UFlex, India’s multinational integrated flexible packaging and solutions company, reported audited consolidated net revenue of Rs. 40,973 million for the fourth quarter of fiscal 2026 and Rs. 155,130 million for the full fiscal year 2026. EBITDA stood at Rs. 6,265 million for the quarter and Rs. 19,836 million for fiscal 2026, with corresponding EBITDA margins of 15.3% and 12.8%. Net profit was Rs. 1,960 million for the quarter and Rs. 3,171 million for fiscal 2026. The board of directors, in its meeting held on May 30, 2026, approved and took on record the audited consolidated financial results of UFlex and its subsidiaries for the quarter and year ended March 31, 2026.
Broad-based surge powers a strong Q4 finish; poised for the next phase of growth
| Metric | Q4 FY26 | Q4 FY25 | FY26 |
| Sales volume | 166,879 MT (+10.3% QoQ, +1.0% YoY) | 165,147 MT (+5.2% QoQ, +4.6% YoY) | 649,789 MT (+0.4% YoY) |
| Sales vol. split | Pkg. films: 76.7% Packaging: 23.3% | Pkg. films: 76.8% Packaging: 23.2% | Pkg. films: 76.6% Packaging: 23.4% |
| Revenue (Rs. Mn.) | 40,973 (+12.8% QoQ, +5.7% YoY) | 38,767 (+2.6% QoQ, +10.9% YoY) | 155,130 (+2.1% YoY) |
| EBITDA (Rs. Mn.) | 6,265 | 15.3% margin (+36.3% QoQ, +31.8% YoY) (+260 bps QoQ, +300 bps YoY) | 4,755 | 12.3% margin (-4.3% QoQ, +9.0% YoY) | 19,836 | 12.8% margin (+8.1% YoY, +70 bps YoY) |
| Norm. EBITDA (Rs. Mn.) | 6,109 | 14.9% margin (+39.0% QoQ, +27.0% YoY) | 4,811 | 12.4% margin (-8.2% QoQ, +5.7% YoY) | 19,097 | 12.3% margin (-0.4% YoY) |
| Norm. PAT (Rs. Mn.) | 2,026 | 4.9% margin (+316.9% QoQ, +105.5% YoY) | 986 | 2.5% margin (-11.3% QoQ, -17.0% YoY) | 3,362 | 2.2% margin (+5.0% YoY) |
Note: Sales volume excludes third-party PET chips. Normalized EBITDA and normalized PAT exclude exceptional gains and losses. Please see footnotes on page 32 for full clarification.
Standalone (India entity) – Q4 FY26
Sales volume of 82,290 MT (including third-party PET chips of 16,474 MT); net revenue of Rs. 19,896 million; EBITDA of Rs. 2,910 million; EBITDA margin of 14.6%; PAT of Rs. 664 million. For FY26: sales volume of 351,282 MT (including third-party PET chips of 80,416 MT); net revenue of Rs. 78,543 million; EBITDA of Rs. 9,360 million; EBITDA margin of 11.9%; PAT of Rs. 1,480 million.
Strong volumes and revenue growth with accelerating EBITDA and margin expansion
UFlex concluded fiscal 2026 with a strong Q4 performance, reflecting steady operations amid a challenging environment. Revenue increased by 12.8% QoQ and 5.7% YoY to Rs. 40,973 million, supported by a 10.3% QoQ and 1.0% YoY increase in sales volume to 166,879 MT.
EBITDA rose by 33.6% QoQ and 31.8% YoY to Rs. 6,265 million, reflecting improved realization, steady operations, and operational efficiency. EBITDA margin expanded by 260 basis points QoQ and 300 basis points YoY to 15.3% in Q4 FY26.
Normalized net profit recorded a sharp recovery, rising by 316.9% QoQ and 105.5% YoY to Rs. 2,026 million, compared with Rs. 486 million in Q3 FY26 and Rs. 986 million in Q4 FY25. Normalized PAT excludes exceptional gains and losses. Reported PAT in Q4 FY26 includes an exceptional provision related to new labor laws of Rs. 66 million.
The operating environment remained challenging during the quarter amid macroeconomic pressures, tariff-related headwinds, and the ongoing West Asia conflict. Supply chain disruptions arising from constraints in the Strait of Hormuz – a key global energy and petrochemical trade corridor for oil, LNG, LPG, MEG, and polypropylene – adversely impacted the packaging films value chain. Despite these challenges, the company’s alternate sourcing and execution capabilities helped navigate a complex operating environment.
For the full year FY26, consolidated revenue increased by 2.1% year-on-year to Rs. 155,130 million, supported by stable demand. Sales volume remained broadly stable, increasing by 0.4% to 649,789 MT.
EBITDA strengthened during the year, growing 8.1% year-on-year to Rs. 19,836 million from Rs. 18,343 million in FY25, driven by steady operations, better product mix, and enhanced asset utilization. EBITDA margins expanded by 70 basis points to 12.8% in FY26, compared with 12.1% in the previous fiscal.
