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Uflex (500148) investor relations material

Uflex Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary16 Feb, 2026

Executive summary

  • India's largest integrated flexible packaging company faced macro headwinds from US tariff uncertainty, GST transition, and subdued global demand, impacting volumes and pricing.

  • Despite challenges, the company focused on operational discipline, product mix improvement, cost optimization, and sustainability initiatives.

  • Strategic capex projects in Egypt (aseptic packaging), Mexico (WPP bags), and India (recycling, BOPP line) are nearing completion, expected to boost capacity and profitability.

  • Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved and reviewed by the Board and Audit Committee, including subsidiaries and associates.

Financial highlights

  • Nine-month FY26 revenue reached INR 114.16 billion, up 0.8% year-over-year; Q3 revenue was INR 36.33 billion, down 3.8% year-over-year due to volume softness and pricing pressure.

  • Normalized EBITDA for nine months was INR 13 billion, down 9.6% year-over-year, with margin at 11.4%; Q3 normalized EBITDA rose 12.8% sequentially to INR 4.40 billion.

  • Q3 PAT was INR 361 million, with EPS at INR 5.01; 9MFY26 PAT was INR 1.21 billion, swinging from a loss last year.

  • Consolidated Q3 FY26 revenue was ₹361,201 lakhs, with net profit at ₹3,615 lakhs; standalone Q3 revenue was ₹181,595 lakhs.

  • Net debt as of Dec 2025 was Rs. 81,810 million; net debt/normalized EBITDA at 4.72x.

Outlook and guidance

  • FY26 EBITDA margin expected around 12%, with EBITDA guidance of INR 1,800–1,850 crore reaffirmed.

  • Margin improvement anticipated in FY27, driven by better product mix and price realization.

  • Management expects improved utilization and sales momentum in Q4 FY26 as inventory destocking eases and import pressures moderate.

  • Aseptic packaging business projected to reach 8.5 billion packs in FY26, with further growth as Egypt plant ramps up.

  • Management remains confident that no material tax liability will arise from ongoing tax proceedings.

Update on Rs 412.8 Cr tax demand status
Explain exchange loss volatility, 9M vs Q3
Drivers of 'Others' segment recurring losses
When will net debt-to-EBITDA ratio improve?
How will India & Egypt aseptic capacities be utilized?
EPR implementation impact on recycling margins?
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Frequently asked questions

Uflex Limited is an India-based company engaged in the manufacturing and sale of flexible packaging materials and related products. The company operates across multiple segments including packaging films, printing cylinders, inks and adhesives, and engineering equipment. Uflex provides packaging solutions for industries such as food and beverages, pharmaceuticals, personal care, and household products. It also offers packaging design and converting services, catering to clients in both domestic and international markets. The company is headquartered in Noida, India, and its shares are listed on the BSE.

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