1/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 13.1 + 8.3 + 10 + 3 = 34.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. O-I Glass, Inc. (OI): 31/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 9.8/35 | Capital efficiency 6.1/25 | Valuation 11.1/20 | Relative strength 3.5/20
   - Exact sum: 9.8 + 6.1 + 11.1 + 3.5 = 30.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Graphic Packaging Holding Company (GPK): 29/100 — Adverse evidence; evidence 82%
   - Growth & earnings 7.4/35 | Capital efficiency 6.4/25 | Valuation 9.3/20 | Relative strength 6.0/20
   - Exact sum: 7.4 + 6.4 + 9.3 + 6 = 29.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Smurfit Westrock Plc is the scale leader at $31,235 million, 25.1% ahead of International Paper Company. Amcor plc's growth is 64.8% from a $22,190 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Smurfit Westrock Plc is the scale benchmark; Amcor plc is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Smurfit Westrock Plc's growth falls below Amcor plc's for two consecutive comparable reports while operating margin also compresses.

Evidence: Smurfit Westrock Plc · $31,235 million | 25.1% versus #2 · International Paper Company | 7/7 recent comparable periods | 15/19 companies · 349 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Smurfit Westrock Plc (SW): ₹31.2K Cr
2. International Paper Company (IP): ₹25.0K Cr
3. Amcor plc (AMCR): ₹22.2K Cr
4. Ball Corporation (BALL): ₹13.7K Cr
5. Avery Dennison Corporation (AVY): ₹9.0K Cr

### Revenue growth — fastest growers
1. Amcor plc (AMCR): 65%
2. International Paper Company (IP): 40%
3. Smurfit Westrock Plc (SW): 21%
4. Ball Corporation (BALL): 14%
5. Karat Packaging Inc. (KRT): 12%

### 20-quarter Revenue history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 —
- IP: Sep 2021 ₹4.9K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- PKG: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- AMCR: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- BALL: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- CCK: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- AVY: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 — | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- SON: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 — | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 — | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- REYN: Sep 2021 ₹905 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹845 Cr | Jun 2022 ₹917 Cr | Sep 2022 ₹967 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹874 Cr | Jun 2023 ₹940 Cr | Sep 2023 ₹935 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹833 Cr | Jun 2024 ₹930 Cr | Sep 2024 ₹910 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹818 Cr | Jun 2025 ₹938 Cr | Sep 2025 ₹931 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹877 Cr | Jun 2026 —
- SLGN: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹995 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- GPK: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- AMBP: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- TRS: Sep 2021 ₹222 Cr | Dec 2021 ₹209 Cr | Mar 2022 ₹224 Cr | Jun 2022 ₹238 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹233 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹269 Cr | Dec 2025 ₹-140 Cr | Mar 2026 ₹168 Cr | Jun 2026 —
- OI: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- MYE: Sep 2021 ₹200 Cr | Dec 2021 ₹200 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹233 Cr | Sep 2022 ₹228 Cr | Dec 2022 ₹213 Cr | Mar 2023 ₹216 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹191 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹205 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- KRT: Sep 2021 ₹103 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹105 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹93 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- PACK: Sep 2021 ₹97 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹101 Cr | Jun 2026 —
- ORBS: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹8 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 163% | Dec 2024 163% | Mar 2025 161% | Jun 2025 167% | Sep 2025 4.3% | Dec 2025 0.5% | Mar 2026 0.7% | Jun 2026 —
- IP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 9.9% | Dec 2022 0.9% | Mar 2023 -4.1% | Jun 2023 -13% | Sep 2023 -15% | Dec 2023 -10% | Mar 2024 -8.0% | Jun 2024 1.1% | Sep 2024 -14% | Dec 2024 -15% | Mar 2025 14% | Jun 2025 43% | Sep 2025 56% | Dec 2025 53% | Mar 2026 13% | Jun 2026 —
- PKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 6.3% | Dec 2022 -3.2% | Mar 2023 -7.5% | Jun 2023 -13% | Sep 2023 -8.9% | Dec 2023 -2.0% | Mar 2024 0.2% | Jun 2024 6.3% | Sep 2024 13% | Dec 2024 11% | Mar 2025 8.1% | Jun 2025 4.6% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 11% | Jun 2026 —
- AMCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 8.5% | Dec 2022 3.9% | Mar 2023 -1.1% | Jun 2023 -6.0% | Sep 2023 -7.3% | Dec 2023 -11% | Mar 2024 -7.0% | Jun 2024 -3.8% | Sep 2024 -2.6% | Dec 2024 -0.3% | Mar 2025 -2.3% | Jun 2025 44% | Sep 2025 71% | Dec 2025 68% | Mar 2026 77% | Jun 2026 —
- BALL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 11% | Dec 2022 -3.4% | Mar 2023 -20% | Jun 2023 -26% | Sep 2023 -21% | Dec 2023 -18% | Mar 2024 -3.6% | Jun 2024 -3.5% | Sep 2024 -0.9% | Dec 2024 -0.8% | Mar 2025 7.8% | Jun 2025 13% | Sep 2025 9.6% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- CCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 12% | Dec 2022 -1.4% | Mar 2023 -6.0% | Jun 2023 -11% | Sep 2023 -5.8% | Dec 2023 -5.1% | Mar 2024 -6.4% | Jun 2024 -2.2% | Sep 2024 0.2% | Dec 2024 1.6% | Mar 2025 3.7% | Jun 2025 3.6% | Sep 2025 4.2% | Dec 2025 7.7% | Mar 2026 13% | Jun 2026 —
- AVY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 12% | Mar 2023 — | Jun 2023 -12% | Sep 2023 -11% | Dec 2023 -8.9% | Mar 2024 — | Jun 2024 8.2% | Sep 2024 4.4% | Dec 2024 3.6% | Mar 2025 -0.1% | Jun 2025 -0.6% | Sep 2025 1.5% | Dec 2025 3.9% | Mar 2026 7.0% | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 38% | Dec 2022 34% | Mar 2023 — | Jun 2023 -2.3% | Sep 2023 -11% | Dec 2023 -9.5% | Mar 2024 — | Jun 2024 -26% | Sep 2024 -21% | Dec 2024 -20% | Mar 2025 31% | Jun 2025 49% | Sep 2025 57% | Dec 2025 30% | Mar 2026 -1.9% | Jun 2026 —
- REYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.0% | Sep 2022 6.9% | Dec 2022 6.5% | Mar 2023 3.4% | Jun 2023 2.5% | Sep 2023 -3.3% | Dec 2023 -7.5% | Mar 2024 -4.7% | Jun 2024 -1.1% | Sep 2024 -2.7% | Dec 2024 1.4% | Mar 2025 -1.8% | Jun 2025 0.9% | Sep 2025 2.3% | Dec 2025 1.4% | Mar 2026 7.2% | Jun 2026 —
- SLGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 19% | Dec 2022 1.1% | Mar 2023 -1.7% | Jun 2023 -7.6% | Sep 2023 -8.5% | Dec 2023 -7.9% | Mar 2024 -7.1% | Jun 2024 -3.2% | Sep 2024 -3.2% | Dec 2024 5.3% | Mar 2025 11% | Jun 2025 11% | Sep 2025 15% | Dec 2025 4.1% | Mar 2026 6.4% | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -5.2% | Mar 2023 -19% | Jun 2023 -21% | Sep 2023 -18% | Dec 2023 -13% | Mar 2024 -5.1% | Jun 2024 4.7% | Sep 2024 -12% | Dec 2024 8.3% | Mar 2025 -13% | Jun 2025 1.1% | Sep 2025 -2.6% | Dec 2025 -30% | Mar 2026 2.4% | Jun 2026 —
- GPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 38% | Dec 2022 20% | Mar 2023 8.6% | Jun 2023 1.4% | Sep 2023 -4.2% | Dec 2023 -5.7% | Mar 2024 -7.3% | Jun 2024 -6.5% | Sep 2024 -5.7% | Dec 2024 -6.9% | Mar 2025 -6.2% | Jun 2025 -1.5% | Sep 2025 -1.2% | Dec 2025 0.4% | Mar 2026 1.7% | Jun 2026 —
- AMBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 13% | Dec 2022 -1.0% | Mar 2023 -0.5% | Jun 2023 -3.7% | Sep 2023 10% | Dec 2023 5.2% | Mar 2024 0.9% | Jun 2024 0.3% | Sep 2024 1.5% | Dec 2024 5.6% | Mar 2025 11% | Jun 2025 16% | Sep 2025 8.8% | Dec 2025 13% | Mar 2026 19% | Jun 2026 —
- TRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.7% | Sep 2022 -1.4% | Dec 2022 -2.9% | Mar 2023 -4.0% | Jun 2023 -2.1% | Sep 2023 7.3% | Dec 2023 3.5% | Mar 2024 5.6% | Jun 2024 3.4% | Sep 2024 -2.6% | Dec 2024 8.6% | Mar 2025 -33% | Jun 2025 14% | Sep 2025 17% | Dec 2025 -161% | Mar 2026 11% | Jun 2026 —
- OI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 5.2% | Dec 2022 6.7% | Mar 2023 8.2% | Jun 2023 6.3% | Sep 2023 3.0% | Dec 2023 -3.1% | Mar 2024 -13% | Jun 2024 -8.5% | Sep 2024 -3.7% | Dec 2024 -6.8% | Mar 2025 -1.6% | Jun 2025 -1.3% | Sep 2025 -1.6% | Dec 2025 -1.9% | Mar 2026 -1.7% | Jun 2026 —
- MYE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 14% | Dec 2022 6.5% | Mar 2023 -4.0% | Jun 2023 -11% | Sep 2023 -13% | Dec 2023 -10% | Mar 2024 -4.2% | Jun 2024 5.8% | Sep 2024 3.5% | Dec 2024 6.8% | Mar 2025 -22% | Jun 2025 -4.6% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 1.9% | Jun 2026 —
- KRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 6.8% | Dec 2022 2.2% | Mar 2023 -8.6% | Jun 2023 -5.2% | Sep 2023 -3.6% | Dec 2023 3.2% | Mar 2024 0.0% | Jun 2024 3.7% | Sep 2024 6.6% | Dec 2024 6.3% | Mar 2025 8.3% | Jun 2025 9.7% | Sep 2025 11% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- PACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.3% | Sep 2022 -20% | Dec 2022 -28% | Mar 2023 -2.4% | Jun 2023 -5.8% | Sep 2023 6.4% | Dec 2023 14% | Mar 2024 4.9% | Jun 2024 4.9% | Sep 2024 11% | Dec 2024 17% | Mar 2025 7.1% | Jun 2025 7.0% | Sep 2025 8.7% | Dec 2025 6.7% | Mar 2026 11% | Jun 2026 —
- ORBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 250% | Sep 2022 150% | Dec 2022 700% | Mar 2023 300% | Jun 2023 200% | Sep 2023 360% | Dec 2023 0.0% | Mar 2024 -50% | Jun 2024 -76% | Sep 2024 -74% | Dec 2024 25% | Mar 2025 25% | Jun 2025 60% | Sep 2025 -17% | Dec 2025 -50% | Mar 2026 -20% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Myers Industries, Inc. leads opm at 15.1%; TriMas Corporation leads margin change at +6.3 percentage points.

Investor read: Myers Industries, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Myers Industries, Inc. · 15.1% | 28% versus #2 · Avery Dennison Corporation | 5/8 recent comparable periods | 19/19 companies · 349 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Myers Industries, Inc. (MYE): 15%
2. Avery Dennison Corporation (AVY): 12%
3. Crown Holdings, Inc. (CCK): 11%
4. Reynolds Consumer Products Inc. (REYN): 11%
5. Packaging Corporation of America (PKG): 11%

### Margin change — fastest expanders
1. TriMas Corporation (TRS): +6.3 pp
2. Ranpak Holdings Corp. (PACK): +5.0 pp
3. Myers Industries, Inc. (MYE): +4.5 pp
4. International Paper Company (IP): +3.8 pp
5. Reynolds Consumer Products Inc. (REYN): +1.9 pp