UFlex reported normalized net profit of Rs. 3,362 million for FY26, compared with Rs. 3,201 million in FY25, a 5.0% year-on-year increase, reflecting resilient operating performance and continued focus on efficiency and profitability improvement.
During the year, demand across the company’s India businesses – including PET chips, packaging films, and packaging segments – was impacted by the transition to GST 2.0, leading to destocking and demand disruption across downstream FMCG and beverage segments through Q2 and Q3, alongside an unseasonably cool summer in Q1. The resulting slowdown also weighed on demand for intermediary businesses such as inks, adhesives, coatings, and printing cylinders.
The operating environment became more challenging toward the end of the year, with the onset of the West Asia conflict on February 28, 2026, disrupting crude oil and key petrochemical supply chains. Despite these cumulative headwinds, the company maintained stable volumes, expanded margins, and improved profitability.
Business outlook
Near-term demand conditions for the packaging films and packaging businesses in India are expected to remain volatile, as customer procurement patterns may stay cautious amid expectations of potential price corrections. Elevated freight costs, continued supply chain disruptions, and constrained global trade flows are expected to accelerate localized sourcing trends in overseas markets. The near-term commissioning of new capacities – including a 12-billion-pack aseptic packaging facility in Egypt, an 80-million-unit WPP facility in Mexico, and a 36,000 MTPA rPET chips plant in Noida (Sector 155) – remains on track and is expected to contribute to incremental revenues, improved realizations, and higher EBITDA over the medium to long term.
Packaging business: flexible packaging, aseptic liquid packaging, and holography
In Q4 FY26, the Packaging business segment – comprising Flexible Packaging, Aseptic Liquid Packaging, and Holography – reported sales volume growth of 7.1% QoQ and 1.6% YoY to 38,842 MT. For FY26, sales volumes increased by 5.1% to 151,755 MT, reflecting sustained demand momentum across key packaging categories.
Within the segment, the Aseptic Liquid Packaging business witnessed the onset of its seasonal demand cycle, although overall demand remained relatively soft compared to the same quarter of the previous fiscal. Sales volumes increased by 15.9% QoQ to 2.08 billion packs in Q4 FY26, while marginally declining by 2.2% YoY, primarily due to weaker domestic food and beverage demand, a prolonged winter season in North India, and aggressive pricing by importers from duty-free destinations. For FY26, sales volumes grew by 2.4% to 7.97 billion packs, reflecting long-term customer relationships and operational agility despite multiple disruptions during the year.
Management expects the trend in aseptic demand to remain in line with the Indian food and beverage market trend in the medium term until a healthy and sustained recovery in the sector materializes. Nevertheless, the aseptic business is said to be well-positioned to capitalize on opportunities in international markets, which are expected to be the primary drivers of future growth.
The company stated it remains confident in the long-term growth prospects of the overall packaging business, supported by rising income levels, shifting consumer habits, and accelerating urbanization in key markets. The company expects FY27 to outperform FY26, driven by operational agility and a focus on volume-led growth, supported by capacity expansion across key strategic geographies.
Virgin PET chips
During the quarter, the virgin PET chips plant at Panipat, India, produced 23,994 MT despite a scheduled transition shutdown, translating into an adjusted utilization of 86% for the effective operating period. Realizations improved, supported by a favorable pricing environment due to supply chain disruptions and limited raw materials availability amid the West Asia conflict. This enabled margin expansion including pass-through of increased raw material costs of key inputs such as PTA and MEG.
At the Panipat facility, third-party sales constituted 64.9% of total sales volume in Q4 FY26 and 65.3% for fiscal 2026. Third-party sales volumes grew by 5.3% YoY in FY26, reflecting improved market penetration.
India’s virgin PET chips (vPET) business is expected to be influenced by elevated selling prices and measured procurement aimed at minimizing potential inventory losses. With the upgrade of the Panipat plant to produce 100% bottle-grade virgin PET chips – up from 50% earlier – UFlex has enhanced its flexibility to optimize product mix and improve revenue realization in the vPET business.
In Egypt, the packaging film-grade virgin PET chips facility continued its ramp-up trajectory following commissioning at the end of Q4 FY25, operating at 72.3% utilization in Q4 FY26. Third-party sales volumes increased by 121.2% to 5,949 MT, reflecting improving traction among external customers.
Packaging films
The global packaging film market witnessed a challenging quarter amid a volatile pricing and demand environment across Europe, CIS, India, and the Gulf region. The prolonged West Asia conflict, along with supply chain constraints around the Strait of Hormuz, further disrupted input availability and logistics.
During the fiscal, the US market was impacted by macroeconomic headwinds and frequent changes in the tariff regime, ranging from approximately 25–50% before moderating to approximately 10–18%. This heightened uncertainty led customers to defer purchasing decisions.
In India, demand was impacted by moderate FMCG growth, followed by GST-related destocking in subsequent quarters. In Europe, demand remained soft due to subdued CPG consumption, elevated energy costs, and increased low-cost imports.
