UFLEX Limited has informed the Exchange about Transcript
UFLEX · price
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UFLEX held its Q3 and 9M FY26 earnings call. Q3 FY26 revenue fell 3.8% YoY to Rs. 363 crore, but normalized EBITDA rose 12.8% sequentially to Rs. 439.5 crore with margins expanding 200 bps QoQ to 12.1%; 9M FY26 PAT swung to Rs. 121 crore from a Rs. 26 crore loss a year ago. Management cited US tariff uncertainty and India's GST transition as the main headwinds, but said pricing has since recovered (BOPET ~Rs. 110/kg, BOPP ~Rs. 120-121/kg) and FY26 EBITDA should land in the Rs. 1,800–1,850 crore range at roughly 12% margin. Three large projects — Egypt aseptic plant (12 bn packs), India recycling plant (40,000 tons) and Mexico WPP plant (80 bn bags) — are nearing commissioning and are expected to add Rs. 2,000–2,500 crore of revenue at high-teens margin at full utilization. Aseptic packaging volumes are guided at ~8.5 bn packs for FY26, and management said debt leverage has peaked at current levels with cost of funds (currently 6.9–7%) targeted to come down.
An improving margin trajectory into FY27, supported by new project commissioning and easing tariff pressure, is the key positive takeaway, but management's refusal to give a specific FY27 aseptic volume number and its vague stance on absolute debt reduction (~Rs. 8,000 crore net debt, no plan to bring it down in the near term) may keep the stock from re-rating until leverage and earnings visibility improve.