UFlex Q1 PAT Soars 630% YoY to ₹4.2B

Financial Performance Overview

UFlex Limited reported unaudited consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27), showing exceptional growth across key metrics.

Key Financial Metrics

| Metric | Q1 FY27 | Q4 FY26 | Q1 FY26 | QoQ Change | YoY Change |

| Sales Volume | 173,471 MT | 166,879 MT | 170,504 MT | +4.0% | +1.7% |

| Revenue | ₹53,972 Mn | ₹40,973 Mn | ₹39,219 Mn | +31.7% | +37.6% |

| EBITDA | ₹9,198 Mn | ₹6,265 Mn | ₹4,788 Mn | +46.8% | +92.1% |

| EBITDA Margin | 17.0% | 15.3% | 12.2% | +180 bps | +480 bps |

| Normalized EBITDA | ₹8,373 Mn | ₹6,109 Mn | ₹4,698 Mn | +37.0% | +78.2% |

| Normalized EBITDA Margin | 15.5% | 14.9% | 12.0% | +60 bps | +350 bps |

| Normalized PAT | ₹4,233 Mn | ₹2,026 Mn | ₹580 Mn | +108.9% | +629.6% |

| Normalized PAT Margin | 7.8% | 4.9% | 1.5% | +290 bps | +640 bps |

Consolidated P&L Statement

| Total Income | 53,972 | 40,973 | 39,219 | 31.7 | 37.6 |

| Expenditure | 44,774 | 34,708 | 34,431 | 29.0 | 30.0 |

| Normalized EBITDA | 8,373 | 6,109 | 4,698 | 37.0 | 78.2 |

| Forex Gain/(Loss) | 825 | 156 | (89) | 429.2 | 824.9 |

| EBITDA | 9,198 | 6,265 | 4,788 | 46.8 | 92.1 |

| Depreciation & Amortization | 2,130 | 2,086 | 1,867 | 2.1 | 14.1 |

| Financial Costs | 2,163 | 1,974 | 1,988 | 9.6 | 8.8 |

| Exceptional Items | - | 66 | - | - | - |

| Profit Before Tax | 4,905 | 2,139 | 933 | 129.3 | 425.7 |

| Tax Expense | 683 | 170 | 314 | 302.7 | 117.8 |

| Profit After Tax | 4,222 | 1,970 | 619 | 114.4 | 582.2 |

| Net Profit for Period | 4,233 | 1,960 | 580 | 116.0 | 629.6 |

Volume and Segment Performance

Sales Volume Split: Packaging films 78.5%, Packaging 21.5% (vs 76.7% and 23.3% in Q4 FY26)
Revenue by Business Segment:

| Packaging films (incl. chips) | 36,879 | 68.3 | 22,678 | 24,786 | 62.6 | 48.8 |

| Value added products | 16,782 | 31.1 | 17,881 | 14,220 | (6.1) | 18.0 |

| ➢ Packaging | 13,257 | 24.6 | 14,800 | 11,269 | (10.4) | 17.6 |

| ➢ Engineering | 1,399 | 2.6 | 1,363 | 902 | 2.6 | 55.1 |

| ➢ Others VAP | 2,126 | 3.9 | 1,718 | 2,049 | 23.7 | 3.8 |

| Total revenue from operations | 53,661 | 99.4 | 40,559 | 39,006 | 32.3 | 37.6 |

Business Segment Performance

Packaging Film Business

India: Domestic packaging film sales volume increased 9.1% sequentially with improved demand
MEA Region: Sales volume growth of 14.9% YoY and 16.5% QoQ in Q1 FY27
Europe: Sales volume flat YoY due to lower trading volume, but realizations and spread improved
Americas: Healthy sales volume growth of 18% YoY led by steady demand for BOPET Films
Virgin PET Chips: 41% sequential increase in third-party sales volumes in Q1

Packaging (Flexible-Dom/Export, Aseptic)

Domestic Flexible Packaging: Management shifting capacity toward higher-margin, value-added products
Aseptic Packaging: Domestic sales challenged by aggressive imports; export volumes declined due to non-lucrative pack size mix

Chemicals (Inks/Adhesives)

Operations impacted in March-April 2026 due to shortages of key raw materials
Availability improved toward end of Q1, supporting recovery in production
Export volumes grew in Q1 FY27 with opportunities in Egypt, East Africa, Nigeria and CIS