### 20-quarter OPM history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 12% | Dec 2023 6.3% | Mar 2024 11% | Jun 2024 8.2% | Sep 2024 0.7% | Dec 2024 5.3% | Mar 2025 7.2% | Jun 2025 3.2% | Sep 2025 6.6% | Dec 2025 5.1% | Mar 2026 3.3% | Jun 2026 —
- IP: Sep 2021 8.7% | Dec 2021 1.4% | Mar 2022 7.3% | Jun 2022 10% | Sep 2022 7.2% | Dec 2022 8.2% | Mar 2023 5.9% | Jun 2023 7.0% | Sep 2023 6.6% | Dec 2023 -5.7% | Mar 2024 2.6% | Jun 2024 5.3% | Sep 2024 1.1% | Dec 2024 1.2% | Mar 2025 -1.3% | Jun 2025 3.2% | Sep 2025 -9.5% | Dec 2025 -1.6% | Mar 2026 2.5% | Jun 2026 —
- PKG: Sep 2021 18% | Dec 2021 17% | Mar 2022 17% | Jun 2022 19% | Sep 2022 17% | Dec 2022 15% | Mar 2023 14% | Jun 2023 15% | Sep 2023 13% | Dec 2023 14% | Mar 2024 9.9% | Jun 2024 13% | Sep 2024 15% | Dec 2024 14% | Mar 2025 13% | Jun 2025 15% | Sep 2025 14% | Dec 2025 7.1% | Mar 2026 11% | Jun 2026 —
- AMCR: Sep 2021 8.7% | Dec 2021 9.2% | Mar 2022 10% | Jun 2022 6.4% | Sep 2022 9.2% | Dec 2022 15% | Mar 2023 7.7% | Jun 2023 8.8% | Sep 2023 7.8% | Dec 2023 7.4% | Mar 2024 9.0% | Jun 2024 11% | Sep 2024 9.3% | Dec 2024 9.2% | Mar 2025 9.4% | Jun 2025 1.7% | Sep 2025 8.0% | Dec 2025 6.1% | Mar 2026 7.8% | Jun 2026 —
- BALL: Sep 2021 6.7% | Dec 2021 10% | Mar 2022 16% | Jun 2022 -2.6% | Sep 2022 13% | Dec 2022 5.3% | Mar 2023 9.0% | Jun 2023 8.5% | Sep 2023 9.2% | Dec 2023 7.9% | Mar 2024 5.9% | Jun 2024 8.5% | Sep 2024 9.1% | Dec 2024 2.2% | Mar 2025 9.4% | Jun 2025 10% | Sep 2025 14% | Dec 2025 9.8% | Mar 2026 9.0% | Jun 2026 —
- CCK: Sep 2021 12% | Dec 2021 9.9% | Mar 2022 11% | Jun 2022 13% | Sep 2022 9.1% | Dec 2022 7.6% | Mar 2023 9.0% | Jun 2023 12% | Sep 2023 12% | Dec 2023 9.1% | Mar 2024 8.8% | Jun 2024 13% | Sep 2024 14% | Dec 2024 12% | Mar 2025 13% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- AVY: Sep 2021 13% | Dec 2021 12% | Mar 2022 12% | Jun 2022 12% | Sep 2022 13% | Dec 2022 13% | Mar 2023 — | Jun 2023 9.2% | Sep 2023 7.9% | Dec 2023 10% | Mar 2024 12% | Jun 2024 12% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 13% | Sep 2025 12% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- SON: Sep 2021 9.8% | Dec 2021 8.9% | Mar 2022 — | Jun 2022 9.5% | Sep 2022 10% | Dec 2022 9.6% | Mar 2023 — | Jun 2023 13% | Sep 2023 11% | Dec 2023 9.5% | Mar 2024 5.5% | Jun 2024 7.5% | Sep 2024 7.5% | Dec 2024 4.1% | Mar 2025 7.4% | Jun 2025 9.2% | Sep 2025 9.1% | Dec 2025 29% | Mar 2026 7.6% | Jun 2026 —
- REYN: Sep 2021 11% | Dec 2021 15% | Mar 2022 9.5% | Jun 2022 9.4% | Sep 2022 8.6% | Dec 2022 16% | Mar 2023 5.9% | Jun 2023 13% | Sep 2023 14% | Dec 2023 21% | Mar 2024 11% | Jun 2024 15% | Sep 2024 15% | Dec 2024 18% | Mar 2025 9.3% | Jun 2025 13% | Sep 2025 13% | Dec 2025 17% | Mar 2026 11% | Jun 2026 —
- SLGN: Sep 2021 10% | Dec 2021 8.9% | Mar 2022 9.9% | Jun 2022 10% | Sep 2022 11% | Dec 2022 5.6% | Mar 2023 9.3% | Jun 2023 10% | Sep 2023 11% | Dec 2023 9.4% | Mar 2024 8.5% | Jun 2024 10% | Sep 2024 9.6% | Dec 2024 6.7% | Mar 2025 8.9% | Jun 2025 11% | Sep 2025 9.9% | Dec 2025 6.9% | Mar 2026 8.1% | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 9.0% | Mar 2022 4.6% | Jun 2022 11% | Sep 2022 13% | Dec 2022 10% | Mar 2023 12% | Jun 2023 14% | Sep 2023 12% | Dec 2023 8.6% | Mar 2024 5.7% | Jun 2024 7.2% | Sep 2024 12% | Dec 2024 8.9% | Mar 2025 4.5% | Jun 2025 8.6% | Sep 2025 6.4% | Dec 2025 26% | Mar 2026 3.3% | Jun 2026 —
- GPK: Sep 2021 6.8% | Dec 2021 4.2% | Mar 2022 8.6% | Jun 2022 6.4% | Sep 2022 12% | Dec 2022 11% | Mar 2023 14% | Jun 2023 11% | Sep 2023 12% | Dec 2023 13% | Mar 2024 12% | Jun 2024 15% | Sep 2024 13% | Dec 2024 11% | Mar 2025 10% | Jun 2025 8.8% | Sep 2025 11% | Dec 2025 7.4% | Mar 2026 0.9% | Jun 2026 —
- AMBP: Sep 2021 -14% | Dec 2021 5.5% | Mar 2022 3.6% | Jun 2022 5.5% | Sep 2022 2.4% | Dec 2022 3.3% | Mar 2023 1.1% | Jun 2023 0.9% | Sep 2023 4.7% | Dec 2023 -0.8% | Mar 2024 1.2% | Jun 2024 4.4% | Sep 2024 6.3% | Dec 2024 4.2% | Mar 2025 3.2% | Jun 2025 5.6% | Sep 2025 6.1% | Dec 2025 2.5% | Mar 2026 3.7% | Jun 2026 —
- TRS: Sep 2021 14% | Dec 2021 8.4% | Mar 2022 9.8% | Jun 2022 13% | Sep 2022 5.2% | Dec 2022 -4.2% | Mar 2023 4.6% | Jun 2023 8.6% | Sep 2023 10% | Dec 2023 6.3% | Mar 2024 5.4% | Jun 2024 7.5% | Sep 2024 2.7% | Dec 2024 21% | Mar 2025 -2.2% | Jun 2025 9.9% | Sep 2025 6.3% | Dec 2025 17% | Mar 2026 4.1% | Jun 2026 —
- OI: Sep 2021 11% | Dec 2021 6.6% | Mar 2022 9.6% | Jun 2022 10% | Sep 2022 11% | Dec 2022 6.6% | Mar 2023 17% | Jun 2023 13% | Sep 2023 12% | Dec 2023 5.4% | Mar 2024 11% | Jun 2024 10% | Sep 2024 5.5% | Dec 2024 5.4% | Mar 2025 10% | Jun 2025 11% | Sep 2025 11% | Dec 2025 7.0% | Mar 2026 5.9% | Jun 2026 —
- MYE: Sep 2021 5.9% | Dec 2021 5.4% | Mar 2022 11% | Jun 2022 9.7% | Sep 2022 8.7% | Dec 2022 8.0% | Mar 2023 8.8% | Jun 2023 7.7% | Sep 2023 9.5% | Dec 2023 9.7% | Mar 2024 5.3% | Jun 2024 11% | Sep 2024 -2.3% | Dec 2024 7.2% | Mar 2025 11% | Jun 2025 9.5% | Sep 2025 8.6% | Dec 2025 9.9% | Mar 2026 15% | Jun 2026 —
- KRT: Sep 2021 5.2% | Dec 2021 7.8% | Mar 2022 9.0% | Jun 2022 6.8% | Sep 2022 7.2% | Dec 2022 5.2% | Mar 2023 13% | Jun 2023 12% | Sep 2023 11% | Dec 2023 4.8% | Mar 2024 8.4% | Jun 2024 9.9% | Sep 2024 10% | Dec 2024 7.2% | Mar 2025 7.5% | Jun 2025 13% | Sep 2025 6.9% | Dec 2025 7.3% | Mar 2026 7.2% | Jun 2026 —
- PACK: Sep 2021 2.4% | Dec 2021 1.0% | Mar 2022 -17% | Jun 2022 -13% | Sep 2022 -15% | Dec 2022 -7.1% | Mar 2023 -11% | Jun 2023 5.4% | Sep 2023 1.9% | Dec 2023 -5.1% | Mar 2024 -5.6% | Jun 2024 -6.0% | Sep 2024 -4.6% | Dec 2024 1.3% | Mar 2025 -8.8% | Jun 2025 -11% | Sep 2025 -5.7% | Dec 2025 -0.8% | Mar 2026 -3.8% | Jun 2026 —
- ORBS: Sep 2021 18% | Dec 2021 -35% | Mar 2022 -37% | Jun 2022 -48% | Sep 2022 -80% | Dec 2022 -43% | Mar 2023 -22% | Jun 2023 -14% | Sep 2023 -2.9% | Dec 2023 -19% | Mar 2024 -40% | Jun 2024 -16% | Sep 2024 -29% | Dec 2024 -7.3% | Mar 2025 -14% | Jun 2025 -16% | Sep 2025 -117% | Dec 2025 -475% | Mar 2026 -139% | Jun 2026 —

### 20-quarter Margin change history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −11.4 pp | Dec 2024 −1.0 pp | Mar 2025 −3.3 pp | Jun 2025 −5.0 pp | Sep 2025 +5.9 pp | Dec 2025 −0.2 pp | Mar 2026 −3.9 pp | Jun 2026 —
- IP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.0 pp | Sep 2022 −1.5 pp | Dec 2022 +6.8 pp | Mar 2023 −1.4 pp | Jun 2023 −3.0 pp | Sep 2023 −0.6 pp | Dec 2023 −13.9 pp | Mar 2024 −3.3 pp | Jun 2024 −1.7 pp | Sep 2024 −5.5 pp | Dec 2024 +6.9 pp | Mar 2025 −3.9 pp | Jun 2025 −2.1 pp | Sep 2025 −10.6 pp | Dec 2025 −2.8 pp | Mar 2026 +3.8 pp | Jun 2026 —
- PKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.9 pp | Sep 2022 −0.7 pp | Dec 2022 −2.8 pp | Mar 2023 −3.0 pp | Jun 2023 −4.0 pp | Sep 2023 −3.5 pp | Dec 2023 −1.1 pp | Mar 2024 −3.8 pp | Jun 2024 −1.3 pp | Sep 2024 +1.6 pp | Dec 2024 +0.6 pp | Mar 2025 +3.2 pp | Jun 2025 +2.1 pp | Sep 2025 −1.0 pp | Dec 2025 −7.0 pp | Mar 2026 −2.5 pp | Jun 2026 —
- AMCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.2 pp | Sep 2022 +0.5 pp | Dec 2022 +6.1 pp | Mar 2023 −2.3 pp | Jun 2023 +2.4 pp | Sep 2023 −1.4 pp | Dec 2023 −7.9 pp | Mar 2024 +1.3 pp | Jun 2024 +2.4 pp | Sep 2024 +1.5 pp | Dec 2024 +1.8 pp | Mar 2025 +0.4 pp | Jun 2025 −9.5 pp | Sep 2025 −1.3 pp | Dec 2025 −3.1 pp | Mar 2026 −1.6 pp | Jun 2026 —
- BALL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.4 pp | Sep 2022 +6.5 pp | Dec 2022 −5.0 pp | Mar 2023 −7.4 pp | Jun 2023 +11.1 pp | Sep 2023 −4.0 pp | Dec 2023 +2.6 pp | Mar 2024 −3.1 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 −5.7 pp | Mar 2025 +3.5 pp | Jun 2025 +1.8 pp | Sep 2025 +4.8 pp | Dec 2025 +7.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- CCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −2.8 pp | Dec 2022 −2.3 pp | Mar 2023 −1.9 pp | Jun 2023 −1.5 pp | Sep 2023 +3.1 pp | Dec 2023 +1.5 pp | Mar 2024 −0.2 pp | Jun 2024 +0.7 pp | Sep 2024 +2.2 pp | Dec 2024 +3.0 pp | Mar 2025 +3.8 pp | Jun 2025 −0.1 pp | Sep 2025 −1.2 pp | Dec 2025 −0.1 pp | Mar 2026 −1.4 pp | Jun 2026 —
- AVY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.9 pp | Mar 2023 — | Jun 2023 −3.1 pp | Sep 2023 −5.2 pp | Dec 2023 −2.2 pp | Mar 2024 — | Jun 2024 +2.5 pp | Sep 2024 +4.2 pp | Dec 2024 +1.6 pp | Mar 2025 +0.1 pp | Jun 2025 +1.2 pp | Sep 2025 −0.2 pp | Dec 2025 −1.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.7 pp | Mar 2023 — | Jun 2023 +3.8 pp | Sep 2023 +0.7 pp | Dec 2023 −0.1 pp | Mar 2024 — | Jun 2024 −5.8 pp | Sep 2024 −3.5 pp | Dec 2024 −5.4 pp | Mar 2025 +1.9 pp | Jun 2025 +1.7 pp | Sep 2025 +1.6 pp | Dec 2025 +25.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- REYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.0 pp | Sep 2022 −2.4 pp | Dec 2022 +0.9 pp | Mar 2023 −3.6 pp | Jun 2023 +3.4 pp | Sep 2023 +5.7 pp | Dec 2023 +4.9 pp | Mar 2024 +4.9 pp | Jun 2024 +2.3 pp | Sep 2024 +0.9 pp | Dec 2024 −2.9 pp | Mar 2025 −1.5 pp | Jun 2025 −2.5 pp | Sep 2025 −2.0 pp | Dec 2025 −0.6 pp | Mar 2026 +1.9 pp | Jun 2026 —
- SLGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +0.9 pp | Dec 2022 −3.3 pp | Mar 2023 −0.6 pp | Jun 2023 −0.1 pp | Sep 2023 −0.3 pp | Dec 2023 +3.8 pp | Mar 2024 −0.8 pp | Jun 2024 +0.2 pp | Sep 2024 −1.2 pp | Dec 2024 −2.7 pp | Mar 2025 +0.4 pp | Jun 2025 +0.6 pp | Sep 2025 +0.3 pp | Dec 2025 +0.2 pp | Mar 2026 −0.8 pp | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.3 pp | Mar 2023 +7.7 pp | Jun 2023 +2.4 pp | Sep 2023 −1.0 pp | Dec 2023 −1.7 pp | Mar 2024 −6.6 pp | Jun 2024 −6.6 pp | Sep 2024 0.0 pp | Dec 2024 +0.3 pp | Mar 2025 −1.2 pp | Jun 2025 +1.4 pp | Sep 2025 −5.3 pp | Dec 2025 +16.9 pp | Mar 2026 −1.2 pp | Jun 2026 —
- GPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +5.2 pp | Dec 2022 +7.0 pp | Mar 2023 +4.9 pp | Jun 2023 +4.8 pp | Sep 2023 +0.2 pp | Dec 2023 +1.7 pp | Mar 2024 −1.2 pp | Jun 2024 +3.3 pp | Sep 2024 +0.3 pp | Dec 2024 −1.5 pp | Mar 2025 −1.9 pp | Jun 2025 −5.7 pp | Sep 2025 −1.8 pp | Dec 2025 −4.0 pp | Mar 2026 −9.5 pp | Jun 2026 —
- AMBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 +16.5 pp | Dec 2022 −2.2 pp | Mar 2023 −2.5 pp | Jun 2023 −4.6 pp | Sep 2023 +2.3 pp | Dec 2023 −4.1 pp | Mar 2024 +0.1 pp | Jun 2024 +3.5 pp | Sep 2024 +1.6 pp | Dec 2024 +5.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.2 pp | Sep 2025 −0.2 pp | Dec 2025 −1.7 pp | Mar 2026 +0.5 pp | Jun 2026 —
- TRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 −8.7 pp | Dec 2022 −12.6 pp | Mar 2023 −5.2 pp | Jun 2023 −4.0 pp | Sep 2023 +4.8 pp | Dec 2023 +10.5 pp | Mar 2024 +0.8 pp | Jun 2024 −1.1 pp | Sep 2024 −7.3 pp | Dec 2024 +14.2 pp | Mar 2025 −7.6 pp | Jun 2025 +2.4 pp | Sep 2025 +3.6 pp | Dec 2025 −3.8 pp | Mar 2026 +6.3 pp | Jun 2026 —
- OI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.1 pp | Sep 2022 −0.1 pp | Dec 2022 0.0 pp | Mar 2023 +7.8 pp | Jun 2023 +3.1 pp | Sep 2023 +1.0 pp | Dec 2023 −1.2 pp | Mar 2024 −6.5 pp | Jun 2024 −3.3 pp | Sep 2024 −6.3 pp | Dec 2024 0.0 pp | Mar 2025 −0.8 pp | Jun 2025 +0.7 pp | Sep 2025 +5.8 pp | Dec 2025 +1.6 pp | Mar 2026 −4.2 pp | Jun 2026 —
- MYE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.2 pp | Sep 2022 +2.8 pp | Dec 2022 +2.6 pp | Mar 2023 −2.0 pp | Jun 2023 −2.0 pp | Sep 2023 +0.8 pp | Dec 2023 +1.7 pp | Mar 2024 −3.5 pp | Jun 2024 +3.1 pp | Sep 2024 −11.8 pp | Dec 2024 −2.5 pp | Mar 2025 +5.3 pp | Jun 2025 −1.3 pp | Sep 2025 +10.9 pp | Dec 2025 +2.7 pp | Mar 2026 +4.5 pp | Jun 2026 —
- KRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +2.0 pp | Dec 2022 −2.6 pp | Mar 2023 +4.3 pp | Jun 2023 +5.5 pp | Sep 2023 +3.6 pp | Dec 2023 −0.4 pp | Mar 2024 −4.9 pp | Jun 2024 −2.4 pp | Sep 2024 −0.8 pp | Dec 2024 +2.4 pp | Mar 2025 −0.9 pp | Jun 2025 +3.4 pp | Sep 2025 −3.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- PACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −14.3 pp | Sep 2022 −17.4 pp | Dec 2022 −8.1 pp | Mar 2023 +5.7 pp | Jun 2023 +18.5 pp | Sep 2023 +16.9 pp | Dec 2023 +2.0 pp | Mar 2024 +5.4 pp | Jun 2024 −11.4 pp | Sep 2024 −6.5 pp | Dec 2024 +6.4 pp | Mar 2025 −3.2 pp | Jun 2025 −4.5 pp | Sep 2025 −1.1 pp | Dec 2025 −2.1 pp | Mar 2026 +5.0 pp | Jun 2026 —
- ORBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −45.4 pp | Sep 2022 −98.4 pp | Dec 2022 −8.0 pp | Mar 2023 +14.8 pp | Jun 2023 +34.1 pp | Sep 2023 +77.3 pp | Dec 2023 +23.5 pp | Mar 2024 −17.4 pp | Jun 2024 −2.9 pp | Sep 2024 −26.2 pp | Dec 2024 +12.0 pp | Mar 2025 +25.3 pp | Jun 2025 +0.5 pp | Sep 2025 −87.8 pp | Dec 2025 −467.7 pp | Mar 2026 −124.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Ball Corporation leads with $939 million of TTM profit, 36.3% above Avery Dennison Corporation. Myers Industries, Inc. shows ≥100% on the scoring scale (320% uncapped) growth from a $42 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Ball Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Ball Corporation · $939 million | 36.3% versus #2 · Avery Dennison Corporation | 6/8 recent comparable periods | 15/19 companies · 349 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Ball Corporation (BALL): ₹939 Cr
2. Avery Dennison Corporation (AVY): ₹689 Cr
3. Amcor plc (AMCR): ₹678 Cr
4. Smurfit Westrock Plc (SW): ₹380 Cr
5. Reynolds Consumer Products Inc. (REYN): ₹328 Cr

