Uflex (500148) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 saw consolidated revenue grow 38% YoY to INR 53,972 million, with EBITDA up 92% YoY to INR 9,198 million and net profit after tax reaching INR 4,233 million, driven by a diversified portfolio and global presence.

• Overseas operations contributed 80% of revenue and 91% of incremental EBITDA, with Egypt, Mexico, and Nigeria as key drivers.

• Strong core packaging business performance was supported by improved volumes, higher capacity utilization, and enhanced efficiencies across key markets.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved by the Board and reviewed by the Audit Committee.

• Commissioning of recycling facilities in Noida and Mexico, and the upcoming Egypt aseptic packaging facility, expanded the global manufacturing footprint.

Financial highlights

• Consolidated revenue from operations for Q1 FY27 was Rs. 536,603 lacs, up from Rs. 390,056 lacs in Q1 FY26; EBITDA rose 92.1% YoY to Rs. 9,198 million, with a margin of 17.0%.

• Net profit after tax and share of associates for Q1 FY27 was Rs. 42,308 lacs, compared to Rs. 5,798 lacs in Q1 FY26.

• Normalized EBITDA (post-forex adjustment) was INR 8,373 million, up 78% YoY, with margin at 15.5%.

• Total sales volume was 173,471 MT, up 1.7% YoY; packaging volumes rose 8.4% YoY to 37,285 MT.

• Capex for Q1 FY27 was Rs. 4,782 million; net debt stood at Rs. 85,875 million.

Outlook and guidance

• Management expects 35% YoY growth in both top line and EBITDA for FY 2027, with similar growth targeted for FY 2028 and FY 2029.

• Margins of 14%+ are expected to be sustainable for the next three years, supported by value-added products and new capacities.

• Volume is expected to double by FY 2029 compared to FY 2026, as new facilities reach full utilization.

• Multiple growth levers are gaining traction, with new facilities expected to contribute progressively to revenue and EBITDA.

• Management remains confident about positive outcomes in ongoing tax matters and expects continued operational growth.