Against this backdrop, UFlex’s overall packaging films capacity utilization stood at 79.3% in Q4 FY26, with consolidated packaging film production of 126,076 MT, reflecting sequential growth of 6.7% and a marginal decline of 1.3% YoY. For FY26, production volume declined by 4.3% to 492,779 MT, while capacity utilization stood at 77.5%, compared with 83.1% in FY25.
Sales volumes grew 11.4% sequentially to 128,037 MT in Q4 FY26, driven by improved offtake across the Americas, Egypt, and Europe. For FY26, sales volumes stood at 498,035 MT compared with 503,153 MT in FY25, a marginal YoY decline of 1.0%.
India packaging film: strong sequential recovery with improved realizations
UFlex India’s Packaging Films business recorded capacity utilization of 66.2% in Q4 FY26, a 370-bps improvement over Q3 FY26, supported by a gradual recovery in domestic demand and realizations. Production volumes increased 6.0% QoQ to 27,181 MT. Sales volumes also improved sequentially by 6.3% QoQ to 26,888 MT.
West Asia conflict-driven cost-push inflation led to a sharp increase in raw material and packaging film prices, impacting industry-wide purchasing activity. Converters and brand owners adopted a cautious procurement approach, primarily utilizing existing inventory positions and restricting purchases to minimum operational requirements.
For FY26, packaging films capacity utilization stood at 72.3%, compared with 74.2% in FY25, resulting in a 2.6% decline in annual production volumes to 118,671 MT. Packaging films sales volumes increased by 7.1% YoY to 117,780 MT in FY26, primarily driven by strong demand momentum during H1 FY26, when sales volumes grew 24.5% YoY. Softer market conditions in H2 FY26 resulted in an 8.9% YoY decline in second-half sales volumes.
Looking ahead, UFlex’s domestic packaging films business remains cautiously optimistic over the medium-to-long term. Near-term demand trends may remain measured following the sharp price increase witnessed in March 2026, as concerns around potential price corrections continue to drive cautious procurement practices.
Americas region (USA and Mexico): strong sequential and YoY volume recovery in Q4
In Q4 FY26, sales volumes in the Americas region increased by 23.0% QoQ and 18.0% YoY to 31,883 MT. The growth was driven by a gradual recovery in demand following temporary deferment caused by the longest-ever U.S. government shutdown during Q3 FY26, along with inventory replenishment and seasonal restocking after holiday-driven consumption.
For the full year FY26, sales volumes declined marginally by 1.0% YoY to 110,693 MT, primarily due to tariff-related uncertainties, elevated food inflation, weaker consumer sentiment, the government shutdown, and softer CPG sales trends. Capacity utilization in the Americas increased by 660 bps QoQ to 88.8% in Q4 FY26. For FY26, capacity utilization stood at 83.1% versus 97.5% in FY25, primarily attributable to lower early-stage utilization of the newly commissioned 18,000 MTPA CPP line in Mexico.
Looking ahead, near-term demand visibility for the packaging films business in the Americas is described as encouraging, supported by the gradual ramp-up of the CPP line in Mexico and a continued shift in product mix toward higher-margin specialty offerings, including high-barrier and Alox-coated packaging films. However, the operating environment is expected to remain dynamic.
Europe (Hungary, Poland, CIS): strong sequential rebound in volumes and utilization
In Q4 FY26, UFlex’s European packaging films production volume increased by 9.2% QoQ and 0.8% YoY to 34,334 MT, supported by improved utilization in Poland and Hungary. Capacity utilization improved by 700 bps QoQ and 60 bps YoY to 83.2%. Sales volumes increased 12.9% QoQ to 35,367 MT in Q4 FY26. However, on a YoY basis, volumes remained under pressure due to subdued demand and elevated low-cost imports.
For FY26, production volumes stood at 132,740 MT compared with 134,994 MT in FY25, while sales volumes declined 5.5% to 135,465 MT amid prolonged soft demand, elevated food inflation, cautious consumer spending, and increased inflow of lower-priced imports.
Food and headline inflation remained elevated in FY26 compared with FY25, keeping CPG demand fragile. The Hungary plant is expected to witness improved realizations and margins in FY27, supported by increased contribution from value-added packaging films.
MEA region: shift toward localized sourcing helps sequential growth
In Q4 FY26, UFlex’s packaging film plants in the MEA region (Dubai, Egypt, Nigeria) operated at 81.6% capacity utilization, with production volume of 40,583 MT. Sales volume in the MEA region grew by 4.6% QoQ to 33,899 MT.
The sequential improvement was primarily driven by demand recovery in Egypt and Dubai, with Egypt witnessing particularly strong sales volume growth on both a sequential and YoY basis, due to localized sourcing driven by West Asia conflict-related supply chain disruptions. In Nigeria, domestic demand was impacted by elevated imports, while evolving trade and tariff dynamics led export customers to adopt a cautious procurement approach.
For FY26, MEA region plants’ capacity utilization stood at 76.2%, compared with 84.8% in FY25, with production volumes at 151,589 MT versus 168,743 MT in the prior year. A recovery in FY27 is expected, supported by gradual demand improvement across key markets and the advantages of locally produced volumes.