### Profit growth — fastest growers
1. Myers Industries, Inc. (MYE): 100%
2. Ball Corporation (BALL): 77%
3. Greif, Inc. (GEF-B): 24%
4. Karat Packaging Inc. (KRT): 6.5%
5. Avery Dennison Corporation (AVY): -1.4%

### 20-quarter Net profit history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹229 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹-150 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹382 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- IP: Sep 2021 ₹432 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹267 Cr | Jun 2022 ₹416 Cr | Sep 2022 ₹887 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹222 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹-284 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹499 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹-124 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹-426 Cr | Dec 2025 ₹-2.4K Cr | Mar 2026 ₹76 Cr | Jun 2026 —
- PKG: Sep 2021 ₹251 Cr | Dec 2021 ₹217 Cr | Mar 2022 ₹254 Cr | Jun 2022 ₹302 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹212 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹183 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹171 Cr | Jun 2026 —
- AMCR: Sep 2021 ₹203 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹234 Cr | Dec 2022 ₹461 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹184 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹261 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹262 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹278 Cr | Jun 2026 —
- BALL: Sep 2021 ₹179 Cr | Dec 2021 ₹297 Cr | Mar 2022 ₹447 Cr | Jun 2022 ₹-165 Cr | Sep 2022 ₹394 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹181 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹322 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- CCK: Sep 2021 ₹342 Cr | Dec 2021 ₹-1.9K Cr | Mar 2022 ₹229 Cr | Jun 2022 ₹317 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹211 Cr | Sep 2024 ₹-138 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹226 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- AVY: Sep 2021 ₹185 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹183 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹215 Cr | Dec 2022 ₹222 Cr | Mar 2023 — | Jun 2023 ₹121 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹166 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹168 Cr | Jun 2026 —
- SON: Sep 2021 ₹-334 Cr | Dec 2021 ₹112 Cr | Mar 2022 — | Jun 2022 ₹116 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹123 Cr | Mar 2023 — | Jun 2023 ₹148 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹131 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹-57 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- REYN: Sep 2021 ₹66 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- SLGN: Sep 2021 ₹106 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 ₹110 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹93 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- GPK: Sep 2021 ₹73 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹196 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹-43 Cr | Jun 2026 —
- AMBP: Sep 2021 ₹-178 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹-56 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- TRS: Sep 2021 ₹20 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹-52 Cr | Jun 2026 —
- OI: Sep 2021 ₹175 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹256 Cr | Sep 2022 ₹235 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹-464 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹-76 Cr | Dec 2024 ₹-149 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹-129 Cr | Mar 2026 ₹-71 Cr | Jun 2026 —
- MYE: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- KRT: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- PACK: Sep 2021 ₹-1 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-14 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —
- ORBS: Sep 2021 ₹1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-50 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-232 Cr | Mar 2026 ₹-76 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -166% | Dec 2024 198% | Mar 2025 100% | Jun 2025 -120% | Sep 2025 — | Dec 2025 -33% | Mar 2026 -84% | Jun 2026 —
- IP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 105% | Dec 2022 249% | Mar 2023 -36% | Jun 2023 -47% | Sep 2023 -78% | Dec 2023 -266% | Mar 2024 -66% | Jun 2024 125% | Sep 2024 -42% | Dec 2024 — | Mar 2025 -314% | Jun 2025 -85% | Sep 2025 -484% | Dec 2025 -2,785% | Mar 2026 — | Jun 2026 —
- PKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 4.8% | Dec 2022 -2.3% | Mar 2023 -25% | Jun 2023 -33% | Sep 2023 -30% | Dec 2023 -11% | Mar 2024 -23% | Jun 2024 -2.0% | Sep 2024 30% | Dec 2024 17% | Mar 2025 39% | Jun 2025 22% | Sep 2025 -4.6% | Dec 2025 -54% | Mar 2026 -16% | Jun 2026 —
- AMCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -57% | Sep 2022 15% | Dec 2022 101% | Mar 2023 -34% | Jun 2023 64% | Sep 2023 -34% | Dec 2023 -71% | Mar 2024 5.6% | Jun 2024 42% | Sep 2024 25% | Dec 2024 23% | Mar 2025 4.2% | Jun 2025 -115% | Sep 2025 36% | Dec 2025 6.0% | Mar 2026 41% | Jun 2026 —
- BALL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -182% | Sep 2022 120% | Dec 2022 -81% | Mar 2023 -71% | Jun 2023 — | Sep 2023 -66% | Dec 2023 82% | Mar 2024 -38% | Jun 2024 27% | Sep 2024 45% | Dec 2024 -101% | Mar 2025 129% | Jun 2025 35% | Sep 2025 67% | Dec 2025 — | Mar 2026 13% | Jun 2026 —
- CCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.4% | Sep 2022 -57% | Dec 2022 — | Mar 2023 -48% | Jun 2023 -43% | Sep 2023 28% | Dec 2023 -95% | Mar 2024 -21% | Jun 2024 17% | Sep 2024 -173% | Dec 2024 -83% | Mar 2025 140% | Jun 2025 1.9% | Sep 2025 — | Dec 2025 -200% | Mar 2026 -9.3% | Jun 2026 —
- AVY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16% | Dec 2022 35% | Mar 2023 — | Jun 2023 -39% | Sep 2023 -53% | Dec 2023 -36% | Mar 2024 — | Jun 2024 46% | Sep 2024 82% | Dec 2024 22% | Mar 2025 -3.5% | Jun 2025 6.8% | Sep 2025 -8.8% | Dec 2025 -4.6% | Mar 2026 1.2% | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 9.8% | Mar 2023 — | Jun 2023 28% | Sep 2023 -13% | Dec 2023 6.5% | Mar 2024 — | Jun 2024 -61% | Sep 2024 -73% | Dec 2024 -144% | Mar 2025 36% | Jun 2025 21% | Sep 2025 297% | Dec 2025 — | Mar 2026 39% | Jun 2026 —
- REYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 -27% | Dec 2022 1.9% | Mar 2023 -67% | Jun 2023 27% | Sep 2023 63% | Dec 2023 29% | Mar 2024 188% | Jun 2024 47% | Sep 2024 10% | Dec 2024 -12% | Mar 2025 -37% | Jun 2025 -25% | Sep 2025 -8.1% | Dec 2025 -3.3% | Mar 2026 90% | Jun 2026 —
- SLGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.1% | Sep 2022 31% | Dec 2022 -71% | Mar 2023 -15% | Jun 2023 -15% | Sep 2023 -20% | Dec 2023 156% | Mar 2024 -24% | Jun 2024 -3.8% | Sep 2024 -9.9% | Dec 2024 -30% | Mar 2025 24% | Jun 2025 17% | Sep 2025 13% | Dec 2025 -60% | Mar 2026 -7.4% | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -6.4% | Mar 2023 389% | Jun 2023 -8.7% | Sep 2023 -34% | Dec 2023 -29% | Mar 2024 -20% | Jun 2024 -55% | Sep 2024 -3.1% | Dec 2024 4.1% | Mar 2025 -50% | Jun 2025 5.8% | Sep 2025 -27% | Dec 2025 138% | Mar 2026 -57% | Jun 2026 —
- GPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 164% | Dec 2022 300% | Mar 2023 93% | Jun 2023 127% | Sep 2023 -12% | Dec 2023 26% | Mar 2024 -20% | Jun 2024 27% | Sep 2024 -2.9% | Dec 2024 -30% | Mar 2025 -23% | Jun 2025 -45% | Sep 2025 -14% | Dec 2025 -49% | Mar 2026 -134% | Jun 2026 —
- AMBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 285% | Sep 2022 — | Dec 2022 -25% | Mar 2023 -102% | Jun 2023 -110% | Sep 2023 -75% | Dec 2023 -567% | Mar 2024 — | Jun 2024 — | Sep 2024 5.9% | Dec 2024 — | Mar 2025 — | Jun 2025 150% | Sep 2025 50% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -80% | Dec 2022 -223% | Mar 2023 -90% | Jun 2023 -59% | Sep 2023 300% | Dec 2023 — | Mar 2024 -100% | Jun 2024 -14% | Sep 2024 -125% | Dec 2024 340% | Mar 2025 — | Jun 2025 100% | Sep 2025 — | Dec 2025 -27% | Mar 2026 -2,700% | Jun 2026 —
- OI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 108% | Sep 2022 34% | Dec 2022 -85% | Mar 2023 72% | Jun 2023 -56% | Sep 2023 -76% | Dec 2023 -3,193% | Mar 2024 -64% | Jun 2024 -45% | Sep 2024 -236% | Dec 2024 — | Mar 2025 -116% | Jun 2025 -98% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MYE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 75% | Dec 2022 86% | Mar 2023 -24% | Jun 2023 -31% | Sep 2023 -7.1% | Dec 2023 0.0% | Mar 2024 -69% | Jun 2024 -9.1% | Sep 2024 -185% | Dec 2024 -69% | Mar 2025 75% | Jun 2025 0.0% | Sep 2025 — | Dec 2025 175% | Mar 2026 100% | Jun 2026 —
- KRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 50% | Dec 2022 -17% | Mar 2023 13% | Jun 2023 57% | Sep 2023 50% | Dec 2023 -20% | Mar 2024 -33% | Jun 2024 -18% | Sep 2024 0.0% | Dec 2024 50% | Mar 2025 17% | Jun 2025 22% | Sep 2025 -11% | Dec 2025 17% | Mar 2026 0.0% | Jun 2026 —
- PACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -233% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ORBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -3,600% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -250% | Jun 2025 -125% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Smurfit Westrock Plc reports $624 million of CAPEX; O-I Glass, Inc. has the highest covered intensity at 9.2%. Coverage is only 19 of 19 companies and 347 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Smurfit Westrock Plc · $624 million | 20.7% versus #2 · International Paper Company | 8/8 recent comparable periods | 19/19 companies · 347 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Smurfit Westrock Plc (SW): ₹624 Cr
2. International Paper Company (IP): ₹517 Cr
3. Amcor plc (AMCR): ₹221 Cr
4. Packaging Corporation of America (PKG): ₹165 Cr
5. Ball Corporation (BALL): ₹161 Cr

### CAPEX intensity — highest reinvestment intensity
1. O-I Glass, Inc. (OI): 9.2%
2. International Paper Company (IP): 8.7%
3. Smurfit Westrock Plc (SW): 8.1%
4. Ranpak Holdings Corp. (PACK): 7.9%
5. Packaging Corporation of America (PKG): 7.0%

