NSE: HUHTAMAKI · BSE: 509820
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Flexible packaging, Blueloop, Labels, Exports. Asset-intensive flexible packaging manufacturing for FMCG, with margins exposed to raw-material commodity cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 653 | 619 | 610 | 612 | 625 | 623 | 613 | 750 |
| Profit before tax | 16 | 15 | 35 | 33 | 49 | 41 | 35 | 59 |
| Net profit | 12 | 12 | 26 | 25 | 37 | 30 | 26 | 44 |
| EPS (₹) | 1.55 | 1.55 | 3.46 | 3.30 | 4.87 | 4.02 | 3.39 | 5.79 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.7 | 16.2 | 21 of 64 | 68% |
| P/B | 1.3 | 1.3 | 31 of 61 | 50% |
| ROCE | 6.2 | 6.9 | 36 of 68 | 48% |
| ROE | 5.1 | 6.8 | 33 of 61 | 47% |
| Debt / Equity | 0.1 | 0.4 | 12 of 61 | 82% |
| EBITDA margin | 10.2 | 12.1 | 37 of 62 | 41% |
| Revenue growth | 22.5 | 14.0 | 20 of 61 | 68% |
| Profit growth | 75.3 | 23.4 | 20 of 60 | 68% |
| Market cap | 1734 | 118 | 9 of 73 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Huhtamaki India publishes September 2026 quarter results | results | high | — | — |
| 27 Oct 2026 · Q3 2026 sales rise 23.7% while quarterly profit remains broadly flat | compliance | low | — | — |
| 27 Oct 2026 · Q3 sales up 23.7%; profit down after Rs 96 million plant closure charge | results | high | — | — |
| 27 Oct 2026 · Q3 revenue up 23.7%; Rs 96 million plant closure charge cuts profit | results | high | — | — |
| 26 Oct 2026 · Huhtamaki India schedules Q3 results conference call | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board meeting on Oct 27, 2026 to consider Q3 FY26 financial results | results | low | — | — |
| 14 Oct 2026 · Compliance certificate on share dematerialization for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from October 1, 2026 for Q2 results | compliance | minimal | — | — |
| 11 Sept 2026 · Penalty of Rs 17.55 lakh for delayed factory occupancy certificate at Silvassa plant | regulatory legal | low | — | — |
| 1 Sept 2026 · Huhtamaki India to close Baddi PS Labels factory, consolidate ops | capex operations | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.