Capital expenditure
The company incurred capital expenditure of Rs. 7,070 million in Q4 FY26. The expenditure was primarily allocated across four key projects: Rs. 1,009 million (USD 10.7 million) toward the aseptic packaging facility in Egypt; Rs. 480 million (USD 5.1 million) for the WPP bag manufacturing unit in Mexico; Rs. 697 million (USD 7.4 million) for the PCR PET and MLP recycling facility at Noida; and Rs. 110 million (USD 1.2 million) for the new BOPP packaging films manufacturing line at Dharwad, Karnataka. The exchange rate used was USD 1 = Rs. 94.65 in Q4 FY26.
Growth projects
Egypt: aseptic liquid packaging facility with 12-billion carton pack annual capacity
To address growing demand for aseptic packaging across Egypt, Europe, the Middle East, and East Africa, UFlex is setting up a greenfield aseptic liquid packaging facility in Egypt with an annual production capacity of 12 billion carton packs. The project entails an estimated capital outlay of approximately USD 126 million (Rs. 11,926 million), of which approximately USD 95.7 million (Rs. 9,059 million) had been incurred as of March 31, 2026. The remaining approximately USD 30.3 million (Rs. 2,868 million) is expected to be invested before commissioning.
Mexico: WPP plant with an annual production capacity of 80 million bags
To meet growing demand for pet food packaging, UFlex is setting up a woven polypropylene (WPP) bags manufacturing unit in Mexico. The project had incurred capital expenditure of approximately USD 52 million and is currently undergoing stability testing and validation batches before commissioning.
India: PET and MLP recycling unit with an annual capacity of 39,600 MT
UFlex is setting up two recycling units at a new facility at Sector 155, Noida, India. The units will have capacities to produce 36,000 MTPA of recycled PET chips from post-consumer recycled (PCR) PET bottles and 3,600 MTPA of recycled granules from PCR mixed plastic (MLP) waste. The project entails an estimated capital outlay of Rs. 3,171 million, of which approximately Rs. 2,700 million had been incurred as of March 2026. The remaining Rs. 471 million is expected to be invested prior to commissioning.
Dharwad, India: 54,000 MTPA BOPP manufacturing line
To meet rising demand for BOPP packaging films in the Indian market, UFlex is setting up a new BOPP film manufacturing line with a capacity of 54,000 MTPA at Dharwad, Karnataka. The project involves a total capital expenditure of Rs. 7,154 million (USD 75.6 million), of which approximately Rs. 785 million (USD 8.3 million) had been incurred as of December 2025. The new line is expected to be commissioned during FY 2027–28.
Ashok Chaturvedi, chairman and managing director of UFlex, said, “FY26 was a challenging year for the packaging industry, marked by geopolitical tensions and tariff-related uncertainties. Amid these headwinds, UFlex remained steadfast and delivered a strong operational and financial performance in Q4 and a steady performance in FY26.
“Our integrated business model and global manufacturing footprint continue to be UFlex’s core strengths, enabling us to navigate volatile conditions with agility and resilience. These core strengths, coupled with our alternate sourcing capabilities globally, helped ensure one of the least disrupted supply chains in the industry during the last few challenging months.
“We remain committed to our long-term strategy of manufacturing locally and strengthening relationships with customers and suppliers. Our emphasis on innovation, sustainability, and local production gives us a clear advantage, and as supply and delivery disruptions become more frequent, these priorities further enhance our competitive position.
“In early FY27, we commissioned our recycling facilities in Noida with the capacity to recycle nearly 40,000 MTPA of PET and mixed flexible waste, strengthening our ability to provide recycled and alternative materials while supporting brands in meeting their EPR and ESG goals.
“During FY26, we also commissioned a brownfield expansion at our aseptic packaging facility in Sanand, Gujarat, increasing capacity from 7 billion to 12 billion packs per annum. Other projects, including a greenfield aseptic packaging plant in Egypt and a WPP bags manufacturing plant in Mexico, are nearing commissioning.
“We remain positive about the year ahead and confident that our investments in innovation, recycling, and global capabilities will continue to strengthen long-term value creation and drive sustainable growth across our businesses.”
Sumeet Kumar, executive vice president, finance, UFlex Group, said, “Q4 FY26 marked a strong finish to the year, with broad-based recovery across both the Packaging Films and Packaging businesses. Consolidated sales volumes increased 10.3% sequentially and 1.0% year-on-year, while revenue grew 12.8% QoQ and 5.7% YoY, supported by improved realizations and a better product mix. Profitability growth was even more pronounced, with EBITDA rising 36.3% QoQ and 31.8% YoY to Rs. 6,265 million – the highest level in the last 14 quarters – while EBITDA margin expanded by 260 bps QoQ and 300 bps YoY to 15.3%, also the highest in 14 quarters.
“For FY26, despite a challenging operating environment marked by evolving global trade policies, tax reforms, weather-related demand disruptions, and supply chain volatility, UFlex delivered resilient growth. Consolidated sales volumes increased 0.4% YoY, revenue grew 2.1% YoY, and EBITDA rose 8.1% to Rs. 19,836 million in FY26.