### 20-quarter CAPEX history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹235 Cr | Jun 2023 ₹224 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹268 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹512 Cr | Dec 2024 ₹569 Cr | Mar 2025 ₹477 Cr | Jun 2025 ₹522 Cr | Sep 2025 ₹610 Cr | Dec 2025 ₹583 Cr | Mar 2026 ₹624 Cr | Jun 2026 —
- IP: Sep 2021 ₹126 Cr | Dec 2021 ₹201 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹322 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹267 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹305 Cr | Mar 2024 ₹251 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹260 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹422 Cr | Sep 2025 ₹455 Cr | Dec 2025 ₹650 Cr | Mar 2026 ₹517 Cr | Jun 2026 —
- PKG: Sep 2021 ₹150 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹213 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹180 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹245 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹319 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- AMCR: Sep 2021 ₹145 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹121 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹221 Cr | Mar 2026 — | Jun 2026 —
- BALL: Sep 2021 ₹447 Cr | Dec 2021 ₹522 Cr | Mar 2022 ₹362 Cr | Jun 2022 ₹457 Cr | Sep 2022 ₹443 Cr | Dec 2022 ₹389 Cr | Mar 2023 ₹343 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹161 Cr | Jun 2026 —
- CCK: Sep 2021 ₹187 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹193 Cr | Sep 2022 ₹297 Cr | Dec 2022 ₹232 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹232 Cr | Mar 2026 ₹87 Cr | Jun 2026 ₹116 Cr
- AVY: Sep 2021 ₹59 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹76 Cr | Mar 2023 — | Jun 2023 ₹65 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- SON: Sep 2021 ₹60 Cr | Dec 2021 ₹57 Cr | Mar 2022 — | Jun 2022 ₹68 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹88 Cr | Mar 2023 — | Jun 2023 ₹83 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹92 Cr | Dec 2024 — | Mar 2025 ₹93 Cr | Jun 2025 — | Sep 2025 ₹66 Cr | Dec 2025 — | Mar 2026 ₹62 Cr | Jun 2026 —
- REYN: Sep 2021 ₹28 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- SLGN: Sep 2021 ₹49 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- GEF-B: Sep 2021 ₹41 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹57 Cr | Jun 2024 — | Sep 2024 ₹35 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- GPK: Sep 2021 ₹242 Cr | Dec 2021 ₹214 Cr | Mar 2022 ₹223 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹207 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹331 Cr | Jun 2024 ₹256 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹310 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹267 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹140 Cr | Jun 2026 —
- AMBP: Sep 2021 ₹139 Cr | Dec 2021 ₹259 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹169 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹182 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹59 Cr | Jun 2026 ₹36 Cr
- TRS: Sep 2021 ₹12 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- OI: Sep 2021 ₹93 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹223 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹160 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- MYE: Sep 2021 ₹6 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- KRT: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- PACK: Sep 2021 ₹29 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- ORBS: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.9% | Dec 2023 9.4% | Mar 2024 7.1% | Jun 2024 6.0% | Sep 2024 6.7% | Dec 2024 7.5% | Mar 2025 6.2% | Jun 2025 6.6% | Sep 2025 7.6% | Dec 2025 7.7% | Mar 2026 8.1% | Jun 2026 —
- IP: Sep 2021 2.6% | Dec 2021 4.0% | Mar 2022 3.5% | Jun 2022 3.5% | Sep 2022 4.4% | Dec 2022 6.3% | Mar 2023 6.8% | Jun 2023 5.7% | Sep 2023 4.9% | Dec 2023 6.6% | Mar 2024 5.4% | Jun 2024 4.2% | Sep 2024 5.3% | Dec 2024 6.6% | Mar 2025 6.3% | Jun 2025 6.2% | Sep 2025 7.3% | Dec 2025 11% | Mar 2026 8.7% | Jun 2026 —
- PKG: Sep 2021 7.5% | Dec 2021 12% | Mar 2022 10% | Jun 2022 8.2% | Sep 2022 8.5% | Dec 2022 13% | Mar 2023 5.7% | Jun 2023 6.5% | Sep 2023 4.6% | Dec 2023 7.3% | Mar 2024 3.9% | Jun 2024 12% | Sep 2024 6.7% | Dec 2024 9.4% | Mar 2025 6.9% | Jun 2025 7.8% | Sep 2025 8.3% | Dec 2025 14% | Mar 2026 7.0% | Jun 2026 —
- AMCR: Sep 2021 4.2% | Dec 2021 3.1% | Mar 2022 3.2% | Jun 2022 3.9% | Sep 2022 4.1% | Dec 2022 2.7% | Mar 2023 3.6% | Jun 2023 3.9% | Sep 2023 3.6% | Dec 2023 3.7% | Mar 2024 3.3% | Jun 2024 3.8% | Sep 2024 4.3% | Dec 2024 3.0% | Mar 2025 5.1% | Jun 2025 3.3% | Sep 2025 4.1% | Dec 2025 4.1% | Mar 2026 — | Jun 2026 —
- BALL: Sep 2021 13% | Dec 2021 14% | Mar 2022 9.7% | Jun 2022 11% | Sep 2022 11% | Dec 2022 11% | Mar 2023 12% | Jun 2023 8.6% | Sep 2023 7.1% | Dec 2023 7.4% | Mar 2024 5.4% | Jun 2024 3.6% | Sep 2024 3.8% | Dec 2024 3.7% | Mar 2025 2.6% | Jun 2025 2.9% | Sep 2025 3.8% | Dec 2025 5.1% | Mar 2026 4.5% | Jun 2026 —
- CCK: Sep 2021 6.4% | Dec 2021 10% | Mar 2022 3.7% | Jun 2022 5.5% | Sep 2022 9.1% | Dec 2022 7.7% | Mar 2023 7.8% | Jun 2023 7.1% | Sep 2023 5.2% | Dec 2023 6.3% | Mar 2024 3.4% | Jun 2024 2.8% | Sep 2024 2.5% | Dec 2024 5.1% | Mar 2025 1.1% | Jun 2025 1.8% | Sep 2025 2.9% | Dec 2025 7.4% | Mar 2026 2.7% | Jun 2026 —
- AVY: Sep 2021 2.8% | Dec 2021 2.3% | Mar 2022 5.7% | Jun 2022 2.1% | Sep 2022 2.4% | Dec 2022 3.3% | Mar 2023 — | Jun 2023 3.1% | Sep 2023 2.4% | Dec 2023 4.4% | Mar 2024 2.3% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 3.2% | Mar 2025 1.7% | Jun 2025 1.4% | Sep 2025 1.6% | Dec 2025 3.0% | Mar 2026 1.2% | Jun 2026 —
- SON: Sep 2021 4.3% | Dec 2021 4.0% | Mar 2022 — | Jun 2022 3.8% | Sep 2022 4.2% | Dec 2022 4.7% | Mar 2023 — | Jun 2023 4.8% | Sep 2023 4.6% | Dec 2023 5.4% | Mar 2024 6.6% | Jun 2024 7.3% | Sep 2024 6.8% | Dec 2024 — | Mar 2025 5.4% | Jun 2025 — | Sep 2025 3.1% | Dec 2025 — | Mar 2026 3.7% | Jun 2026 —
- REYN: Sep 2021 3.1% | Dec 2021 3.9% | Mar 2022 3.3% | Jun 2022 3.1% | Sep 2022 3.1% | Dec 2022 3.9% | Mar 2023 2.5% | Jun 2023 3.1% | Sep 2023 2.8% | Dec 2023 2.7% | Mar 2024 3.5% | Jun 2024 2.0% | Sep 2024 3.4% | Dec 2024 4.0% | Mar 2025 4.8% | Jun 2025 4.3% | Sep 2025 4.8% | Dec 2025 3.6% | Mar 2026 5.0% | Jun 2026 —
- SLGN: Sep 2021 3.0% | Dec 2021 4.1% | Mar 2022 4.7% | Jun 2022 3.2% | Sep 2022 2.2% | Dec 2022 3.6% | Mar 2023 4.8% | Jun 2023 3.5% | Sep 2023 3.1% | Dec 2023 4.0% | Mar 2024 5.7% | Jun 2024 4.1% | Sep 2024 3.5% | Dec 2024 5.0% | Mar 2025 5.7% | Jun 2025 4.7% | Sep 2025 4.0% | Dec 2025 4.8% | Mar 2026 5.3% | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 2.9% | Mar 2022 3.1% | Jun 2022 1.9% | Sep 2022 2.3% | Dec 2022 4.4% | Mar 2023 4.1% | Jun 2023 3.3% | Sep 2023 3.5% | Dec 2023 6.0% | Mar 2024 4.7% | Jun 2024 — | Sep 2024 3.0% | Dec 2024 3.3% | Mar 2025 3.9% | Jun 2025 2.2% | Sep 2025 3.3% | Dec 2025 3.3% | Mar 2026 5.3% | Jun 2026 —
- GPK: Sep 2021 14% | Dec 2021 11% | Mar 2022 9.9% | Jun 2022 5.9% | Sep 2022 3.4% | Dec 2022 4.4% | Mar 2023 8.0% | Jun 2023 7.9% | Sep 2023 8.8% | Dec 2023 10% | Mar 2024 15% | Jun 2024 11% | Sep 2024 14% | Dec 2024 15% | Mar 2025 15% | Jun 2025 10% | Sep 2025 12% | Dec 2025 5.4% | Mar 2026 6.5% | Jun 2026 —
- AMBP: Sep 2021 13% | Dec 2021 24% | Mar 2022 10% | Jun 2022 13% | Sep 2022 11% | Dec 2022 17% | Mar 2023 11% | Jun 2023 7.6% | Sep 2023 6.4% | Dec 2023 6.5% | Mar 2024 5.5% | Jun 2024 2.9% | Sep 2024 3.2% | Dec 2024 3.9% | Mar 2025 3.1% | Jun 2025 2.9% | Sep 2025 3.5% | Dec 2025 3.1% | Mar 2026 3.9% | Jun 2026 —
- TRS: Sep 2021 5.4% | Dec 2021 7.2% | Mar 2022 5.4% | Jun 2022 4.2% | Sep 2022 4.6% | Dec 2022 6.9% | Mar 2023 7.0% | Jun 2023 4.3% | Sep 2023 4.3% | Dec 2023 9.0% | Mar 2024 5.7% | Jun 2024 4.6% | Sep 2024 5.2% | Dec 2024 6.6% | Mar 2025 8.6% | Jun 2025 6.2% | Sep 2025 5.2% | Dec 2025 — | Mar 2026 3.0% | Jun 2026 —
- OI: Sep 2021 5.8% | Dec 2021 8.2% | Mar 2022 5.7% | Jun 2022 5.8% | Sep 2022 8.7% | Dec 2022 11% | Mar 2023 5.2% | Jun 2023 9.2% | Sep 2023 11% | Dec 2023 14% | Mar 2024 13% | Jun 2024 9.3% | Sep 2024 8.1% | Dec 2024 7.1% | Mar 2025 8.6% | Jun 2025 6.1% | Sep 2025 6.0% | Dec 2025 6.2% | Mar 2026 9.2% | Jun 2026 —
- MYE: Sep 2021 3.0% | Dec 2021 2.0% | Mar 2022 2.2% | Jun 2022 2.6% | Sep 2022 3.1% | Dec 2022 3.3% | Mar 2023 4.2% | Jun 2023 2.9% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 2.9% | Jun 2024 1.8% | Sep 2024 3.4% | Dec 2024 3.4% | Mar 2025 4.9% | Jun 2025 1.9% | Sep 2025 2.0% | Dec 2025 2.0% | Mar 2026 1.8% | Jun 2026 —
- KRT: Sep 2021 3.9% | Dec 2021 5.5% | Mar 2022 4.8% | Jun 2022 3.5% | Sep 2022 3.6% | Dec 2022 1.1% | Mar 2023 3.1% | Jun 2023 2.8% | Sep 2023 2.8% | Dec 2023 1.0% | Mar 2024 1.0% | Jun 2024 1.8% | Sep 2024 0.9% | Dec 2024 1.0% | Mar 2025 1.0% | Jun 2025 0.0% | Sep 2025 2.4% | Dec 2025 0.9% | Mar 2026 0.9% | Jun 2026 —
- PACK: Sep 2021 30% | Dec 2021 38% | Mar 2022 24% | Jun 2022 30% | Sep 2022 28% | Dec 2022 14% | Mar 2023 15% | Jun 2023 16% | Sep 2023 12% | Dec 2023 22% | Mar 2024 12% | Jun 2024 12% | Sep 2024 6.5% | Dec 2024 7.6% | Mar 2025 8.8% | Jun 2025 11% | Sep 2025 8.0% | Dec 2025 4.5% | Mar 2026 7.9% | Jun 2026 —
- ORBS: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: TriMas Corporation has the clearest covered balance-sheet capacity with $871 million net cash and gross debt of $439 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Eightco Holdings Inc. · $9 million | 88.3% versus #2 · Karat Packaging Inc. | 3/8 recent comparable periods | 19/19 companies · 352 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Eightco Holdings Inc. (ORBS): ₹9 Cr
2. Karat Packaging Inc. (KRT): ₹77 Cr
3. Myers Industries, Inc. (MYE): ₹360 Cr
4. Ranpak Holdings Corp. (PACK): ₹430 Cr
5. TriMas Corporation (TRS): ₹439 Cr

### Net debt — lowest net debt
1. TriMas Corporation (TRS): ₹-871 Cr
2. Eightco Holdings Inc. (ORBS): ₹-206 Cr
3. Karat Packaging Inc. (KRT): ₹43 Cr
4. Myers Industries, Inc. (MYE): ₹315 Cr
5. Ranpak Holdings Corp. (PACK): ₹381 Cr

