Huhtamaki India Q2 2026: Strong Sales Growth, Margin Expansion, Net Debt Nil

Net sales (sale of products and services) were 7,286.0 million rupees in Q2 2026, up 23.1 percent year-on-year versus 5,919.4 million rupees in Q2 2025.

EBITDA was 764.4 million rupees (10.5 percent margin) versus 492.7 million rupees (8.3 percent) in Q2 2025. EBIT was 621.6 million rupees (8.5 percent) versus 361.8 million rupees (6.1 percent). Figures are stated as excluding exceptional items where indicated.

Management stated growth was driven by a mix of price, volume, and product mix, with pricing actions offsetting commodity inflation linked to the Middle East crisis.

The presentation stated net debt was nil at the end of Q2 2026. Cash and cash equivalents and other bank balances were 2,706 million rupees, liquid mutual fund investments were 1,253 million rupees, and unutilized fund-based limits were 4,272 million rupees.

Management stated operating working capital increased mainly due to higher inventory and higher trade receivables. Inventory was increased as a conscious step to manage supply volatility and avoid stockouts.

The company stated solar captive generation for the Khopoli plant is expected in Q3 2026 and will increase renewable electricity share. It also discussed water reuse and zero liquid discharge practices and broader decarbonization roadmap preparation.

Management stated blueloop adoption in the market remains below 30 percent, while the blueloop assets are utilized at more than 70 percent for other products. The company is focused on educating customers and policymakers to increase adoption.