“Looking ahead, we remain confident about the long-term growth prospects of the packaging industry. Gradual normalization of supply chains, stable trade policies, and rising consumption of packaged food and beverages are expected to support demand across the packaging value chain. Our focus remains on ramping up the utilization of recently commissioned capacities, product mix optimization, and improving asset utilization.
“We are seeing encouraging traction in third-party bottle-grade PET chip sales, supported by the enhanced flexibility to produce up to 100% bottle-grade PET chips at our 168,000 MTPA facility in Panipat. Additionally, strategic growth projects – including the near-commissioning of the 12-billion-pack aseptic packaging facility in Egypt, the 80-million WPP bags plant in Mexico, and the 39,600 MTPA recycling facilities at Noida Sector 155 – are progressing as planned.
“These investments, together with our continued focus on operational excellence, value-added products, sustainability, and customer-centric innovation, position UFlex well for its next phase of growth and long-term value creation.”
Sustainability
Sustainability remains at the core of UFlex’s strategy. In FY26, the company processed 586 million PCR PET bottles and 10,237 MT of MLP waste as part of its plastic recycling efforts.
India’s EPR mandate, effective April 1, 2025, requires brand owners to incorporate recycled content in plastic packaging by FY26: 30% in rigid (Category-1), 10% in flexible plastic (Category-2), and 5% in multi-material flexible formats (Category-3). A key proposed update relates to recycled plastic use in food-contact packaging, with the government of India notifying a provision that producers may carry forward any shortfall in meeting the 2025–26 recycled plastic content requirement for up to three years, in addition to the mandated targets for those years, due to shortfall in supply of FSSAI-approved food-grade recycled plastics since April 2025.
Debt position
As of March 31, 2026, UFlex’s gross and net debt were Rs. 98,526 million and Rs. 86,218 million, respectively.
| Rs. million | Mar 31, 2026 | Dec 31, 2025 | Mar 31, 2025 |
| Gross debt | 98,526 | 94,546 | 81,160 |
| Less: Cash/cash equivalents | 12,308 | 12,737 | 12,728 |
| Net debt | 86,218 | 81,810 | 68,432 |
| Net debt / Norm. EBITDA (annualized) | 4.52x | 4.72x | 3.57x |
| Net debt / EBITDA (annualized) | 4.35x | 4.52x | 3.73x |
Consolidated statement of operations (condensed)
| Rs. million | Q4 FY26 | Q3 FY26 | Q4 FY25 | % change QoQ | % change YoY | FY26 | FY25 | % change YoY |
| Revenue from operations | 40,559 | 36,120 | 38,143 | 12.3 | 6.3 | 154,005 | 150,361 | 2.4 |
| Total income | 40,973 | 36,329 | 38,767 | 12.8 | 5.7 | 155,130 | 151,993 | 2.1 |
| Expenditure | 34,708 | 31,733 | 34,012 | 9.4 | 2.0 | 135,294 | 133,649 | 1.2 |
| Normalized EBITDA | 6,109 | 4,395 | 4,811 | 39.0 | 27.0 | 19,097 | 19,179 | (0.4) |
| Fx currency gain/(loss) and derivative instruments | 156 | 201 | (56) | – | – | 739 | (835) | – |
| EBITDA | 6,265 | 4,596 | 4,755 | 36.3 | 31.8 | 19,836 | 18,343 | 8.1 |
| Depreciation & amortization | 2,086 | 2,024 | 1,763 | 3.1 | 18.3 | 7,871 | 6,949 | 13.3 |
| Financial costs | 1,974 | 1,929 | 1,844 | 2.3 | 7.0 | 7,772 | 6,981 | 11.3 |
| Profit/(loss) before exceptional items and tax | 2,205 | 643 | 1,148 | 243.0 | 92.1 | 4,193 | 4,414 | (5.0) |
| Exceptional items | 66 | 125 | (700) | – | – | (191) | (1,778) | – |
| Profit/(loss) before tax after exceptional items | 2,139 | 518 | 1,848 | 312.6 | 15.8 | 4,002 | 2,636 | 51.8 |
| Current tax | 311 | 372 | 484 | (16.5) | (35.8) | 982 | 1,337 | (26.5) |
| Deferred tax | (12) | (234) | (281) | – | – | (64) | (237) | – |
| Short/(excess) tax provision | (130) | (8) | (70) | – | – | (196) | (43) | – |
| Profit/(loss) after tax | 1,970 | 389 | 1,715 | 406.8 | 14.9 | 3,280 | 1,579 | 107.8 |
| Share of (loss) of associate & JCEs | (9) | (28) | (29) | – | – | (110) | (155) | – |
| Net profit/(loss) after share of (loss) of associate & JCEs | 1,960 | 361 | 1,686 | 443.0 | 16.3 | 3,170 | 1,424 | 122.6 |
| Non-controlling interest | 0 | (1) | (0) | – | – | (1) | 0 | – |
| Net profit/(loss) for the period | 1,960 | 362 | 1,686 | 442.2 | 16.3 | 3,171 | 1,423 | 122.8 |
Note: Numbers in the table may not add up due to rounding off. Previous year figures have been regrouped wherever necessary.