### 20-quarter Gross debt history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹13.9K Cr | Dec 2024 ₹13.6K Cr | Mar 2025 ₹14.2K Cr | Jun 2025 ₹14.4K Cr | Sep 2025 ₹14.1K Cr | Dec 2025 ₹13.8K Cr | Mar 2026 ₹14.3K Cr | Jun 2026 —
- IP: Sep 2021 ₹8.7K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹10.1K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹10.4K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹9.5K Cr | Jun 2026 —
- PKG: Sep 2021 ₹3.4K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- AMCR: Sep 2021 ₹7.0K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹7.0K Cr | Sep 2022 ₹7.4K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹7.5K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹7.6K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹9.2K Cr | Jun 2025 ₹15.0K Cr | Sep 2025 ₹15.7K Cr | Dec 2025 ₹16.0K Cr | Mar 2026 ₹16.7K Cr | Jun 2026 —
- BALL: Sep 2021 ₹8.5K Cr | Dec 2021 ₹7.7K Cr | Mar 2022 ₹8.6K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹8.8K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹9.7K Cr | Jun 2023 ₹9.8K Cr | Sep 2023 ₹9.6K Cr | Dec 2023 ₹8.6K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.2K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 —
- CCK: Sep 2021 ₹8.2K Cr | Dec 2021 ₹6.5K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹7.1K Cr | Dec 2022 ₹7.2K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹7.5K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹6.1K Cr
- AVY: Sep 2021 ₹2.1K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 — | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- SON: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 — | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 — | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 ₹4.7K Cr
- REYN: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- SLGN: Sep 2021 ₹5.1K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- GEF-B: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 — | Jun 2025 ₹3.1K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- GPK: Sep 2021 ₹4.2K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- AMBP: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 ₹4.3K Cr
- TRS: Sep 2021 ₹432 Cr | Dec 2021 ₹446 Cr | Mar 2022 ₹449 Cr | Jun 2022 ₹447 Cr | Sep 2022 ₹446 Cr | Dec 2022 ₹444 Cr | Mar 2023 ₹446 Cr | Jun 2023 ₹466 Cr | Sep 2023 ₹445 Cr | Dec 2023 ₹443 Cr | Mar 2024 ₹471 Cr | Jun 2024 ₹471 Cr | Sep 2024 ₹457 Cr | Dec 2024 ₹434 Cr | Mar 2025 ₹484 Cr | Jun 2025 ₹475 Cr | Sep 2025 ₹455 Cr | Dec 2025 ₹505 Cr | Mar 2026 ₹439 Cr | Jun 2026 —
- OI: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- MYE: Sep 2021 ₹152 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹137 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹444 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹426 Cr | Dec 2024 ₹414 Cr | Mar 2025 ₹421 Cr | Jun 2025 ₹406 Cr | Sep 2025 ₹396 Cr | Dec 2025 ₹379 Cr | Mar 2026 ₹360 Cr | Jun 2026 —
- KRT: Sep 2021 ₹37 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- PACK: Sep 2021 ₹412 Cr | Dec 2021 ₹408 Cr | Mar 2022 ₹405 Cr | Jun 2022 ₹394 Cr | Sep 2022 ₹386 Cr | Dec 2022 ₹399 Cr | Mar 2023 ₹418 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹419 Cr | Dec 2023 ₹429 Cr | Mar 2024 ₹424 Cr | Jun 2024 ₹423 Cr | Sep 2024 ₹430 Cr | Dec 2024 ₹431 Cr | Mar 2025 ₹431 Cr | Jun 2025 ₹431 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹430 Cr | Mar 2026 ₹430 Cr | Jun 2026 —
- ORBS: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹9 Cr | Jun 2026 —

### 20-quarter Net debt history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹13.0K Cr | Dec 2024 ₹12.7K Cr | Mar 2025 ₹13.4K Cr | Jun 2025 ₹13.6K Cr | Sep 2025 ₹13.3K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹13.6K Cr | Jun 2026 —
- IP: Sep 2021 ₹6.6K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹8.9K Cr | Jun 2025 ₹9.3K Cr | Sep 2025 ₹9.4K Cr | Dec 2025 ₹9.2K Cr | Mar 2026 ₹8.3K Cr | Jun 2026 —
- PKG: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- AMCR: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.5K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹14.2K Cr | Sep 2025 ₹14.9K Cr | Dec 2025 ₹15.0K Cr | Mar 2026 ₹15.1K Cr | Jun 2026 —
- BALL: Sep 2021 ₹7.1K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹8.1K Cr | Jun 2022 ₹8.6K Cr | Sep 2022 ₹8.4K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 ₹9.1K Cr | Jun 2023 ₹8.8K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 —
- CCK: Sep 2021 ₹5.9K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹6.4K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 ₹5.4K Cr
- AVY: Sep 2021 ₹1.7K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 — | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- SON: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 — | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 — | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹4.5K Cr
- REYN: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- SLGN: Sep 2021 ₹4.8K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- GEF-B: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 — | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹908 Cr | Mar 2026 ₹923 Cr | Jun 2026 —
- GPK: Sep 2021 ₹4.1K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- AMBP: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 ₹4.2K Cr
- TRS: Sep 2021 ₹295 Cr | Dec 2021 ₹305 Cr | Mar 2022 ₹390 Cr | Jun 2022 ₹398 Cr | Sep 2022 ₹366 Cr | Dec 2022 ₹332 Cr | Mar 2023 ₹394 Cr | Jun 2023 ₹424 Cr | Sep 2023 ₹410 Cr | Dec 2023 ₹408 Cr | Mar 2024 ₹441 Cr | Jun 2024 ₹436 Cr | Sep 2024 ₹430 Cr | Dec 2024 ₹411 Cr | Mar 2025 ₹451 Cr | Jun 2025 ₹445 Cr | Sep 2025 ₹421 Cr | Dec 2025 ₹475 Cr | Mar 2026 ₹-871 Cr | Jun 2026 —
- OI: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- MYE: Sep 2021 ₹137 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹121 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹411 Cr | Jun 2024 ₹403 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹382 Cr | Mar 2025 ₹386 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹315 Cr | Jun 2026 —
- KRT: Sep 2021 ₹35 Cr | Dec 2021 — | Mar 2022 ₹46 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- PACK: Sep 2021 ₹302 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹324 Cr | Jun 2022 ₹335 Cr | Sep 2022 ₹325 Cr | Dec 2022 ₹336 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹364 Cr | Sep 2023 ₹367 Cr | Dec 2023 ₹367 Cr | Mar 2024 ₹369 Cr | Jun 2024 ₹358 Cr | Sep 2024 ₹360 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹365 Cr | Jun 2025 ₹382 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹367 Cr | Mar 2026 ₹381 Cr | Jun 2026 —
- ORBS: Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹-300 Cr | Dec 2025 ₹-223 Cr | Mar 2026 ₹-206 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Packaging Corporation of America leads ROCE at 7.2%, 1.5 percentage points above Greif, Inc.. Greif, Inc. has the strongest latest improvement at +3.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Packaging Corporation of America sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Packaging Corporation of America · 7.2% | 26.3% versus #2 · Greif, Inc. | 5/8 recent comparable periods | 19/19 companies · 351 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Packaging Corporation of America (PKG): 7.2%
2. Greif, Inc. (GEF-B): 5.7%
3. Avery Dennison Corporation (AVY): 4.7%
4. Crown Holdings, Inc. (CCK): 4.6%
5. Karat Packaging Inc. (KRT): 3.6%

### ROCE change — fastest improvers
1. Greif, Inc. (GEF-B): +3.8 pp
2. Packaging Corporation of America (PKG): +2.9 pp
3. Eightco Holdings Inc. (ORBS): +1.5 pp
4. Myers Industries, Inc. (MYE): +1.3 pp
5. Ardagh Metal Packaging S.A. (AMBP): +0.9 pp

### 20-quarter ROCE history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.4% | Dec 2023 3.3% | Mar 2024 42,45,610% | Jun 2024 33,74,360% | Sep 2024 0.2% | Dec 2024 1.7% | Mar 2025 3.0% | Jun 2025 1.3% | Sep 2025 1.4% | Dec 2025 1.0% | Mar 2026 0.7% | Jun 2026 —
- IP: Sep 2021 1.8% | Dec 2021 0.3% | Mar 2022 1.7% | Jun 2022 2.5% | Sep 2022 1.7% | Dec 2022 2.1% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 1.5% | Dec 2023 -1.4% | Mar 2024 0.6% | Jun 2024 1.3% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 -0.3% | Jun 2025 0.8% | Sep 2025 -2.3% | Dec 2025 -0.4% | Mar 2026 0.5% | Jun 2026 —
- PKG: Sep 2021 5.2% | Dec 2021 5.2% | Mar 2022 5.1% | Jun 2022 5.8% | Sep 2022 5.0% | Dec 2022 4.1% | Mar 2023 3.8% | Jun 2023 3.9% | Sep 2023 3.6% | Dec 2023 3.6% | Mar 2024 2.7% | Jun 2024 3.7% | Sep 2024 4.5% | Dec 2024 4.0% | Mar 2025 3.6% | Jun 2025 4.3% | Sep 2025 3.7% | Dec 2025 1.9% | Mar 2026 2.8% | Jun 2026 7.2%
- AMCR: Sep 2021 2.3% | Dec 2021 2.5% | Mar 2022 2.8% | Jun 2022 2.0% | Sep 2022 2.7% | Dec 2022 4.3% | Mar 2023 2.1% | Jun 2023 2.6% | Sep 2023 2.1% | Dec 2023 1.9% | Mar 2024 2.4% | Jun 2024 3.2% | Sep 2024 2.4% | Dec 2024 2.4% | Mar 2025 2.3% | Jun 2025 0.4% | Sep 2025 2.2% | Dec 2025 1.5% | Mar 2026 2.1% | Jun 2026 —
- BALL: Sep 2021 1.7% | Dec 2021 2.8% | Mar 2022 4.4% | Jun 2022 -0.8% | Sep 2022 3.8% | Dec 2022 1.4% | Mar 2023 2.0% | Jun 2023 1.9% | Sep 2023 2.1% | Dec 2023 1.8% | Mar 2024 1.2% | Jun 2024 1.8% | Sep 2024 2.1% | Dec 2024 0.5% | Mar 2025 2.1% | Jun 2025 2.5% | Sep 2025 3.4% | Dec 2025 2.4% | Mar 2026 2.4% | Jun 2026 —
- CCK: Sep 2021 3.1% | Dec 2021 2.7% | Mar 2022 3.2% | Jun 2022 4.4% | Sep 2022 2.9% | Dec 2022 2.3% | Mar 2023 2.7% | Jun 2023 3.7% | Sep 2023 3.6% | Dec 2023 2.4% | Mar 2024 2.3% | Jun 2024 3.6% | Sep 2024 4.2% | Dec 2024 3.3% | Mar 2025 3.7% | Jun 2025 3.9% | Sep 2025 4.0% | Dec 2025 3.7% | Mar 2026 3.8% | Jun 2026 4.6%
- AVY: Sep 2021 — | Dec 2021 5.2% | Mar 2022 5.5% | Jun 2022 6.0% | Sep 2022 6.5% | Dec 2022 5.6% | Mar 2023 — | Jun 2023 3.5% | Sep 2023 3.1% | Dec 2023 4.1% | Mar 2024 4.8% | Jun 2024 4.9% | Sep 2024 5.0% | Dec 2024 4.8% | Mar 2025 4.9% | Jun 2025 5.4% | Sep 2025 4.7% | Dec 2025 4.1% | Mar 2026 4.7% | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 3.2% | Mar 2022 — | Jun 2022 3.8% | Sep 2022 4.5% | Dec 2022 4.1% | Mar 2023 — | Jun 2023 4.3% | Sep 2023 3.5% | Dec 2023 2.9% | Mar 2024 1.3% | Jun 2024 1.7% | Sep 2024 1.5% | Dec 2024 0.8% | Mar 2025 1.8% | Jun 2025 2.3% | Sep 2025 2.5% | Dec 2025 6.1% | Mar 2026 1.5% | Jun 2026 2.2%
- REYN: Sep 2021 2.3% | Dec 2021 3.5% | Mar 2022 1.9% | Jun 2022 2.0% | Sep 2022 1.9% | Dec 2022 3.9% | Mar 2023 1.2% | Jun 2023 2.7% | Sep 2023 3.1% | Dec 2023 4.7% | Mar 2024 2.1% | Jun 2024 3.2% | Sep 2024 3.2% | Dec 2024 4.2% | Mar 2025 1.8% | Jun 2025 2.7% | Sep 2025 2.8% | Dec 2025 4.0% | Mar 2026 2.3% | Jun 2026 —
- SLGN: Sep 2021 3.1% | Dec 2021 2.2% | Mar 2022 2.5% | Jun 2022 2.8% | Sep 2022 3.9% | Dec 2022 1.3% | Mar 2023 2.2% | Jun 2023 2.4% | Sep 2023 3.3% | Dec 2023 2.3% | Mar 2024 2.0% | Jun 2024 2.5% | Sep 2024 3.0% | Dec 2024 1.6% | Mar 2025 2.2% | Jun 2025 2.9% | Sep 2025 3.2% | Dec 2025 1.5% | Mar 2026 1.9% | Jun 2026 —
- GEF-B: Sep 2021 10% | Dec 2021 12% | Mar 2022 13% | Jun 2022 15% | Sep 2022 15% | Dec 2022 16% | Mar 2023 14% | Jun 2023 13% | Sep 2023 13% | Dec 2023 12% | Mar 2024 11% | Jun 2024 — | Sep 2024 5.4% | Dec 2024 2.4% | Mar 2025 1.9% | Jun 2025 2.1% | Sep 2025 5.3% | Dec 2025 6.5% | Mar 2026 5.7% | Jun 2026 —
- GPK: Sep 2021 1.9% | Dec 2021 1.2% | Mar 2022 2.6% | Jun 2022 2.1% | Sep 2022 3.9% | Dec 2022 3.2% | Mar 2023 3.8% | Jun 2023 3.1% | Sep 2023 3.5% | Dec 2023 3.4% | Mar 2024 3.1% | Jun 2024 3.7% | Sep 2024 3.1% | Dec 2024 2.7% | Mar 2025 2.3% | Jun 2025 2.1% | Sep 2025 2.4% | Dec 2025 1.7% | Mar 2026 0.2% | Jun 2026 —
- AMBP: Sep 2021 -4.1% | Dec 2021 1.7% | Mar 2022 1.2% | Jun 2022 2.0% | Sep 2022 0.7% | Dec 2022 0.8% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 1.4% | Dec 2023 -0.2% | Mar 2024 0.3% | Jun 2024 1.3% | Sep 2024 2.0% | Dec 2024 1.2% | Mar 2025 1.0% | Jun 2025 2.1% | Sep 2025 2.1% | Dec 2025 0.9% | Mar 2026 1.4% | Jun 2026 3.0%
- TRS: Sep 2021 3.0% | Dec 2021 1.6% | Mar 2022 1.9% | Jun 2022 2.7% | Sep 2022 1.0% | Dec 2022 -0.7% | Mar 2023 0.9% | Jun 2023 1.7% | Sep 2023 2.0% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 1.5% | Sep 2024 0.5% | Dec 2024 4.0% | Mar 2025 -0.3% | Jun 2025 2.2% | Sep 2025 1.4% | Dec 2025 -1.9% | Mar 2026 0.4% | Jun 2026 —
- OI: Sep 2021 2.5% | Dec 2021 1.5% | Mar 2022 2.3% | Jun 2022 2.5% | Sep 2022 2.7% | Dec 2022 1.6% | Mar 2023 4.4% | Jun 2023 3.4% | Sep 2023 2.9% | Dec 2023 1.3% | Mar 2024 2.5% | Jun 2024 2.3% | Sep 2024 1.2% | Dec 2024 1.2% | Mar 2025 2.3% | Jun 2025 2.6% | Sep 2025 2.6% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 —
- MYE: Sep 2021 3.9% | Dec 2021 3.5% | Mar 2022 7.2% | Jun 2022 6.5% | Sep 2022 5.2% | Dec 2022 4.5% | Mar 2023 5.1% | Jun 2023 4.2% | Sep 2023 4.9% | Dec 2023 4.8% | Mar 2024 1.9% | Jun 2024 4.1% | Sep 2024 -0.9% | Dec 2024 2.7% | Mar 2025 2.3% | Jun 2025 2.7% | Sep 2025 2.5% | Dec 2025 2.9% | Mar 2026 3.6% | Jun 2026 —
- KRT: Sep 2021 3.5% | Dec 2021 10% | Mar 2022 5.6% | Jun 2022 4.1% | Sep 2022 4.2% | Dec 2022 4.5% | Mar 2023 5.9% | Jun 2023 6.0% | Sep 2023 5.2% | Dec 2023 2.1% | Mar 2024 3.5% | Jun 2024 4.5% | Sep 2024 4.6% | Dec 2024 3.0% | Mar 2025 3.2% | Jun 2025 6.5% | Sep 2025 3.6% | Dec 2025 3.6% | Mar 2026 3.6% | Jun 2026 —
- PACK: Sep 2021 0.2% | Dec 2021 0.1% | Mar 2022 -1.3% | Jun 2022 -1.0% | Sep 2022 -1.0% | Dec 2022 -0.5% | Mar 2023 -0.8% | Jun 2023 0.4% | Sep 2023 0.1% | Dec 2023 -0.4% | Mar 2024 -0.4% | Jun 2024 -0.5% | Sep 2024 -0.4% | Dec 2024 0.1% | Mar 2025 -0.8% | Jun 2025 -0.9% | Sep 2025 -0.5% | Dec 2025 -0.1% | Mar 2026 -0.4% | Jun 2026 —
- ORBS: Sep 2021 8.3% | Dec 2021 -17% | Mar 2022 -39% | Jun 2022 -18% | Sep 2022 -37% | Dec 2022 -27% | Mar 2023 -14% | Jun 2023 -7.1% | Sep 2023 -2.9% | Dec 2023 -9.9% | Mar 2024 -10% | Jun 2024 -2.8% | Sep 2024 -6.3% | Dec 2024 -8.0% | Mar 2025 -7.7% | Jun 2025 -5.9% | Sep 2025 -3.4% | Dec 2025 -38% | Mar 2026 -6.2% | Jun 2026 —

