HUHTAMAKI INDIA LIMITED

Makes flexible packaging films, pouches and labels primarily for fast-moving consumer goods customers in India, with manufacturing at plants including Khopoli, Taloja and dedicated label plants; roughly 30% of Q2 CY26 sales came from exports. Customers are largely large multinational FMCG companies such as Unilever, Mondelez and Nestle, alongside smaller regional players. The biggest input cost is raw material, mainly polymer-based, and the company passes price changes through to customers; in Q2 CY26, the 23% net sales growth to Rs 723 crore was split roughly one-third each between volume, price and product mix. Margins expanded to a Q2 CY26 EBITDA margin of 10.5% (from 8.3%) and EBIT margin of 8.5%, helped by a shift to higher-value business under a selective customer participation strategy that walks away from low-margin volume. The company sells a circular-economy product line called Blueloop, which still holds below 30% market share even though Blueloop-designated assets run more than 70% on other products. The balance sheet is debt-free, with Rs 270 crore in bank balances, Rs 125 crore in liquid mutual funds and Rs 427 crore of unutilised fund-based limits.