Revenue mix by segment (quarterly)
| Rs. million | Q ended Mar. 2026 | % of revenue | Q ended Dec. 2025 | Q ended Mar. 2025 | % of revenue | % change QoQ | % change YoY |
| Packaging films (incl. chips) | 22,678 | 55.3 | 19,159 | 22,767 | 58.8 | 18.4 | (0.4) |
| Value-added product | 17,881 | 43.6 | 16,961 | 15,376 | 39.7 | 5.4 | 16.3 |
| Packaging | 14,800 | 36.1 | 13,800 | 11,929 | 30.8 | 7.2 | 24.1 |
| Engineering | 1,363 | 3.3 | 1,171 | 1,346 | 3.5 | 16.4 | 1.3 |
| Others VAP | 1,718 | 4.2 | 1,990 | 2,101 | 5.4 | (13.7) | (18.2) |
| Total revenue from operations | 40,559 | 99.0 | 36,120 | 38,143 | 98.5 | 12.3 | 6.3 |
Revenue mix by segment (annual)
| Rs. million | Year ended Mar. 2026 | % of revenue | Year ended Mar. 2025 | % of revenue | % change YoY |
| Packaging films (incl. chips) | 90,930 | 58.6% | 94,641 | 62.3 | (3.9) |
| Value-added product | 63,075 | 40.7% | 55,720 | 36.7 | 13.2 |
| Packaging | 50,693 | 32.7% | 42,945 | 28.3 | 18.0 |
| Engineering | 4,478 | 2.9% | 4,034 | 2.7 | 11.0 |
| Others VAP | 7,904 | 5.1% | 8,741 | 5.8 | (9.6) |
| Total revenue from operations | 154,005 | 99.3% | 150,361 | 98.9 | 2.4 |
Packaging = Flexible packaging, Liquid packaging, and Holography. Engineering = Machinery and Printing cylinders. Others VAP = Inks & Adhesives and other operating income. Revenue from virgin PET chips is included in Packaging Films.
Primary operating expenses (quarterly)
| Rs. million | Q ended Mar. 2026 | % of revenue | Q ended Dec. 2025 | Q ended Mar. 2025 | % of revenue | % change QoQ | % change YoY |
| COGS | 23,082 | 56.3 | 20,851 | 23,429 | 60.5 | 10.7 | (1.5) |
| Power & fuel | 1,889 | 4.6 | 1,804 | 1,642 | 4.2 | 4.7 | 15.0 |
| Personnel cost | 3,996 | 9.8 | 3,827 | 3,538 | 9.1 | 4.4 | 13.0 |
| Other operating expenses | 5,741 | 14.0 | 5,251 | 5,403 | 13.9 | 9.3 | 6.3 |
| Total operating expenses | 34,078 | 84.7 | 31,733 | 34,012 | 87.8 | 9.4 | 2.0 |
Primary operating expenses (annual)
| Rs. million | Year ended Mar. 2026 | % of revenue | Year ended Mar. 2025 | % of revenue | % change YoY |
| COGS | 90,617 | 58.4 | 92,471 | 60.8 | (2.0) |
| Power & fuel cost | 7,393 | 4.8 | 6,661 | 4.4 | 11.0 |
| Personnel cost | 15,569 | 10.0 | 13,501 | 8.9 | 15.3 |
| Other operating expenses | 21,714 | 14.0 | 21,017 | 13.8 | 3.3 |
| Total operating expenses | 135,294 | 87.2 | 133,649 | 87.9 | 1.2 |
Note: Numbers in the table may not add up due to rounding off. Previous year figures have been regrouped wherever necessary. Other operating expense includes expenses allocated to self-constructed assets. COGS is cost of goods sold.