### 20-quarter ROCE change history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −6.2 pp | Dec 2024 −1.6 pp | Mar 2025 −42,45,607.0 pp | Jun 2025 −33,74,358.7 pp | Sep 2025 +1.2 pp | Dec 2025 −0.7 pp | Mar 2026 −2.3 pp | Jun 2026 —
- IP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +1.8 pp | Mar 2023 −0.2 pp | Jun 2023 −0.9 pp | Sep 2023 −0.2 pp | Dec 2023 −3.5 pp | Mar 2024 −0.9 pp | Jun 2024 −0.3 pp | Sep 2024 −1.3 pp | Dec 2024 +1.6 pp | Mar 2025 −0.9 pp | Jun 2025 −0.5 pp | Sep 2025 −2.5 pp | Dec 2025 −0.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- PKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −1.1 pp | Mar 2023 −1.3 pp | Jun 2023 −1.9 pp | Sep 2023 −1.4 pp | Dec 2023 −0.5 pp | Mar 2024 −1.1 pp | Jun 2024 −0.2 pp | Sep 2024 +0.9 pp | Dec 2024 +0.4 pp | Mar 2025 +0.9 pp | Jun 2025 +0.6 pp | Sep 2025 −0.8 pp | Dec 2025 −2.1 pp | Mar 2026 −0.8 pp | Jun 2026 +2.9 pp
- AMCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.8 pp | Mar 2023 −0.7 pp | Jun 2023 +0.6 pp | Sep 2023 −0.6 pp | Dec 2023 −2.4 pp | Mar 2024 +0.3 pp | Jun 2024 +0.6 pp | Sep 2024 +0.3 pp | Dec 2024 +0.5 pp | Mar 2025 −0.1 pp | Jun 2025 −2.8 pp | Sep 2025 −0.2 pp | Dec 2025 −0.9 pp | Mar 2026 −0.2 pp | Jun 2026 —
- BALL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 −1.4 pp | Mar 2023 −2.4 pp | Jun 2023 +2.7 pp | Sep 2023 −1.7 pp | Dec 2023 +0.4 pp | Mar 2024 −0.8 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 −1.3 pp | Mar 2025 +0.9 pp | Jun 2025 +0.7 pp | Sep 2025 +1.3 pp | Dec 2025 +1.9 pp | Mar 2026 +0.3 pp | Jun 2026 —
- CCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.4 pp | Mar 2023 −0.5 pp | Jun 2023 −0.7 pp | Sep 2023 +0.7 pp | Dec 2023 +0.1 pp | Mar 2024 −0.4 pp | Jun 2024 −0.1 pp | Sep 2024 +0.6 pp | Dec 2024 +0.9 pp | Mar 2025 +1.4 pp | Jun 2025 +0.3 pp | Sep 2025 −0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 +0.7 pp
- AVY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 — | Jun 2023 −2.5 pp | Sep 2023 −3.4 pp | Dec 2023 −1.5 pp | Mar 2024 — | Jun 2024 +1.4 pp | Sep 2024 +1.9 pp | Dec 2024 +0.7 pp | Mar 2025 +0.1 pp | Jun 2025 +0.5 pp | Sep 2025 −0.3 pp | Dec 2025 −0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.9 pp | Mar 2023 — | Jun 2023 +0.5 pp | Sep 2023 −1.0 pp | Dec 2023 −1.2 pp | Mar 2024 — | Jun 2024 −2.6 pp | Sep 2024 −2.0 pp | Dec 2024 −2.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.6 pp | Sep 2025 +1.0 pp | Dec 2025 +5.3 pp | Mar 2026 −0.3 pp | Jun 2026 −0.1 pp
- REYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.4 pp | Mar 2023 −0.7 pp | Jun 2023 +0.7 pp | Sep 2023 +1.2 pp | Dec 2023 +0.8 pp | Mar 2024 +0.9 pp | Jun 2024 +0.5 pp | Sep 2024 +0.1 pp | Dec 2024 −0.5 pp | Mar 2025 −0.3 pp | Jun 2025 −0.5 pp | Sep 2025 −0.4 pp | Dec 2025 −0.2 pp | Mar 2026 +0.5 pp | Jun 2026 —
- SLGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −0.9 pp | Mar 2023 −0.3 pp | Jun 2023 −0.4 pp | Sep 2023 −0.6 pp | Dec 2023 +1.0 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 −0.7 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 −0.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 +4.3 pp | Mar 2023 +1.1 pp | Jun 2023 −1.3 pp | Sep 2023 −2.5 pp | Dec 2023 −4.0 pp | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 −7.5 pp | Dec 2024 −9.6 pp | Mar 2025 −9.3 pp | Jun 2025 — | Sep 2025 −0.1 pp | Dec 2025 +4.1 pp | Mar 2026 +3.8 pp | Jun 2026 —
- GPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +2.0 pp | Mar 2023 +1.2 pp | Jun 2023 +1.0 pp | Sep 2023 −0.4 pp | Dec 2023 +0.2 pp | Mar 2024 −0.7 pp | Jun 2024 +0.6 pp | Sep 2024 −0.4 pp | Dec 2024 −0.7 pp | Mar 2025 −0.8 pp | Jun 2025 −1.6 pp | Sep 2025 −0.7 pp | Dec 2025 −1.0 pp | Mar 2026 −2.1 pp | Jun 2026 —
- AMBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.8 pp | Dec 2022 −0.9 pp | Mar 2023 −0.9 pp | Jun 2023 −1.7 pp | Sep 2023 +0.7 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +0.6 pp | Dec 2024 +1.4 pp | Mar 2025 +0.7 pp | Jun 2025 +0.8 pp | Sep 2025 +0.1 pp | Dec 2025 −0.3 pp | Mar 2026 +0.4 pp | Jun 2026 +0.9 pp
- TRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −2.3 pp | Mar 2023 −1.0 pp | Jun 2023 −1.0 pp | Sep 2023 +1.0 pp | Dec 2023 +1.8 pp | Mar 2024 +0.1 pp | Jun 2024 −0.2 pp | Sep 2024 −1.5 pp | Dec 2024 +2.9 pp | Mar 2025 −1.3 pp | Jun 2025 +0.7 pp | Sep 2025 +0.9 pp | Dec 2025 −5.9 pp | Mar 2026 +0.7 pp | Jun 2026 —
- OI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.1 pp | Mar 2023 +2.1 pp | Jun 2023 +0.9 pp | Sep 2023 +0.2 pp | Dec 2023 −0.3 pp | Mar 2024 −1.9 pp | Jun 2024 −1.1 pp | Sep 2024 −1.7 pp | Dec 2024 −0.1 pp | Mar 2025 −0.2 pp | Jun 2025 +0.3 pp | Sep 2025 +1.4 pp | Dec 2025 +0.3 pp | Mar 2026 −1.0 pp | Jun 2026 —
- MYE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +1.0 pp | Mar 2023 −2.1 pp | Jun 2023 −2.3 pp | Sep 2023 −0.3 pp | Dec 2023 +0.3 pp | Mar 2024 −3.2 pp | Jun 2024 −0.1 pp | Sep 2024 −5.8 pp | Dec 2024 −2.1 pp | Mar 2025 +0.4 pp | Jun 2025 −1.4 pp | Sep 2025 +3.4 pp | Dec 2025 +0.2 pp | Mar 2026 +1.3 pp | Jun 2026 —
- KRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −5.8 pp | Mar 2023 +0.3 pp | Jun 2023 +1.9 pp | Sep 2023 +1.0 pp | Dec 2023 −2.4 pp | Mar 2024 −2.4 pp | Jun 2024 −1.5 pp | Sep 2024 −0.6 pp | Dec 2024 +0.9 pp | Mar 2025 −0.3 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +0.6 pp | Mar 2026 +0.4 pp | Jun 2026 —
- PACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −0.6 pp | Mar 2023 +0.5 pp | Jun 2023 +1.4 pp | Sep 2023 +1.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.4 pp | Jun 2024 −0.9 pp | Sep 2024 −0.5 pp | Dec 2024 +0.5 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- ORBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −45.4 pp | Dec 2022 −10.3 pp | Mar 2023 +25.6 pp | Jun 2023 +10.9 pp | Sep 2023 +34.2 pp | Dec 2023 +17.0 pp | Mar 2024 +3.5 pp | Jun 2024 +4.3 pp | Sep 2024 −3.4 pp | Dec 2024 +1.9 pp | Mar 2025 +2.5 pp | Jun 2025 −3.1 pp | Sep 2025 +2.9 pp | Dec 2025 −30.2 pp | Mar 2026 +1.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Greif, Inc. has the lowest comparable Guarded PEG at 0.08×, 83.7% below Ball Corporation. Only 10 of 19 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Greif, Inc. · 0.08× | 83.7% versus #2 · Ball Corporation | 0/8 recent comparable periods | 10/19 companies · 41 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Greif, Inc. (GEF-B): 0.1
2. Ball Corporation (BALL): 0.5
3. Myers Industries, Inc. (MYE): 0.5
4. Amcor plc (AMCR): 0.7
5. Reynolds Consumer Products Inc. (REYN): 0.9

### P/E — lowest P/E
1. TriMas Corporation (TRS): 1.5
2. Greif, Inc. (GEF-B): 3.7
3. O-I Glass, Inc. (OI): 7.0
4. Sonoco Products Company (SON): 8.8
5. Graphic Packaging Holding Company (GPK): 10.8

### 20-quarter Guarded PEG history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.1 | Dec 2025 3.2 | Mar 2026 — | Jun 2026 —
- IP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PKG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.8 | Mar 2025 1.1 | Jun 2025 0.7 | Sep 2025 1.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AMCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.4 | Jun 2023 0.4 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- AVY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 3.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- REYN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.3 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.5 | Dec 2024 0.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SLGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GEF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.1 | Jun 2026 —
- GPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 1.3 | Jun 2024 — | Sep 2024 2.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MYE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 1.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.3 | Sep 2025 2.4 | Dec 2025 — | Mar 2026 3.3 | Jun 2026 —

