NSE: UFLEX · BSE: 500148
UFLEX LIMITED
Manufactures flexible packaging films and aseptic liquid packaging cartons, vertically integrated from PET resin to finished packs, serving FMCG, food and beverage, pharmaceutical and personal care brand owners. The Flexible Packaging Activities segment is the main earner, contributing 97% of segment revenue at Rs 15,036.16 crore with segment EBIT of Rs 1,296.25 crore in the year ended 31 March 2026. The Engineering Activities segment — making packaging-related machinery and equipment — added Rs 530.27 crore (3.4% of segment revenue) and EBIT of Rs 84.74 crore. Three large capex projects (Egypt aseptic packaging, Noida recycling and Mexico woven bags) are commissioning, with management guiding Rs 2,000-2,500 crore of incremental revenue at high-teens margins once fully utilised. Materials are the dominant input cost at 57.6% of revenue, followed by other operating expenses at 18.9% and employee cost at 10.1%, with capex absorbing 13.3% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Flexible Packaging Activities (97%), Engineering Activities (3%), Others (Unallocable) ((0)%). Capital-intensive, vertically integrated flexible packaging manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13,127 | 14,663 | 13,364 | 15,036 | 15,401 |
| EBITDA (ex other income) | 2,132 | 1,607 | 496 | 1,493 | 1,852 |
| margin % | 16.2 | 11.0 | 3.7 | 9.9 | 12.0 |
| Owners' profit | 1,099 | 0 | (259) | 142 | 0 |
| EPS, as reported (₹) | 152.09 | 66.57 | (95.69) | 19.71 | 43.91 |
| ROE % · ROCE % | 16.4 · 16.4 | 6.4 · 9.7 | (9.6) · (0.1) | 1.9 · 7.3 | 3.9 · 8.0 |
| Debt / equity (x) | 0.68 | 0.73 | 0.93 | 1.10 | 1.21 |
| Cash from operations | 707 | 1,383 | 825 | 1,135 | 992 |
| Capex | (983) | (1,299) | (1,637) | (1,731) | (2,049) |
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 | 3,833 | 3,735 | 3,814 | 3,901 | 3,832 | 3,612 | 4,056 | 5,366 |
| Profit before tax | (31) | 173 | 182 | 93 | 41 | 52 | 214 | 490 |
| Net profit | (65) | 137 | 169 | 58 | 27 | 36 | 196 | 423 |
| EPS (₹) | (8.95) | 18.95 | 23.34 | 8.03 | 3.73 | 5.01 | 27.15 | 58.62 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Flexible Packaging Activities | 15,036 | 97.0 |
| Engineering Activities | 530 | 3.4 |
| Total, before eliminations | 15,566 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 16.2 | 10 of 64 | 86% |
| P/B | 0.5 | 1.3 | 7 of 61 | 88% |
| ROCE | 2.7 | 6.9 | 49 of 68 | 28% |
| ROE | 3.9 | 6.8 | 36 of 61 | 42% |
| Debt / Equity | 1.2 | 0.4 | 54 of 61 | 12% |
| EBITDA margin | 17.1 | 12.1 | 17 of 62 | 74% |
| Revenue growth | 37.6 | 14.0 | 10 of 61 | 85% |
| Profit growth | 629.2 | 23.4 | 6 of 60 | 92% |
| Market cap | 4203 | 118 | 3 of 73 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · CRISIL re-affirms ratings at AA- on Rs 4,600 cr loans, outlook negative | credit debt | medium | — | — |
| 9 Oct 2026 · Credit rating affirmed at IND AA-/Stable for bank loan facilities | credit debt | medium | — | — |
| 7 Oct 2026 · UFLEX files routine RTA certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · UFLEX publishes postal ballot and e-voting notice | compliance | minimal | — | — |
| 1 Oct 2026 · Postal Ballot to raise borrowing limit from Rs 4,000 Cr to Rs 5,000 Cr | board shareholder meetings | low | — | — |
| 29 Sept 2026 · UFLEX Q1 FY27 results and FY27 guidance shared at investor conference | investor communications | medium | — | — |
| 25 Sept 2026 · UFLEX CFO to attend Arihant Capital Bharat Connect Conference | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed ahead of Q2 and H1 results | compliance | minimal | — | — |
| 21 Sept 2026 · UFLEX gets patent for high-speed aseptic packaging machine | business updates | medium | — | — |
| 21 Sept 2026 · UFLEX gets patent for high-speed aseptic liquid packaging machine | business updates | medium | — | — |
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.