Other VAP (Engineering, Cylinder, Holography)

Engineering: Achieved 81% YoY growth with strong traction in export markets
Packaging Printing Cylinder: Marginal decline in volume and sales due to sharp copper price increase (51% from Q4 FY25 to August 2026)
Holography: Sales growth in mid-teens with operating profit above 33%

Financial Update

Sales Drivers

Revenue growth of 38% YoY driven by strong realization growth followed by volume growth of 2%
Currency tailwinds contributed 4% to growth
Higher realization supported by improved product mix, value-added products, local/regional procurement, and pass-through of higher raw material costs
Overseas revenue contributions increased to 62% from 56% in Q1 FY26

Operational Performance

Blended spread increased by 53% YoY reflecting strong growth in realization in overseas subsidiaries
Green energy implementation saved 4% of power costs
Egypt, India and Americas contributed major part of EBITDA
Cash-conversion ratio and net operating cash flow improved significantly with superior working capital management

Debt and Interest Costs

Blended cost of debt declined to 8.5% in Q1 FY27 from 8.7% in FY26
Net Debt reduced by ₹343 million QoQ to ₹85,875 million
Debt position:

| Metric | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 |

| Gross Debt (₹ Mn) | 104,390 | 98,526 | 94,546 |

| Cash/Cash Equivalents (₹ Mn) | 18,515 | 12,308 | 12,737 |

| Net Debt (₹ Mn) | 85,875 | 86,218 | 81,810 |

| Net Debt/Norm. EBITDA (TTM) | 3.77x | 4.51x | 4.60x |

| Net Debt/EBITDA (TTM) | 3.54x | 4.35x | 4.46x |

Capital Expenditure Projects

Recycling & Sustainability

Recycling volumes increased significantly with commissioning of 36,000 MTPA PCR PET chips and 3,600 MTPA MLP recycling plant at Noida Sector 155 in May 2026
In Q1 FY27, UFlex recycled 319 million PCR PET bottles (up from 93 million in Q4 FY26)
Recycled 2,926 MT of PCR MLP and MLAP waste (compared with 2,666 MT in previous quarter)
India's EPR mandate requires brand owners to incorporate recycled content: 40% in rigid (Category-1), 10% in flexible plastic (Category-2), and 5% in multi-material flexible formats (Category-3) by FY28

Management Commentary

Mr. Ashok Chaturvedi, Chairman and Managing Director:

"We have started FY27 with robust financial and operational performance, delivering consolidated PAT of ₹4,233 million in Q1"
"Our diversified portfolio, integrated capabilities and strong presence across key global markets continue to strengthen our competitiveness"
"We witnessed strong performance in our core packaging business, supported by improved volumes, higher capacity utilization and enhanced operating efficiencies"
"The commissioning of our recycling facilities in Noida and our Mexico WPP bags facility, together with the upcoming Egypt aseptic packaging facility, marks an important step in expanding our global manufacturing footprint"
"India's consumption environment is showing signs of a broad-based recovery, with improving FMCG volumes"

Mr. Arun Kumar Sharma, President, Finance & Accounts and CFO:

"Q1 FY27 marked a clear acceleration in our profitable growth trajectory, building on the strong momentum established in Q4 FY26"
"EBITDA increased by 92.1% YoY to ₹9,198 million with EBITDA margin of 17%, the highest EBITDA level in the last 21 quarters"
"Growth was driven by operating leverage, stronger realizations, improved product mix and forex gains"
"The recently commissioned recycling facility in Noida and WPP bags facility in Mexico will progressively contribute to revenue and EBITDA"
"While Q2 is expected to see some normalization from the exceptionally strong realisation in Q1, our underlying growth trajectory remains intact"

Footnotes and Clarifications

Total sales volume excludes virgin PET chips sales volumes
Normalized EBITDA adjustments: ₹825 million due to foreign currency gains/(losses) in derivative instruments in Q1 FY27 vs ₹89 million in Q1 FY26
Normalized PAT excludes exceptional currency devaluation and new labour law impact: ₹66 million in Q4 FY26 vs no exceptional loss in Q1 FY27
Average USD/INR exchange rate: ₹95.08 in Q1 FY27, ₹91.71 in Q4 FY26, ₹89.18 in Q3 FY26, ₹87.52 in Q2 FY26, ₹85.37 in Q1 FY26
Results prepared as per Indian Accounting Standards (Ind-AS)