Overview

Detailed Summary

UFlex Limited is India’s largest multinational flexible packaging company, vertically integrated from virgin and recycled PET chips through BOPET/BOPP/CPP films to inks, adhesives and finished flexible laminates and aseptic liquid packaging solutions, serving global FMCG, food & beverage, pharmaceutical and personal care customers with an end-to-end packaging ecosystem.
Q3 and 9M FY26 performance showed resilience despite macro headwinds: nine-month revenue of Rs. 114,157 million, normalized EBITDA around Rs. 13,000 million with margin ~11.4%, and a swing to PAT of Rs. 1.21 billion supported by lower exceptional items and sequential margin expansion in Q3 to circa 12.1% normalized.
Management is commissioning three large projects imminently — Egypt aseptic expansion, Noida recycling line and Mexico WPP line — and expects these to materially lift revenue and EBITDA upon ramp-up; company guidance points to incremental full-run revenues of roughly Rs. 2,000–2,500 crore from these projects, with high-teens to ~20% incremental margins.
Leverage and cashflow dynamics are a focus: current blended cost of funds is ~6.9–7.0%, near-term current maturities are ~Rs. 1,450–1,500 crore, and management expects debt levels to plateau as capex completes and incremental EBITDA from new plants improves net debt-to-EBITDA over FY27.

Sector: Packaging
Industry: Packaging - Others
Market Cap: 3,234 Cr
Volatility: High Risk
P/E Ratio: 11.1
Industry P/E: 13.2
PEG Ratio: 0.1
P/B Ratio: 0.4
52W High: 652.80
52W Low: 440.00

Sales CAGR

1Y: 12.52%
3Y: 10.83%
5Y: 13.67%
10Y: 8.20%

Profit CAGR

1Y: 120.60%
3Y: -1.20%
5Y: 8.40%
10Y: 0.69%

ROE

TTM: 4.10%
3Y: -0.31%
5Y: 5.45%
10Y: 6.48%

ROCE

TTM: 6.58%
3Y: 5.63%
5Y: 9.21%
10Y: 9.80%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AGI	530.50	3,446 Cr	10.31	1.55	1.31	15.87	19.88	9.90
UFLEX	445.00	3,234 Cr	11.09	0.42	0.67	4.10	6.58	1.39
TCPLPACK	2422.00	2,211 Cr	19.32	3.30	1.23	18.94	17.04	6.64
HUHTAMAKI	171.10	1,284 Cr	15.28	1.08	0.00	6.06	8.10	5.99
EKC	108.30	1,253 Cr	10.63	0.97	0.63	7.51	9.81	6.68
ORICONENT	65.26	1,025 Cr	34.17	0.97	0.77	1.91	2.46	2.18
SUBAM	168.00	391 Cr	10.99	1.22	0.00	10.61	11.77	3.17

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	3,369	3,309	3,426	3,654	3,833	3,735	3,814	3,901	3,832	3,612
Expenses	2,984	2,978	3,060	3,242	3,441	3,281	3,401	3,443	3,442	3,173
Operating Profit	386	332	366	412	392	454	413	457	390	439
OPM %	11.45	10.02	10.69	11.26	10.24	12.16	10.83	11.73	10.17	12.15
Other Income	20	-64	-319	-152	-73	65	129	17	26	5.63
Interest	132	140	128	162	178	174	184	199	188	193
Depreciation	164	166	165	173	173	172	176	187	189	202
Profit Before Tax	110	-39	-247	-76	-31	173	182	89	38	49
Tax %	42.33	-71.87	-9.85	-30.06	-108.32	20.88	7.31	35.10	28.93	26.46
Net Profit	63	-67	-271	-98	-65	137	169	58	27	36
EPS in Rs	8.77	-9.31	-37.52	-13.63	-8.95	18.95	23.34	8.03	3.73	5.01

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,505	6,800	7,957	7,405	8,889	13,127	14,663	13,364	15,036	15,283
Expenses	5,630	5,922	6,967	6,323	7,088	10,957	12,906	11,996	13,365	13,566
Operating Profit	874	877	990	1,082	1,801	2,170	1,757	1,367	1,671	1,717
OPM %	13.44	12.90	12.44	14.61	20.26	16.53	11.98	10.23	11.11	11.24
Other Income	25	23	18	27	26	72	-28	-725	-30	139
Interest	187	197	218	225	229	322	473	536	698	735
Depreciation	318	352	381	403	456	537	599	655	695	708
Profit Before Tax	395	354	409	481	1,142	1,382	656	-549	248	413
Tax %	11.09	11.78	22.88	22.87	26.14	20.46	26.72	-25.91	42.62	27.68
Net Profit	351	312	315	371	844	1,099	481	-691	142	299
EPS in Rs	48.25	43.00	43.46	51.22	116.74	152.08	66.56	-95.69	19.71	40.11
Dividend Payout %	7.25	4.65	4.60	3.91	2.14	1.97	4.51	-1.05	15.22	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	72	72	72	72	72	72	72	72	72	72
Reserves	3,376	3,557	3,907	4,232	4,625	5,484	6,624	7,433	7,153	7,324
Borrowings	1,769	1,781	1,754	1,752	3,407	4,041	4,787	5,704	6,947	8,353
Other Liabilities	1,588	1,738	1,955	1,903	1,912	2,222	2,959	3,229	3,176	3,687
Total Liabilities	6,804	7,148	7,688	7,960	10,016	11,820	14,441	16,438	17,348	19,437
Fixed Assets	3,255	3,360	3,750	3,744	3,794	5,020	6,406	7,774	8,212	8,725
CWIP	229	498	196	261	2,007	1,518	671	466	538	725
Investments	111	110	101	56	212	218	223	203	181	159
Other Assets	3,210	3,180	3,641	3,898	4,003	5,065	7,141	7,994	8,416	9,828
Total Assets	6,804	7,148	7,688	7,960	10,016	11,820	14,441	16,438	17,348	19,437

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	875	779	651	553	849	1,174	709	1,383	825	1,135
Cash from Investing Activity	-437	-669	-427	-344	-2,062	-1,095	-952	-1,172	-1,619	-1,732
Cash from Financing Activity	-242	-202	-205	-237	1,369	134	216	292	776	678
Net Cash Flow	196	-92	19	-27	155	214	-28	503	-18	80

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%	44.58%
FIIs	7.25%	7.13%	6.51%	7.03%	7.47%	8.03%	7.63%	7.93%	7.57%	7.62%	7.74%	8.98%
DIIs	0.66%	0.66%	0.68%	0.70%	0.70%	0.72%	0.58%	0.52%	0.52%	0.52%	0.52%	0.52%
Public	47.51%	47.63%	48.24%	47.69%	47.25%	46.67%	47.21%	46.97%	47.33%	47.29%	47.16%	45.92%
Total Shareholders	61,970	62,817	66,409	63,367	58,352	53,073	46,239	46,646	46,503	44,972	44,372	43,324

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Q3 FY26

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