Condensed consolidated balance sheet
| Rs. million | As on March 31, 2026 | As on March 31, 2025 |
| ASSETS | ||
| Non-current assets | ||
| Property, plant & equipment | 89,379 | 81,664 |
| Capital work-in-progress | 21,692 | 7,117 |
| Investment properties | 129 | 139 |
| Right-to-use assets | 5,776 | 5,460 |
| Intangible assets | 2,547 | 122 |
| Intangible assets under development | 70 | 134 |
| Investments | 1,165 | 1,448 |
| Long-term loans | 565 | 771 |
| Other non-current financial assets | 2,878 | 1,971 |
| Other non-current assets | 7,631 | 10,957 |
| Total non-current assets | 131,832 | 109,782 |
| Current assets | ||
| Inventories | 24,083 | 25,354 |
| Trade receivables | 38,608 | 37,510 |
| Cash and cash equivalents | 9,844 | 11,252 |
| Other balances with banks | 874 | 283 |
| Other financial assets | 806 | 812 |
| Other current assets | 15,666 | 9,373 |
| Total current assets | 89,882 | 84,584 |
| Total assets | 221,714 | 194,365 |
| EQUITY AND LIABILITIES | ||
| Equity share capital | 722 | 722 |
| Other equity | 80,502 | 73,243 |
| Total equity | 81,224 | 73,965 |
| Non-current liabilities | ||
| Long-term borrowings | 58,211 | 48,700 |
| Lease liabilities | 2,715 | 2,205 |
| Other financial liabilities | 1,454 | 1,357 |
| Long-term provisions | 586 | 471 |
| Deferred tax liabilities | 3,371 | 3,054 |
| Total non-current liabilities | 66,336 | 55,787 |
| Current liabilities | ||
| Short-term borrowings | 40,315 | 32,460 |
| Lease liabilities | 282 | 162 |
| Trade payables – micro and small enterprises | 755 | 509 |
| Trade payables – other creditors | 23,840 | 22,399 |
| Other financial liabilities | 5,466 | 5,489 |
| Other current liabilities | 2,621 | 2,969 |
| Short-term provisions | 338 | 286 |
| Current tax liabilities | 537 | 339 |
| Total current liabilities | 74,154 | 64,613 |
| Total equity and liabilities | 221,714 | 194,365 |
Standalone statement of operations (condensed)
| Rs. million | Q4 FY26 | Q3 FY26 | Q4 FY25 | % change QoQ | % change YoY | FY26 | FY25 | % change YoY |
| Revenue from operations | 19,719 | 18,160 | 19,701 | 8.6 | 0.1 | 77,785 | 77,247 | 0.7 |
| Total income | 19,896 | 18,313 | 20,117 | 8.6 | (1.1) | 78,543 | 78,096 | 0.6 |
| Expenditure | 16,986 | 16,300 | 17,752 | 4.2 | (4.3) | 69,183 | 68,809 | 0.5 |
| EBITDA | 2,910 | 2,014 | 2,365 | 44.5 | 23.1 | 9,360 | 9,287 | 0.8 |
| Depreciation & amortization | 941 | 914 | 791 | 3.0 | 19.0 | 3,455 | 3,200 | 8.0 |
| Financial costs | 995 | 967 | 796 | 2.9 | 24.9 | 3,780 | 3,348 | 12.9 |
| Profit/(loss) before exceptional items and tax | 975 | 133 | 778 | 632.5 | 25.3 | 2,125 | 2,738 | (22.4) |
| Exceptional items | 66 | 125 | – | – | – | 191 | – | – |
| Profit/(loss) before tax after exceptional items | 909 | 9 | 778 | – | – | 1,935 | 2,738 | – |
| Current tax | 158 | 201 | 218 | (21.1) | (27.2) | 359 | 739 | (51.4) |
| Deferred tax | 87 | (207) | (13) | – | – | 162 | (34) | – |
| Short/(excess) tax provision | 0 | (8) | (139) | – | – | (67) | (111) | – |
| Profit/(loss) after tax | 664 | 22 | 712 | 2,902.3 | (6.8) | 1,480 | 2,145 | (31.0) |
Note: Numbers in the table may not add up due to rounding off. Previous year figures have been regrouped wherever necessary.
Product innovation
UFlex launched a range of innovative products across its business verticals during the quarter ended March 31, 2026, as outlined below.
Chemicals (inks and adhesives) – TMPTA monomer for UV, LED and EB inks and coatings
UFlex developed trimethylolpropane triacrylate (TMPTA), a low-viscosity trifunctional monomer used as a reactive diluent and crosslinking agent in UV, EB, and LED curable inks and coatings. The development represents a backward integration of resins and monomers used in radiation-curable products. TMPTA offers low viscosity, good cure response, high crosslinking density, and good solvent and abrasion resistance. It is used in offset, flexo, and screen printing inks, as well as in metal, glass, plastic, PVC floor, wood, and paper coatings, and as a crosslinking agent for free-radical polymerization.
Radcure – Flexgreen LMLO gloss coating
Flexgreen NW is a UV-LED curable, Nestle-compliance, low-migration and low-odour (LMLO) coating designed for sensitive packaging applications requiring no VOC and LMLO features in the printing and packaging industry for food-grade applications. The coating is described as a safe and eco-friendly solution for food packaging, enabling low energy curable production and eliminating ozone and heat liberation. Key features include Nestle and Swiss compliance, non-yellowing after curing with LED lamps at 385 and 395 nm, high gloss, good adhesion, flexibility, and suitability for indirect food applications.
Radcure – Flexcure screen glow-in-dark inks
Flexcure Screen Glow-in-the-Dark is a plastisol screen printing ink that produces a bright, greenish glow when exposed to light and viewed in a darkened area. The radiation-curable ink is designed for screen printing or cold peel transfer applications, creating luminescent effects in safety signage, packaging, and novelty items on paper and board substrates. Key features include excellent phosphorescent effect, good curing capabilities, and good printability compatibility with substrates.
Inks R&D – CI Flextone PE extrusion ink
CI Flextone ink is developed for high-performance CI flexo printing machines at up to 500 m/min for PE extrusion lamination with high bond strength. It is primarily used for indirect food and snack (FMCG) packaging and other flexible packaging structures such as detergent and carry bags. The ink offers high heat resistance, high extrusion bond value, and high solvent release for faster printing drying. It is suitable for running speeds up to 200–500 m/min.
