Uflex (500148) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue grew 12.8% year-over-year to INR 3,774 crores (Rs. 37,742 Mn), led by strong growth in packaging films (+17.9% YoY) and packaging (+15.0% YoY), with EBITDA margin expanding to 13.8% from 11.4% in Q2.

• Normalized PAT surged 238.6% YoY to Rs. 1,112 Mn, with margin expanding to 2.9%; Q3 PAT was INR 111 crores, aided by positive currency movement in Nigeria.

• Major investments announced: PET bottle and multi-layered plastic recycling in Noida (INR 317 crores), WPP bags plant in Mexico ($50M), and aseptic packaging expansion in India and Egypt.

• Sustainability milestones include first Indian company to receive USFDA approval for recycled PCR content in food applications.

• Capacity utilization improved across key plants: aseptic packaging at 104%, Nigeria at 90%, and Mexico at 98%.

Financial highlights

• Q3 revenue: INR 3,774 crores (Rs. 37,742 Mn), up 12.8% YoY; Q3 sales volume: 157,036 MT (+6.3% YoY).

• Q3 EBITDA margin: 13.8% (vs 11.4% in Q2); nine-month EBITDA margin: 12.6%.

• Q3 PAT: INR 111 crores (Rs. 1,112 Mn), supported by positive currency impact from Nigeria.

• Net debt at Rs. 61,507 Mn; net debt to EBITDA at 3.24x.

• Q3 PBT before exceptional items: INR 147 crores.

Outlook and guidance

• FY26 revenue expected to grow 12–15% over FY25, with EBITDA margin guidance of 14%.

• Commercial operations for the new PET chips line in Egypt expected by end of Q4 FY25; aseptic packaging facility in Egypt to be commissioned by H2 FY26.

• WPP plant in Mexico to begin operations in FY26, targeting the high-growth pet food packaging market.

• Full-year FY26 EBITDA projected at INR 2,000 crores, with incremental volumes from new facilities.

• Mexico and Nigeria plants expected to achieve 100% utilization in FY26; Poland targeted at 80%, Egypt at 90%+.