Huhtamaki India Q2 FY27 results: net profit down 19.1% to ₹29.73 crore, revenue up 23.1%

How did Huhtamaki India perform in Q2 FY27?

Huhtamaki India reported standalone revenue of ₹768.84 crore for Q2 FY27, the July–September 2026 quarter, up ₹144.11 crore or 23.1% from ₹624.73 crore in Q2 FY26 and up ₹18.82 crore or 2.5% from ₹750.02 crore in Q1 FY27. EBITDA was ₹59.71 crore, up ₹4.23 crore or 7.6% from a year earlier but down ₹15.43 crore or 20.5% from the previous quarter. The EBITDA margin was 7.8%, against 8.9% a year ago and 10.0% in the previous quarter.

Profit before tax was ₹39.43 crore, down ₹9.74 crore or 19.8% from ₹49.17 crore in Q2 FY26 and down ₹19.36 crore or 32.9% from ₹58.79 crore in Q1 FY27. Net profit was ₹29.73 crore, down ₹7.04 crore or 19.1% year on year and ₹14 crore or 32.0% from the previous quarter. Basic EPS was ₹3.94, against ₹4.87 in Q2 FY26 and ₹5.79 in Q1 FY27. These are standalone figures; no consolidated figures were given for the quarter.

What changed in Huhtamaki India's costs and profit?

Total expenses rose 24.1% to ₹725.74 crore from ₹584.96 crore in Q2 FY26, outpacing the 23.1% rise in revenue. Cost of materials was the largest increase, up ₹136.28 crore or 33.0% to ₹548.77 crore. Employee cost rose ₹8.40 crore or 14.0% to ₹68.45 crore, other expenses rose ₹15.94 crore or 16.6% to ₹112.01 crore, depreciation rose ₹0.73 crore or 5.7% to ₹13.54 crore, and finance costs rose ₹0.17 crore or 5.9% to ₹3.07 crore.

Other income fell ₹3.47 crore or 36.9% to ₹5.93 crore from ₹9.40 crore in Q2 FY26. The company recorded an exceptional charge of ₹9.60 crore in Q2 FY27, against no exceptional item in Q2 FY26 and in Q1 FY27. Tax expense fell ₹2.70 crore or 21.8% to ₹9.70 crore. Management said the exceptional charge related to the closure of the Baddi labels plant and that it would improve efficiency and optimise cost in the near future.

How did the first half of FY27 go?

For H1 FY27, Huhtamaki India's standalone revenue was ₹2,131.96 crore, up ₹285.07 crore or 15.4% from ₹1,846.89 crore in H1 FY26. Total income rose ₹287.32 crore or 15.3% to ₹2,161.31 crore from ₹1,873.99 crore. Profit before tax increased ₹15.97 crore or 13.6% to ₹133.26 crore from ₹117.29 crore.

Net profit for the first half rose ₹11.20 crore or 12.7% to ₹99.06 crore from ₹87.86 crore, and EPS rose ₹1.49 or 12.8% to ₹13.12 from ₹11.63.

How has Huhtamaki India done over the last 8 quarters?

Revenue has risen year on year in each of the last four quarters. It reached ₹768.84 crore in Q2 FY27, above the ₹750.02 crore recorded in Q1 FY27, and the earlier high of ₹624.73 crore in Q2 FY26. The lowest quarterly revenue in the period was ₹609.93 crore in Q4 FY25.

Net profit peaked at ₹43.73 crore in Q1 FY27 and fell to ₹29.73 crore in Q2 FY27, the lowest in the listed quarters after ₹11.69 crore in Q3 FY25. The EBITDA margin also eased from its recent high of 10.0% in Q1 FY27 to 7.8% in Q2 FY27, after reaching 8.9% in Q2 FY26.

What did Huhtamaki India's management say?

Management said Q3 volume rose about 7%, and that pricing, mix and volume together drove sales to a two-year quarterly high. The company aspires to maintain growth every quarter and every year, but provided no numerical revenue or margin forecast, and said it does not provide annual forecasts. Management also said there was no structural change in its operating model.

Management said existing capacity should meet market demand and volume growth over the next 2-3 years without a major investment requirement. It also said progressively stricter PCR requirements are expected to create opportunities through specification changes, technical capability and sustainable-product innovation. Management identified raw-material inflation rising faster than contractual pass-through, geopolitical disruption and inflation, and slower customer adoption of costlier sustainable packaging as risks, and withheld forward margin guidance despite repeated analyst pressure.

Kamal Taneja, Managing Director, said: “We are growing, which actually shows that we are perhaps gaining market share. And the good thing is that market is still very fragmented.” He also said: “At the moment, we see that we do not have any issue at least for next 2 year to 3 year cycle where we wouldn't need to do any huge investment to meet the market demand or increase in our volumes.”

How did Huhtamaki India shares react?

The filing appeared in market on 27 October 2026. From the price when the filing appeared, the stock fell 13.1% after 5 minutes, 10.6% after 15 minutes and 10.0% after 30 minutes. On the reaction day, the stock fell 11.7% from its previous close of ₹217.4, against a median move of 0.9% for other Packaging stocks.

By the next day's close, the stock was up 5.6% from its pre-results close, against a 0.4% median move for the industry. By five sessions, it was down 3.4% from that close, while the industry median was up 1.5%. The stock's move was 12.6 percentage points below the industry median on the reaction day and 4.9 percentage points below it over five sessions.

Earlier reaction-day moves were mixed: the stock rose 5.8% on 21 July 2026, fell 2.9% on 12 May 2026 and was unchanged on 10 February 2026. Earlier moves also included a fall of 7.8% on 11 February 2025, a rise of 4.7% on 22 April 2025, and a fall of 5.9% on 22 October 2024.

How did other Packaging companies do?

Twenty-three other Packaging companies had filed this quarter by 4 November 2026. Their median revenue growth was 19.1%, against Huhtamaki India's 23.1%. Fourteen peers grew revenue slower than Huhtamaki India and nine grew faster than Huhtamaki India. Out of 24 peers compared on profit, 14 reported higher profit.