Uflex (500148) Q4 24/25 earnings summary

Executive summary

• FY25 marked a turnaround with consolidated revenue and operational EBITDA up, reversing prior declines; operational EBITDA rose 18.1% year-over-year, driven by global expansion and sustainability initiatives.

• Exceptional losses reduced to INR 177 crore, resulting in a positive PAT of INR 142 crore versus a loss of INR 690 crore last year; consolidated net profit after tax for FY25 was Rs. 14,232 lacs, compared to a net loss of Rs. 69,099 lacs in FY24.

• Major capex in Egypt, Mexico, and India expanded aseptic packaging, WPP bags, and recycling infrastructure.

• Dividend of Rs. 3 per equity share (30%) recommended for FY25, subject to shareholder approval.

• Management expects robust FY26, led by demand for sustainable packaging and technological advancements.

Financial highlights

• Consolidated FY25 revenue was over INR 15,000 crore (Rs. 1,503,609 lacs), up 12.4% year-over-year; packaging films volumes and sales grew 10.4%.

• Normalized EBITDA FY25: Rs. 19,024 million (+18.1% YoY, margin 12.5%); consolidated EBITDA for FY25 was Rs. 97,629 lacs.

• Net debt as of March 2025: Rs. 68,432 million; cash balance of INR 1,273 crore as of March 31.

• CapEx for FY25 was INR 1,726 crore (Rs. 17,258 million), with major investments in Egypt, Mexico, and India.

• Basic and diluted EPS (consolidated) for FY25 was Rs. 19.71, compared to Rs. (95.69) in FY24.

Outlook and guidance

• FY26 expected to benefit from new projects: Mexico WPP bags, Egypt aseptic packaging, and Noida recycling facility.

• Revenue growth guidance for FY26 is 10%, targeting INR 16,700 crore; EBITDA margin guidance at 12.5-13%.

• Management foresees growth from bioplastics, emerging markets, and innovative packaging technologies.

• Aseptic packaging volume guidance for FY26 is 10-10.5 billion packs.

• No new BOPP/BOPET capacity additions planned; industry-wide, 20,000 tons BOPP capacity to be added in India in coming months.