### 20-quarter P/E history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 8.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13.1 | Mar 2024 17.5 | Jun 2024 21.8 | Sep 2024 43.7 | Dec 2024 65.7 | Mar 2025 36.9 | Jun 2025 65.4 | Sep 2025 29.8 | Dec 2025 29.1 | Mar 2026 55.4 | Jun 2026 —
- IP: Sep 2021 19.4 | Dec 2021 22.7 | Mar 2022 16.1 | Jun 2022 13.0 | Sep 2022 6.9 | Dec 2022 7.3 | Mar 2023 11.3 | Jun 2023 11.8 | Sep 2023 45.5 | Dec 2023 44.1 | Mar 2024 73.6 | Jun 2024 33.2 | Sep 2024 41.8 | Dec 2024 34.3 | Mar 2025 45.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PKG: Sep 2021 17.5 | Dec 2021 15.4 | Mar 2022 16.0 | Jun 2022 12.7 | Sep 2022 10.2 | Dec 2022 11.6 | Mar 2023 13.3 | Jun 2023 14.0 | Sep 2023 17.7 | Dec 2023 19.2 | Mar 2024 23.7 | Jun 2024 22.9 | Sep 2024 25.1 | Dec 2024 25.2 | Mar 2025 20.7 | Jun 2025 18.8 | Sep 2025 22.0 | Dec 2025 24.0 | Mar 2026 25.8 | Jun 2026 31.0
- AMCR: Sep 2021 19.0 | Dec 2021 19.4 | Mar 2022 18.2 | Jun 2022 23.5 | Sep 2022 19.4 | Dec 2022 16.7 | Mar 2023 17.4 | Jun 2023 14.2 | Sep 2023 14.0 | Dec 2023 22.0 | Mar 2024 21.2 | Jun 2024 19.4 | Sep 2024 21.3 | Dec 2024 17.1 | Mar 2025 17.4 | Jun 2025 28.7 | Sep 2025 23.9 | Dec 2025 27.3 | Mar 2026 27.4 | Jun 2026 —
- BALL: Sep 2021 37.0 | Dec 2021 36.3 | Mar 2022 26.3 | Jun 2022 30.4 | Sep 2022 16.3 | Dec 2022 22.7 | Mar 2023 38.8 | Jun 2023 24.6 | Sep 2023 32.1 | Dec 2023 25.8 | Mar 2024 5.2 | Jun 2024 4.6 | Sep 2024 5.1 | Dec 2024 4.2 | Mar 2025 31.4 | Jun 2025 29.4 | Sep 2025 20.5 | Dec 2025 16.1 | Mar 2026 17.1 | Jun 2026 —
- CCK: Sep 2021 22.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 13.7 | Mar 2023 16.3 | Jun 2023 21.9 | Sep 2023 20.9 | Dec 2023 24.5 | Mar 2024 22.8 | Jun 2024 20.6 | Sep 2024 118.4 | Dec 2024 23.3 | Mar 2025 19.2 | Jun 2025 21.6 | Sep 2025 12.0 | Dec 2025 16.1 | Mar 2026 16.0 | Jun 2026 16.1
- AVY: Sep 2021 — | Dec 2021 23.5 | Mar 2022 24.5 | Jun 2022 20.1 | Sep 2022 18.0 | Dec 2022 16.5 | Mar 2023 — | Jun 2023 21.5 | Sep 2023 24.8 | Dec 2023 32.6 | Mar 2024 32.6 | Jun 2024 28.1 | Sep 2024 26.7 | Dec 2024 21.6 | Mar 2025 20.3 | Jun 2025 19.7 | Sep 2025 18.3 | Dec 2025 20.7 | Mar 2026 19.5 | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13.8 | Dec 2022 12.9 | Mar 2023 — | Jun 2023 12.1 | Sep 2023 12.1 | Dec 2023 11.0 | Mar 2024 14.6 | Jun 2024 15.0 | Sep 2024 21.1 | Dec 2024 29.6 | Mar 2025 38.9 | Jun 2025 33.5 | Sep 2025 21.6 | Dec 2025 4.3 | Mar 2026 9.0 | Jun 2026 8.8
- REYN: Sep 2021 17.4 | Dec 2021 20.4 | Mar 2022 20.4 | Jun 2022 20.8 | Sep 2022 21.2 | Dec 2022 24.4 | Mar 2023 25.7 | Jun 2023 24.8 | Sep 2023 20.0 | Dec 2023 18.9 | Mar 2024 18.2 | Jun 2024 16.4 | Sep 2024 17.8 | Dec 2024 16.2 | Mar 2025 14.9 | Jun 2025 14.4 | Sep 2025 16.8 | Dec 2025 16.0 | Mar 2026 13.5 | Jun 2026 —
- SLGN: Sep 2021 12.7 | Dec 2021 13.3 | Mar 2022 13.9 | Jun 2022 12.5 | Sep 2022 11.7 | Dec 2022 16.9 | Mar 2023 18.2 | Jun 2023 16.6 | Sep 2023 16.6 | Dec 2023 15.2 | Mar 2024 17.0 | Jun 2024 14.9 | Sep 2024 19.0 | Dec 2024 20.2 | Mar 2025 19.0 | Jun 2025 19.3 | Sep 2025 14.6 | Dec 2025 15.0 | Mar 2026 14.6 | Jun 2026 —
- GEF-B: Sep 2021 8.9 | Dec 2021 8.1 | Mar 2022 7.6 | Jun 2022 8.2 | Sep 2022 9.0 | Dec 2022 8.6 | Mar 2023 7.9 | Jun 2023 7.5 | Sep 2023 9.1 | Dec 2023 8.3 | Mar 2024 8.7 | Jun 2024 — | Sep 2024 15.6 | Dec 2024 13.5 | Mar 2025 19.6 | Jun 2025 25.6 | Sep 2025 17.9 | Dec 2025 3.4 | Mar 2026 3.7 | Jun 2026 —
- GPK: Sep 2021 23.8 | Dec 2021 28.7 | Mar 2022 23.6 | Jun 2022 22.0 | Sep 2022 15.1 | Dec 2022 13.2 | Mar 2023 12.7 | Jun 2023 10.5 | Sep 2023 10.1 | Dec 2023 10.5 | Mar 2024 13.2 | Jun 2024 11.2 | Sep 2024 12.7 | Dec 2024 12.6 | Mar 2025 12.7 | Jun 2025 11.9 | Sep 2025 11.5 | Dec 2025 10.2 | Mar 2026 10.8 | Jun 2026 —
- AMBP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12.4 | Dec 2022 12.7 | Mar 2023 14.6 | Jun 2023 47.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 79.0
- TRS: Sep 2021 20.7 | Dec 2021 28.0 | Mar 2022 23.8 | Jun 2022 17.9 | Sep 2022 17.7 | Dec 2022 17.8 | Mar 2023 20.5 | Jun 2023 23.9 | Sep 2023 20.1 | Dec 2023 26.1 | Mar 2024 27.6 | Jun 2024 26.1 | Sep 2024 39.9 | Dec 2024 41.0 | Mar 2025 30.4 | Jun 2025 31.4 | Sep 2025 35.8 | Dec 2025 12.0 | Mar 2026 1.5 | Jun 2026 —
- OI: Sep 2021 31.0 | Dec 2021 12.9 | Mar 2022 6.3 | Jun 2022 4.8 | Sep 2022 3.4 | Dec 2022 4.5 | Mar 2023 5.2 | Jun 2023 6.1 | Sep 2023 7.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MYE: Sep 2021 24.5 | Dec 2021 21.8 | Mar 2022 18.2 | Jun 2022 17.2 | Sep 2022 11.2 | Dec 2022 13.6 | Mar 2023 14.2 | Jun 2023 14.2 | Sep 2023 13.4 | Dec 2023 14.8 | Mar 2024 21.9 | Jun 2024 12.7 | Sep 2024 32.9 | Dec 2024 58.1 | Mar 2025 42.6 | Jun 2025 55.7 | Sep 2025 22.9 | Dec 2025 20.1 | Mar 2026 30.3 | Jun 2026 —
- KRT: Sep 2021 24.2 | Dec 2021 18.0 | Mar 2022 15.2 | Jun 2022 15.1 | Sep 2022 12.8 | Dec 2022 12.1 | Mar 2023 10.2 | Jun 2023 12.0 | Sep 2023 13.9 | Dec 2023 15.3 | Mar 2024 19.3 | Jun 2024 21.1 | Sep 2024 18.5 | Dec 2024 20.3 | Mar 2025 17.7 | Jun 2025 17.7 | Sep 2025 16.8 | Dec 2025 14.5 | Mar 2026 17.7 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Sonoco Products Company leads ev/ebitda at 6.41×; Eightco Holdings Inc. leads p/bv at 0.44×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Sonoco Products Company · 6.41× | 13.6% versus #2 · Graphic Packaging Holding Company | 0/8 recent comparable periods | 18/19 companies · 331 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Sonoco Products Company (SON): 6.4
2. Graphic Packaging Holding Company (GPK): 7.4
3. TriMas Corporation (TRS): 7.6
4. Smurfit Westrock Plc (SW): 8.4
5. Crown Holdings, Inc. (CCK): 8.8

### P/BV — lowest P/BV
1. Eightco Holdings Inc. (ORBS): 0.4
2. Ranpak Holdings Corp. (PACK): 0.6
3. TriMas Corporation (TRS): 0.9
4. Graphic Packaging Holding Company (GPK): 0.9
5. Greif, Inc. (GEF-B): 1.2

### 20-quarter EV/EBITDA history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.0 | Mar 2024 22.0 | Jun 2024 7.8 | Sep 2024 21.4 | Dec 2024 16.5 | Mar 2025 11.6 | Jun 2025 10.0 | Sep 2025 8.5 | Dec 2025 7.8 | Mar 2026 8.4 | Jun 2026 —
- IP: Sep 2021 10.7 | Dec 2021 9.4 | Mar 2022 8.1 | Jun 2022 7.0 | Sep 2022 6.7 | Dec 2022 6.4 | Mar 2023 6.6 | Jun 2023 6.8 | Sep 2023 7.3 | Dec 2023 8.2 | Mar 2024 9.4 | Jun 2024 10.4 | Sep 2024 13.1 | Dec 2024 12.7 | Mar 2025 19.8 | Jun 2025 16.9 | Sep 2025 15.1 | Dec 2025 — | Mar 2026 11.1 | Jun 2026 —
- PKG: Sep 2021 9.9 | Dec 2021 8.9 | Mar 2022 9.3 | Jun 2022 7.8 | Sep 2022 6.5 | Dec 2022 7.4 | Mar 2023 8.2 | Jun 2023 8.3 | Sep 2023 9.9 | Dec 2023 10.4 | Mar 2024 12.6 | Jun 2024 12.2 | Sep 2024 13.5 | Dec 2024 13.7 | Mar 2025 11.5 | Jun 2025 10.6 | Sep 2025 12.9 | Dec 2025 12.6 | Mar 2026 12.5 | Jun 2026 20.5
- AMCR: Sep 2021 12.4 | Dec 2021 12.5 | Mar 2022 12.0 | Jun 2022 13.3 | Sep 2022 12.1 | Dec 2022 11.6 | Mar 2023 11.8 | Jun 2023 10.0 | Sep 2023 10.1 | Dec 2023 12.3 | Mar 2024 12.0 | Jun 2024 11.5 | Sep 2024 12.9 | Dec 2024 10.9 | Mar 2025 11.4 | Jun 2025 20.4 | Sep 2025 16.1 | Dec 2025 14.4 | Mar 2026 12.1 | Jun 2026 —
- BALL: Sep 2021 19.2 | Dec 2021 19.2 | Mar 2022 16.0 | Jun 2022 16.5 | Sep 2022 11.2 | Dec 2022 14.4 | Mar 2023 17.4 | Jun 2023 14.4 | Sep 2023 14.4 | Dec 2023 33.6 | Mar 2024 17.3 | Jun 2024 16.0 | Sep 2024 17.7 | Dec 2024 16.9 | Mar 2025 15.6 | Jun 2025 15.4 | Sep 2025 12.4 | Dec 2025 10.5 | Mar 2026 11.8 | Jun 2026 —
- CCK: Sep 2021 10.7 | Dec 2021 11.1 | Mar 2022 12.4 | Jun 2022 9.4 | Sep 2022 9.1 | Dec 2022 9.4 | Mar 2023 10.2 | Jun 2023 10.9 | Sep 2023 10.2 | Dec 2023 10.2 | Mar 2024 9.6 | Jun 2024 9.0 | Sep 2024 10.1 | Dec 2024 8.5 | Mar 2025 8.5 | Jun 2025 9.2 | Sep 2025 8.7 | Dec 2025 8.7 | Mar 2026 8.7 | Jun 2026 8.8
- AVY: Sep 2021 — | Dec 2021 15.7 | Mar 2022 16.0 | Jun 2022 13.2 | Sep 2022 11.9 | Dec 2022 11.2 | Mar 2023 — | Jun 2023 14.0 | Sep 2023 15.3 | Dec 2023 17.9 | Mar 2024 18.3 | Jun 2024 16.5 | Sep 2024 15.9 | Dec 2024 13.2 | Mar 2025 12.6 | Jun 2025 12.3 | Sep 2025 11.3 | Dec 2025 12.7 | Mar 2026 12.0 | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 11.3 | Mar 2022 — | Jun 2022 12.0 | Sep 2022 10.3 | Dec 2022 9.3 | Mar 2023 — | Jun 2023 8.7 | Sep 2023 8.5 | Dec 2023 8.3 | Mar 2024 9.8 | Jun 2024 9.9 | Sep 2024 11.0 | Dec 2024 16.7 | Mar 2025 15.1 | Jun 2025 10.7 | Sep 2025 9.1 | Dec 2025 5.6 | Mar 2026 6.5 | Jun 2026 6.4
- REYN: Sep 2021 13.0 | Dec 2021 14.7 | Mar 2022 14.5 | Jun 2022 14.3 | Sep 2022 14.5 | Dec 2022 16.2 | Mar 2023 15.2 | Jun 2023 14.6 | Sep 2023 12.2 | Dec 2023 11.6 | Mar 2024 11.5 | Jun 2024 11.0 | Sep 2024 11.8 | Dec 2024 10.8 | Mar 2025 10.0 | Jun 2025 9.3 | Sep 2025 10.3 | Dec 2025 10.1 | Mar 2026 9.3 | Jun 2026 —
- SLGN: Sep 2021 11.4 | Dec 2021 9.6 | Mar 2022 11.0 | Jun 2022 10.6 | Sep 2022 9.6 | Dec 2022 10.0 | Mar 2023 12.2 | Jun 2023 11.9 | Sep 2023 11.6 | Dec 2023 9.9 | Mar 2024 12.0 | Jun 2024 11.4 | Sep 2024 12.7 | Dec 2024 12.1 | Mar 2025 13.2 | Jun 2025 14.5 | Sep 2025 11.3 | Dec 2025 8.9 | Mar 2026 10.1 | Jun 2026 —
- GEF-B: Sep 2021 7.9 | Dec 2021 7.5 | Mar 2022 6.5 | Jun 2022 6.1 | Sep 2022 6.2 | Dec 2022 5.9 | Mar 2023 6.4 | Jun 2023 6.5 | Sep 2023 7.1 | Dec 2023 6.5 | Mar 2024 6.8 | Jun 2024 — | Sep 2024 16.9 | Dec 2024 8.2 | Mar 2025 4.7 | Jun 2025 10.4 | Sep 2025 12.5 | Dec 2025 9.7 | Mar 2026 10.3 | Jun 2026 —
- GPK: Sep 2021 10.7 | Dec 2021 13.0 | Mar 2022 12.0 | Jun 2022 11.1 | Sep 2022 9.1 | Dec 2022 8.2 | Mar 2023 8.3 | Jun 2023 7.4 | Sep 2023 7.0 | Dec 2023 7.1 | Mar 2024 8.3 | Jun 2024 7.3 | Sep 2024 8.1 | Dec 2024 7.9 | Mar 2025 8.4 | Jun 2025 8.2 | Sep 2025 8.2 | Dec 2025 7.3 | Mar 2026 7.4 | Jun 2026 —
- AMBP: Sep 2021 20.4 | Dec 2021 20.2 | Mar 2022 255.0 | Jun 2022 247.5 | Sep 2022 28.4 | Dec 2022 11.1 | Mar 2023 11.5 | Jun 2023 12.4 | Sep 2023 10.4 | Dec 2023 11.3 | Mar 2024 75.4 | Jun 2024 46.9 | Sep 2024 41.2 | Dec 2024 7.8 | Mar 2025 24.4 | Jun 2025 24.9 | Sep 2025 23.7 | Dec 2025 9.0 | Mar 2026 9.3 | Jun 2026 9.1
- TRS: Sep 2021 11.2 | Dec 2021 12.7 | Mar 2022 11.7 | Jun 2022 10.1 | Sep 2022 10.5 | Dec 2022 13.7 | Mar 2023 13.2 | Jun 2023 14.1 | Sep 2023 14.1 | Dec 2023 13.4 | Mar 2024 12.0 | Jun 2024 12.0 | Sep 2024 13.1 | Dec 2024 18.1 | Mar 2025 10.2 | Jun 2025 10.9 | Sep 2025 13.1 | Dec 2025 20.3 | Mar 2026 7.6 | Jun 2026 —
- OI: Sep 2021 10.7 | Dec 2021 5.9 | Mar 2022 10.2 | Jun 2022 9.7 | Sep 2022 9.7 | Dec 2022 6.1 | Mar 2023 9.8 | Jun 2023 8.8 | Sep 2023 7.6 | Dec 2023 5.0 | Mar 2024 9.9 | Jun 2024 9.7 | Sep 2024 12.4 | Dec 2024 6.0 | Mar 2025 12.6 | Jun 2025 13.5 | Sep 2025 10.8 | Dec 2025 6.0 | Mar 2026 11.1 | Jun 2026 —
- MYE: Sep 2021 19.5 | Dec 2021 12.0 | Mar 2022 10.8 | Jun 2022 10.6 | Sep 2022 7.3 | Dec 2022 8.8 | Mar 2023 8.8 | Jun 2023 8.5 | Sep 2023 7.9 | Dec 2023 8.3 | Mar 2024 14.1 | Jun 2024 8.8 | Sep 2024 11.0 | Dec 2024 9.6 | Mar 2025 9.2 | Jun 2025 10.5 | Sep 2025 9.1 | Dec 2025 9.1 | Mar 2026 9.1 | Jun 2026 —
- KRT: Sep 2021 16.4 | Dec 2021 12.1 | Mar 2022 11.5 | Jun 2022 10.0 | Sep 2022 8.5 | Dec 2022 8.4 | Mar 2023 7.0 | Jun 2023 8.0 | Sep 2023 9.3 | Dec 2023 10.0 | Mar 2024 12.5 | Jun 2024 14.0 | Sep 2024 12.2 | Dec 2024 13.3 | Mar 2025 12.1 | Jun 2025 11.4 | Sep 2025 11.0 | Dec 2025 9.6 | Mar 2026 11.5 | Jun 2026 —
- PACK: Sep 2021 26.3 | Dec 2021 39.2 | Mar 2022 30.7 | Jun 2022 17.3 | Sep 2022 16.7 | Dec 2022 30.5 | Mar 2023 27.3 | Jun 2023 16.9 | Sep 2023 14.3 | Dec 2023 13.7 | Mar 2024 14.9 | Jun 2024 15.1 | Sep 2024 17.8 | Dec 2024 17.7 | Mar 2025 18.0 | Jun 2025 16.6 | Sep 2025 19.6 | Dec 2025 19.4 | Mar 2026 14.2 | Jun 2026 —