Engineering – next-generation high-speed HFFS machine
The UF200 horizontal form-fill-seal machine has been designed for consumer-packaged goods companies in the food and home/personal care markets. It balances high line-speed with a small footprint and offers flexibility to process laminate with quick and repeatable changeovers. The machine features an open-space frame structure for easy cleaning, and chainless magnetic track technology, which reduces wear and tear, enables infinite flexibility for on-screen changeover procedures, and supports high-speed motion for improved productivity.
Packaging films – F-TPM sealable peelable metallized polyester film
F-TPM is a metallized coated polyester film with antifog properties and a special functional layer providing good sealing strength to avoid leakage. It is best suited for lidding applications with A-PET, R-PET, PVC, PP, and PS substrates. The film offers a high oxygen transmission rate (OTR of 0.5 cc/m²/day) and water vapor transmission rate (WVTR of 0.5 gm/m²/day), heat seal strength of 500 gm/25mm, and good seal integrity. Applications include lidding for yoghurt, fresh vegetables, tablet packs of butter, water in glass, packed juice in cup, jelly pudding, and VAT bottle lids.
Packaging films – F-WSP easy peel polyester film
F-WSP is an easy peel polyester film for A-PET, C-PET, G-PET, and PVC substrates using a water-based coating – a sustainable alternative to solvent-based coated products. The film offers high clarity with 4.5% haze (at 25 micron) compared with conventional 10–12% haze products, instant cold and hot antifog properties, and peel strength of 800 gm/inch for A-PET/G-PET and C-PET and over 1,000 gm/inch for PVC substrates. Applications include lidding for ready-to-eat meals on CPET and APET trays.
Packaging – special grade PE thermoforming film for syringe packaging
For customer Polymed, UFlex developed an 80-micron PE film with a special grade material featuring a slippery inner surface to prevent puncture from syringe corners. The film is thermoforming-compatible, sealable with medical-grade paper, resistant to puncture from syringe sharp corners, and offers high transparency through special additives.
Packaging – APET-based dip cup laminate with barrier film and special peelable lid
The dip cup bottom tray, made with 400-micron APET and 50-micron EVOH PE, provides rigidity, high transparency, barrier protection for extended shelf life, and premium appearance. The top film, constructed with 10-micron PET, 10-micron metallized PET, and 60-micron Topil-based peelable film, delivers barrier performance, easy peel functionality, and high-quality printing capability.
Packaging – hook and loop zipper 3D pouch for pet food
UFlex developed a 3D pouch with matte and gloss printing, special printing effects, and a Velcro zipper. The zipper ensures ease of opening and closing while protecting against dust and pests and maintaining barrier properties.
Holography – advanced security coupon solution
The Holography Division developed a next-generation filmic-based security coupon integrated with upgraded holographic security features, QR code authentication, and variable numbering technology, addressing limitations of conventional paper-based coupons that were prone to mutilation and duplication. The solution offers enhanced durability, counterfeit resistance, and improved traceability throughout the redemption cycle. Initially targeted at the chewing tobacco segment, the technology was expanded into cables and wires, rice, and paints. Introduced in Q4, the product sold approximately 90 lakh coupons, contributing revenue of approximately Rs. 1.65 crore during the year.
Holography – dual registered hologram
The Holography Division introduced a dual registered hologram technology incorporating a unique dual registered stamping process that significantly enhances the complexity and security integrity of holographic applications. The technology creates an additional layer of authentication precision, making replication more difficult. It has been strategically introduced in the bidi industry. Sales in Q4 for this product were approximately Rs. 12 lakh.
Printing cylinders – laser engraving on leather and ACP
UFlex’s Printing Cylinders division introduced several laser-engraving applications on leather and other materials during the quarter. These included a ‘Woven starburst’ pattern on original leather for luxury apparel and accessories; a ‘Pebble stone’ pattern on artificial leather for footwear, automotive interiors, handbags, and flooring; a ‘Ginkgo leaves’ pattern on original leather for wallpaper, fabric, and decorative panelling; and a ‘Golden python glaze’ pattern on original leather for fashion, footwear, and home decor. The division also introduced laser-engraved rollers for producing wood, cloud, flower, and marble effects on aluminum composite panels (ACPs), securing orders from customers in India and the UAE.
Awards and recognition
UFlex received recognition at the SIES SOP Star Awards 2025 for three packaging films products: C-CGB-M (barrier metallized CPP film with water-based coating), F-HAS (high seal strength polyester film with antifog properties), and B-THU-M (barrier and robust-seal metallized BOPP film for milk powder, tea, and coffee packaging). In FY26, the company also received three SIES SOP Awards and four IFCA Awards for innovations in laser-engraved printing cylinders.
Forward-looking statements caution
This document includes certain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause UFlex’s actual results, performance, or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding UFlex’s present and future business strategies and the environment in which it will operate. Among the important factors that could cause results to differ materially are changes in India’s political and economic status, government policies, applicable laws, the Indian packaging sector, and international and domestic events bearing on UFlex’s business. UFlex is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.