### 20-quarter P/BV history
- SW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 8,92,439.0 | Jun 2024 9,07,057.0 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 —
- IP: Sep 2021 2.1 | Dec 2021 2.0 | Mar 2022 1.9 | Jun 2022 1.7 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 2.3 | Mar 2025 1.6 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.3 | Jun 2026 —
- PKG: Sep 2021 3.6 | Dec 2021 3.5 | Mar 2022 3.9 | Jun 2022 3.3 | Sep 2022 2.6 | Dec 2022 3.1 | Mar 2023 3.3 | Jun 2023 3.1 | Sep 2023 3.5 | Dec 2023 3.7 | Mar 2024 4.2 | Jun 2024 4.0 | Sep 2024 4.5 | Dec 2024 4.6 | Mar 2025 4.0 | Jun 2025 3.7 | Sep 2025 4.1 | Dec 2025 4.0 | Mar 2026 4.1 | Jun 2026 —
- AMCR: Sep 2021 3.8 | Dec 2021 4.1 | Mar 2022 3.8 | Jun 2022 4.5 | Sep 2022 4.1 | Dec 2022 4.1 | Mar 2023 3.9 | Jun 2023 3.6 | Sep 2023 3.4 | Dec 2023 3.5 | Mar 2024 3.5 | Jun 2024 3.6 | Sep 2024 4.2 | Dec 2024 3.6 | Mar 2025 3.6 | Jun 2025 1.8 | Sep 2025 1.6 | Dec 2025 1.7 | Mar 2026 1.6 | Jun 2026 —
- BALL: Sep 2021 7.9 | Dec 2021 8.5 | Mar 2022 7.4 | Jun 2022 6.2 | Sep 2022 4.4 | Dec 2022 4.6 | Mar 2023 4.8 | Jun 2023 4.8 | Sep 2023 4.0 | Dec 2023 4.8 | Mar 2024 2.9 | Jun 2024 2.7 | Sep 2024 3.1 | Dec 2024 2.7 | Mar 2025 2.7 | Jun 2025 2.9 | Sep 2025 2.5 | Dec 2025 2.6 | Mar 2026 2.8 | Jun 2026 —
- CCK: Sep 2021 5.4 | Dec 2021 3.7 | Mar 2022 — | Jun 2022 — | Sep 2022 5.9 | Dec 2022 5.3 | Mar 2023 4.9 | Jun 2023 4.7 | Sep 2023 4.6 | Dec 2023 4.6 | Mar 2024 3.9 | Jun 2024 3.6 | Sep 2024 4.6 | Dec 2024 3.6 | Mar 2025 3.9 | Jun 2025 4.2 | Sep 2025 3.7 | Dec 2025 3.9 | Mar 2026 3.9 | Jun 2026 4.4
- AVY: Sep 2021 — | Dec 2021 9.7 | Mar 2022 9.3 | Jun 2022 7.4 | Sep 2022 6.9 | Dec 2022 6.6 | Mar 2023 — | Jun 2023 7.1 | Sep 2023 6.9 | Dec 2023 7.7 | Mar 2024 8.2 | Jun 2024 7.7 | Sep 2024 7.5 | Dec 2024 6.5 | Mar 2025 6.4 | Jun 2025 6.2 | Sep 2025 5.6 | Dec 2025 6.2 | Mar 2026 5.8 | Jun 2026 —
- SON: Sep 2021 — | Dec 2021 3.2 | Mar 2022 — | Jun 2022 3.3 | Sep 2022 3.0 | Dec 2022 2.9 | Mar 2023 — | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 2.3 | Mar 2024 2.4 | Jun 2024 2.1 | Sep 2024 2.2 | Dec 2024 2.1 | Mar 2025 1.9 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.5 | Jun 2026 —
- REYN: Sep 2021 3.4 | Dec 2021 3.8 | Mar 2022 3.5 | Jun 2022 3.2 | Sep 2022 3.0 | Dec 2022 3.4 | Mar 2023 3.2 | Jun 2023 3.2 | Sep 2023 2.8 | Dec 2023 2.8 | Mar 2024 3.0 | Jun 2024 2.9 | Sep 2024 3.2 | Dec 2024 2.7 | Mar 2025 2.4 | Jun 2025 2.1 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 2.0 | Jun 2026 —
- SLGN: Sep 2021 2.9 | Dec 2021 3.0 | Mar 2022 3.1 | Jun 2022 2.8 | Sep 2022 2.7 | Dec 2022 3.3 | Mar 2023 3.3 | Jun 2023 2.8 | Sep 2023 2.6 | Dec 2023 2.6 | Mar 2024 2.7 | Jun 2024 2.3 | Sep 2024 2.7 | Dec 2024 2.8 | Mar 2025 2.6 | Jun 2025 2.6 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 1.8 | Jun 2026 —
- GEF-B: Sep 2021 1.9 | Dec 2021 2.0 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 2.0 | Dec 2022 1.8 | Mar 2023 1.9 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 — | Jun 2025 1.2 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 —
- GPK: Sep 2021 3.2 | Dec 2021 3.2 | Mar 2022 3.2 | Jun 2022 3.3 | Sep 2022 3.1 | Dec 2022 3.2 | Mar 2023 3.4 | Jun 2023 3.0 | Sep 2023 2.7 | Dec 2023 2.7 | Mar 2024 3.1 | Jun 2024 2.8 | Sep 2024 3.0 | Dec 2024 2.7 | Mar 2025 2.5 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- AMBP: Sep 2021 19.0 | Dec 2021 19.1 | Mar 2022 11.8 | Jun 2022 11.0 | Sep 2022 5.3 | Dec 2022 6.3 | Mar 2023 6.6 | Jun 2023 8.3 | Sep 2023 8.0 | Dec 2023 23.0 | Mar 2024 89.0 | Jun 2024 -72.6 | Sep 2024 -23.7 | Dec 2024 -12.7 | Mar 2025 -7.9 | Jun 2025 -7.9 | Sep 2025 -7.0 | Dec 2025 -3.6 | Mar 2026 -3.5 | Jun 2026 -3.7
- TRS: Sep 2021 2.3 | Dec 2021 2.5 | Mar 2022 2.2 | Jun 2022 1.9 | Sep 2022 1.7 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.7 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.5 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 2.2 | Dec 2025 1.9 | Mar 2026 0.9 | Jun 2026 —
- OI: Sep 2021 — | Dec 2021 2.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.7 | Mar 2026 — | Jun 2026 —
- MYE: Sep 2021 3.5 | Dec 2021 3.5 | Mar 2022 3.5 | Jun 2022 3.5 | Sep 2022 2.5 | Dec 2022 3.2 | Mar 2023 3.0 | Jun 2023 2.6 | Sep 2023 2.3 | Dec 2023 2.5 | Mar 2024 3.0 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 1.5 | Mar 2025 1.6 | Jun 2025 1.9 | Sep 2025 2.2 | Dec 2025 2.4 | Mar 2026 2.8 | Jun 2026 —
- KRT: Sep 2021 3.6 | Dec 2021 — | Mar 2022 3.0 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 2.4 | Sep 2023 3.0 | Dec 2023 3.2 | Mar 2024 3.7 | Jun 2024 3.8 | Sep 2024 3.3 | Dec 2024 3.9 | Mar 2025 3.5 | Jun 2025 3.6 | Sep 2025 3.3 | Dec 2025 3.0 | Mar 2026 3.8 | Jun 2026 —
- PACK: Sep 2021 3.5 | Dec 2021 4.8 | Mar 2022 2.7 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 1.2 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.6 | Jun 2026 —
- ORBS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 5.1 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 —

## Market action

Myers Industries, Inc. has the strongest one-year price move in Packaging & Containers at +125.2%. It also leads on Mansfield relative strength against the S&P 500 at +48.7%. 15 of 19 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Myers Industries, Inc. (MYE): 125%
2. Ranpak Holdings Corp. (PACK): 85%
3. Greif, Inc. (GEF-B): 66%
4. Karat Packaging Inc. (KRT): 58%
5. Sonoco Products Company (SON): 37%

### Strongest relative strength versus NIFTY 500
1. Myers Industries, Inc. (MYE): 49%
2. Karat Packaging Inc. (KRT): 46%
3. Greif, Inc. (GEF-B): 27%
4. Ardagh Metal Packaging S.A. (AMBP): 18%
5. Sonoco Products Company (SON): 16%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Smurfit Westrock Plc (SW) — market value ₹26.6K Cr; latest fundamentals Mar 2026
- International Paper Company (IP) — market value ₹23.3K Cr; latest fundamentals Mar 2026
- Packaging Corporation of America (PKG) — market value ₹22.4K Cr; latest fundamentals Jun 2026
- Amcor plc (AMCR) — market value ₹21.6K Cr; latest fundamentals Mar 2026
- Ball Corporation (BALL) — market value ₹17.8K Cr; latest fundamentals Mar 2026
- Crown Holdings, Inc. (CCK) — market value ₹13.0K Cr; latest fundamentals Jun 2026
- Avery Dennison Corporation (AVY) — market value ₹12.9K Cr; latest fundamentals Mar 2026
- Sonoco Products Company (SON) — market value ₹6.0K Cr; latest fundamentals Jun 2026
- Reynolds Consumer Products Inc. (REYN) — market value ₹5.4K Cr; latest fundamentals Mar 2026
- Silgan Holdings Inc. (SLGN) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Greif, Inc. (GEF-B) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Graphic Packaging Holding Company (GPK) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Ardagh Metal Packaging S.A. (AMBP) — market value ₹3.1K Cr; latest fundamentals Jun 2026
- TriMas Corporation (TRS) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- O-I Glass, Inc. (OI) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Myers Industries, Inc. (MYE) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Karat Packaging Inc. (KRT) — market value ₹832 Cr; latest fundamentals Mar 2026
- Ranpak Holdings Corp. (PACK) — market value ₹550 Cr; latest fundamentals Mar 2026
- Eightco Holdings Inc. (ORBS) — market value ₹232 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Packaging & Containers company is the biggest?

Smurfit Westrock Plc is the largest, with trailing-twelve-month revenue of $31,235 million, ahead of International Paper Company at $24,966 million. That covers 15 of 19 companies with comparable reporting through Mar 2026.

### Which Packaging & Containers company is growing fastest?

Amcor plc has the fastest revenue growth at 64.8% year on year, across 15 of 19 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Packaging & Containers company has the best profit margins?

Myers Industries, Inc. has the highest operating margin at 15.1%, from 19 of 19 comparable companies. TriMas Corporation shows the biggest recent improvement, at +6.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Packaging & Containers company makes the most profit?

Ball Corporation earns the most, at $939 million of trailing-twelve-month net profit, from 15 of 19 comparable companies. Myers Industries, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Packaging & Containers company earns the highest return on capital?

Packaging Corporation of America leads on return on capital employed at 7.2%, across 19 of 19 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Packaging & Containers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Greif, Inc. screens cheapest at 0.08×. Only 10 of 19 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Packaging & Containers company has the strongest balance sheet?

Eightco Holdings Inc. carries the lowest comparable gross debt at $9 million, from 19 of 19 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Packaging & Containers company is investing most in new capacity?

Smurfit Westrock Plc reports the largest capital spending at $624 million, across 19 of 19 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Packaging & Containers sector beating the market?

Packaging & Containers has outperformed S&P 500 by 35.1% over the last 52 weeks and 16.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 15 of 19 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Packaging & Containers stock has the strongest price momentum?

Myers Industries, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Packaging & Containers company scores highest for research priority?

Greif, Inc. scores 68.9 out of 100 with 76% evidence confidence, from 20.9 points on growth and earnings, 15.7 on capital efficiency, 16.3 on valuation and 16 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Packaging & Containers companies does this comparison cover, and over what period?

It compares 19 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Packaging & Containers sector?

The 19 Packaging & Containers companies on this page carry $170,860 million of combined market value. Smurfit Westrock Plc is the largest at $26,609 million, about 16% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Packaging & Containers sector's P/E ratio?

The median price-to-earnings ratio across the 19 Packaging & Containers companies on this page is 17.1×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Packaging & Containers sector performing?

15 of the 19 covered Packaging & Containers companies are beating S&P 500 on Mansfield relative strength. The sector itself is 35.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Packaging & Containers stocks are listed in the US?

This comparison covers 19 listed Packaging & Containers companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/packaging-containers